a1Keith
Long

Bottom of the cup for BITCOIN ?

BINANCE:BTCUSDT   Bitcoin / TetherUS
This is a very old chart that I have not look at for weeks. You can see that it still works in terms of price action
This could be the bottom of a cup and handle formation.
There are two slopes converging forming a wedge .
Plan: Long now at 6500. Take profit at 6900.
Stop under previous spike low.
Remember the the pattern can still be valid and have a further spike low. As stated previously this could be to USD 3000.
However sentiment for crypto is now terrible.
The double descending line has been resistance since February and we have seen strong reactions down five times.
I have drawn three possibilities. I think that the middle one is most likely.
So my ideal trade would be long for USD 400. Then reenter long only if the double line becomes support.
If is becomes resistance then go short.
I expect a resolution of the wedge by September 20
Comment: This very large wedge will end within 10 days.
Since volume is low there could be a fake breakout followed by a correction in the other direction


Thirty minute chart shows Schiff Pitchfork with price ascending. So a tighter stop could be set at 6250.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out