After the impulse that bought us from 7851 to 11788 Bitcoin needed a rest, it pullbacked all the way to 9287, which is a 0.618 retrace of that impulse, and then it went flying up, in a very impressive manner. The bulls are alive!
They clearly showed they were not messing around.
Now, the that started forming is becoming more clear.
The I posted last week broke, and it's target is 13000.
If we go there it mean we broke the handle, and are likely headed for ~16800.
16k+ is also the target of the many people have posted.
And it's a 0.786 retrace since the start of the correction at almost 20000.
Don't be surprised if we get to 13000 then pullback hard to around 11k, this is totally normal. I plan on closing my longs and shorting BTC if and when we get to 13000, and going long again little by little on the way down.
Here are all the levels to keep an eye on on the way up:
Here you can learn more about trading cup and handles:
Remember it's never 100% precise, we can go 1% above target, or 1% below it, before correcting.
And favor buying on pullbacks if you can.
*** I am not a financial advisor. Trade at your own risk. ***
I'd call it halway between perfect and flat out bad.
Volume wise it respects the rule the handle volume is less than inside the cup, and shape wise it's not an U but not a sharp V either.
I am not recommending trading it, for now my target is 13000.
On top of this C&H we also have an inverse H&S, and 16800 is the next fibo level.
IF after we pullback from 13000 we get a signal we're going back up, I'll post a new idea and link to this one.
The Head and Shoulders, grossly drawn :D:
And that's the bullish pennant that gives us a target of 13000, 0.5 fibo of the correction as well as the first major wall if we manage to break 11800/12000.