MagicPoopCannon

A Big Bull Possibility, in The Face of Bearish Indicators!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
In terms of a potential surprise explosion to the upside, there is also some justification for that. We may just now be breaking out of a cup and handle pattern, which could potentially (although unlikely) cause BTC to explode to 7822ish. Interestingly, if we use THAT as the top for this move, you can see that it raises the 61.8% retrace to just below the recent price action. Very interesting stuff. The indicators show sell signals galore, but this is also a technical possibility. Something to be aware of anyway.

I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-
Comment: People this is the main analysis from today....



I only posted a bullish contrarian analysis to assess the upside potential, which I said was extremely unlikely. I'm still not bullish, and I'm still not buying right now. There's just way too much overhead resistance.
Comment removed.
Rather than an inverse head and shoulders, I'd suggest it's a broadening triangle, which has a bearish bias, but could still breakout to the upside, so I'm preparing to BUY BTC if that happens.

Reply
Whooooops wrong link!

Reply
This cup and handle looks really weird. Actually it's a very choosy pattern and it needs a lot of factors to work. And also, basing on true fractals, I expect a dump from here:
Reply
the names we give patterns we see in TA is a reflection of some idea or physical object we are all familiar with or have all seen in some shape or form. i've never seen a physical cup and handle REMOTELY close to the one you have attempted to outline above.
+3 Reply
The absolute state of your TA is amazing. You did a Bump and Run Reversal post and said that wasn't likely and now after all those bearish posts you post this so you can go back and say you called a pump.
+12 Reply
Trendbeat This_Guhy
@This_Guhy,
Its call being prepared for both scenarios.
Something perma bulls or perma bears fail to grasp
Both scenarios and targets presented. Trade your strategy around them. Or don't.
How he trades them to profitability with what strategy and position management is his secret. You wont find buy/sell signals here.
+4 Reply
kardia Trendbeat
@Trendbeat, exactly!
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out