XenoBiologist

BTC possible cup and handle

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC is now trading above the 200 EMA nicely and approaching the 100 and 50 day. The RSI is above 50 and the MACD is separating more and more.

One possible scenario to look out for is the formation of a possible cup and handle on the daily. There is major resistance around and slightly above the 10k mark. This resistance is composed of the 50 EMA the 100 EMA and the psychological barrier of 11k a round number. So rejection at this point would push BTC down towards the 200 EMA which could serve as support. Also supporting BTC at these levels are the 0,5 fib level and a long standing trend line .

This is not financial advice, nor am I a financial advisor.

Best of luck,
X

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