BTC - continuation of uptred or inverted cup and handle ?
Hello guys,
Just as commented in my idea from yesterday, BTC hit the $32,000 line and the 100-day EMA on the 4-h and found support there. This resulted in more longs being opened that triggered the reversal.
Obviously, our next goal will be to re-take $37,000. Let's see if the previous diagonal support line will serve as support once we hit $35,700.
What worries me here are two things:
1. Possibility of a head and shoulders on the 4- h chart although the right shoulder is still in formation. BTC just hit the 50-day EMA there and rejection there will be a confirmation of that pattern I'm afraid.
2. The current setup can also be interpreted as an inverted cup and handle pattern (sorry for the really bad drawing skills)
So, let's see, Yesterday I opened few positions in BTC at $32,400 and also in some alts - SNX,XEM,ADA and LINK
Have a nice day
Regards
Just as commented in my idea from yesterday, BTC hit the $32,000 line and the 100-day EMA on the 4-h and found support there. This resulted in more longs being opened that triggered the reversal.
Obviously, our next goal will be to re-take $37,000. Let's see if the previous diagonal support line will serve as support once we hit $35,700.
What worries me here are two things:
1. Possibility of a head and shoulders on the 4- h chart although the right shoulder is still in formation. BTC just hit the 50-day EMA there and rejection there will be a confirmation of that pattern I'm afraid.
2. The current setup can also be interpreted as an inverted cup and handle pattern (sorry for the really bad drawing skills)
So, let's see, Yesterday I opened few positions in BTC at $32,400 and also in some alts - SNX,XEM,ADA and LINK
Have a nice day
Regards
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