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# GVT - Consolidating at the bottom of the handle (Cup and Handle)

BINANCE:GVTBTC   Genesis Vision / Bitcoin
228 0
A cup (spanning 15 days) has formed, and the price is currently correcting in the handle region. The correction is above the 0.5 fibonacci retracement level, thus keeping the cup and handle analysis viable. The price is consolidating in a descending triangle where the horizontal line of the triangle represents a major support @ approx 20850 sats             (0.618 fibonacci retracement level). A breakout will occur out of this triangle soon, and with enough buy volume , the breakout should test the major resistances @ approx 24600 sats             and the next fibonacci extension level (1.382) @ approx 28600 sats             .

If the 1st wave up from the bottom of the cup to the top of the cup represents wave 1 of the elliott wave analysis, then the 3rd wave should reach close to the 2.236 fibonacci extension level, approx 37950 sats             . This is based on the calculation that the height of wave 3 is 1.618 * the height of wave 1 (1.0 fibonacci level), which would be added on top of the bottom of wave 2 which is located at the 0.618 fibonacci retracement level (measured from the bottom of the cup to the top of the body of the candle on the right side of the cup) + 1.618 = 2.236 fibonacci extension level.

Note: this is my first ever technical analysis , so please take this TA with a grain of salt. Also, please let me know if I can improve on my analysis. I am still learning, and any tips would be greatly appreciated.

Bình luận: Edit: The 0.618 fibonacci retracement level is @ approx 20500 sats (not 20850 sats).
Tự đóng giao dịch: The handle broke past the 0.500 fib retracement level. However, GVT is starting to form another cup and might retest the 0.0024500 resistance level.
Bình luận: Nice bounce off the 0.382 fib retracement level, which is serving as the major support.
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