Cup and Handle Pattern
Despite the regulations in New York the prospects for Bitcoin on the long-term are still good. Bitcoin is still bullish and a big breakout is coming. This is something that you can expect when a cup and handle forms on the chart. In most cases bulls will take control after the formation of the handle. Than the price will go up after the handle resistance breakout. If the price breaks above the handle resistance, it will keep on going up strongly. This up movement can be at least the same as the size of the cup depth. In this case the target wil be 670-360= 310, 310+670= 980USD.
Short-term we might see regression back to 550 a re-test of that level. Thats important to watch because if that support is broken to the downsite we will see a new low around 450. Than I have to reconsider my strategy. From that point Bitcoin will go up again to get ready for the new t rally unfortunately this will take a few more months.
But for now think a big rally in August is nog out of the question at all!
Good luck guys!
Short-term we might see regression back to 550 a re-test of that level. Thats important to watch because if that support is broken to the downsite we will see a new low around 450. Than I have to reconsider my strategy. From that point Bitcoin will go up again to get ready for the new t rally unfortunately this will take a few more months.
But for now think a big rally in August is nog out of the question at all!
Good luck guys!
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