Enigma- "Cup Pattern" Explained, Chart Signals, Bull Market NextEverybody is always talking about the "Cup & Handle" pattern... But what about the cup without the handle?
When you see this "cup" pattern, this is mainly a bullish signal.
This pattern normally leads to one of two major outcomes, as follows:
1) Straight up. When the 'baseline' of the cup is broken, prices can go straight up.
2) Retrace then jump. To complete the "cup & handle" pattern, we also get a drop before the jump, this would basically complete the cup & handle pattern.
Now, please keep this in mind if you are trying to read your own charts, one signal isn't enough, it is better to have a combination of signals to support your bias.
On the chart above we also have the 'purple trendline' which has been conquered, you might want to wait a bit longer since prices can drop back down.
We look at a candle close for confirmation but waiting longer is always possible since sometimes the market/bots print fake moves. Meaning, prices can break above the trendline just to quickly fall back down.
What are the bullish signals for this chart?
Enigma (ENGBTC) Chart Signals by Alan Masters
Cup pattern
Strong MACD.
RSI above 50.
Above-average green volume on the breakout.
Prices trading above EMA10/50/100.
MA200 going flat...
These are just a few signals that I can catch quickly by looking at the screen but there is always more.
There are also countless indicators that can help you gain additional signals if you are not sure as to what is going on.
If by any chance you read a chart and you are not 100% sure, you can skip it and find another one... The market is always full of opportunities and something is always going up.
As you learn your charting... Make sure to be grateful for everything that you have, be grateful for the good and the bad, it might not be what we want but life has intelligence of its own.
If you trust...
This time around you will WIN BIG!
Practice patience.
Breath deeply...
Take your time before joining any trade.
Take your time to build a plan.
Take your time to study and practice.
Take your time to make your choice.
If one opportunity goes away, there will always be more.
We can take it easy, this is only the beginning... the Bull Market is yet to come.
Namaste.
