BTC Cup and Handle? Look Again!!!

Simple Cup and Handle idea on BTC 2hr chart with scale inverted. Lets see how this plays out in the coming days.

Comment:

1st Short profit on swing trade take at 6339. The overall trend on 1hr is following price action within a descending expanding bearish channel. Current price action currently in a descending parallel channel. 1hr open and close above 6529 could be the breach of this trend. Consider all scenarios and be prepared to adapt short term trades based on trend reversals especially when trading crypto currencies with high volatility.

Comment:

As expected, price still within the channels. Waiting for current trendline to fail and retest price equilibrium line and a close below the Orange price equilibrium line will price down. The original idea of Cup and Handle still intact and BTC downtrend continues.

Trade closed manually:

1hr candle breached the channel and opened above it. Could test channel resistance turned support line one more time before a potential move up.