Previously we had bought a crypto pair for a short term and we have seen how it has given return. We get another opportunity which is again with minimal Risk, Ripple is a new crypto in the market and as we now cryptos are buzzing in the market so we might see more new cryptos coming in the market. Everyone knows the success of BITCOIN, is RIPPLE going to give the same move? Very early to say Yes, but there is an opportunity to buy this pair for an intraday basis lets check that opportunity.

The Crypto has made a CUP and Handle Pattern, its one of the common patterns seen in the market where the bottoming takes in U shape.

The unique feature is the Handle which is added in U forming, this handle suggests alt. It is suggesting that the Neckline is a strong resistance which needs to be considered ahead in the security. If the Handle is short and breakout is seen it is assumed that the buyers are willing to buy high and are expecting the security to trade higher.

In this case we have seen a breakout and the closing is above the neckline for consecutive two candles.

Here we are assuming that the pair will trade higher.

The Target (green horizontal line) and the SL (red horizontal line) are marked on the chart for reference.

CUP & HANDLE

Aug 28 2021

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