Pattern forming for over a month and perfect confluence with both the Symmetrical and Descending Triangles!
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Related Post: tradingview.com/chart/BTCUSD/2OnSoIWx-Possible-Cup-Handle-forming-on-BTCUSD-chart-within-2-Triangles/
Trade active
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Breakout in progress now!
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The Symmetrical Triangle AND the Cup & Handle Pattern have officially begun to breakout!
Now is the ideal time to set a LONG trade!
Try to catch the 0.618 entry position @ 57754.0k Alternatively if you want a more guarenteed entry point open at 58000 or 57900k. Both are also good entries.
@excrs99, Imo, it will likely trade mostly sideways for a bit (with some volatile swings in either direction, up and down). I expect it to continue respecting the support line, from the Symmetrical Triangle, meaning we should not see a dip lower than 52k again, before the next breakout.
Personally, I do not think we will see it dip that low again; But, I can see it, possibly retracing back to the middle line, of the Parallel Channel, it's currently trading within.
Once the red resistance line, of the Symmetrical Triangle is broken (and confirmed with volume spike & a retest of it on the 1 or 5min chart with the line now acting as support instead of resistance!). Then, I would put in a BIG trade, as I expect the breakout to be insane; Possibly the biggest in BTC history to date!!