Bitcoin Bullish Long Term Cup & Handle Formation
In my opinion, Bitcoin is in a bullish cup and handle formation and it broke out of the handle back in February 2020.
Due to COVID and the liquidity issue that hit all markets, bitcoin fell and found support on the original handle.
If in the short term, we face another liquidity event in the markets, then Bitcoin can free fall back down below the current trend line and fall back to the original handle downtrend line
Long term (as long as we don't face any major market hiccups), I see us hitting 14K then 25k (with large pullbacks along the way but not going below the trend line).
This is just my opinion based on the strong support for the pattern formation. Of course anything can happen and you should use your own judgement when trading.
Targets (best case):
14,000
25,000
Targets (worst case - another liquidity issue):
Below 8,000
14,000
25,000
Due to COVID and the liquidity issue that hit all markets, bitcoin fell and found support on the original handle.
If in the short term, we face another liquidity event in the markets, then Bitcoin can free fall back down below the current trend line and fall back to the original handle downtrend line
Long term (as long as we don't face any major market hiccups), I see us hitting 14K then 25k (with large pullbacks along the way but not going below the trend line).
This is just my opinion based on the strong support for the pattern formation. Of course anything can happen and you should use your own judgement when trading.
Targets (best case):
14,000
25,000
Targets (worst case - another liquidity issue):
Below 8,000
14,000
25,000
Comment:
So far everything is playing out in my original post. I'm still very bullish on BTC and see it above 10K soon.
Comment:
Above 10K and looking for support at around 10.5K. If that happens, expect $14K as first target.
Comment:
Everything is on track. Heading for 14K. I do not see any major resistance at this point.
