Bitcoin has been reversing off the $44,854 level and has found the bottom there. From here, Bitcoin is going to hit the $54,028 level of resistance and gain that as support before moving up to hit the local high.
You can call this whatever cup & handle pattern you want, but regardless the momentum is upwards and the price isn't going to stop at the $58,000 local high.
After Bitcoin regains the $54,000 level of support, its going to hit the local high distribution zone before moving up and creating newer highs around $68,000.
All of these levels are Fibonacci levels that've been drawn around Thanksgiving 2020 and have been very well respected so far.
You can call this whatever cup & handle pattern you want, but regardless the momentum is upwards and the price isn't going to stop at the $58,000 local high.
After Bitcoin regains the $54,000 level of support, its going to hit the local high distribution zone before moving up and creating newer highs around $68,000.
All of these levels are Fibonacci levels that've been drawn around Thanksgiving 2020 and have been very well respected so far.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.