Btc: Bullish Cup & Handle pattern may be a good sign for bulls
After hitting bottom at 6.4k Bitcoin manage a 48% reversal to make a Cup pattern.. What's next?
Like you all know i am expecting to see a little retrace, here's why:
- Monthly Broke a downtrend, re-test is at 9 040;
- Weekly is currently breaking that same downtrend (since early 2018), we have the
confirmation on tomorrow close;
- 3D broke 9 040 - 9 150 resistance, we are still waiting for the re-test;
- 1D Is printing a Cup & Handle, now the Cup is done and the Handle is on the way,
9 040 would be a perfect bottom for the handle.
So why is it taking so long?
Well Monthly was closing yesterday & Weekly tomorrow, we needed to stay supported over 9 150 to confirm the breakout & 9 550 is a big resistance on 3d & 1d, this means we are stuck in a close range.
Plus, we had a 1k+ increase in the price, so Fomo started to kick in, Funding is high againts long and like you can see every drop is getting buy alot. There's a crazy amount of stop-loss at 9 150 so a wick there will probably come quick and will extend to 8 975 - 9 040, just to liquidate theses longs and start fresh again!
That's why i'm saying not to fomo and wait, the drop should happen after the weekend. Whales knows that most are bullish right now, the best way to reckt them is to wait long enough so that people start buying higher and then reckt them. Before starting going up again.
Now let's get back to the Cup & Handle!
We managed to make alot of profits lately by being patient, so my call stays the same, the GREAT news here is that the Cup & Handle is on the daily timeframe. It means that bottom should be around the next 2 - 4 days, and afterwards the month of february should moon to 10.9k for a 1st tp and 11.8k for 2nd tp!
So keep being patient, we made good profits on Eth, Ltc & Bch in the last couple of days, and this is nothing to what's next!
Be ready!
If you want to see my personnal plays feel free to click on the link below, you'll be re-directed to my privates group.
Like you all know i am expecting to see a little retrace, here's why:
- Monthly Broke a downtrend, re-test is at 9 040;
- Weekly is currently breaking that same downtrend (since early 2018), we have the
confirmation on tomorrow close;
- 3D broke 9 040 - 9 150 resistance, we are still waiting for the re-test;
- 1D Is printing a Cup & Handle, now the Cup is done and the Handle is on the way,
9 040 would be a perfect bottom for the handle.
So why is it taking so long?
Well Monthly was closing yesterday & Weekly tomorrow, we needed to stay supported over 9 150 to confirm the breakout & 9 550 is a big resistance on 3d & 1d, this means we are stuck in a close range.
Plus, we had a 1k+ increase in the price, so Fomo started to kick in, Funding is high againts long and like you can see every drop is getting buy alot. There's a crazy amount of stop-loss at 9 150 so a wick there will probably come quick and will extend to 8 975 - 9 040, just to liquidate theses longs and start fresh again!
That's why i'm saying not to fomo and wait, the drop should happen after the weekend. Whales knows that most are bullish right now, the best way to reckt them is to wait long enough so that people start buying higher and then reckt them. Before starting going up again.
Now let's get back to the Cup & Handle!
We managed to make alot of profits lately by being patient, so my call stays the same, the GREAT news here is that the Cup & Handle is on the daily timeframe. It means that bottom should be around the next 2 - 4 days, and afterwards the month of february should moon to 10.9k for a 1st tp and 11.8k for 2nd tp!
So keep being patient, we made good profits on Eth, Ltc & Bch in the last couple of days, and this is nothing to what's next!
Be ready!
If you want to see my personnal plays feel free to click on the link below, you'll be re-directed to my privates group.
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