Manoj B Rawal
Independent Analyst
- BTC done with short term consolidation, time to move.
- If the pattern hlolds true to itself, upmove around the corner.
Bitcoin, the poster boy of cryptocurrecies, is done with its consolidation phase of the cup and saucer pattern as reported by this author on Saturday and should now head towards the breakout point of the cup and saucer's handle, breakout point for the same is around $4,200. (Read earlier article here)
BTC/USD is trading flat on day at $3,810 and in half a percent range - good enough proof of its consolidation and exhaustion in this range where volatility has almost died. As reported by this author on Saturday, BTC has been in the cup and saucer pattern on the 480-minute chart and the handle pattern is now almost done with.
The next move should be on the upside if the pattern holds true to itself. The breakout point of this pattern would be around $4,200 and would result in prices rallying up and beyond $5,000 and two key hurdles in its way up would be 200 days SMA and EMA.
BTC/USD 480-minute chart:
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