I see a CUP and Handle on 30-minute chart breaking the 32-34 trendline. The only problem is, there is only a slight uptrend before the C&H pattern. This could have been more bullish going to 40-ish.
This could be repeated more often that results to crawling up to the 40K price point.
BASIS:
CUP The cup is in a consolidation pattern, with the prefect pattern having equal highs on both sides of the cup. ✔️
HANDLE After the high forms on the right side of the cup, there is a pullback that forms the handle. The handle represents the final consolidation before the breakout and can retrace up to 1/3rd of the cup’s advance but not more. ✔️
CUP DEPTH Ideally the depth of the cup should retrace 1/3 or less of the previous advance but with volatile market or overreaction the retracement could range from 1/3 or ½, while in extreme situations this could exceed to 2/3 but not more than that. ✔️
VOLUME There should be substantial increase in volume as the breakout above the handle’s resistance. ✔️
Let's keep an eye for it!
This could be repeated more often that results to crawling up to the 40K price point.
BASIS:
CUP The cup is in a consolidation pattern, with the prefect pattern having equal highs on both sides of the cup. ✔️
HANDLE After the high forms on the right side of the cup, there is a pullback that forms the handle. The handle represents the final consolidation before the breakout and can retrace up to 1/3rd of the cup’s advance but not more. ✔️
CUP DEPTH Ideally the depth of the cup should retrace 1/3 or less of the previous advance but with volatile market or overreaction the retracement could range from 1/3 or ½, while in extreme situations this could exceed to 2/3 but not more than that. ✔️
VOLUME There should be substantial increase in volume as the breakout above the handle’s resistance. ✔️
Let's keep an eye for it!