BTCUSD Descending Parallel Channel + Cup & Handle Patterns
Great opportunity to buy and sell within the descending parallel channel pattern (could be printing handle for the cup and handle pattern) that has formed. Or one could wait for a breakout with confirmation candle(s). For example if it is a bullish breakout, a good bounce happening above the top line of the descending parallel channel is always a great indicator that its not a fakeout.
Also, if you scroll out, you will find that on the daily, we could now be printing the handle and a breakout above the resistance (resistance line taken from the top of the two 'cup rim' price points - around 10500+) could also be a possibility.
Furthermore, there is a big bullish gap on the CME chart from around 9100 (candle close on Friday for CME was 9165 with a low of 9060). Am not a fan of CME gaps cause there is no reason that gaps must be filled and i personally think its a manipulators tool to have an excuse to:
1. suppress price with bearish gaps
2. to create downtrend to liquidate as many long margin trades as possible before next leg up higher
3. to stop hunt as many long positions as possible before next leg up higher
Without the CME bearish gap excuse there is almost no reason fundamentally why bitcoin should be going down at this point except maybe cause of the scams that are selling their bitcoin but which i think the bitcoin market has matured enough to absorb.
Just sharing my thoughts. Nothing is 100%, only trade what you can afford to lose. Good luck!
Also, if you scroll out, you will find that on the daily, we could now be printing the handle and a breakout above the resistance (resistance line taken from the top of the two 'cup rim' price points - around 10500+) could also be a possibility.
Furthermore, there is a big bullish gap on the CME chart from around 9100 (candle close on Friday for CME was 9165 with a low of 9060). Am not a fan of CME gaps cause there is no reason that gaps must be filled and i personally think its a manipulators tool to have an excuse to:
1. suppress price with bearish gaps
2. to create downtrend to liquidate as many long margin trades as possible before next leg up higher
3. to stop hunt as many long positions as possible before next leg up higher
Without the CME bearish gap excuse there is almost no reason fundamentally why bitcoin should be going down at this point except maybe cause of the scams that are selling their bitcoin but which i think the bitcoin market has matured enough to absorb.
Just sharing my thoughts. Nothing is 100%, only trade what you can afford to lose. Good luck!
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