BTCUSD. Cup with broken handle. A new cup being formed?
Updated
BTCUSD 30M. Zooming in to see the price action detail. Creating a double cup pattern? The first one failed and as I write this BTC is still trying to go long. I don't think it will. But, I need confirmation. That for me is achieved if Trendline 'A' & 'B' are challenged and break. We have seen a wick down to 10808 and that I believe is a foot in the door for more downside and was anticipated. BTC correcting to the upper 9K area would be good for long term BTC action (CME Gap & strengthening structure). I am eagerly awaiting it. I still see in the shorter term around 10300 being very much on the cards.
The long argument is a completion of the ascending triangle. I have moved the lower ascending trend-line to include the 10800 wick. If BTC can close over around 11188 on the 4 hour chart I will be expecting a test of the recent highs.
The long argument is a completion of the ascending triangle. I have moved the lower ascending trend-line to include the 10800 wick. If BTC can close over around 11188 on the 4 hour chart I will be expecting a test of the recent highs.
Note
Most recent high, challenged ( and rejected for now ) whilst writing this.Note
Could be setting up for a run! Perfect cup and handle after all. It looks well on the hourly and I missed the last few hours of its development..Now looks to be finding support over 11300.
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