Hey guys, A closer look to daily chart .. this could play out and something to keep an eye on!
Cup & Handle (descending channel) ... Rounded Bottom continuation pattern ... 2 lower lows and 2 higher lows with ( 4 times daily hammer candlestick )
Price broke out 1h descending broadening wedge and it could be heading to next resistance at 10800 of this descending channel where also hourly 200ema located. If the price able to break out of this channel in the next few days ... cup and handle target is 15000.
From previous idea we did share our plan including 3 scenarios to consider on short term and our reasons behind it: --price will start to recover and reverse from 9500 --price will retest 9100 --price will resume to drop and 9100 will be broken with a few hundreds to stop out everyone! Maybe 8800
If 1st scenario will play out as reversal that will mean ( 2d 50ema ... 1d 100ema ... 12h 200ema )>> test at 9500 was needed before resuming uptrend! I was wondering that but it looks like the answer is Yes..! However, the other 2 scenarios are still possible and we will get more confirmation within next days.
============================================== Check the previous idea for detailed view and information:
BTC: Isn't The Trend is Your Friend, Until it Ends?!
>> This is my own personal view/plan and none of our ideas stand as financial advise OR buy/sell signals ... We are holder, we only trade the overall trend ... Trade at your own risk!!
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1H chart: show a possible bullish reversal ascending triangle that still in formation ... RSI has printed a hidden bull div after a complex classic bull div.
This will be INVALIDATED below 10000 ... the breakout above 10500 (where hourly 200ema located) will confirm the pattern targeting 11300 ... it will be also a confirmation for the breakout of descending channel (the cup handle) ... cup&handle and bull flag will be confirmed only above 12k.
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Price broke out the reversal ascending triangle as well as descending channel as expected .. hourly 200ema (around 10600) should serve as support. Before the breakout we spotted inverse H&S on 4H RSI that was interesting .. it looks will play out, breakout occurred at RSI 50 targeting RSI 85 ... 4H hidden bull div did very well. Now i believe we got a clear reversal signs and 9500 was reversal point (1st scenario) 10500 area should not break below to keep it valid. The cup handle breakout (descending channel) is initial confirmation for the pattern and final confirmation will be only after 11500-12000 .. targeting 15000 area.
That was a perfect retrace to hourly 200ema as we mentioned around 10600 should serve as support. It did hold the price so far. A new hidden bull div on 1H has printed on RSI as well as a failing wedge bullish continuation pattern is in formation .. lets see if it will play out! 11300 remains short term target for the ascending triangle mentioned before.
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4H chart: show price failed to stay above 200ema after breakout of descending channel and now it retraced to test it ... hidden bearish div as well as H&S did play well to dump price again which target has been reached ... lets watch whatever coming next will be so interesting!!
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(CME vs Bakkt) .. Why they said, Buy the Rumor and Sell.... ?! (click to read)
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BTC: Panic Sell OR Buy ... Next? -- ( click to read )
@Martens58, Thank you that was a great thing to do .. I hope to stick to it and no longer post comments .. Have a good day :)
Martens58
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Ok, so you are ABSOLUTELY saying this is a Cup and Handle.
The lows have been reached.
With this formation, we should now head up and away.
I wait for the analysis when this doesn't happen.
You will say you were right, again.
Jocoin
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@Martens58, That means you don't read or you intend to mix things
We mentioned 3 scenarios and reasons behind each one and to watch closely which one will play out .. we said a possible cup and handle could play out and keep close eye on it .. wasn't that clear enough?!!!
Read again .. its clear we are not sharing predictions ... its possible expectations that doesn't have to happen or to be correct every time! you are so weird
From this point its useless to explain any further!
Martens58
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You don't give up, do you ?
Sooner or later, you are going to be right.
Sooner or later, we will actually go up and
you'll be right.
@Martens58, Sooner or later ??? everyone is calling for 7k now or even 1k .... why you are so sure?!
But its clear you don't understand either our view or strategy that already has proven to be right and we got early entries since the trend stared at 3500 adding on the way up after every correction ... we don't need to emphasis that to show others that if we were right or wrong because this is not our goal ... we don't have channels to collect people money!
But yes we have been right about the trend and not get lost during market manipulation on short term movements that most of people fail to predict correctly every time. and if price didn't break 12k this time means we were always wrong because don't forget we called for reversal 9500 twice below 10k as well as this time! we didn't sell at high peaks or when we knew correction is coming 2 times before because again our aim to trade the trend not to trade the price! (huge difference here and i know most of people will not understand it easily)
At the end we are still on huge ROE ... Trend is your friend until it ends
I will be more happy and i will emphasis it later if our strategy of focusing on the trend has proven to be correct on the long term!
Hi Jocoin, I'm an observer for some time but finally feel obliged to leave a comment to say ignore the haters! Don't let them get to you because there are many other folk like me who appreciate your work here.