Cup and Handle ready to propel price towards $400 - page 2.

melisande

sr. member

Activity: 434

Merit: 250

Quote from: afbitcoins on August 07, 2015, 02:44:14 PM

Quote from: melisande on August 06, 2015, 05:43:35 PM

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

legendary

Activity: 2101

Merit: 1061

Quote from: melisande on August 06, 2015, 05:43:35 PM

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

sr. member

Activity: 434

Merit: 250

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

legendary

Activity: 2101

Merit: 1061

Quote from: bonipper on August 06, 2015, 03:25:54 PM

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 Huh

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

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

Quote from: bonipper on August 06, 2015, 03:25:54 PM

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.

bonipper

sr. member

Activity: 246

Merit: 250

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.

Topbanker

jr. member

Activity: 157

Merit: 1

randy8777

legendary

Activity: 896

Merit: 1000

$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.

spazzdla

legendary

Activity: 1722

Merit: 1000

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

premium_domainer

legendary

Activity: 1764

Merit: 1012

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

afbitcoins

legendary

Activity: 2101

Merit: 1061

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

Topic: Cup and Handle ready to propel price towards $400 - page 2. (Read 2800 times)