XRP is already up over 100% since breakout and has formed a beautiful bullish pennant .
The bottom of the pennant has been my accumulation zone, as this provides a very tight stop loss. I am in hopes that XRP breaks the top of the pennant here shortly.
Instead of using a break in the accululation zone as my stop loss, I plan to use a break through .72. This is because I believe a fake out is likely right before the pump. Just like on the daily chart I have shown below. IF we ever then break upward through the downward trendline, I plan to double up on my position.
First Major Target is set at $1-1.1
IF we break my stop loss I will look to re-accumulate around .6
Minor Resistance levels are also shown above.
I wish you all the best of luck!
DISCLAIMER: Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
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Pennant Extended. Original stop of .72 still in place.
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Breakouts on both USD & BTC pair. I expect some action.
@nofootprint, appears we have started ranging so the pennant is no longer active. current stop still remains a break .72 for myself ... plan to update here shortly