SkyCoin (SKYP: A Bear Flag + Cup & Handle

SUMMARY

SkyCoin (SKY/USD) rose in five waves and declined in a wxyxz (blue) sequence. This type of sequence has been quite frequently used to drive the retracement deep. Price has risen in a five wave impulse up and patterned out a bear flag. Would this mean a new lower low is likely?

The Cup & Handle pattern can also be drawn as shown in white. The handle formation is likely to be the correction following the five wave rise up. It's could be in the form of a downward wedge or any other wave sequence. The MACD has probably made a bull wick event as it has pierced the lower trend line of its symmetrical triangle. SKY will likely follow in the footsteps of Bitcoin's price moves.

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