XRP to hit $7.7 in March end - April early
Historical Analysis:
- Uptrending chart pattern with upper lows (Long position)
- Jan-Mar'17 &'18 showed similar trade market with low volumes
- Breakout in Mar'17 after 9 weekly bars (63d)
- Strong bullish candles post the low volumes in the past (Mar, Apr & Dec) with growth ranging from 12x-17x
- 65% historical average retracement post breakout
Justification for bull market ahead:
- With similar low volumes and sideways price pattern b/w Jan - Mar in FY17 & FY18, the expected bull breakout should be after 9 weekly bars
2.Growth is expected to be 12x to reach upto $7.7 - 65% retracement to pull down the price to $2.7
Market Cap Analysis:
Current MCap: $26.58 Bn
Expected MCap (12x): ~315 Bn
Post retracement (65%) : ~111 Bn
Flip Side ( Bearish ):
Next Support level to be at $0.23 which should bring down the Market cap to $8.7 Bn
For future viewers: price of bitcoin at the moment of posting is 8295.90USD