BTC going down again? not yet, bullish cup and handle forming
Some time ago I saw the possibility of a cup and handle pattern forming.:
https://www.tradingview.com/chart/BTCUSD/yBJP7qj7-Uptrend-did-not-break-11-8k-what-s-next-cup-and-handle/
It's clear that there was not enough momentum for the bulls to break the pervious high of 11.8k. We needed that to keep the broader uptrend intact. Not all is lost yet. I also saw some people mention the major inversed head and shoulders pattern (red) forming but they see too much what they want to see.
Is all lost now and are we going back down to the lows?
Not yet. A quite nice cup and handle could be forming (green). I see the price going down 10% from the last high to around 11.3k
A bounce from there could propel us past the previous highs
Now it looks like resistance levels will be there to support the cup and handle:
https://www.tradingview.com/chart/BTCUSD/slpVtJCX-Forming-the-cup-and-handle-resistance-levels/
Resistance zone I'm seeing are from 10.3k to 10k. (50 days MA, trendline and also 10k level should hold)
Hi, great post, worth a follow.
Thanks, I used to only share fundamental stuff when I don't see any other big content creators talking about it. I'm home for few months now with broken leg, thought I'd share my TA
Congratulations @g0rnex! You have received a personal award!
Click on the badge to view your Board of Honor.
Do not miss the last post from @steemitboard!
Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes