alexcrypto
Long

BTC making a very defined Cup and Handle, up to 14,600

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Bitcoin is forming a very clear cup with handle pattern that seems more clear than the inverted head and shoulder (ongoing formation - see other idea below)

To play this pattern we can pick two entry points, one that is aggressive at the handle breakout with early take profit at 11300 dollars and a "proper" more conservative entry at the rim of the cup.

Volume must be significantly higher to validate the pattern and confirm the breakout.

Trade Safe.
Trade active: Aggressive entry
Comment:
Comment: Close outside the handle/wedge volume increase, stop moved to breakeven.
Trade closed: target reached: Take profit for Aggressive entry.
Comment: Trying to break the 0.618 fibonacci line before finding the Rim to complete the cup and handle pattern I have been looking these days. We have to stay in the 11,600/11,800 range to clearly loook to test the rim at 11,875
Comment:
Bulls are tired, we need to go down first
Reply
This would be great except we have to revist sub 6k before we can even consider heading the other direction in any real way..
+1 Reply
@Snacks, absolutely possible, looking just at the technicals.
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