**ragel** You asked for it, so here it is.
It appears as though BTC could potentially be forming a cup and handle. I'll be honest, I don't believe what I'm seeing as I don't feel like we've reached the bottom just yet before the next bull run however, I'm trying to be objective and just report what I see. If a proper handle forms it should not descend more than 50% of the way down the cup. If it does then the c&p would be invalidated. Inversely, if we see a handle form and a breakout from that handle above the cup we should see a push higher of ~$1900 from the breakout point which could roll into a continued uptrend. These words coming from my fingertips again don't feel right to me as I'm just not bullish at the moment. Also, keep in mind that BTC is going to be particularly reactive to any bad news and we have a few things on the horizon like Bitcoin ETF decision for example. If entering a trade, provided the c&p fully forms keep in mind that you would want to place a stop loss at the bottom of the handle and I would recommend waiting for a breakout above the cup itself as confirmation. Fair warning, this would be an extremely risky trade.
This is not financial advice, this is just my opinion. Feel free to share yours.
Cheers!
It appears as though BTC could potentially be forming a cup and handle. I'll be honest, I don't believe what I'm seeing as I don't feel like we've reached the bottom just yet before the next bull run however, I'm trying to be objective and just report what I see. If a proper handle forms it should not descend more than 50% of the way down the cup. If it does then the c&p would be invalidated. Inversely, if we see a handle form and a breakout from that handle above the cup we should see a push higher of ~$1900 from the breakout point which could roll into a continued uptrend. These words coming from my fingertips again don't feel right to me as I'm just not bullish at the moment. Also, keep in mind that BTC is going to be particularly reactive to any bad news and we have a few things on the horizon like Bitcoin ETF decision for example. If entering a trade, provided the c&p fully forms keep in mind that you would want to place a stop loss at the bottom of the handle and I would recommend waiting for a breakout above the cup itself as confirmation. Fair warning, this would be an extremely risky trade.
This is not financial advice, this is just my opinion. Feel free to share yours.
Cheers!
Comment:
Just updating here. We have a small healthy pullback which is printing a bull flag. We are headed at least to our target and with a little fomo may overshoot it entirely. Once target is reached I will update.