BitcoinLong
Bitcoin (BTCUSD Coinbase) Cup and handle to 85k or chaos?
This is a cup and handle and projected breakout should be around 85k. Our recent correction hit the .5 fib and bounced back up to 70k then hit 71k earlier Monday. This price action completed the handle of the cup. Bitcoin looks to be close to be pushing against the shorts and this should power the next big breakout. It it fails I think we drop down the the golden pocket between the .68 and the .65 fib and then we try breakout again.
As this all plays out this Bitcoin bull run has a huge headwind with traditional markets sputtering and seem to be in a topping formation over last year and a half. This adds a huge risk to Bitcoin and could crash the price if these markets start to tumble. This risk didn't exist in the past Bitcoin bull markets making this run unique. We will have to wait to find out the next moves as data becomes available. Cheers
As this all plays out this Bitcoin bull run has a huge headwind with traditional markets sputtering and seem to be in a topping formation over last year and a half. This adds a huge risk to Bitcoin and could crash the price if these markets start to tumble. This risk didn't exist in the past Bitcoin bull markets making this run unique. We will have to wait to find out the next moves as data becomes available. Cheers
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