BitcoinLong
BTC/USD still in range for cup and handle pattern
The frequently discussed cup and handle pattern is still possible. Here's why:
If the BTC will not break the weekly 20MA, there is a falling wedge pattern playing out, as seen in bold white on the attached chart.
A chance of this falling wedge bullish breakout is even higher because the 50% Fibonacci level seems to remark a bottom line here.
Additionally this Fibonacci bottom line is meeting the handles' bottom (blue curve, when drawn like this).
So, by playing out the falling wedge, there is a high possibility of reaching a target near the neckline of former mentioned cup and handle.
Some Sunday hopium ;-)
If the BTC will not break the weekly 20MA, there is a falling wedge pattern playing out, as seen in bold white on the attached chart.
A chance of this falling wedge bullish breakout is even higher because the 50% Fibonacci level seems to remark a bottom line here.
Additionally this Fibonacci bottom line is meeting the handles' bottom (blue curve, when drawn like this).
So, by playing out the falling wedge, there is a high possibility of reaching a target near the neckline of former mentioned cup and handle.
Some Sunday hopium ;-)
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