PTOY BTC | Cup and Handle
Updated
I drew this an hour ago and I had a feeling that the chart will play out this way. Turns out it broke out early! :D
My bias view on PTOY as I am bullish with it.
Good Buy
Awating FDA approval
Daily MACD shows uptrend incoming
Cup and Handle with Handle forming
Lowest support at 4.8k Current strong support 5.5k
Bad Buy
Hourly MACD too overextended. Might start to curve downwards. (which could form the handle)
On 4hr chart, Stoch RSI shows it being overbought
BTC movement
Uptrend Confirmations
Clear curve upwards on 50MA moving towards 100MA and 200MA
Break out above 7k
Find good support along 100MA on the hourly
Downtrend Continuation
Completing downtrend elliott wave in the 'handle'
Failing to break out at 7k
MACD daily starts to separate further
Keep in mind, we are still in a bearish market!! :D
Short term target - 7.7k
Mid/long target - 8.5k/9k or more (I am bullish)
Buy more if it goes below 5.5k and below 4.8k
Good luck!
My bias view on PTOY as I am bullish with it.
Good Buy
Awating FDA approval
Daily MACD shows uptrend incoming
Cup and Handle with Handle forming
Lowest support at 4.8k Current strong support 5.5k
Bad Buy
Hourly MACD too overextended. Might start to curve downwards. (which could form the handle)
On 4hr chart, Stoch RSI shows it being overbought
BTC movement
Uptrend Confirmations
Clear curve upwards on 50MA moving towards 100MA and 200MA
Break out above 7k
Find good support along 100MA on the hourly
Downtrend Continuation
Completing downtrend elliott wave in the 'handle'
Failing to break out at 7k
MACD daily starts to separate further
Keep in mind, we are still in a bearish market!! :D
Short term target - 7.7k
Mid/long target - 8.5k/9k or more (I am bullish)
Buy more if it goes below 5.5k and below 4.8k
Good luck!
Note
Break out happened sooner than expected! Let's hope it ride along the resistance line before making a bigger move. :)
Note
BTC is on the move! And looks like it has fallen beneath resistance line. Hope it bounce off 6200. Keep an eye out, friends! Set stop losses if you are not holding it long term. :DTrade closed: stop reached
As I have said, I am super bullish on PTOY and have bought more below 5000. Really great prices. Prepare for big returns when the fork is over. ;)
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