BitcoinUpdated Bitcoin Cup and Handle on 4HR Chart
Bitcoin is forming a Cup on the 4HR chart, expect BTC to bounce back to 94-39k from here. And then this will give Bitcoin support to potentially move back into the previous ascending channel. Shorting from 96.5k until we see a retest of 94k.
Note
Sorry I meant 93k, not 39k :):)Trade active
Bitcoin has slowly made its way back to the support line, but We still need to break the cup before entering this trade. Short has been opened since and have not gotten confirmation that we are moving above.Trade closed: target reached
Bitcoin has broken out of the cup and handle! We are retesting the yellow support line and once that is done we can continue going upNote
Bitcoin Cup and Handle is still in play! Here is an interesting trend I've noticed:
Bitcoin is forming three cups which have higher highs than the previous high, and the lows dip just below the previous high but comes back up.
If this is the correct trend. The next best entry for BTC is at 96.8k and TP will be at 99.5k
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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.