fiki
Long

Bitcoin Might Form a Big Cup & Handle with Ups and Downs — BTC

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey Crypto Friends

Here an idea that Bitcoin might be forming a big cup & handle pattern with some ups and downs.

Scenario A: Ideally we will go up from here, get rejected at the extension of the top of the big blue triangle, create a lower low below $5755, and thus create a bullish divergence on the RSI and MACD . Then we can start our journey up with some ups and downs to finish forming the cup.

Scenario B: We take the shortcut and go down sooner than expected to created the divergence mentioned in A. Otherwise same trajectory afterwards as in A.

Curious about your thoughts in the comment section below.
Don't forget to LIKE if you appreciate this idea.

Happy trading! =) fiki

*** The information provided here is no recommendation to buy or sell. It's just an idea for educational and discussion purposes. ***
Comment: Here a quick update after the breakout of the IH&S: Upwards trend may continue but we will encounter strong resistance coming from the blue and the purple trendlines. In case BTC is able to break these trend lines, we will remain bullish. If not, we may go down again and form a lower low & the divergence (important for the updtrend afterwards). See pictures below with trendlines.


Comment: Target of the IH&S was reached and we made a rapid way down from up there. We have a divergence on the 1H time frame, but none yet on the 1D time frame. So we may go up from here but there will be another correction down incoming.
You are really reaching with this one brother
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fiki VYCanisMajoris
@VYCanisMajoris, Thanks, appreciate it. Looking forward how things will develop. =)
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