Potential cup and handle continuation pattern forming, and also descending channel target 2 still in play.
Technical cup and handle targets are :
Target 1 - $0.78 to $0.84 (between 0.618 and 0.786 of cup depth)
Target 2 - $1.02 to $1.15 (between 1.272 and 1.618 of cup depth)
Key Resistance levels:
1) $0.64 -Target 2 of descending channel already broken out of (Target 1 was already reached)
2) $0.90 - 50% of May '22 swing high to recent low
3) $1.00 - Round number
4) $0.96 to 1.02 - Previous support/resistance levels - hard to know if they will form resistance this time around
Stop loss:
Plan:
Other Scenarios to Track:
The recent lows of $0.1759 could be an excellent triple bottom opportunity
Technical cup and handle targets are :
Target 1 - $0.78 to $0.84 (between 0.618 and 0.786 of cup depth)
Target 2 - $1.02 to $1.15 (between 1.272 and 1.618 of cup depth)
Key Resistance levels:
1) $0.64 -Target 2 of descending channel already broken out of (Target 1 was already reached)
2) $0.90 - 50% of May '22 swing high to recent low
3) $1.00 - Round number
4) $0.96 to 1.02 - Previous support/resistance levels - hard to know if they will form resistance this time around
Stop loss:
- Some documentation says just below mid handle level.
- Vasily says just below the handle low value.
Plan:
- Wait for handle bottom to finish forming. If the handle drops below the mid height of the cup ($0.3590) the pattern may be invalid and it may be a sign of further weakness in the market. This could see support at $0.3160 come into play.
- Wait for ETF news to see if Alts rally with BTC, fail to rally with BTC or the whole market slides on the news.
- See what happens and figure out entry price, stop loss and firm targets based on data above.
Other Scenarios to Track:
The recent lows of $0.1759 could be an excellent triple bottom opportunity
