Potential Reverse Cup and Handle. If Confirmed, T=$8000 by Nov.

A little premature to know for sure, but this is looking like a reverse Cup and Handle pattern to me. If we confirm it by breaking and remaining below the neckline on the daily, we could see prices at or around $8000 by U.S. election time frame. It is worth noting that this move would be in correlation with the broader markets (S&P, DOW, Nasdaq) in which I currently see a Head and Shoulders pattern playing out with more room to move down. This lends strength to the idea that our Cup and Handle pattern here will also play out as the crypto market seems to run in correlation with the broader markets.

Comment:

IMO, this is NOT the area to be buying or selling IF you are a swing trader like myself. Be patient. Determine market decision. Watch market direction and then TRADE at pre-marked target areas. Be disciplined here traders. Don't get suckered into potential fake-outs or you will lose your shirt. Anything can happen here before this crazy U.S. election. And that is why I stand by my decision to remain in mostly cash. I could lose out on some opportunity. Yes. But the risk is just not worth the reward IMO. So, be careful out there.

Happy trading all!