Cup and Handle - 1D - Waiting for breakout

Hello and happy Friday traders! I hope you have a great weekend and have some fun plans!

The bull run is approaching as the bears are about to go in to hibernate (hopefully) for a little while.

SLP - Small(Smooth) Love Potion is used for a NFT game called Axie Infinity. The games mechanics totally revolve around this token for purchases and it's in game earned currency.

C&H
On the daily chart, the cup and handle can easily be seen. It's bottom is less 'V' like, so I am expecting a better uptrend once it breaks out of the handle.

We must wait for this to be confirmed via a break out from the handle and breaking the neckline of the C&H.

Bình luận:

I am considering entering SLP now. Here's the idea/plan

The profit sections are resistance zones that would be faced on the way up.

I highlighted a section, a large uptrend in the handle. It hit the level we're at right now and bounced up quite a bit. The indicators look similar, the pattern looks the same. I suspect we would see it again and potentially even break out of the handle from this run. FINGERS CROSSED!

I don't suspect we will go much deeper, the support we have below is massive. If you set stoploss, this is your zone to do so.

When I set an active trade, I will update the idea.

Bình luận:

I have an idea on when to enter.
Looking at the last large uptrend that I highlighted, on the 1HR Chart it formed a double bottom and shot up.

Our current setup looks similar but has yet to form the double bottom. Therefore, I am waiting for the double bottom to form as an indication to the upside. Hopefully we'll break the neckline of the C&H if it does with this push!