BTC breaking out of handle Structure for major cup and handle
Price action have broken through the 50-100-150 simple moving averages. all averages are aligned according to there respective timeframe. Moving averages are all sloping upward.
RSI ignored a potential downtrend and broke market structure.
Two curves shown are resistance and support for the price action. The break of structure occured roughly around the 14th of september.
Top line is the resistance of the handle. Another touch is possible with the way the market is leaning. The cross on the chart could be another potential trend touch, at around 68,600 as the next stop for what I beleive to be the bull market. That could be a week from now possibly based on the number of bars.
Volume is inclining.
Seat Belts everyone.
This is not financial advice.
Do your own DD, come to your own conclusions.
Thanks for looking at the idea.
RSI ignored a potential downtrend and broke market structure.
Two curves shown are resistance and support for the price action. The break of structure occured roughly around the 14th of september.
Top line is the resistance of the handle. Another touch is possible with the way the market is leaning. The cross on the chart could be another potential trend touch, at around 68,600 as the next stop for what I beleive to be the bull market. That could be a week from now possibly based on the number of bars.
Volume is inclining.
Seat Belts everyone.
This is not financial advice.
Do your own DD, come to your own conclusions.
Thanks for looking at the idea.
Note
50 sma holding above the 100 sma, both acting as support for the hourly price action
Note
H4 the 50 sma held and price action continued north toward the daily target
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H4 correction is complete in my opinion. The price has wicked down to the 150 simple moving average which I think will hold. Next place to watch for more downside is the 200 simple moving average, which I think is unlikely.
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heres a look at the "w" forming on the daily. This could be the structure that breaks the handle formation to the upside.
Note
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