BTGUSD 2H Giant Cup and Handle

Classic cup and handle pattern has formed. Volume breakouts at critical places confirm the pattern

Based on the size, it should send this up to 591.91 (fib 1.272)

Note

TP target in this TA:

Trade active

Note

some consolidation in this range is expected before next legs up

Note

bullish pennant on 4H:

Note

coiling action:

Note

Forgot to add, is done with the ABC correction (EW patterns).

I don't usually apply EW analysis, but is clear here.

Red PSAR = A
Green PSAR = B
Red PSAR = C

This leg should range a bit before moving up.

Note

The bitcoin hedge is real. Here's the comparison:

Trade closed manually

not interested in hedging against BTC at the moment, due to strong price action.

will revisit this trade during the multi-month bear season

MoonPickle

Related publications

BTGUSD H4 LONG

by MoonPickle

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.