The support level which has been tested twice(13th of March and 17th of July), is currently been tested again and currently hugging the support.
On the daily time frame, the price chart of EOSBTC has been spotted forming a chart pattern called The inverted cup and handle chart pattern.
The inverted cup and handle chart pattern which is considered to be a bear reversal chart pattern with a possible break of the cup rim.
The cup portion appears rounded and a handle follows the pattern on the right.
Traders must wait for the breakout with this pattern before trading. Too many of the patterns had prices moving upward instead of downward, especially in a bull market. A breakout is a close below the cup rim, the lowest low on the right rim.
Upward price- Just over half the time, the pattern forms as a price top, meaning that trend prices enter and exit the pattern from the bottom. Rounded cup Look for a smooth, rounded cup, but accept deviations.
Cup rims - The starting and ending points of the cup should stop near the same price, usually less than 6% difference.
Cup handle Between the right cup rim and the breakout is the handle. It can be any length.
Cup retrace - Price in the handle must not climb above the top of the pattern but should bounce upward.
The three most frequent retrace amounts are, in order, 42%, 35%, and 60%.
Breakout Price must close below the right cup rim before the pattern is valid. Targets are based on the support levels
Breakout- $3.4341.
Support 1- $2.9971
Support 2- $2.6673
Support 3- $2.2939
Support 4- $1.7765
Good luck to everyone! Click the follow button to stay tuned for more trading ideas!
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Ideas published should not be referred to as an investment advice
On the daily time frame, the price chart of EOSBTC has been spotted forming a chart pattern called The inverted cup and handle chart pattern.
The inverted cup and handle chart pattern which is considered to be a bear reversal chart pattern with a possible break of the cup rim.
The cup portion appears rounded and a handle follows the pattern on the right.
Traders must wait for the breakout with this pattern before trading. Too many of the patterns had prices moving upward instead of downward, especially in a bull market. A breakout is a close below the cup rim, the lowest low on the right rim.
Upward price- Just over half the time, the pattern forms as a price top, meaning that trend prices enter and exit the pattern from the bottom. Rounded cup Look for a smooth, rounded cup, but accept deviations.
Cup rims - The starting and ending points of the cup should stop near the same price, usually less than 6% difference.
Cup handle Between the right cup rim and the breakout is the handle. It can be any length.
Cup retrace - Price in the handle must not climb above the top of the pattern but should bounce upward.
The three most frequent retrace amounts are, in order, 42%, 35%, and 60%.
Breakout Price must close below the right cup rim before the pattern is valid. Targets are based on the support levels
Breakout- $3.4341.
Support 1- $2.9971
Support 2- $2.6673
Support 3- $2.2939
Support 4- $1.7765
Good luck to everyone! Click the follow button to stay tuned for more trading ideas!
Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice