Since the middle of August 2022, the daily chart of Bitcoin has moved in a sideways consolidation formation called a Cup and Handle.
This is where the price creates two rounding bottoms.
The first rounding bottom on the left, is larger and it resembles the cup.
The second rounding bottom, on the right, is a lot smaller (Less than 50% of the Cup’s height) and it is considered the handle.
We then had a price breakout above the top of the pattern known as the Brim level.
This means, the buyers and demand side has won, as there is a break in
structure to the upside.
My first target for Bitcoin to head to is at the next resistance level at $31,078.
The second indicator that confirms the upside is the Moving Averages that I use to spot an up, down and sideways trend.
There are three Moving Averages I use 7 (red), 21 (blue) and 200 (black).
All you need to know is when the 7MA is above the 21MA and above the 200MA, the trend is bullish and is in an uptrend.
My customised indicator also shows a Green background, as you can see in the chart. This confirms the major upside to come.
For the first time in two years, Bitcoin has just given its first major buy signal.
On the 8th of November 2021 Bitcoin reached a high of over $67,850 per coin.
Since then, it’s experienced a ‘Crypto winter’.
During this period, it dropped 77% to a low of $15,170.
We had a number of factors that destroyed the confidence of many crypto investors including:
• The Luna crash in mid 2022
• The FTX collapse in November which handled more than $1billion transactions each day.
• Ethereum’s fall
Never mind the external factors globally that contributed to the fall.
But now, the season appears to be changing. In fact, we could be moving from a crypto winter to a crypto summer!
Since the start of 2023, Bitcoin has recovered almost 50% and is trading above $24,900 again.
This is the highest price level since June 2022.
And that’s just the start.
This is where the price creates two rounding bottoms.
The first rounding bottom on the left, is larger and it resembles the cup.
The second rounding bottom, on the right, is a lot smaller (Less than 50% of the Cup’s height) and it is considered the handle.
We then had a price breakout above the top of the pattern known as the Brim level.
This means, the buyers and demand side has won, as there is a break in
structure to the upside.
My first target for Bitcoin to head to is at the next resistance level at $31,078.
The second indicator that confirms the upside is the Moving Averages that I use to spot an up, down and sideways trend.
There are three Moving Averages I use 7 (red), 21 (blue) and 200 (black).
All you need to know is when the 7MA is above the 21MA and above the 200MA, the trend is bullish and is in an uptrend.
My customised indicator also shows a Green background, as you can see in the chart. This confirms the major upside to come.
For the first time in two years, Bitcoin has just given its first major buy signal.
On the 8th of November 2021 Bitcoin reached a high of over $67,850 per coin.
Since then, it’s experienced a ‘Crypto winter’.
During this period, it dropped 77% to a low of $15,170.
We had a number of factors that destroyed the confidence of many crypto investors including:
• The Luna crash in mid 2022
• The FTX collapse in November which handled more than $1billion transactions each day.
• Ethereum’s fall
Never mind the external factors globally that contributed to the fall.
But now, the season appears to be changing. In fact, we could be moving from a crypto winter to a crypto summer!
Since the start of 2023, Bitcoin has recovered almost 50% and is trading above $24,900 again.
This is the highest price level since June 2022.
And that’s just the start.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
Disclaimer
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.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
Disclaimer
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.