Long

#BTC/USD Cup & Handle to 10680 or 8400? Mixed signals Explained

Updated

Thanks for coming by to this update.
BTC followed our last 3 charts perfectly.
In the current scenario it's important to know the possible outcomes and be ready for the upcoming moves.
BTC has been trading under a rising wedge since march 12 which is bearish in nature but since then we have seen an unstoppable growth with halving FOMO and mainstream media showing it everywhere.
Now what do we see in this chart?

BTC is currently forming a CUP and HANDLE pattern not at the bottom but at the top which somewhere keeps in doubt in the authenticity of this pattern.
These are generally bullish patterns.
So what do we expect in the coming days?
IF we can break above the Orange dotted line which is the global resistance trendline since 20k I expect 10680 to be broken soon and we can see a very bullish rally for the next few months with some healthy retracements because WE HAVE NOT SEEN A HEALTHY RETRACEMENT YET SINCE THE 3.5 k mark on March 12. So you need to be vigilant on that.
I expect the price to hit 10.2k and then 10.6 k soon if 9200 holds.

THE ONLY LEVELE TO WATCH IS 9200ish.

Other support Levels:
50D MA: 9218
85D EMA: 9179
Violet colour support line: $8514
200D MA: 8352.
Violet colour support line 2: $7890
The green rectangular are is a good support zone.

RESISTANCE: $9900 $10200 $10680

Caution : IF BTC BREAKS BELOW THE 9200 LEVEL THE FIRST LEVEL IT WILL RETEST WILL VBE $8500.
My plan is to buy bitcoin lower of the 9200 level is broken to the downside.

WEEKLY DIDN'T CLEAR MUCH DATA. BTC is still struggling to break the global resistance both in weekly and Daily TF.

I will keep this post updated just like the previous ones.

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Stay safe

#PEACE

Note

#BTC/USD Hourly outlook:
If you see the hourly chart closely it followed all my previous predictions perfectly.
It seems to be heading to the 9.9 k region again.
I am saying this many more time that you need to keep an eye on 9200 level.
This level is very crucial now.
Break below this level could be bad for btc and it could take the prie to the mid 8ks.

Note

This is not the continuation of the current idea.
Read this idea that I posted few weeks back showing why $12000 could be the target till AUG 2020 is very important. Have a look into it.

BTC $12000+ or $5500 till Aug 2020? Strategy after halving!

Note

This is the gap in CME since August 10 2019. This GAP has not filled yet.
If BTC breaks above 10700 this will be the first local top from which it could retrace 20 to 30% easily.
I've also shared my previous idea in which I've shown why 12k is the first target if BTC breaks the upper resistance and the target reaches before aug 2020.
I will post that chart link in this idea.

Note

According to the charts and the current market sentiment I reckon a last impulsive move is coming soon. I am placing my asks for BTC Spot around 10400 to 11800 partially. I will plan to buy back lower.
A correction is due and the drop ay come soon. To be on the safe side I will tether between the above said range if not minimum 9900 to 10050.

(This is not a financial Advise)

Trade active

It’s Subscribers like you that make my IDEAS awesome. Thank you very much for your unwavering attention and support so far. Cheers! and welcome to this new update.
6 hours back I updated my last idea that we will touch 9900 soon AND WE DID EXACTLY HIT 9900.
WHAT NEXT?

FIRSTLY UNDERSTAND THE CURRENT MARKET SENTIMENT:
A week back people were bearish and no one wanted to long when BTC hit the 8100 area and BTC pumped and started trading under the rising channel. That move ended up being a wick in HTF.
Now people are bullish and I must say very bullish. This is the concern.
SO WE MAY SEE AN IMPULSIVE MOVE TO THE UPSIDE AND THEN A BIG CORRECTION.

Currently BTC is trading under an ascending triangle which is due for a breakout. As per chart the breakout should happen within the next two days and 8 hours.
If it breaks to the downside $9185 is the SL for longs or getting our of the market. And If it breaks to the upside we will follow the following strategy:

MY STRATEGY FOR BITCOIN:

I will try to lower my exposure from BTC within the area $9900 to $11680.
THE SAFEST EXIT IN MY OPINION WOULD BE within $10400.
(Not a financial advise)
IMPORTANT LEVELS HAVE BEEN PLOTTED IN THE CHART ITSELF PLEASE OBSERVE AND LEAVE YOUR FEEDBACK.

ALTCOIN STRATEGY :

Because of this MOVE in BTC many altcoins will have negative rallies which will eventually result in producing new buying opportunities.
That's is the time when we must consider entering alts by following proper TA FA and Keeping an eye on Dominance charts/alt mcap

I will be posting all the charts here on tradingview.
So please LIKE THIS POST AND FOLLOW ME FOR MORE DAILY UPDATES and FREE EDUCATIONAL CONTENTS.

I will end this update with. this note - Never be too greedy, take profits when they show up. BTC is due for a correction its just about finding the top which now one knows so we try to exit safely and buy back lower by being patient.

THANKS for your unmatchable support.
Stay Safe

#PEACE

#BTC/USD BULL and BEAR Scenario+ SAFE EXIT PLAN.

Cryptorphic

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