Today's bullish breakout is a new historic milestone for Bitcoin!
Indeed, this breakout eliminates the threat of a double top at $ 58k AND it validates a "Cup & Handle" pattern with a target at $ 75k !
The rebound on the 60% BTC dominance threshold has indeed taken place, see my 1st related idea.
Also, I have already demonstrated to you several times the strength of Cup & Handle on Bitcoin.
On this subject, you can see my 2nd related idea, which revealed Bitcoin's ultimate low in December 2018 and the exact bullrun that ensued... unbelievable!
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This analysis was intentionally simple to hit the mark with my audience.
In reality, I like to surround myself with as much information, trading charts and technical indicators as possible.
One of them is in particular the historical trend line which became resistance around June 1, 2019.
I invite you to consult my analysis of July 18, 2019 still (OH YES!) In force:
Isn't the room for improvement under this historic resistance fantastic?
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Lots of comments, I am a long-term analyst therefore not very present. It's good enough when I post more than one "idea" per year. So don't be offended or worried if I don't answer. My publications are appreciated over the mid/long term.
And I thank you warmly for all your messages and the interest now shown in my analyzes.
I would have preferred to see so many of you when I announced this bullrun in mid-December 2018. But apart from a few savvy people like Elon Musk, not many people were buying Bitcoin with me at their $ 3~4k dip.
Do you doubt it? observe the correlation between Tesla's value and Bitcoin's, later supplemented by Doge's. You will no longer have any doubts.
I close this little parenthesis, and I respond as promised to the (fortunately rare) comments that question the validity of my Cup & Handle layout: see next update!
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The criteria that allowed me to validate a Cup & Handle:
1) "First there is an upward movement indicating a trend that has not yet reached maturity!"
2) "The cup should be U-shaped"
3) "The depth of the cup is preferably about a 1/3 retracement of the previous move"
Cup & Handle 1:
From $ 3.8k to $ 42k, based on a bullish movement of $ 38.2k. 1/3 of $ 38.2k = $ 12.7k Retracement at $ 42k - $ 12.7k = a cup bottom at $ 29.3k. Bitcoin retraced to $ 29.3k.
Cup & Handle 2:
From $ 28.7k to $ 58.5k, based on a bullish movement of $ 29.8k. 1/3 of 38.2 = $ 12.7k Retracement at $ 58.5k - $ 12.7k = a cup bottom at $ 45.8k. Bitcoin retraced to $ 43k, but the average bottom value of this 2nd cup is well around $ 45 ~ 46k.
4) "The handle, that is, the indentation after a new high is a final indent, which is usually a third of the height of the cup. But the NARROWER THE RETRACEMENT, the stronger the breakout to the upside."
So maybe this handle seems ridiculously small to you. :) But that of the Cup & Handle 1 was too. :) And it is on the contrary for me a bullish signal of low retracement.
Finally, the target of this pattern is calculated by measuring the distance between the right top of the cup and its bottom. However, the pattern often exceeds its purpose, even if I just give you a "$ 75k".
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Unsurprisingly, this Handle is reinforced as a real catalyst, what am I saying, a bullish catapult!