mavios
Long

XRP/BTC Forming a text book cup and handle

BITFINEX:XRPBTC   Ripple / Bitcoin

Looking at 1 hour chart, Ripple has managed to break out from the descending and formed an ascending channel (red lines being the support and resistance lines for this channel).
It is currently forming a typical cup and handle pattern, with price looking to test 0.00013 BTC             level. Volume distribution and price levels confirms the pattern too

A trade can be initiated once the price break the 0.00118
Stop loss 0.000117

Target 0.00012617

Enjoy!
Comment: To confirm the patter, price have to break 0.00011816 BTC.
If breakout fails, expect another attempt.
This is not likely to play out well. A cup & handle takes a lot longer to form. In securities and the like, it takes months. In crypto, we shorten that a bit but even then, you're still looking at one or more weeks to form the pattern. I will watch this one and possibly place a buy order if it does pan out but for the moment, I'm doubting it. Maybe it will just be a really weak breakout if it does.

This was happening recently with Vibe. There was a textbook cup & handle that took over a week to form but it still never broke out of the handle. Thanks for the idea though.
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Not really a channel if you're only using one point to draw a line. (referring to upper channel line)
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mavios calmdownbro
@calmdownbro, Ascending channel is drawn using inside pitchfork with the appropriate rules (first point placed at same distance from all time high point and 17 jan low point, and placed mid way between their price level)
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mavios calmdownbro
@calmdownbro, a better screenshot with more accurate measurements for the channel
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@mavios, Okay I see now how you're coming up with that. Channels exist independently of the pitchfork tool and require(2 points) to be confirmed(See your yellow channel). I see that you're using the pitchfork as a speculative channel but what i see is simply a lower high. Fair enough, though thank you for showing me more of your thought process.
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mavios calmdownbro
@calmdownbro, Yeah you are absolutely right, I should have mentioned that it needs to be confirmed first. It's only my third post, hopefully I will do better in the future.. Good luck!
+1 Reply
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