CUP and HANDLE spotted on daily time frame. check previous chart on COVBTC for a quick review on CUP&HANDLE CHART PATTERN https://ci.covesting.io/tradeidea/covbtc-3
Volume curved as well making the cup and handle pattern more valid. Price is currently holding on at the 0.786fib retracement level, if price moved down a possible support level at 0.00002785sats which ic the 0.618fib retracement level and will likely complete the full handle of the cup.A measured move to the 1.618 extension, which is the target of the height of the cup should be the target only when price breaksout of the handle and closes outside it. AS SHOWN BELOW:
ICHIMOKU DOUBLED CLOUD SETTING:
Price is currently inside the cloud and also sitting at the bottom of the cloud line(senkou span A) which is a support. The line at the top of the cloud is turning be flat,which is considered to be 0.5fib retracement level. When price breaks into the cloud and closes inside it, there is hight probability that it will reach the top of the cloud and most times break through it( KUMO BREAKOUT). this trade is called EGDE TO EDGE trade. The oscilator (stochastic RSI) crossing the 20 reaching the oversold area as price remains inside the cloud with more consolidation at this level.
TECHNICALS suggests that price might likely consolidatesmore inside the cloud and looking at the CUP&HANDLE price will likely drop to the next support level. A buy signal will only be given when price breaksout of the handle and closes out it.
SELL:0.00004660sats - 0.00005485sats
STOP LOSS: 0.00002300sats
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.