isaaczcrypto
Short

CVC BTC | Cup and Handle Formation?

BITTREX:CVCBTC   Civic / Bitcoin
This is a prediction, not a call! :D
I entered with a small position at 6900 and hope this formation plays out. If it doesn't, I put a stop loss at 6400.

Good Buy (yellow arrow)
1h MACD about to cross and signal an uptrend
Hourly 50MA (cyan blue) nicely supporting movement.
Nice curve, may form a cup?
Hourly 200MA (purple) is forming resistance 1, waiting to be broken?

Bad Buy
Bear Market. Unpredictable BTC             movement
Prediction, no confirmation yet.
Daily 50MA still in a downtrend

Uptrend Confirmations (green arrow)
MACD cross upwards
Break through resistance line 2 and staying above for a good period
Clear upward movement on 50MA
Solid Cup and Handle Formation
Clear breakout above 7500 and/or 200MA
Golden cross between 50MA and 200MA

Downtrend Continuation (red arrow)
Failure to break 200MA (purple)
Broke through 50MA and move downward
Failure to confirm uptrend on MACD and move downward

Keep in mind, we are still in a bearish ALT market!! :D
Short term target - 8000
Very tight stop-loss. If it breaks through 6500, my stop loss is at 6400.

Good luck and do your own research! :)
Kommentar: it's having trouble breaking resistance line 2. As long as it is above 50MA line, it will be okay!!
Kommentar: oh dear. Couldn't break resistance line 2 and plus BTC rally above 5000 shot down this movement. MACD on the hourly failed to crossover so downtrend continues!
Trade geschlossen: Stop wurde erreicht: This chart did not play out as it is! :D I hope you have set stop losses if anyone followed.

My last update on this chart. Strong STRONG support at 5500. If you bought anywhere between 5500-6000, you're getting it at very cheap prices for mid-long term. :)

Good luck!
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