DrDovetail

Double Top possibility eliminated Cup and Handle still in play

Long
BITSTAMP:BTCUSD   Bitcoin
The double top possibility for the bears has been eliminated as Bitcoin has once against surged passed the double top zone into the 9300s. Leaving only the cup and handle left of the two options; a great sign for the bulls. of course we need to make sure that price action stays above the rimline(horizontal pink line) in order to trigger the cup and handle breakout...if we do trigger it however the target is just under 10200 which will have us well on our way towards the bigger falling wedges breakout target of 12k! The Cup and handle is a 1 hour chart pattern, the falling wedge with the 12k target is a 1 day chart pattern and speaking of the 1 day chart,. with this recent bullish surge the likelyhood of a 1 day golden cross sometime in february has increased exponentially meaning it is now very likely we will continue with the bull market . Of course any major massive crash in price could still change that but as of now its looking very very good...As far as this cup and handle pattern goes...I would definitely expect price action to come back down and try to retest the support of the rimline before finally triggering the breakout...but the way price action ahas been going the past few days it may just keep on continuing up with out the support retest.
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