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).
It took a bit longer but daily breakout + Cup&Handle is now confirmed.
Resistance kept going down, so breaking out (and my entry point) was lower than it shows in this previous chart.
Updated entry point/break out is $245. I added more longs in this $250 pullback. Stop loss below $225. Good luck!
BitcoinGuru
⋅
we wont go past 260 imo but im opened for a bull scenario with some nice volume! good luck!
ioxoi
⋅
I think, it's a corrective scenario after two consecutive down trends , not a change to a bullish market, only a necessary correction after the discount of continuous bad news.
it's my opinion
DoctorBitcoin
⋅
Yep, correcting to $300-$340 wouldn't mean it is a bull scenario in the longer time frames. It would be still inside a biggest bearish downtrend.
xFuD
⋅
Would love to see this! But it does seem a bit hopeful.
Resistance kept going down, so breaking out (and my entry point) was lower than it shows in this previous chart.
Updated entry point/break out is $245. I added more longs in this $250 pullback. Stop loss below $225. Good luck!