EOS:BTC - HUGE Cup and Handle Pattern has formed!
Hello and welcome to my latest very brief look at EOS vs BTC analysis on the daily log chart.
As you can see we have just completed a massive cup and handle pattern stretching from July 2017 to current. If we can break out above the rim then we look set for a 200% increase over the coming 3 months or so!
Let me get this straight though, we have not broken out above the rim yet! And even if we do break out above the rim this is not going to be a straight shoot for the moon… We will of course zig zag our way up there offering many chances for short term trades.
Looking at the MACD/RSI we are building momentum so we have a pretty good shot of breaking out, however I would reframe from going this long until we have an actual confirmed break out with supporting volume. There is still a chance we will retrace from the current resistance we are facing; in which case we may form a smaller cup and handle pattern as shown in orange. If this occurs it still gives us a target increase of about 80%.
So feel free to follow as I post shorter term trades as we progress further.
Cheers
As you can see we have just completed a massive cup and handle pattern stretching from July 2017 to current. If we can break out above the rim then we look set for a 200% increase over the coming 3 months or so!
Let me get this straight though, we have not broken out above the rim yet! And even if we do break out above the rim this is not going to be a straight shoot for the moon… We will of course zig zag our way up there offering many chances for short term trades.
Looking at the MACD/RSI we are building momentum so we have a pretty good shot of breaking out, however I would reframe from going this long until we have an actual confirmed break out with supporting volume. There is still a chance we will retrace from the current resistance we are facing; in which case we may form a smaller cup and handle pattern as shown in orange. If this occurs it still gives us a target increase of about 80%.
So feel free to follow as I post shorter term trades as we progress further.
Cheers
Note
Hi all, I hope you got onto this trade at the break out! At this stage we are heading for our first target of the smaller cup and handle pattern. Momentum upwards is still strong, however we are heading into oversold territory on the RSI so this may be a great area to start taking laddered profits to our first target area and moving our stop losses upwards. I still have no reason to believe that the larger cup and handle will not play out, but just remember that this pattern emerged over a period of 7 months, so it will take a quite a while to get to our ultimate target zone.
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