VEN:BTC - Cup and Handle Pattern for 75% Profit Potential

T

Trading Ideas

Guest

VEN:BTC - Cup and Handle Pattern for 75% Profit Potential
VEN / Bitcoin BITFINEX:VENBTC
heyitskolin

Hi All, So VEN VS BTC has had a nice cup and handle forming since around the 25th of Feb. Unfortunately data for this pairing on TV only goes back as far as mid May; however I have used Coinigy to confirm the pattern and have added it in just so you can see where it approximately sits in the scheme of things. I have measured the height and subsequent target on a breakout out the rim and also added them in for reference.

It is important to note that we need to see a breakout above the rim WITH Supporting Volume before considering this trade active. However if we do see this then the target is up around 0.0092500 for anywhere from 50-75% profit depending on where you get in. I am pretty confident that BTC is about to launch upwards in the next couple days and it will drag some alts with it. Given this pattern is primed and ready to go, and I quite like VEN - I have broken all my rules and gone in now aiming for around 75% profit. I do however suggest you wait for the confirmed breakout before attempting to make a profit; unless you truly do like VEN like me (and can see yourself holding it in the unlikely chance we do not see the breakout with supporting volume and the pattern is invalidated).

Trade safe!

Continue reading...