The BTCUSD index chart here depicts an interesting price pattern, a cup and handle in the making. This pattern usually is powerful, specially when the signal coincides with a 'Time at mode' trend signal and is coherent with all the technical and fundamental observations we can make here. I don't personally use it for trading decisions, but it's certainly visible, specially if you look at the highest daily lows, and lowest daily highs on chart (refer to my educational piece for info on how to use that information). The weekly time at mode setup is shown in the related idea below, as well as my trade calls posted here lately.
Cheers,
Ivan Labrie.
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Holding.
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We can buy more on dips if it drops next, probably good to take some profit on margin longs if you have them. Up 27 usd since posting.
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On track.
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Here we go!
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Since we're holding above resistance, we have good odds to see the breakout after this pause. Hold longs.
what do you say about weekly chart? you have same figure here but cup almost has it handle already...
IvanLabrie
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@Elkimio, Hi, the specific technical pattern isn't too important, but it's there in the background The signal is obtained from a proprietary trading strategy, so it is interesting that the cup and handle pattern is visible here. It adds further evidence to my thesis.
Cheers.
Elkimio
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@IvanLabrie, looks like it won't take 32 days... by the way do you have any ideas about ether/usd? would be great to hear your opinion, thanks!
IvanLabrie
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@Elkimio, hi, no, I don't know, I think alts weren't liquid enough to trade for a while, so I just focus on BTC.
I don't know about the speed of the rally, look at previous consolidation phases, they can take a long time.
Thanks, I think it has good odds of panning out.
Good luck and thanks again for your comment. Cheers
Noobincrypt
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It seems everyone is aiming for big plays next month or so, and in my opinion we have some time for alts before the possible moon. Thx for the chart Ivan, you often have impressive analysis and plays.
IvanLabrie
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Thanks, and yes, it'll frustrate people before making the next move.