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CUP

Potential Inverted Head & Shoulder Pattern on 4hr chartAfter seeing a nice fakeout on the daily of the inverted cup and handle pattern we are now seeing the 4hr chart form both a higher high and at least for now what appears like it will be a follow up higher low...if so the odds are favorable of following that up with another higher high and in doing so very likely we could trigger this currently developing inverted head and shoulder pattern. Though the 4hr chart is looking bullish we must still keep in mind that on the 1 day chart we have a giant bear flag and an inverted c up and handle to tend with...one of these 2 paths will be chosen either the bullish 4hr chart scenario will p;ay out or the bearish 1 day chart scenario. So be ready for either this idea for these reasons will be listed as neutral.
BITFINEX:BTCUSD
by DrDovetail
Inverted Cup & Handle Fakeout confirmed?As I said in the last 2 ideas wait for confirmation from the volume in this situation. I also said that with both the 4hr and 1 day charts rsi levels right near the oversold zone it would be very difficult for price action to sustain triggering an inverted cup and handle. Right now we are seeing lots of volume. and a big green candle spike...Odds are very good that we will be breaking upward from here but always be prepared for a fakeout even at this level. So far so good...need to keep a close eye on the close of this 4 hr candle as well as the next one to eb sure we will sustain this pump.
BITFINEX:BTCUSDLong
by DrDovetail
BTC threatening to break inverted cup and handle necklineHard to believe that when the 1 day rsi is this close to the oversold zone that this inverted cup and handle would have any room to plummet here. However if it does indeed trigger we could be lookin at a dip all the way down to 3.6-3.7k . There's a chance if it does trigger it would be a flash crash of sorts. Which could be what could finally catapult the price back up to where we need it to be. there' is 2 and a half hours left on the current 4hour candle to climb back above the neckline so for now we will wait and see...but it is indeed looking very ominous for now.
BITFINEX:BTCUSD
by DrDovetail
We saw a slight bounce but there's a chance of an inverted c&hShown hear is the potential cup of the inverted cup and handle play very close attention to price action and whether or not it dips below this neckline. To trigger an inverted cup and handle here could dip us to 3.6k-4k so I'm hoping this doesn't happen but after the last inverted cup and handle we broke down from its wise to at least be prepares and keep an eye on whether or not this pattern plays out...hopefully we go upward instead 3k is not something this market needs.
BITFINEX:BTCUSD
by DrDovetail
1
Amlook at the weekly chart.We can see last after being knocked down by the 50ma on the 1 week chart that last week's candle has closed back inside the descending triangle pattern invalidating the previous week's breakout...we also seem to have formed a nice handle for a 1 week chart cup and handle pattern however we don't want the handle to dip much lower than it already has or we will be less and less likely to trigger a cup and handle. Look for this week's candle to maintain the 1 day chart's 50ma as support. If it can then we should hopefully be able to break right back upwards out of the descending triangle pattern and hopefully maintain the breakout this next time. If we fall under the 1 day 50ma and it flips to resistance we could prolong our fall to 6.5k or even 6-6.1k but I'm trying to remain optimistic for now.
BITFINEX:BTCUSD
by DrDovetail
Correction continues; potential C&H + 3 possible support zones3 lines of potential support for this fall I'm seeing our number 1 at 7413 which is top trendline of the big descending triangle pattern / adam and eve neckline we broke up from # 2 is the 4hr 200ma at 7060-7080 #3 is the 1 day charts 50ma at $6853..to have a chance at forming a higher low on the day chart, triggering the current cup and handle unfolding and the 1 day golden cross one of these will likely have to remain support. If we can remain above the 1 day 50 MA then this will just be a correction that will inevitably resume the uptrend and the golden cross should occur hopefully sooner than originally planned, coupled with some positive ETF news to help us break out of this handle, break above the neckline and potentially trigger the cup!however a few closes under the 1 day 50ma and then we could be looking at an impending lower low on the 1 day chart. In the short term I'm short...but long in the longterm. Good luck and thnaks for reading! **not financial advice**.
BITFINEX:BTCUSDShort
by DrDovetail
BTC may be forming a cup and handle.Just my opinion, but with both the 4hr charts rsi and stochrsi well exhausted and well into the overbought zone and the 1 day chart's indicators now just reaching overbought conditions, I don't think we will be able to sustain an immediate breakout of the inverted head and shoulder pattern and a small correction is due to reset these indicator levels before a breakout can be sustained. at the same time we would like to see the price reach $6850 or so before any type of correction or retracement to establish a higher high on the 1 day chart and keep the ball in the bulls court. We can also see a very cup like price pattern has formed on this right shoulder. Also keep in mind that cme futures are set to expire on July 27th. All things considered my guess is that one of the 4hr candles that occur today will hit the $6850 region to complete the rimline of this cup pattern and then for the next 10 days or so we will see it form a handle until those futures expire at which point we will break above the cups rimline, the neckline of the inverse head and shoulder and the symmetrical triangle pattern we are in. Perhaps it will be Q3 which is the bullish one this year.
BITFINEX:BTCUSD
by DrDovetail
1
We broke below the rimline of an inverted cup and handle.Something to be aware of. I have mentioned a potential inverted cup and handle awhile back maybe 3-5 ideas back...well with the latest drops we broke under that inv c&h's rimline which triggered a steeper fall. This is an incredibly deep cup and if it were to reach 100% of its projected target it could send us all the way to 4-.4.1k We have seen many normal cup and handles recently that have not reached 100% of their target however but we have also seen ones for example tron who have far exceeded their breakout target. So it's very much worth being aware of. At the same time there is a slight chance we could see a triple bottom form with February and April's lows and go skyrocketing back upward...or even just a double bottom with April's low. Definitely a difficult time to decide to be bull or bear...so in these instances it's best to follow the higher high/higher low principle as well as the lower low/lower high. By going by that principle alone it's not the wisest to enter right now...If you are hoping to potentially catch the double or triple bottom it may not be a bad idea to enter with a tight stop loss though. However it's best if you make your own decisions because this is not meant to be taken as financial advice. Good luck in whatever you choose and may the probabilities be on your side.
BITFINEX:BTCUSD
by DrDovetail
3