BTC - Cup and Handle. Idea banned by TradingView. Not so fast!!
Hi friends,
Not sure why this idea was banned by tradingview today...but I'm reposting it. How dare they try to censor my free speech!!! Even more reason we should be bullish for decentralization...
Ok on to more important things.
The Inverse Head and Shoulders is now morphed into a Cup and Handle reversal pattern due to the extension of the right shoulder.
The key to the Cup and Handle are the profit target zones:
Target 1: Is calculated taking the width of the handle. This is a bit tricky as you have to estimate where the breakout of the handle will occur. I'm taking a bullish scenario that instead of turning back down on Wave 4 bulls will breakout and continue to pattern targets.
Target 2: Is calculated taking the depth of the cup. Same exact measurement if it was a H&S pattern.
You know how I am. I always have to present the bear scenario.
-Bear scenario will follow this 5 wave descending structure.
-The key here is that the 200 Weekly Moving Average is our last line of defense which is currently sitting around $3,200. If BTC closes a 2hr candle below the 200 WMA we're headed to $2,500 fast (see my other analysis why this should be the bottom)
Let's have a good week and keep on collaborating! Strength in numbers brah!
Bobby
-Don't hate the hair, hate the game.
Not sure why this idea was banned by tradingview today...but I'm reposting it. How dare they try to censor my free speech!!! Even more reason we should be bullish for decentralization...
Ok on to more important things.
The Inverse Head and Shoulders is now morphed into a Cup and Handle reversal pattern due to the extension of the right shoulder.
The key to the Cup and Handle are the profit target zones:
Target 1: Is calculated taking the width of the handle. This is a bit tricky as you have to estimate where the breakout of the handle will occur. I'm taking a bullish scenario that instead of turning back down on Wave 4 bulls will breakout and continue to pattern targets.
Target 2: Is calculated taking the depth of the cup. Same exact measurement if it was a H&S pattern.
You know how I am. I always have to present the bear scenario.
-Bear scenario will follow this 5 wave descending structure.
-The key here is that the 200 Weekly Moving Average is our last line of defense which is currently sitting around $3,200. If BTC closes a 2hr candle below the 200 WMA we're headed to $2,500 fast (see my other analysis why this should be the bottom)
Let's have a good week and keep on collaborating! Strength in numbers brah!
Bobby
-Don't hate the hair, hate the game.
Trade active:
Trade idea going as planned. If you're a bull any short term drops should be bought as close to that bottom trend line. If you're a bear you can start thinking about a short if we break below the 200 WMA or if bull case plays out near the top Wave 4.
Trade active:
I've received a number of direct messages saying this is not a Cup and Handle pattern....Ok I've made it more clear. There are a few characteristics of a strong C&H and I listed them in the chart as well as how to trade this pattern (entry and stop loss levels). Good luck!