BTCUSD update: Cup and Handle Pattern is considered as a bullish continuation pattern where the upward trend has stopped but will continue in an upward direction after the completion of the pattern. The price is moving to top of the channel so we have to take in consideration the possibilities where the price might be heading to. The top will be tested and if the price manages to break through of it, it will give us confirmation for further upward movement. Bitcoin price has climbed very high and is ignoring RSI indicator that's giving us opposite signal with it's smaller peaks that the price is going down soon.
This idea was shared one of my friend. :) I'll keep this short but all questions are welcome!
Things to remember: -> To trade safely we need to use stop losses in case something goes wrong. -> Note this is a long term trade! Requires patience and flexibility to adjust the sails of the market movement. -> Always be aware of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
It's better to wait than to regret. This is important when you are doing long term investments! Knowledge behind of your trades gives you success, more often!
Any questions or need help? Feel free to leave comments and feedback! [/b
Yarr!
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Will be aiming towards 10.2k area. Ascending triangle giving us the target area.
Not that I'm not long on BTC, but this is not a proper C&H. The cup should have more than 3 months, it should be smooth, it should indicate long term institutional investors coming into a space. This does not. Still bullish.
Mezmers
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I'm not sure if you use gdax for trades but I'm a little confused on how a stop loss works and how to set it up.
yarr
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@Mezmers, if you google "stop loss gdax" you land to plenty of pages explaining how it works and even youtube tutorial how to setup it :)