BTC Cup and Handle Anyone?

in LeoFinance2 months ago

Over the last 24 hours bitcoin looks to have created a Cup and Handle Pattern

I am not a huge chartist, meaning I'm not fat. Just kidding, it means I don't live and die by charts or follow them exclusively because they are wrong just as often as they are right.

But, given a broad context of inputs including a positive chart setup adds to me investing thesis.

That being said, the last 24 hours created what chartists like to call a Cup and Handle pattern.

Sees:

(Source:

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Based on the above patter, chartists would see this pattern calls for a move of the depth of the cup, which in the case is about $300.

You then add that depth to the breakout point, which is the top of the cup, in order to get your target price.

In this instance that target would be about $11,500.

Not a huge move, but it looks like bitcoin is already following through as it is trading a shade under $11,400 right now.

$11,500 would be the highest it has been since this big move up started early this week.

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While I don't really like cup and handle patterns because of their subjectivity, any sort of bullish confluence is a positive.

Posted Using LeoFinance

Looks like it worked out, no matter the cause.