DopeCoin (DOPE-BTC) forming cup and handle pattern TA update
Updated
DopeCoin (DOPE-BTC) has seen bullish momentum since it broke out the long term descending triangle last week. Three days ago, in my previous DopeCoin trade analysis, I predicted the forming of a cup and handle continuation pattern. This is an update to my previous TA.
After retracing the first peak, the trend got in perfect sync with the direction of the previous ascending trend line (extrapolated in the chart).
On december 26th Bitcoins price was volatile and most alts, including DOPE, dipped during this moment of sudden market panic. Dope has recovered by now and is heading back to the plotted course I predicted in my previous TA on DopeCoin.
DopeCoin has kept its head up high during the recent times of BTC volatility, it has dipped a bit, but bounced from strong support at Fibonacci lines and shows a bullish trend towards the aforementioned cup & handle pattern.
With weed legislation enrolling on January 1st 2018 in many countries all over the world, the weed coins have a very bullish momentum. The developer op DopeCoin has recently announced enrolling a payment system throughout the weed industry.
You can enter DopeCoin at the stars (break points) indicated in the chart. Do notice that the actual break points may shift if/when the trend deviates from my predicted path. Always enter only after confirmation of an upwards break while finding new support. Learn more about cup and handle patterns and how to trade them on Investopedia: investopedia.com/terms/c/cupandhandle.asp
1st sell target: 1090 satoshi (only for yellow trend scenario/low cup)
2nd sell target: 1290 satoshi
3rd sell target: 1625 satoshi
Stop loss: below the lower blue dashed trend line (depending on time of entering 750 ~ 950 satoshi
As always trade safe: monitor your trades and set (phone) alerts and stop loss orders, especially at times when BTC is more volatile
I hope you can put my TA to use and make a good profit based on my signals. If you want, you could tip me after a good profit. Thank you!
Bitcoin -10.18% address: 13MJSpaqqpBm9JfqNUFt424CQZBF8TKHYa
Ethereum -6.52% address: 0x105e37a11abfcfa80ab51c00bc6837f65183af64
After retracing the first peak, the trend got in perfect sync with the direction of the previous ascending trend line (extrapolated in the chart).
On december 26th Bitcoins price was volatile and most alts, including DOPE, dipped during this moment of sudden market panic. Dope has recovered by now and is heading back to the plotted course I predicted in my previous TA on DopeCoin.
DopeCoin has kept its head up high during the recent times of BTC volatility, it has dipped a bit, but bounced from strong support at Fibonacci lines and shows a bullish trend towards the aforementioned cup & handle pattern.
With weed legislation enrolling on January 1st 2018 in many countries all over the world, the weed coins have a very bullish momentum. The developer op DopeCoin has recently announced enrolling a payment system throughout the weed industry.
You can enter DopeCoin at the stars (break points) indicated in the chart. Do notice that the actual break points may shift if/when the trend deviates from my predicted path. Always enter only after confirmation of an upwards break while finding new support. Learn more about cup and handle patterns and how to trade them on Investopedia: investopedia.com/terms/c/cupandhandle.asp
1st sell target: 1090 satoshi (only for yellow trend scenario/low cup)
2nd sell target: 1290 satoshi
3rd sell target: 1625 satoshi
Stop loss: below the lower blue dashed trend line (depending on time of entering 750 ~ 950 satoshi
As always trade safe: monitor your trades and set (phone) alerts and stop loss orders, especially at times when BTC is more volatile
I hope you can put my TA to use and make a good profit based on my signals. If you want, you could tip me after a good profit. Thank you!
Bitcoin -10.18% address: 13MJSpaqqpBm9JfqNUFt424CQZBF8TKHYa
Ethereum -6.52% address: 0x105e37a11abfcfa80ab51c00bc6837f65183af64
Trade active
The right hand side edge of the cup has formed at peak price being 1290 satoshi (exactly my 2nd sell target, good thing I didn't set it 1 satoshi higher right :)The post cup edge retracement is trying to find its break/bouncing spot for the handle which will probably be between 950 ~ 1025 satoshi by the look of it.
Trade active
The right hand side of the cup peaked at 1290 satoshi and was slowly retracing in the following hours. Some 13 hours ago DOPE suddenly dipped to 888 satoshi, but bouncing back quickly till it reached 1100 satoshi. Since the trade volume was rather low at that moment it didn't pushed through 1100. It retraced a bit and it found support around 1000 satoshi for the time being, wedging sideways.
It is still on target for the "handle bounce" line I indicated in my TA. If volume increases soon it might still find momentum for a handle boost upwards. An alternative scenario might be that it will continue its wedging sideways for a bit longer to form a new mini cup (of which the current wedging point would be the bottom).
Unless you see it break down hard I would hold for now in anticipation of the handle bounce or forming of a mini cup right hand side.
At this I recommend new buys only if you spot a clear handle bounce at the indicated blue dotted "bounce" lines accompanied with a substantial increase in trading volume.
Chart update snapshot december 30th at 13:30h GMT+1:
i.imgur.com/89mcADS.png
Trade closed: target reached
DopeCoin has proven to be a very successful trade! Dope finished its cup & handle continuation pattern a couple of hours ago, after the handle successfully breaking out and peaking at 1545 satoshi.
By now it has retraced a bit, but found new support at the 1340 satoshi cup height, so it might have more in store for us soon. If I find time and see a good signal for Dope I will certainly make new TA, so don't forget to follow me to stay up to date.
Researching and writing TA is something I gladly do, but very time consuming. If you make a good profit based on my TA I would certainly appreciate a tip. Thank you!
Bitcoin address: 13MJSpaqqpBm9JfqNUFt424CQZBF8TKHYa
Ethereum address: 0x105e37a11abfcfa80ab51c00bc6837f65183af64
Note
A few hours after my last update Dope boosted on to 2220 satoshi. All targets filled and beyond. I hope you all made awesome profits and wish you all the best for 2018 too!
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