alanmasters
Education

Ethereum Bullish Cup & Handle Pattern (Potential Breakout)

BITMEX:ETHUSD   Ethereum / U.S. Dollar
I am seeing a bullish cup and handle pattern on the Ethereum ( ETHUSD ) BitMEX chart. If this pattern plays out to the bulls side, ETHUSD can produce massive gains.

A break below $126 (marked with a brown dashed line) would invalidate the above chart.

All the details on the chart.

Feel free to hit like and thanks for the support.

Have a great Sunday.

Namaste.
Comment: Note: This is not a piece of trade advice, all of my trades are clearly marked contain buy-in, targets, stop-loss, profits potential and additional relevant information.
Trade active: Looks like the Cup & Handle is going into play.

Remember that a bullish breakout here can send ETHUSD really high, with Leverage on BitMEX the profits can be staggering.
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1. A bullish pattern in an overall bear market, may not resolve the way it would in an overall bull market. You allude to this reality, but should elaborate for the sake of your followers trading accounts.
2. Isn't a cup and handle typically a bullish continuation pattern, as in a continuation of an uptrend? We have been in a year long down trend. Short term up yes, but long term down.
3. Sometimes I agree with you general analysis. However, here and in other posts you seem to be generating hopium for retail traders that can only buy, not short crypto. Do bullish scenarios get more likes?

Oh...You also use eliot wave. Do professional traders on wallstreet use elliot wave? I don't belive they do. Doesn't that bother you a little?

In an overall bearish market, should you not be giving examples of where to short or atleast explain that we need to wait for confirmation of the cup and handle before considering a trade? We havent had a higher high in year and people who see that you are popular on Tradingview might buy blindly.

Just saying. Oh and before you dismiss me as a hater or troll please explain where I am wrong.
+3 Reply
alanmasters Longshortman
@Longshortman, Thanks for sharing.

I use whatever works for us, I don't care about Wall Street, nothing to do with trading cryptocurrency, everybody is free to use their preferred tools.

The pattern on the chart above is valid, but it can still go either way which is mentioned on the quick analysis.

Note: This is not a piece of trade advice, my trades contain buy-in, targets, stop-loss and additional relevant information.

Namaste.

Reply
Sat Nam, friend

Very pleasing to see you're looking at the same thing and it will be interesting to see if this sticks around in the handle.

I enjoyed your pub on ETH previously ("Weak Hands"), I think there's even a nod in there somewhere.

+3 Reply
@MrJEB, Your chart and analysis look pretty good. Thanks a lot for sharing.
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