We have formed and broken through a delicious CUP&HANDLE formation which eventually will lead us to re-test the previous ATH established in Jan'18.
Personally I think we will reach a total crypto market capitalization of 700B $ in the next few weeks! And around 1 TRILLION $ early next year.
The Stochastic oscillator is indicating and overbought condition as of now. So it's reasonable to assume that in the next couple of days we will experience a short-term retracement of 10-15% leading us to around 400B $. This will be a re-test of the CUP&HANDLE upper trendline and a great opportunity to add some more long positions.
Please check the links below for some juicy Bitcoin, Dash and XRP analysis ;)
GL&HF ;)
Comment
⋅
Let's rename this as the "BALLS SACK" formation! Who is in favor? Hands up! :D
when the handle drops down more that 50% of the cup this paten is invalidated. so no not a cup and handle. although it can well be something else bullish
RedHotStocks
⋅
@terrybit123, Correct, it is completely invalid on depth and length. Typical editors pick.
batitocrypto
⋅
@TopMarketGainers, why are editors pick always so bad lol, i noticed like 8/10 are very incorrect, one guy made a 1 point trend line haha.
@terrybit123, I do not regard TA as a strict science. It's more about human psychology, personal interpretation of current events and supply/demand price equilibrium. Let's not forget about one-off events like corona virus that messed up every single price chart on the planet. So if the price drops 50,01% down from the cup high (and here again - what type of price representation do you use? line? candles? so the high is the wick or the body? and who decides what is the benchmark/paradigm?) I don't give a shit. If it drops 61,8% I do not give a shit either as long as I can notice some bullish momentum developing. What is more 61.8% retracement is the most important Fibo level and many times the market heads there just because of herd human psychology. Anyway in a few months we will see who was right ;) in the meantime let's call this a "BALLS SACK" formation :D happy?
MuMPiTz
⋅
@terrybit123, yea, I also thought it didnt look like a cup and handle BUT who cares, as massive resistance line is broken so it should be bullish :)
lucamodena
⋅
@MuMPiTz, Dude for me it definitely looks like a C&H. They just claim that there is an universal rule/paradigm established by? that the handle cannot reach the 61.8% Fibo retracement. So what? This market showed us many times that is extremely volatile and very often manipulated. What is more we had the corona one-in-a-lifetime crash. My point is that this setup however you label it - looks extremely bullish. So just keep adding to your positions ad see you in Mar'21 ;) Good luck!
liskz0rtehlajt
⋅
C&H? lol rly?
do you even know that u should to watch that pattern on uptrend only? its trend-continued pattern for you know. so, what trend in flat moving? lol