(Upside Down) Cup and Handle Forms on Stamp

BITSTAMP:BTCUSD   Bitcoin / Dollar
924 13 12
Hello everyone! :)

Bitcoin is still bearish and a big breakout downwards is coming (If this pattern finished). This is something that you can expect when a (upside down) cup and handle forms on the chart. In most cases bears will take control after the formation of the handle thats formed upside down. Than the price will go down after the handle resistance breakout downwards. If the price breaks below the handle resistance, it will keep on going down strongly. This up movement can be at least the same as the size of the cup depth.

In this case the target wil be 682-447=235, 447-235= 212USD.

Short-term we might see regression back to 494 to re-test that level or test the lower level of 440. Thats important to watch because if that support doesn't break and the movement turns back upwards, this pattern fails and I have to consider my strategy ad view. From that point Bitcoin will go up to build more and more momentum.

I'm curious to know your thoughts about my prediction,
And If you like my chart don't forget to like :)
Have a good day you all!
Interesting. I've never seen anyone chart and upside down cup and handle formation before. Consider my eyes widened.
About those MA's in particular, do you use them on other time frames or do they work best on higher time frames.
Maddie grahvity
It's not a rare sight at all but it didn't happen a lot, so that's why I have my question marks on it.

I used the MA's of anatolio he's think they are great and most of the thine he is right, but sometimes I doubt hehe (A) Take a look at his chart's maybe it helps you further ! :)
+1 Reply
aleste, your such a fud dickhead.
-4 Reply
No1 Melissa
lol what has alste to do with it :D
No way
-2 Reply
Maddie ietello
What do you mean?
-4 Reply
Maddie smalldarkcat
Why do you think it is impossible?
+1 Reply
In case the bearish scenario of breaking ~$450,- would play out, I'd except the next support to be the trendline drawn from the April, May and October 2013 bottoms (thick red line I added to your chart below). After which it could go all the way down to the bottom trend line, which I also consider a possibility for the longer term (end of the year / Q1 2015). But I might be getting too bearish in that regard ;)
Slot Slot
April, July, October*
Haha thank you for sharing your opinion! This gives me another view on the chart. There could be a good possibility that the trend line of 450 holds because there is lots of support down there :) We will see how it pays out. Have a good day!
I think I see fractalcality for this on 15m & 1h timescales but I prefer not to post a chart to see if others see it without prompting first
Maddie jago25_98
I'm just 18 years old. This is my view but it could be possible that it won't turn out is I thought it would. That's why I ask your opinion! Hope to learn more from you guys to be a better TA'er and trader of course:)
+1 Reply
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