Cup and handle with Green tea and Cookies - BTC target 10000

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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Cup and handle , Green tea and Cookies - BTC target 10000
Comment: The actual target is 102xx , but taking some profits at 10000 is something to consider as the pull back may be significant. Im guessing close to a 1k drop perhaps.

Note : this is not trading advice , Gauge the market temperament as we approach 10k.
Comment: the handle formation should start at around 89xx and we observer a sharp descent downwards,
Comment: This should be around a 500 drop or so
Comment: may not be a 500 drop as theres a support at the 8600 area
Comment: The 4 hour candle also hits a 9 in 13 minutes and should count down
Comment: looks to be moving down now as expected
Comment: one thing that bothers me is that both the 1 hour and the 4 hour candles are on countdown 9 candles and BTC is to close to the top of the Bollinger band on the 1 hour candle.
- BTC should stop around 8500 , Of concern will be if it goes down past 8500 .
Comment: we have the sharp descent which is a good sign
Comment: BTC has fallen past 8500 and could stop at 8400 , 7900 or 7500 .
7900 has been successfully in the past to stop drops.
if 7900 fails to hold BTC can drop to 6k.
Comment: The 1 hour candle will finish its 9 candle countdown in 30 minutes and will flip positive. This action could send BTC back upwards in the next hour,
Comment: as green as the dollar bill
Comment: BTC needs to stay above 8500 to remain bullish
Comment: the 30 min candle also needs to make the MACD crossover
Comment: the big problem i see is the 4 hour candle is counting down , its on candle # 2 and it can count down to 9 (36 huours) or it can flip to green when it hits the green line at the bottom , We will know in 35 minutes
Comment: good catch by @RodrigoGarreton
Thats thee black crows

This pattern indicates a strong reversal in the market. It is characterized by three normal or long candlesticks decrementing downwards. The opening of each day is slightly higher than previous close and prices progressively close at lower levels. This staircase like behavior signals the reversal of the trend.
Recognition Criteria
1. The market is characterized by a prevailing uptrend.
2. Three consecutive normal or long black candlesticks are observed.
3. Each candlestick opens within the body of the previous day.
4. Candlesticks progressively close at new lows, below the preceding day.
Pattern Requirements and Flexibility
The Three Black Crows consists of three consecutive normal or long black candlesticks. The last two candlesticks must open within the range of the preceding candlestick and close lower.
Comment: : wait for confirmation . if its a reversal BTC will dip when the 4 hour candle closes in 30 mins. Also it will drop below 8500 .
Comment: To confirm false breakouts and bull traps we can wait for BTC to cross the next resistance at 8622
Comment: 4 hour candle is closing now
Comment: 30 minute MACD is now positive
Comment: After 8620 its upwards confirmation for BTC - looking good so far
Comment: Breakout confirmed once over well LINE A around 8630.

Comment: LINE A is the horizontal line
Comment: not looking too good at 8630 ,,,,mmh
Comment: Dropping out past the green line at the bottom, around 83xx will signal a reversal to the downside .

Comment: A bit more distance away from 8630 will welcomed and theres still the challenging 9xxx resistance areas ahead , but BTC the bull moves forwards with caution.
Comment: Can go either way - 8264 or 8947 - but theres 3 white soldiers - signaling a possible move to the upside - albeit a small move.

Comment: Closing this out as BTC does not appear bullish currently , will reopen if situation changes. if the downtrend continues BTC can drop to 83xx , 7900 or retrace back to 6k
Trade closed manually
Comment: Reopening as this is too easy and BTC does not play easy - Im expecting BTC to continue to make one more push to the 9K area and there we should see the retrace .
Comment: The daily MACD has also crossed over into positive territory and still appears in an uptrend . This does not correspond with the idea that BTC will be dropping soon , so im expecting BTC continue to move upwards .
Comment: Many mixed signals from BTC trying to catch us off-guard , Almost had me there for a minute
Comment: head and shoulders moving to 8939

Comment: Bigger cup and handle in symmetrical triangle going to 10160

Comment: Theres one last cup and handle which makes "a cup within a cup within a cup" . I enjoy saying that.

The last cup ends at 12k but it spaced out from the others so looks like it may take a while to get there - a few days is my guess.

Comment: looking at the bIgger CUP BTC will have to dip close to the 6k/7k area to wrap up the handle about 6300 will be my guess
Comment: so there will have to be a dip to 6k in order to enjoy twice the profit .
Comment: i still think we will drip to 2k at some point in this correction . Dont know when ,,but we will hit it at some point

appreciate your TA thanks!
mycotoxin Solarmass
@Solarmass, cheers
12K :uptrend:
mycotoxin ultranemesys
@ultranemesys, cheers
wait is not clear which way he will use. is yet confirm if up or down
mycotoxin Houari1981
@Houari1981, i expect BTC will move a lot closer to 9k area
Houari1981 mycotoxin
@mycotoxin, people they are afraid, and they will not be huge volume to take him to 9K, i hope the market be more stabilize, is to much risk trading in this days
@mycotixin Thanks friend, just said soldier instead of crow, I do not even know what I'm thinking colleague hahaha
RodrigoGarreton RodrigoGarreton
@mycotoxin good job
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