Bitcoin - A potential Cup and handle
13th May 2019. Bitcoin unexpectedly crosses 7300 USD / BTC. Bitcoin has surprised us yet again. Investing is one of the best wonders of the world. Knowledge benefits those who seek it. It's like having an extended self working after you have done the work.
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I had to check the charts to see where the price is heading towards. Where the wind bows, it is hard to sail from the opposite. Let the wind bring us higher and find cover when the storms are here. That's how I usually look at investments. Tides.
Typical Cup and Handle pattern formation
Typically, the price goes down dramatically and stabilizes before heading upwards. Price will dip slightly and go upwards and it's time to take profits and wait for the next dip.
Img Src: Tradingview.com
BTC is worth 7000 USD
As of tonight, Bitcoin is hovering around USD 7400. I guess everyone is looking for another safe haven other than the USD and Yen as Dow Jones has gone down.
If indeed BTC is currently at a cup and handle pattern, then it may go up to 7.8k to 8k and slide 1 to 2k before heading upwards. Bitcoins may hit 10k then we should be cautious of where it's heading after that. I still remember some articles I read in December that highlighted Bitcoin's rise this time around would be at 30k. I am not sure if it can really go that high. However, history has shown that each downtrend leads to a higher peak. If BTC really hits 30k this time, I have to make sure I accumulate my BTC chest.
I just hope that before BTC hits 100k one day, I would at least just have 3 BTC's then, it would make me a really happy lad. Can BTC make the 30k?
Posted from my blog with SteemPress : https://luueejanice.com/2019/05/13/bitcoin-a-potential-cup-and-handle/
I learned how to trade in a bear market, now the bulls are here and I’m lost! 😂😂🤦♂️
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Hi hi.. Patrick.. I know how that feels. It's quite confusing sometimes and sad. How much is the losses in? Is it in the thousands? Maybe, just my suggestion, to reduce pain, remove some of the short position first. =) Hi hi...
really sorry to hear that. I honestly am.