Cup and Handle ready to propel price towards $400

[afbitcoins]

http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:cup_with_handle_continuation

[premium_domainer]

Sorry. It took atleast 1 year to reach $400. Still hanging to stable around $280.

[spazzdla]

I sure do hope so but I forsee a fall back to 220-240 for a very.. very long time.

[randy8777]

$400 is too far away. let's first make sure we go over the $300 level and stay above it for a while before we focus on $400 and up.

[Topbanker]

[bonipper]

We were promised the pattern shown by the red bit I added to your chart. It didn't happen. Why should we trust your promised pattern? Drawing a few lines on a chart isn't going to make it happen. If we go lower what's to stop another person drawing some more lines to prove that's the handle of a cup and it means moon?

People can keep doing that until we reach the bottom of the cup.

[ElectricMucus]

Drawing a few lines on a chart isn't going to make it happen.

You might think that, but bitcoin is in a bull market so that is not actually true.

[afbitcoins]

We were promised the pattern shown by the red bit I added to your chart. It didn't happen. Why should we trust your promised pattern? Drawing a few lines on a chart isn't going to make it happen. If we go lower what's to stop another person drawing some more lines to prove that's the handle of a cup and it means moon?

People can keep doing that until we reach the bottom of the cup.

I don't recall promising that   I think normally a handle takes a bit longer to complete like the arrows I've drawn, but I'm not promising it either. Point I'm trying to make is that once bitcoin gets above the upper trendline of the wedge on the handle its game on... maybe

Disclaimer: blah blah blah your investment desicions are your own

[melisande]

Cup and Handle is a technical analysis made by William O'Neil but like every other technical analysis this can easily be defeated by any small fundamental analysis.
I belief OP understand this clearly.

[afbitcoins]

Cup and Handle is a technical analysis made by William O'Neil but like every other technical analysis this can easily be defeated by any small fundamental analysis.
I belief OP understand this clearly.

Not sure its as easy as that, in a fundamental analysis you always be missing some of the pieces of the puzzle, maybe a critical piece. Eg I thought fundamentals for gold have been bullish since 2011 but turns out not so, I still believe fundamentals for gold are bullish and yet it falls further..

[melisande]

Cup and Handle is a technical analysis made by William O'Neil but like every other technical analysis this can easily be defeated by any small fundamental analysis.
I belief OP understand this clearly.

Not sure its as easy as that, in a fundamental analysis you always be missing some of the pieces of the puzzle, maybe a critical piece. Eg I thought fundamentals for gold have been bullish since 2011 but turns out not so, I still believe fundamentals for gold are bullish and yet it falls further..

I am a season forex trader so I understand clearly what I am saying but do remember that fundamental analysis is always effect within the 1 hour of it appearance but technical will take charge when there is no fundamental analysis. Check forexfactory.com for forex fundamental analysis and see how it is done there and I am sure bitcoin will not be different.

[afbitcoins]

Thought I'd update my cup n handle chart, despite wedge (in previous charts on this thread) breaking downwards still looks to me like handle is potentially forming.



Cup took almost 5 months to form so handle taking a while to complete is not a big surprise. Waiting for bullish moves supposing the upper green line of the handle is finally broken.

If price continues falling below about $254 where lower trendline lies then i'll consider chart pattern looks invalid.

[LFC_Bitcoin]

Thought I'd update my cup n handle chart, despite wedge (in previous charts on this thread) breaking downwards still looks to me like handle is potentially forming.



Cup took almost 5 months to form so handle taking a while to complete is not a big surprise. Waiting for bullish moves supposing the upper green line of the handle is finally broken.

If price continues falling below about $254 where lower trendline lies then i'll consider chart pattern looks invalid.

Hope you're right bro! We could desperately do with some kind of positive momentum. The current price range is depressingly awful. 

[RyNinDaCleM]

Thought I'd update my cup n handle chart, despite wedge (in previous charts on this thread) breaking downwards still looks to me like handle is potentially forming.



Cup took almost 5 months to form so handle taking a while to complete is not a big surprise. Waiting for bullish moves supposing the upper green line of the handle is finally broken.

If price continues falling below about $254 where lower trendline lies then i'll consider chart pattern looks invalid.

I can agree with these comments about the potential C&H. I too remember talks (not necessarily "promises") of something along the lines of that red path outlined a few posts above. I remember thinking to myself; "5 months in the cup and 2 weeks in the handle?, yeah right" but now it has better proportions and is more believable.

[ElectricMucus]

 

[klee]

L M A O

[Fiat_Hodler]

takes 10k to drop the price $4 but just a few hundred to get it back up.... support is way too strong.

[richardsNY]

takes 10k to drop the price $4 but just a few hundred to get it back up.... support is way too strong.

10KBTC or 10K$? If you mean 10KBTC then it will make the price go down at least 10% at most exchanges. BTC-E will probably go down 30-40% with just a 10KBTC dump.

[RyNinDaCleM]

[img]

This should go in memespec

[dreamspark]

takes 10k to drop the price $4 but just a few hundred to get it back up.... support is way too strong.

Everyone should know better than to use the order books to gauge support.

All too often it is pulled as price moves towards the big bids.