Everything explained in charts. Drop a like/follow if you appreciate as no one is seeing this reversal pattern.
The handle is where the weak hands get shaken out....don't be weak!!! This is a bullish reversal pattern.
If you want to trade the safest buy and stop loss entry is in the chart.
Good luck!
Bobby -Don't hate the hair, hate the game
İşlem aktif
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btc needs to scale above the 50 DMA (orange). we will start to see some bullish activation and a retest to the top of the trend line if this happens.
İşlem aktif
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descending wedge the past 8-9 days. more urgency than ever btc needs to move above the 50 DMA in the next few days...
Yorum
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Sorry above I meant to say we have been forming an ascending triangle past 8-9 days, but its in a bearish context because of the red daily candle on Jan 10th when we dropped from 4.1 to 3.5k. market will decide in the next 2-3 days which way we go. slightly greater than 50% odds we break to the downside but these patterns don't always materialize right. That's why there's something called risk management involved when trading.
Isn't a cup+handle only valid in a bull market as consolidation phase?
UnknownUnicorn1597295
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Sorry I meant 4 day bull trend, hopefully the trend is our friend.
UnknownUnicorn1615160
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@BagHolder11, We'll see. BTC is forming a descending wedge the past 8 days. The probability we go down is greater than 50% if we don't rise above the 50 DMA. We should see the market decide within 3 days or so..
UnknownUnicorn1615160
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I need some sleep. I meant to say forming an ascending triangle, but its in a bearish context because of that big red candle on Jan 10th when we dropped from around 4,100 to 3,550ish...let's see tho. Next few days market will decide.
UnknownUnicorn1597295
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I just noticed that we're in an 8 day bull trend, believe it or not.
UnknownUnicorn1597295
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It's close to the 50 dma. Keeping me in suspense.
UnknownUnicorn1597295
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It looks like a probable scenario now that we have bottomed and making higher lows, and the expected drawn out bear market.
UnknownUnicorn1615160
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@BagHolder11, let's see. BTC has been attacked successfully by bears on any bull run attempts. I do agree we are in the bottoming phase of the market. Doesn't mean we can't go lower, but at least we can begin seeing the light at the end of the tunnel