DrDovetail

Bitcoin forming inside bars…is this a valid Cup and Handle?

BITFINEX:BTCUSD   Bitcoin
Great upswing yesterday just as I was hoping and we are still continuing to play out this potential Eve double bottom quite perfectly. Eve bottoms have a much slower climb than traditional double bottoms and tend to fake out a lot of bears along the way with many a bear trap. We are currently consolidating with some inside bars and we are overdue for a retracement...we may fall back down to around the top trendlien of the bullflag we broke out of on the night of the 19th to form a higher low and then continue ridsing from there....however this current price action on the 4hr chart looks suspiciously like a slanted cup and handle....I'm not entirely sure if cup and handles can be valid at this angle but have charted it just in case.....if it is a cup and handle and we break the neckline after now having formed the handle then the projected upswing target should take us to 9400 which was the original descending wedge breakout target so we will finally reach that projected target which if you look at the price action since that breakout it really has only been higher lows and higher highs...a clear bull run so far. For now though I will keep this idea neutral as we may have a slight retracment which we are overdue for that takes us back down to the top trendline of that april 19th bull flag...if so I will simply buy the dips...you choose your own path though because this is not emant to be financial advice. Thanks for reading and good luck! Also if anyone who is a cup and handle expert sees this and can chime in on whether or not this one can be a valid cup and handle it is appreciated..I know in the standard stock market...patterns like this are suppose to form over a much larger period of time...but in crypto every thing seems accelerated and I've noticed these longer time frame patterns being triggered and validated on much shorter timeframes.
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