BTC Cup forming + Consolidation Ending Idea
This is an idea of a cup pattern forming. During this consolidation, we've had 4 M patterns (currently at the end of the 4th one). Each time, the end of the M has gotten lower and lower. This last M however, the top part (blue) went higher than the previous M. If the bottom of this 4th M stays above the previous swing low + we get a higher swing, it could be the start of the end of the BTC consolidation and start up-trending more to complete a cup pattern. Tracking on the 4H chart.
Note
This is still valid, as long as we don't break and close below previous swing low. It will be interesting to see what happens in the asian market tonight into tomorrow morning.
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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.