Bottom of the cup for BITCOIN ?
This is a very old chart that I have not look at for weeks. You can see that it still works in terms of price action
This could be the bottom of a cup and handle formation.
There are two slopes converging forming a wedge.
Plan: Long now at 6500. Take profit at 6900.
Stop under previous spike low.
Remember the the pattern can still be valid and have a further spike low. As stated previously this could be to USD 3000.
However sentiment for crypto is now terrible.
The double descending line has been resistance since February and we have seen strong reactions down five times.
I have drawn three possibilities. I think that the middle one is most likely.
So my ideal trade would be long for USD 400. Then reenter long only if the double line becomes support.
If is becomes resistance then go short.
I expect a resolution of the wedge by September 20
This could be the bottom of a cup and handle formation.
There are two slopes converging forming a wedge.
Plan: Long now at 6500. Take profit at 6900.
Stop under previous spike low.
Remember the the pattern can still be valid and have a further spike low. As stated previously this could be to USD 3000.
However sentiment for crypto is now terrible.
The double descending line has been resistance since February and we have seen strong reactions down five times.
I have drawn three possibilities. I think that the middle one is most likely.
So my ideal trade would be long for USD 400. Then reenter long only if the double line becomes support.
If is becomes resistance then go short.
I expect a resolution of the wedge by September 20
Note
This very large wedge will end within 10 days.Since volume is low there could be a fake breakout followed by a correction in the other direction
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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.
Related publications
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.