Analysis

[masterluc]

Still in a flat correction from 318 high imho.

[Joerii]

Still in a flat correction from 318 high imho.

But below $255, the new uptrend would be invalidated, right ?

[masterluc]

^ In this case I predict prolonged sideways moves. I insist Bitcoin left downtrend from $1200 high.

If there will be no $50 dumps in few weeks, daily picture will form significant bullish hidden divergences.



And currently price is in some sort of bullish wedge, however wedges confirmed on new higher high (currently >$284).

[masterluc]

I really hate any kind of triangles  they makes me really nervous untill I figure out this is triangle.

[meh32123]

So this triangle extends well into september it seems, with lows around 245

[masterluc]

there is a trend line @255 and rising. should not be broken on mid term bullish scenario.

[Joerii]

Thanks.

[masterluc]

The same trend line in log scale resides almost below price now

[illyiller]

Is the cup-and-handle still in play, or was that invalidated? I scrolled back a few pages, but may have missed it.

I stopped out when we broke $276 on Bitfinex..... now just waiting to get back in. I'm still bullish on the longer term, but wondering if we might be forming a range in the mid term, rather than going full on bull.

[Wexlike]

Is the cup-and-handle still in play, or was that invalidated? I scrolled back a few pages, but may have missed it.

I stopped out when we broke $276 on Bitfinex..... now just waiting to get back in. I'm still bullish on the longer term, but wondering if we might be forming a range in the mid term, rather than going full on bull.

I don't think so. The most creative way to put a cup and handle is this imo:

(and it doesn't really look like a cup and handle anymore)

[illyiller]

Is the cup-and-handle still in play, or was that invalidated? I scrolled back a few pages, but may have missed it.

I stopped out when we broke $276 on Bitfinex..... now just waiting to get back in. I'm still bullish on the longer term, but wondering if we might be forming a range in the mid term, rather than going full on bull.

I don't think so. The most creative way to put a cup and handle is this imo:

(and it doesn't really look like a cup and handle anymore)

Hmm, it's not a pattern I look at often. The only time, really, was prior to the late 2013 bull run. But it does look like a cup and handle to me. I recall reading (somewhere, could be wrong) that > 50% retracement of the right side of the cup invalidates it, or makes it less likely to play out. We've done that..... hence my question.

[masterluc]

2013's cup and handle was uglier.



Anyway, I see trend continuation hints mentioned above, so probably yes, it is active.

The worst case i expect (so far according to indicators) is sideways moves 200-300 for a long time. However we  are in 200-300 range so long (YTD) already.

[Natalia_AnatolioPAMM]

Thanks for sharing.

[molecular]

Is the cup-and-handle still in play, or was that invalidated? I scrolled back a few pages, but may have missed it.

I stopped out when we broke $276 on Bitfinex..... now just waiting to get back in. I'm still bullish on the longer term, but wondering if we might be forming a range in the mid term, rather than going full on bull.

I think it's still in play. The 20 days (lucif threw around) is exceeded, but the 50% max retract (from textbook) is not.

It's quite possible the cup & handle wont play out (handle is pretty prolonged already and if we don't see rising price and volume soon or even drag lower, the pattern is dead) and I have a feeling masterlucs prediction of long "silence phase" could play out... accumulation!

[bassclef]

I think it's important not to get wrapped up in the specific shapes and minutiae of chart patterns. What they represent and their context in the larger market cycle is more important.

A cup & handle is simply a U-shaped accumulation range. A shallow correction occurs (the handle) at the top resistance on lower volume, then the price continues its upward momentum which was built up within the accumulation.

As long as the price stays above the 200 day MA we are safe. Considering the market's recent hardening of support at and above that level by the guys who did the accumulating, higher prices from this point forward is probably a good bet.

[Afrikoin]

Cup and handle? maybe. Perhaps not the wisest choice of patterns to hold your breath for.

In my opinion, if you  see a pattern, that 90% of the market sees, don't count on it, look for other indicators and just push it to the back of your mind. The whole market knew about this C&H thing, most times, when everyone is expecting something similar to happen, A.) it doesn't happen or B.) It will deform so as to shake most off it and catch the market off guard. Else, we wouldn't be here if it was all about spotting a pattern and waiting for it to unfold.

Stay ahead of the crowd, that's what i'm seeing. If they see C& H, look again, for something else

[bucktotal]

Stay ahead of the crowd, that's what i'm seeing. If they see C& H, look again, for something else

inverse head and shoulders ?

[ElectricMucus]

Stay ahead of the crowd, that's what i'm seeing. If they see C& H, look again, for something else

inverse head and shoulders ?

Dead cat bounce?!?!?

[RyNinDaCleM]

Stay ahead of the crowd, that's what i'm seeing. If they see C& H, look again, for something else

inverse head and shoulders ?

There was no LL for the head. Unless you mean the $166 low, in which case, I say it can't be that either because it would be so overly lopsided that only Quasimodo could appreciate such a formation.

I'm not a proponent for the C&H. It's one of those patterns that can only be confirmed once it completes, and it's pointless by that time (same with H&S). If you see it early and trade by it and win, good for you, but I never take position based on these types of patterns. They aren't consistent enough.  

Dead cat bounce?!?!?

Now that... My sig says where I stand on this Bull market everyone thinks we're in.

[ImI]

with this forking-mess we could easily break 255$