Bitcoin - Cup and handle in the making?

Posted by David Ogden on December 21, 2018 - 10:45pm

Bitcoin - Cup and handle in the making?

BTC in the process of making bullish cup and handle pattern.
Needs to consolidate recent gains for further gains to occur.

Bitcoin, the largest cryptocurreny by market capitalisation, is in the process of forming a cup and handle pattern, which is a bullish sign for the prices. The only thing required is price consolidation to complete the formation of handle and then a breakout above the line of a cup.

BTC/USD is down seven cents of a percent at $3,814 and trading in less than 3 percent range for the day in a low volatility weekend trading - good sign for the cup and handle formation to take shape on 360-minute chart of BTC.

Prices have declined a bit after recent gains and few more bars of consolidation on this time scale and a breakout above $4,160-70 is all that the bulls need for the prices to break out. Target of this breakout would be around $5,200. But, for the longer price trend to change up, bulls will need some more strength to cross past $5,790, which is its 21 weeks SMA.