$BTC >> Macro Cup & Handle potential formation to $40,000?!
Hi everyone,
Welcome to another update on BItcoin.
If the current short term bearish momentum continues, we are expecting Bitcoin to "cool off" with a couple of red monthly candles to bring it to its mean/averages, namely the 100 DMA or the 100 DEMA. That would bring $BTC down to the $7-7.5k area for a 35-40% correction. That would be very healthy for bullish continuation.
Should the above happen, Bitcoin would be forming the handle through the months of July and August (after the big 1.5 year Cup).
The target of this potential Cup and Handle formation is $40,000 sometime in Q4 this year. Seeing Bitcoin's fundamentals and very bullish 2019, even $40,000 can be a relatively "easy" target for Bitcoin (it's just a 4x from now). So we ask the question: is $100,000 not too far from reality this year, especially as Wall Street and institutions are jumping in?!
Should the above play out, take this as the great opportunity (this summer) to accumulate a bit more Bitcoin if you haven't done so already.
Cheers,
Leb Crypto
Welcome to another update on BItcoin.
If the current short term bearish momentum continues, we are expecting Bitcoin to "cool off" with a couple of red monthly candles to bring it to its mean/averages, namely the 100 DMA or the 100 DEMA. That would bring $BTC down to the $7-7.5k area for a 35-40% correction. That would be very healthy for bullish continuation.
Should the above happen, Bitcoin would be forming the handle through the months of July and August (after the big 1.5 year Cup).
The target of this potential Cup and Handle formation is $40,000 sometime in Q4 this year. Seeing Bitcoin's fundamentals and very bullish 2019, even $40,000 can be a relatively "easy" target for Bitcoin (it's just a 4x from now). So we ask the question: is $100,000 not too far from reality this year, especially as Wall Street and institutions are jumping in?!
Should the above play out, take this as the great opportunity (this summer) to accumulate a bit more Bitcoin if you haven't done so already.
Cheers,
Leb Crypto