Hi there all. As explained in my tweet, this is the first time ever in the field considers yearly candles as an analysis. I assume we will be seeing it in the upcoming weeks a lot.
What does a yearly candle mean? As you know in general we use 4 Hours, 1 Day, 1 Week, or 1 Month time frames in our charts and not yearly candles.
A yearly candle is the price candle (bar) formed in 1 year. Let's deep dive into the subject.
It is crystal clear we had an initial rising trend between 2013 and 2018 then a correction between 2018 - 2022 and we are expecting the rising trend again as below in the technical pattern.
Pennant Pattern - Symmetrical Triangle
Our Grand Super-cycle of approximately 5 years structural Elliot Wave indicates the downtrend is coming to an end. 3rd Grand super cycle wave is expected to aim for $256 in 4-5 years.
Wave Trend Indicator
Since it is the grand super cycle, there are no indicators formed yet.
Conclusion
This 1-year indication states the triangle is waiting for action. Ripple XRP just before the settlement can target $13-30 and aim for $256 - XXXX in the 5-year period.
Cheers,
DD
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