BTC: Monthly Cup & Handle?
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 from14K 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.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
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.
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.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
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.
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