STORM has created a nice rounded bottom on the 4h chart, also known as saucer or bowl.
Maybe you could see this pattern also as a cup and handle.
A confirmed breakout above 750 satoshis would bring the pattern into play.
The target for this pattern is around 1,100 satoshis (red horizontal line), meaning a nice 45% profit.
If you enter after the breakout, you could set a relatively tight stop loss just below the neckline, and you get a very nice 1:6 risk to reward ratio (see chart).
Having said that, it looks like BTC might retrace in the next days. That could delay or hinder this trade, and we could get rejected at the neckline. Therefore, I would advise to only enter after a confirmed breakout with high volume, if you're not in a position already.
Good luck trading!
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Maybe you could see this pattern also as a cup and handle.
A confirmed breakout above 750 satoshis would bring the pattern into play.
The target for this pattern is around 1,100 satoshis (red horizontal line), meaning a nice 45% profit.
If you enter after the breakout, you could set a relatively tight stop loss just below the neckline, and you get a very nice 1:6 risk to reward ratio (see chart).
Having said that, it looks like BTC might retrace in the next days. That could delay or hinder this trade, and we could get rejected at the neckline. Therefore, I would advise to only enter after a confirmed breakout with high volume, if you're not in a position already.
Good luck trading!
If you found this post helpful, please hit the Like button.
That's an easy way to thank me for my time. Thanks!
Comment:
We are knocking and knocking on the neckline, creating an ascending triangle in the process:
Comment:
A possible Elliott-wave count:
I see us being now in the B corrective wave. The C wave would bring us down to the bottom of the triangle again, and then hopefully the next wave up will lift us over the neckline.
Let's if this plays out - and if BTC doesn't spoil the party in the meantime.
I see us being now in the B corrective wave. The C wave would bring us down to the bottom of the triangle again, and then hopefully the next wave up will lift us over the neckline.
Let's if this plays out - and if BTC doesn't spoil the party in the meantime.
Comment:
We have a breakout, but there is not enough volume supporting it atm - I think we will fall back, so be careful.
Comment:
I updated my chart, I think it is much more accurate now:
- updated Elliott wave count, makes more sense now: ABC correction still has to be done
- I moved the neckline up a bit to 770 satoshis
- adjusted the triangle a little bit
- updated Elliott wave count, makes more sense now: ABC correction still has to be done
- I moved the neckline up a bit to 770 satoshis
- adjusted the triangle a little bit
Comment:
ABC correction is finished, imo.
And now let's get the hell outta here... :)
And now let's get the hell outta here... :)
Comment:
So it appears that the correction was still not finished.
We got an impulse wave failure up, therefore making another ABC correction, which in total gave us the W - X - Y structure. At least that is how I interpret it for now.
We bounced off perfectly of the 61.8% Fibonacci level - isn't that beautiful?
Now we need to get back over the uptrend line asap, otherwise more downwards movement could occur.
We got an impulse wave failure up, therefore making another ABC correction, which in total gave us the W - X - Y structure. At least that is how I interpret it for now.
We bounced off perfectly of the 61.8% Fibonacci level - isn't that beautiful?
Now we need to get back over the uptrend line asap, otherwise more downwards movement could occur.
Comment:
Hm, looking at the bigger picture, I think there might be a bit more movement to the downside ahead of us.
I zoomed out and made an Elliott wave count of one wave level higher.
It is very possible that the complete wave cycle I analysed before was actually the wave 5 of a bigger wave cycle. If that's the case, we could be now in the ABC correction of that bigger cycle.
Have a look at it:
I think the whole correction so far might have been just the wave A, so up next should be an upmove to B, and then down again to form wave C.
We have retraced so far only to the 23.6% Fib-level. It would be extremely bullish, if we would bounce right back from here, so I think that a further retracement to at least the 38.2% level is more likely.
So this whole trade could take longer than expected.
On a positive note, this correction could actually form a handle to complete a cup & handle pattern.
I zoomed out and made an Elliott wave count of one wave level higher.
It is very possible that the complete wave cycle I analysed before was actually the wave 5 of a bigger wave cycle. If that's the case, we could be now in the ABC correction of that bigger cycle.
Have a look at it:
I think the whole correction so far might have been just the wave A, so up next should be an upmove to B, and then down again to form wave C.
We have retraced so far only to the 23.6% Fib-level. It would be extremely bullish, if we would bounce right back from here, so I think that a further retracement to at least the 38.2% level is more likely.
So this whole trade could take longer than expected.
On a positive note, this correction could actually form a handle to complete a cup & handle pattern.
Comment:
STORM is forcing us to be patient.
As already mentioned abobe, it looks like we could be forming the handle to a large cup (which was our bowl) right now:
As already mentioned abobe, it looks like we could be forming the handle to a large cup (which was our bowl) right now:
Comment:
*mentioned above
(we need an edit button for the comments)
(we need an edit button for the comments)
Comment:
A resistance between 720 - 730 sats is giving us a really hard time atm.
Once we break that, I think we'll shoot up to the neckline.
Once we break that, I think we'll shoot up to the neckline.
Comment:
Nothing new to report, we just can't get above the 720 sats resistance.
I will update this trade once we have real action again.
I will update this trade once we have real action again.