Bitcoin Formed a Cup with Handle (inverted chart)
NOTE: The chart is an INVERTED BTCUSD chart and I will describe as if the price is rising. The intermediate trend is up and a reliable cup and handle continuation pattern seems to have formed. The price is trying to breach a level (see horizontal line). It has turned back. I outlined three scenarios. Two scenarios attempts to punch through the resistance level (horizontal line). A third scenario is when price breaksdown and targets a price in the direction on 10,000. As the EMAs are currently on an upward bias, I am only looking to short Bitcoin. If price targets 10,000 the EMAs would cross and even price can get entangled with the EMAs and that would mean a confusion on the direction of the price. In which case, I would stay out of the market as I will be exposed to whipsaw and drain my capital and trading psychology.
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