BillCharison

BITCOIN, Are You Ready For 20K? Bitcoin is READY!

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
When I look at the Bitcoin 1W chart, I can confidently say that this bullish trend will lead us to the $19000 point. I know that everyone here like Cap with Handle pattern, so I am with you today to give you two pearls of wisdom:
1. Repetition is the mother of learning.
2. A danger foreseen is a danger avoided.

In order to find a Cup with Handle, we need to track ALL 6 RULES:
1. It is not just a bullish pattern, it is a figure that shows a Continuation of Trend, therefore it can be used only during an up-trend.
2. This pattern can be legit only on large timeframes, the minimum bar duration is 4H. If you look for a Cup with Handle on 1H -2H timeframes, it is a waste of time.
3. The depth of the Cup shouldn't be too big: the depth of 70% -90% of the trend isn't normal at all. Cup is a CORRECTIONAL phase and if this correction is too strong, then a trend can be broken.
4. The handle is a weak rebound from the resistance line. The depth of the handle can't contain more than 50% of the depth of the cup. Ideally, the depth of the handle is 35-40%.
5. As you know - volumes indicate market activity. So, when a correction begins (when the price goes down to form the Cup), volumes should fall. But when the price reaches the resistance zone, volumes should increase, this is a sign that the market activity is increasing too. Thus, volumes form an identical cup shape.
6. Finally, you should buy only after the formation of the Handle.

Well, at the moment we can see a bull-run before a difficult correction. At the beginning of the Cap & Handle we can see a decrease in volumes, but as the situation develops, volumes started increasing along with the price line. In addition to the fact that the trend is bullish , we can see the MA and EMA, wrote about them in one of the recent ideas. Now the market, obviously, is in a growth phase.

Thus, if we see a dump down from the ±$19000 level to $11000 - $13000 zone, then be ready to buy after breaking through the 20k level. Starting from the pattern Cup with Handle, you can't buy at the bottom of the Handle Just because this is only the Handle. Here you can make your analysis on other indicators, any support levels, reversal patterns, and many more. A Cup with Handle is actually right only if the Cup has a Handle, remember this!
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Comments

:) this place is getting ridicules
+10 Reply
@mbc47, Been ridiculous.
+4 Reply
mbc47 ruraldisturbance
@ruraldisturbance, This is just curve with some smoothness.
You want this be BTC? You want money for free? :)
Yep - it will definitely work out for you
+2 Reply
slow down
+7 Reply
Keep dreaming
+6 Reply
its very simple and predictable pattern. bitcoin will not follow that.
+6 Reply
With all respect; technical analysis alone isn't enough to base a decision but combined with astrology! ALERT: BITCOIN WINTER FLOODS AHEAD THIS SUMMER - CRYPTO INVESTORS OF SPRING 2019 WILL CRY BLOOD:
+5 Reply
Leocryptowizard OsherAstrology
No way McKay the 10000 support the 10300 area are now big majors support those type of charts where put random falls are no usefull each ressitence play the next move so yeah nope
Reply
Leocryptowizard OsherAstrology
@OsherAstrology,

And astrology is a waste of time with all the respect for trading
Reply
Are you ready for 20k? Well, you might as well want to be prepared for 2k! ;-)

The upshot of the idea is that after three supercycle motive waves up (2011, 2014, 2017) we might be in for a huge A-B-C correction this time around.
I am not yet saying that I was right, it is too early to judge, but it still looks possible to me:
+4 Reply
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