Small bullish cup and handle/bullish ascending triangle
guys, how anyone can be short on lrc rn is beyond me. tons of bullish patterns and indicators rn plus hype. don't be fooled we are killing it considering eth just dipped and we are STILLLLLLL > 2.50$ buy more or hold do anything but sell.
It is worth considering the following when detecting cup and handle patterns:
Length: Generally, cups with longer and more "U" shaped bottoms provide a stronger signal. Avoid cups with a sharp "V" bottoms.
Depth: Ideally, the cup should not be overly deep. Avoid handles that are overly deep also, as handles should form in the top half of the cup pattern.
Volume: Volume should decrease as prices decline and remain lower than average in the base of the bowl; it should then increase when the stock begins to make its move higher, back up to test the previous high.
A retest of previous resistance is not required to touch or come within several ticks of the old high; however, the further the top of the handle is away from the highs, the more significant the breakout needs to be.
As a n asset forms this pattern to tests old highs, it is likely to incur selling pressure from investors who previously bought at those levels; selling pressure is likely to make price consolidate with a tendency toward a downtrend trend for a period of four days to four weeks, before advancing higher. A cup and handle is considered a bullish continuation pattern and is used to identify buying opportunities.
odds of a new all time high are around 68% with this pattern so trade accordingly. odd go up a lot considering whats goin on with lrc rn!
RSI looks bully af too. watch for a bounce around neutral(50) to over sold territory (30). keping mostly above 50 is gana mean we keep going up OGs know this so that where they go to war GL!
Please keep in mind this IS the daily so imo kinda short term. normally trade the weekly but this is just to good rn watch for a retest of around 3.60-3.70 around where the top of the lil cup forms. the andle couls also apear outside the triangle so dont worry to much!
It is worth considering the following when detecting cup and handle patterns:
Length: Generally, cups with longer and more "U" shaped bottoms provide a stronger signal. Avoid cups with a sharp "V" bottoms.
Depth: Ideally, the cup should not be overly deep. Avoid handles that are overly deep also, as handles should form in the top half of the cup pattern.
Volume: Volume should decrease as prices decline and remain lower than average in the base of the bowl; it should then increase when the stock begins to make its move higher, back up to test the previous high.
A retest of previous resistance is not required to touch or come within several ticks of the old high; however, the further the top of the handle is away from the highs, the more significant the breakout needs to be.
As a n asset forms this pattern to tests old highs, it is likely to incur selling pressure from investors who previously bought at those levels; selling pressure is likely to make price consolidate with a tendency toward a downtrend trend for a period of four days to four weeks, before advancing higher. A cup and handle is considered a bullish continuation pattern and is used to identify buying opportunities.
odds of a new all time high are around 68% with this pattern so trade accordingly. odd go up a lot considering whats goin on with lrc rn!
RSI looks bully af too. watch for a bounce around neutral(50) to over sold territory (30). keping mostly above 50 is gana mean we keep going up OGs know this so that where they go to war GL!
Please keep in mind this IS the daily so imo kinda short term. normally trade the weekly but this is just to good rn watch for a retest of around 3.60-3.70 around where the top of the lil cup forms. the andle couls also apear outside the triangle so dont worry to much!
