fotpan

Cup and handle, if it will break the 10k-10.2k resistance

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
176 views
3
176 2
Assuming the current minor correction will find support at 9100-9000 and will bounce to 10-10.2k area where it will find resistance at the daily MA 200 with an daily RSI peaking the oversold threshold.

If the bulls will penetrate that level, likely to rally to 11k and form a cup, followed by a 0.213 fib handle retracement and then by a spectacular bull run to 16k.

If the bulls will not penetrate the 10k resistance, I expect a bounce back to find support at the MA 20 at 8500. If this resistance line will collapse, then support is expected at the trendline of 7500
Comment: If it will break now the daily MA 50 at 8260k, it will probably find support at 7800-7950
Looks very heavy. Possible retracement to 0.618 fib of the April bullrun ie at $8k support with sudden dumbs -> many long liquidations ($$$). Let's how it plays.
Reply
Had the same idea :) yesterday the 'Cup and handle' it has not been seen since december and could be a good sign. lets see how it play out this would also complete our A,B,C retracement down to what i belie is around $8500 started to follow you now lol keep up the good work.I also have a few other ideas i want to look into.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out