Bullish Bitcoin Cup&Handle
Bullish Bitcoin Cup&Handle. It will confirm above $260 (1,600 CNY), and there is where I will aggressively open long positions. As it is a very good 3.35 risk/reward ratio if we set stop loss below $240.
Overall it seems there is enough support over $200, so moving up is probably the natural market movement with less resistance.
A lot of shorts and sellers are now trapped since the US Marshalls auction news, price only dropped $10 from $240 to $230. I was surprised how well price holded.
Panic didn't follow, so market will probably try to heavily squeeze all these people, adding extra fue to go up if it breakouts.
Also if next week price goes above $261 it will break the 14 months SAR downtrend in the weekly log chart. (Adding pic in comments).
Resistances are $300, $340 and $380-$400. The most logical target is $340, but I wouldn't be surprised if it spikes to $380-$400 so be ready to reopen longs in that case (but be careful, rally would be very overextended at that point).
Good luck!
Overall it seems there is enough support over $200, so moving up is probably the natural market movement with less resistance.
A lot of shorts and sellers are now trapped since the US Marshalls auction news, price only dropped $10 from $240 to $230. I was surprised how well price holded.
Panic didn't follow, so market will probably try to heavily squeeze all these people, adding extra fue to go up if it breakouts.
Also if next week price goes above $261 it will break the 14 months SAR downtrend in the weekly log chart. (Adding pic in comments).
Resistances are $300, $340 and $380-$400. The most logical target is $340, but I wouldn't be surprised if it spikes to $380-$400 so be ready to reopen longs in that case (but be careful, rally would be very overextended at that point).
Good luck!
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