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Today we bring you the Cup N' Handle. This pattern I found someone else charted but I couldn't find it again and I figured it would be a good lesson to try charting it myself and make my own targets etc.
So I drew my top resistance line and measured the bottom to the top of the cup, to see if the handle is less than 50% and it is just shy of it which means it is valid.
Next step was to take that distance and add it on top of the resistance line to get your target.
My suspicion is that either we complete this pattern slightly before or right on main net launch, and then we go skyward :)
My Target: 1800 sats
Oddly enough, I have seen others project 1800 sats, and that is just the beginning :)
This idea is for reference and educational purposes.
That can not be a coincidence... Lol... I don't think it has been invalidated yet, and more and more I believe this breakout will line with main net!
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My buy in's are the green lines, so considering I HODL this long I should probably keep my buy in's for the completion/breakout of this pattern.
Until the apex or the top of the handle you may be able to make some decent profit off of the volatility.
My trades are open without stops, but I will keep an eye and sell if she crashes through that trend line.
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Turns out I explained the cup and handle wrong in the OP (I was medicated)
1) You measure the height of the cup up to the resistance line 2) Measure the height of the handle up to the resistance line 3) If the height of the handle is more than 50% of the height of the cup the pattern is invalid 4) Add the height of the cup on top of the resistance line to get your max target
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We may temporarily come back down to 900ish level but looking at the daily chart, we can see that 1000 sat's will only be resistance for very short while longer.
Play it safe, play the longer term and HODL
On main net launch be sure to have stops set in case it takes a huge dump!
Looking at On Balance Volume in the second chart from OKEX you can see we have VERY strong momentum.
Personally I am riding her naked (without stops) but maybe you may want to consider them for your own scenario.
skitzo1991
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You really think there will be no dump before or on main net launch ?
LucasGlassman
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@skitzo1991, it could do anything really but that will probably happen. happens to most coins with really big releases coming out. if you want in on a trade i wouldnt count on that being your entrance to any trade but if you see it happen why not buy off their greed;)
leshacat
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@skitzo1991, Anything could happen, but no I suspect we will see a breakout upwards, considering the C&H as well as an invers H&S just formed as well. The handle of this pattern is lining up with main net. Our recent swing upwards is followed by the volume of bigger investors (look at On Balance Volume) When I look at all this data, I see Tron exploding after MainNet launch. Some will sell off and take profits for sure, so we will see it come down again a bit but then back upwards from there. All my personal opinion, please make your own :)