Bitcoin - Absolutely Perfect Cup and Handle
Here you can see a perfectly executed succesfull cup and handle pattern.
I bought in right above neckline (40300) and sold half of my position at TP1 (41300) and other half in TP2 (42100)
The position is perfectly executed and was pinpoint accurate except 2 things.
2 potential things that could have been done to make the position more profitable were :
1 : I entered the position at 40300 where the neckline broke up to 40500 and gone for a retest at the neckline . but that breakout was failed and price was down to 39600 . I coulda waited for it to touch the base line of handle and bought from 30600
2 : I perhaps entered the trade at first breakout . I coulda been more patient and put order on a proper breakout confirmation so I wouldnt pay funding fee for days.
Other than that I think my execution was perfect for this trade.
*Key notes* :
When you look at daily chart you can see that 40350 was lowest bitcoin threw wick to since last month or so. thats why majority where bearish and got liquidated since they thought this fakeout was going to set BTC price back to 38k-36k range
If you look at daily and hourly chart between 19 jan and 22 jan you can clearly see how I decided for TP1 and TP2 points.
I bought in right above neckline (40300) and sold half of my position at TP1 (41300) and other half in TP2 (42100)
The position is perfectly executed and was pinpoint accurate except 2 things.
2 potential things that could have been done to make the position more profitable were :
1 : I entered the position at 40300 where the neckline broke up to 40500 and gone for a retest at the neckline . but that breakout was failed and price was down to 39600 . I coulda waited for it to touch the base line of handle and bought from 30600
2 : I perhaps entered the trade at first breakout . I coulda been more patient and put order on a proper breakout confirmation so I wouldnt pay funding fee for days.
Other than that I think my execution was perfect for this trade.
*Key notes* :
When you look at daily chart you can see that 40350 was lowest bitcoin threw wick to since last month or so. thats why majority where bearish and got liquidated since they thought this fakeout was going to set BTC price back to 38k-36k range
If you look at daily and hourly chart between 19 jan and 22 jan you can clearly see how I decided for TP1 and TP2 points.
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