bourbon44
Long

Possible cup and handle forming

POLONIEX:FCTBTC   Factom / Bitcoin
118 2 3
Dark green solid line indicates the cup. Dark green hashed indicates a possible handle forming. No open positions at the moment. This will likely take a few more days to play out. I will be looking for a break up past the downward sloping "handle" once it takes better shape, but I am currently keeping an eye on the PA here.
Trade active: So we did get a small break to the upside a few days ago, but without much conviction and price retreated before making a bounce and is now hovering around the weekly pivot. I took a small buy entry without leverage at 0.00375 and is now in small profit. However, it looks like it might be hovering around this ~0.004 area for the next few days. It might be worth noting that this 0.004 is now serving as the support which acted as resistance back in January, 2016. I don't have an initial hard target but will be watching as price hopefully begins to make an approach to 0.007, the top "rim" of the cup. If it is able to break, this could go aways, but now it's just wait and see. If price falls below the daily 200 MA (red), I will exit at a loss. I don't plan on adding any to this trade at the moment, until price begins to show that it is willing to move up. The short term stochastic on the weekly chart is beginning to roll over from over sold so hopefully we'll get some movement here soon, or after the MAs condense a bit more. I will be posting updates as necessary. In summary:

Long entry 0.00375. Soft target 0.007. S/L at ~ 0.031

snapshot
great analysis
+1 Reply
thank you, sir.
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