Current pattern [bullish]: Cup and Handle

legendary

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Quote from: bitcoin carpenter on November 16, 2013, 01:04:44 PM

Quote from: hieroglyph on November 16, 2013, 12:50:42 PM

this is what I like to see, just wish I had seen it way sooner haha... sigh...

My spidey senses are telling me to go all in but my brain keeps second guessing it. Undecided

Clear sign that a trap is coming...

Clear sign that we have a ways to go. If people still have reservations, they haven't thrown caution to the wind yet. When they do, the final spurt will come in this run.

bitcoin carpenter

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Quote from: hieroglyph on November 16, 2013, 12:50:42 PM

this is what I like to see, just wish I had seen it way sooner haha... sigh...

My spidey senses are telling me to go all in but my brain keeps second guessing it. Undecided

Clear sign that a trap is coming...

hieroglyph

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this is what I like to see, just wish I had seen it way sooner haha... sigh...

My spidey senses are telling me to go all in but my brain keeps second guessing it. Undecided

edgebits

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Great respect to OP

SheHadMANHands

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bump for epic cup and handle (at least arguably). One of many contributing factors, no doubt.

afbitcoins

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Not sure if my silver cup and handle image worked! I can't see it anymore, heres another attempt

SheHadMANHands

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The greatest cup and handle of our time? Shocked

Pente

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Just remember, the length of a coastline changes with the length of the ruler. In other words, a matter of perspective.

aminorex

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Sine secretum non libertas

the cup with handle pattern is really a tautology, not a pattern. when something makes a major bottom, then it goes up. but since there is volatility in the process, and markets are self-exciting (hawkes process), they make short-term peaks, which pull back. if the bullish reading is wrong, then the lip of the cup becomes a shoulder, and the trend continues down. the same sequence of past bars, with a different sequence of future bars, can be called a head and shoulders pattern. when the handle forms fully and price exceeds the previous short-term high - the trailing rim of the cup - then the possibility remains that the trend is up.

because it is a tautology, it is reliable. because the market can in fact do anything, and does not have to respect logic, it is not entirely reliable.

alexout

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Am I the only one who read something totally different in the title Cup and Handle before clicking the thread?

lol

Zangelbert Bingledack

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So the price targets where the cup would be if it were turned into a hat? So targeting 260 + 260 - 60 = 460? Sounds decent for now. Just a tad more consolidation to go...

bitrider

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Quote from: NamelessOne on October 28, 2013, 12:02:37 PM

Quote from: afbitcoins on October 28, 2013, 11:34:38 AM

Quote from: Rannasha on October 28, 2013, 11:20:32 AM

Quote from: SheHadMANHands on October 27, 2013, 06:49:26 PM

Quote from: freethink2013 on October 27, 2013, 06:20:03 PM

These people come up with arcane theories based on no real examination of the market but completely on the shape of the charts make me laugh. No clue was had that day.

There's two things:

1. Supply.
2. Demand.

Actually pretty solid reason behind the cup and handle:
http://www.investopedia.com/terms/c/cupandhandle.asp

That's hardly a solid reason being mention in that link, it's not even a reason. It's just a description what supposedly happens in the pattern.

Most technical "analysis" is more like astrology, pseudo-science trying to divine occult patterns from observations without proper application of scientific methods. There is a point to be made for round number and previous ATH/ATL values acting as a psychological barrier (support/resistance), but most of the other line-on-chart-drawing seems to be rather silly to me.

Why trash Technical Analysis in the Speculation forums ? Do you prefer we just pull numbers out our asses ? Why are you here ?

+1, TA is simply the analysis of the psychology of people playing out on the market. It is really quite fascinating.

+2 exactly. And the proven percentages are extremely high (never guaranteed) that once the price breaks out from the "handle" above the rim of the "cup" (long-time resistance) subsequent immediate gains will be substantial. The percentages favor a gain target of: Target price = Price @ "rim of cup" + [price @ "rim of cup" - price @ "base of cup"]. This has proven out for me personally over many years in many markets. Will it play out for BTC at this point? I'm betting that way.

theecoinomist

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Quote from: SheHadMANHands on October 28, 2013, 05:58:04 PM

Clear rocket launch pad forming IMO:

BitChick

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So I take it you are a little bullish? Wink

SheHadMANHands

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Clear rocket launch pad forming IMO:

bassclef

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Quote from: afbitcoins on October 28, 2013, 04:09:57 PM

Technical Analysis doesn't claim to be scientific and has nothing to do with science. But that has nothing to do with its usefulness

TA simply attempts to apply mathematical formulas to the mass psychology of financial markets.

afbitcoins

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Technical Analysis doesn't claim to be scientific and has nothing to do with science. But that has nothing to do with its usefulness

notme

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As always, for a successful trader, each method or pattern is only one piece of information among many.

yayayo

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I'm also bullish for the coming weeks. But not because of that cup and handle pattern.
Simply because of the increasing awareness on Bitcoin.

Quote from: NamelessOne on October 28, 2013, 12:02:37 PM

+1, TA is simply the analysis of the psychology of people playing out on the market. It is really quite fascinating.

TA is the attempt to analyze the market psychology. Most prediction methods in TA are not based on sound empirical evidence and are simply not reliable in the long term.

Regarding pattern analysis: You can always interpret different patterns from the very same chart. Patterns can evolve over time - so what seems to be a cup and handle pattern now could be a double top later...

However I think it is indeed useful to pay attention to volume and advance/decline slopes to come to conclusions about market force and possible exhaustion of a rise/decline in price.

ya.ya.yo!

MAbtc

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Quote from: JimboToronto on October 28, 2013, 12:24:43 PM

Quote from: afbitcoins on October 28, 2013, 11:34:38 AM

Why trash Technical Analysis in the Speculation forums ? Do you prefer we just pull numbers out our asses ? Why are you here ?

Not all speculators are TA devotees. While I don't dismiss TA personally, I do take it with a large grain of salt when applied to Bitcoin.

Even scientists have been known to check their horoscopes. It's fun.

Do you not take it with a grain of salt when applied to other markets? Why is bitcoin any different?

Topic: Current pattern [bullish]: Cup and Handle (Read 4361 times)