BTC - Cup and Handle formation is formed. Get Ready for 17000
A clear cup and handle formation is formed on the BTC chart. The projected advance after breakout can be estimated by measuring the distance from the right peak of the cup to the bottom of the cup. This brings us to 17224 level - which is also a huge resistance.
Tom Demark count is currently green 8 on the daily chart. Which means we can have 1 more day of bull trend. After that I expect a sideways run up to 2 days, then I expect the bull run to start again. On the weekly chart we are currenly at green 2, if we close this week with green 2, that will be a clear long term bullish sign and we will reach our target 17000 in a few weeks.
Please keep in mind that this is a long term analysis.
Here is my trading idea:
Long at: 11400
Take profit at: 17000
Stop Loss: 9900
Tom Demark count is currently green 8 on the daily chart. Which means we can have 1 more day of bull trend. After that I expect a sideways run up to 2 days, then I expect the bull run to start again. On the weekly chart we are currenly at green 2, if we close this week with green 2, that will be a clear long term bullish sign and we will reach our target 17000 in a few weeks.
Please keep in mind that this is a long term analysis.
Here is my trading idea:
Long at: 11400
Take profit at: 17000
Stop Loss: 9900
Trade closed: stop reached:
Because of the SEC and Binance news price has dropped enormously. Stop loss has been triggered. This trade is no longer active.