I'm no advanced trader or analyst at all. Just a hobbyist who likes to read and learn the ropes month after month.
I did run into this pair which I follow for a year already and try to understand its market development by applying TA.
The cup and handle pattern is clearly visible on the day chart and started in July, the low point at 12 Sept indicated a clear trend reversal point.
Pitchfork applied to this reversal point correctly indicated future price action until now, the Cup formed and last 2 weeks also handle..
IF substantial volume can come in to support the resistance at the handle (350 sats) then this could break out to 450 - 550 - 630 levels.
Why 630? Calculated according to pattern; breakout point handle 350 + depth of cup 280 makes a new high of 630 (at least to see a wick touch)
All ideas and comments are more than welcome!
I did run into this pair which I follow for a year already and try to understand its market development by applying TA.
The cup and handle pattern is clearly visible on the day chart and started in July, the low point at 12 Sept indicated a clear trend reversal point.
Pitchfork applied to this reversal point correctly indicated future price action until now, the Cup formed and last 2 weeks also handle..
IF substantial volume can come in to support the resistance at the handle (350 sats) then this could break out to 450 - 550 - 630 levels.
Why 630? Calculated according to pattern; breakout point handle 350 + depth of cup 280 makes a new high of 630 (at least to see a wick touch)
All ideas and comments are more than welcome!