Bitcoin Strategy: Cup & Handle, Flag Pole, Parallel ChannelIf you're aiming to maximize gains using multiple setups across different timeframes, this strategy combines three powerful patterns: the Weekly Cup & Handle, Flag Pole, and Daily Parallel Channel. Here’s how to execute this structured approach for optimal entry, exit, and profit potential.
Weekly Cup & Handle
Timeframe: November 15, 2021 – October 14, 2024
Breakout: Achieved on October 14, 2024
Target: 82,000 (same as the Flag Pole)
The breakout from this long-term Cup & Handle pattern suggests strong bullish momentum and a solid foundation for long-term gains. This setup aligns with the target and stop-loss criteria from the Flag Pole pattern for a consistent strategy.
Weekly Flag Pole Pattern
Timeframe: October 16, 2023 – March 11, 2024
Target: 1 lakh
Stop Loss (SL): 66,000 (below the last swing low)
The weekly Flag Pole pattern reinforces the Cup & Handle trend, providing a shorter-term opportunity within the larger uptrend. Enter in tranches to capture initial momentum and add on pullbacks.
Daily Parallel Channel
Timeframe: March 5, 2024 – October 18, 2024
Breakout: October 18, 2024 (retest completed)
The breakout and retest of the daily Parallel Channel on October 18 offer a shorter-term entry point. Targeting 1 lakh on this setup aligns with the long-term patterns, with Target 1 at 82,000 and Target 2 at 1 lakh.
Execution Strategy
Enter in Tranches: Start your position now and add on each pullback.
Confirm Pullbacks: Look for a reversal on the daily candlestick pattern after each pullback.
Manage Risk: Keep the SL at 66,000, set below the last swing low, to protect your capital.
Summary of Targets
Target 1: 82,000 (aligned with Cup & Handle and Flag Pole)
Target 2: 1 lakh (Parallel Channel breakout)
By combining these setups, you capture both long-term and short-term price movements, maximizing your potential for profit while managing risk effectively.