CUP & HANDLE on 30minute chart
I see a CUP and Handle on 30-minute chart breaking the 32-34 trendline. The only problem is, there is only a slight uptrend before the C&H pattern. This could have been more bullish going to 40-ish.
This could be repeated more often that results to crawling up to the 40K price point.
BASIS:
CUP The cup is in a consolidation pattern, with the prefect pattern having equal highs on both sides of the cup. ✔️
HANDLE After the high forms on the right side of the cup, there is a pullback that forms the handle. The handle represents the final consolidation before the breakout and can retrace up to 1/3rd of the cup’s advance but not more. ✔️
CUP DEPTH Ideally the depth of the cup should retrace 1/3 or less of the previous advance but with volatile market or overreaction the retracement could range from 1/3 or ½, while in extreme situations this could exceed to 2/3 but not more than that. ✔️
VOLUME There should be substantial increase in volume as the breakout above the handle’s resistance. ✔️
Let's keep an eye for it!
This could be repeated more often that results to crawling up to the 40K price point.
BASIS:
CUP The cup is in a consolidation pattern, with the prefect pattern having equal highs on both sides of the cup. ✔️
HANDLE After the high forms on the right side of the cup, there is a pullback that forms the handle. The handle represents the final consolidation before the breakout and can retrace up to 1/3rd of the cup’s advance but not more. ✔️
CUP DEPTH Ideally the depth of the cup should retrace 1/3 or less of the previous advance but with volatile market or overreaction the retracement could range from 1/3 or ½, while in extreme situations this could exceed to 2/3 but not more than that. ✔️
VOLUME There should be substantial increase in volume as the breakout above the handle’s resistance. ✔️
Let's keep an eye for it!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.