As I stopped my trades for Altcoins, I am more concerned about the King of the crypto-currencies Bitcoin. In my post yesterday, I have mentioned that Bitcoin can drop below the weak support of 8700 USD price range and bounce back from the downtrend channel and things can get nasty if it goes inside the downtrend channel however I said I am staying bullish as I don't see Bitcoin going inside the downtrend channel but it is a price to watch. Well, by looking at this new pattern I became more bullish as this pattern does clearly follow the "Cup with Handle Base " pattern if to follow the waves 1-5 shown in black and we should see Bitcoin going sideways for some time after which it will form the cup form by rising to the price it started falling from, 9700 USD price range, where it intersects with the upward trend line and should start forming the handle, wave 4, and retrace and bounce back from Impulse 3, where it should form wave 5 reaching its new high(monthly) 10700 USD price range. Let's see how it goes, I am staying Bullish for now just keeping my eyes on the price when it meets support or resistances however if this "Cup With Handle Base" pattern is followed, I will be super bullish with the market now and a lot of opportunities may be upcoming!!
Good luck, traders!
Ashanti!
Good luck, traders!
Ashanti!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.