BTC: Monthly Cup & Handle?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello dear crypto friends,

hope you're doing well guys! ;) In our last analysis we talked about the Equilibrium that Bitcoin was building:

We saw an amazing breakout & follow through up to the $14k region. Let's remember again where this is:

=> We haven't managed to break the Golden Fibonacci Pocket, which would've ended the bear market. Right now, per Fibonacci definition, the bear market is still intact.

But I wanna show you another chart, because this one is even more interesting:

=> This is the Monthly chart. As we can see clearly guys, we perfectly touched the candle closes from the All Time Highs at $13,760: Grandpa BTC came all the way back, if we discount the ugly wicks, which are going to the $20k region during the 2017 parabolic move.

What does it mean?

=> In the best case, the bulls will hope for a consolidation near to the neckline of $13,760: This would give the potential for a Cup & Handle on the Monthly.

If we don't manage to close this monthly candle near to the top, we will rather have the chance for a prolonged Equilibrium,between $13,760 and $6k for at least the rest of the year.

Short term, the direction will now be decided be the strength of the bulls: We have made a huge correction from $14k down to $10,3k: The more space the bulls can make up to the upside, the stronger they will be, and the earlier the break of the $13,7k can occur.

On the other hand, if we now move into a descending pattern on the 4H chart, the chances are much more likely that we will eventually break the $10,3k to the downside. Since we have so much space currently, this action, no matter in which direction, can play out for the coming 3-4 weeks.

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Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.


Good point of view but 10k level is a do or die for btc, here is why:
+1 Reply
Edgy_ Jocoin
@Jocoin, Don't think so. I think the 9-8k is gonna be much more important. If that fails, 6k will be the last defender! ;)
+1 Reply
@Edgy_, I really hope if 10k broken, 9-8k will stand for reversal
because i really believe if we go under 10k btc will have no reason to resume climbing up then next long term target are 1k to 2k area, hope i am wrong. next days will tell us
Edgy_ Jocoin
@Jocoin, 6k is the crucial bottom which was holding up for the whole last year. Even though we through it like butter on the way up coming from the bottom, I think it shouldn't be disregarded. But yeah, we have major S&R zones prior to that now, should we retrace lower.
Edgy_ Jocoin
@Jocoin, thx for charing buddy!
+1 Reply
@Edgy_, My pleasure mate!
!!My view at BTC!!

lol, those heat waves coming from the cup. Coffee?
Edgy_ CryptoGalleon
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