*BITCOIN* - HUGE CUP AND HANDLE (TARGET 14,500)
Hey Traders,
We seen a decent size rally up from the bottom so far and now is the time for a correction, looking at the 4 hour RSI we have been over bought for a couple of days and now we are seeing a down. Ever time Bitcoin has pierced the 70 on the RSI we seen a massive down move to follow. This brought me to the cup and handle pattern which I drew out here. Target buy is around 9,300 and sell at 14,500. I picked 9,200 as the end of the down because the 100 would approximately be the bounce. 14,500 is the target on the fib but it may bust through it .
*do you own DD if you find this useful*
Thanks!
We seen a decent size rally up from the bottom so far and now is the time for a correction, looking at the 4 hour RSI we have been over bought for a couple of days and now we are seeing a down. Ever time Bitcoin has pierced the 70 on the RSI we seen a massive down move to follow. This brought me to the cup and handle pattern which I drew out here. Target buy is around 9,300 and sell at 14,500. I picked 9,200 as the end of the down because the 100 would approximately be the bounce. 14,500 is the target on the fib but it may bust through it .
*do you own DD if you find this useful*
Thanks!
Note
Still on track for a bounce at 9,300. We have a possible bear flag forming.
If we cant hold 9,200 look for 8,800.
Note
bought back in at the break out of the trend . got a stop loss at break even.Note
As i thought would happen, happened and we broke trend . And I got stopped out at 10,750.
now we can look for 9,200.
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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.