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!!
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!!
Trade active
Comment:
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.
I had spent enough time before deciding this a cup&handle or not .. I did consider the following:
-cup depth and left side was higher than right side with a slope angle
-daily close was a hammer candlestick.
-handle usually (not always) goes to 50% ... less retrace is better bullish sign ... similar examples with more than 50% on the following links:
After all, we still said its A POSSIBLE pattern to keep a close eye on and we will get more confirmation within next days!
d1p5pyutve46t9.cloud...rtist-BT-475x293.jpg
forextraininggroup.c...Trading-Strategy.png
forextraininggroup.c...th-Handle-Signal.png
www.tradingsetupsrev...ndHandle-355x396.png
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.
I had spent enough time before deciding this a cup&handle or not .. I did consider the following:
-cup depth and left side was higher than right side with a slope angle
-daily close was a hammer candlestick.
-handle usually (not always) goes to 50% ... less retrace is better bullish sign ... similar examples with more than 50% on the following links:
After all, we still said its A POSSIBLE pattern to keep a close eye on and we will get more confirmation within next days!
d1p5pyutve46t9.cloud...rtist-BT-475x293.jpg
forextraininggroup.c...Trading-Strategy.png
forextraininggroup.c...th-Handle-Signal.png
www.tradingsetupsrev...ndHandle-355x396.png
Comment:
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.
11300 remains short term target for the ascending triangle mentioned before.
Comment:
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!!
Trade active:
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BTC: Panic Sell OR Buy ... Next? -- ( click to read )
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.