NOT a FREAKIN' CUP & HANDLE!
First of all, if you indeed see this homewrecker of a formation as the cup and handle, bullish twisters, prosperity slim-jims, moon rounded bottom or any of these things ....please , dude get off 1-hour chart :)) you'll find loads of "bullish" double and triple bottoms on 5 and 15-minute charts ...
>>>>Rounded bottom and C&H formations need a bit prolonged time to form, so 12H timeframe will be a legitimate starting point to start discovering your favourite patterns. Can these formations play out on the low timeframes ... sure they can, the same way as Chihuahua can get pregnant by a mastiff.
Seriously though, I think we might have a bit of downside from here. This formation is by NO means is the cup and handle. Cup and handle forms towards the end of the prolonged downturn of the price action NOT after 3000 USD pump (to elaborate a bit, correct C&H = step1: price moves down+step 2: Rounded bottom forms+ step3: price consolidates in the handle area +step4: price breaks out immediately after reaching the neckline). If this indeed was a cup and handle we should have seen an immediate continuation of the momentum as soon as we hit 9.8K yesterday, we did not do that because this is not a freakin cup and handle.
I think we will retest 8.5K level fairly soon and see from there what trading goat Jesus has in store for us.
Stay safe my people, don't get rekd!
>>>>Rounded bottom and C&H formations need a bit prolonged time to form, so 12H timeframe will be a legitimate starting point to start discovering your favourite patterns. Can these formations play out on the low timeframes ... sure they can, the same way as Chihuahua can get pregnant by a mastiff.
Seriously though, I think we might have a bit of downside from here. This formation is by NO means is the cup and handle. Cup and handle forms towards the end of the prolonged downturn of the price action NOT after 3000 USD pump (to elaborate a bit, correct C&H = step1: price moves down+step 2: Rounded bottom forms+ step3: price consolidates in the handle area +step4: price breaks out immediately after reaching the neckline). If this indeed was a cup and handle we should have seen an immediate continuation of the momentum as soon as we hit 9.8K yesterday, we did not do that because this is not a freakin cup and handle.
I think we will retest 8.5K level fairly soon and see from there what trading goat Jesus has in store for us.
Stay safe my people, don't get rekd!
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