LINK in consolidation before commencing moon mission
Updated
Mid-term formation of textbook cup and handle pattern (bullish continuation pattern), with current 'handle' phase indicating consolidation prior to a likely breakout. Once the current price level breaks out above the 'handle' resistance level, be quick to put your buy orders in before this intergalactic mission gets underway!
[u]Analysis[/u]
[u]Analysis[/u]
- Initial upward trend topping out at A in October at 11248 sat's
- Reversal of trend, in long 'U' shape formation
- Significant volume increase throughout December led to the 'bottoming out' of the cup
- Cup formation complete (B to C) with high of 9500 sat's reached on 09/01/2018
- Reversal of trend in a clear 'handle' formation, and the downward trend evident in the BBW indicates the current phase of price consolidation
- Price has tested the upper handle resistance twice (C to D) and once the price level has broken through, a potential buy zone will open up. The buy zone for this pattern is typically the zone between the upper handle resistance and the cup price level (C).
- Once this buy zone is reached, the cup and handle pattern indicates that a breakout is likely.
Note
Price drop associated with handle is deeper than expected. Still expect this to progress once market bottoms out this week.
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