BTC/USD Bitfinex - Cup and Handle Pattern - Bullish signal

28 Jul 2017

Nice cup and handle pattern forming, albeit a short time period, may be a bullish signal. That along with the higher lows and a strong newly defined support level at ~2,740 makes me think about adding a little to my Long BTC position here. I would think given the August 1st date quickly approaching we'd be net down, maybe this is part short-covering rally for those short-sellers that don't believe the unlimited loss potential of holding their positions into August 1st is prudent. Pretty strong resistance at 2,810 - if we can trade through that I'm feeling good about adding a little more at that point in time.

Bottom-line: I'm nibbling on BTC/USD here based on the cup and handle pattern

Full Disclosure: I hold positions in BTC, ETH, LTC, and XRP at the time of this writing.