HSR
Short term / Long term
This is what a Cup and Handle is supposed to look like. NOTE: A pattern can still invalidate if conditions are not met. And recommended entry on a C&H is the break out of the handle resistance. It is possible to trade the the support touch, but that is a riskier trade.
Price action is on support of handle now - see lower time frames.
C&H rules - Price decline and volume decline. Followed by a rounding, not V, bottom. Price rise on other side of cup must be supported by increasing volume, price touches former high from the start of the pattern and retraces. The two conditions we have not met are: The break out from the handle supported by a spike in buy volume (coming soon...?), and a price decline of no more than 33%. The price change from top to bottom of the cup was about 60-70%, BUT I do not find this to be an issue with the volatility differences between standard markets and Crypto.
Ichi T-K supports below. Lowest buy I am comfortable with is the Kijun line at 1040 sats, but price may not get that low. If it breaks that level the C&H pattern is very likely invalid. 4hr chart and lower time frames show the handle with price in a bit of a falling wedge along the handle support. look for that to hold, though the price may continue to bleed along it to the Tenkan and Kijun levels. Upside potential if C&H confirms is around 2400 sats.
Short term / Long term
This is what a Cup and Handle is supposed to look like. NOTE: A pattern can still invalidate if conditions are not met. And recommended entry on a C&H is the break out of the handle resistance. It is possible to trade the the support touch, but that is a riskier trade.
Price action is on support of handle now - see lower time frames.
C&H rules - Price decline and volume decline. Followed by a rounding, not V, bottom. Price rise on other side of cup must be supported by increasing volume, price touches former high from the start of the pattern and retraces. The two conditions we have not met are: The break out from the handle supported by a spike in buy volume (coming soon...?), and a price decline of no more than 33%. The price change from top to bottom of the cup was about 60-70%, BUT I do not find this to be an issue with the volatility differences between standard markets and Crypto.
Ichi T-K supports below. Lowest buy I am comfortable with is the Kijun line at 1040 sats, but price may not get that low. If it breaks that level the C&H pattern is very likely invalid. 4hr chart and lower time frames show the handle with price in a bit of a falling wedge along the handle support. look for that to hold, though the price may continue to bleed along it to the Tenkan and Kijun levels. Upside potential if C&H confirms is around 2400 sats.
Comment:
Coin pumped on exchange add, but bled out after. Target never reached. Closed some in profit after exchange add, but stopped out at break even on the rest. Mixed results, not a successful trade in my opinion. C&H invalidated in the end.