Cup and Handle for Weeks I have been seeing a lot of people on X charting a high time frame cup and handle for BTC.
I was scanning my watchlist in Trading View and noticed that Solana is also forming a cup and handle on the weekly time frame.
One of the great things about trading view is they provide an educational section that covers a multitude of topics.
Cup and Handle Pattern for the Bitcoin Weekly Chart The Cup and Handle pattern is a bullish continuation pattern used in technical analysis to predict the continuation of an uptrend.
Observe the weekly chart for Bitcoin below.
Today, Sunday, July 28th 2024, the Bitcoin price sits at approximately 69K USD.
It has formed a cup over a time span of 16 months, characterized by a rounded bottom structure.
Price has rallied back up to the top of the initiation of the cup and is now consolidating with the “handle” portion.
Runes We are all eagerly awaiting the bitcoin halving, which is set to happen next week. This is when bitcoin’s block reward is cut in half and the supply of the asset is decreased. With this event a new narrative has arrived and that is meme coins on bitcoin. We have all seen the hype surrounding meme coins on Solana and Base and now we can shift our attention to memes on bitcoin with the introduction of the Rune Protocol.
How to purchase tokens on the DEGEN chain Warning: This is so DEGEN you’ll probably need a shower after reading. So dirty!
You probably know, there is a new kid on the block called @degentokenbase, a layer 3 chain built on @base.
It is designed to facilitate the full send degen plays. This is a separate chain that hopefully will have dexes, dapps and much more applicaions for us to use.
What went wrong - Wreck-quidation Wednesday Let’s talk about when a good set up gets wrecked by over leveraging. I’m writing this as my public journal entry in order to learn where I messed up and how I can avoid this scenario in the future. Let’s take a look at JASMY, shall we.
I had my HTF key levels marked. I was watching for the S/R level, that had held as support all the way back in April and May of 22’, to get flipped.
Thoughts about PYR I have been watching PYR for some time now. I have drawn an area of interest at the FIB retracement level of .618-.705. This is what some may call the “golden pocket” (marked on the chart above with a grey shaded box). The name is derived from the Golden ratio using the fibonacci sequence. I have back tested a lot of charts and have found that price often revisits this area.
Total 3 is breaking out! Total 3 is breaking out of the descending channel it has been in since December 2023. Will be looking for alt set ups as this could push to the 534B level.
What is Total 3 Total 3 is the entire crypto market cap excluding bitcoin and ethereum.
ATOM Currently Trending Down ATOM is currently in a downtrend. I am looking for price to hit the FIB retracement level of .705 of 8.20. There is liquidity at 9.73. I would look to take a short at that level if it sets up. Will be looking at price to take out liquidity on the 4H at 9.73 and then let’s see what price does on the lower time frame.
AAVE Continues Downtrend There is a FVG around 73 that coincides with a FIB retracement on high time frame to the .705. I’m watching for AAVE to continue the current downtrend to this area, where we could see a bounce. This is also an area of previous resistance so we could see it establish as new support and could be a potentially great area that sets up for a long.
