- BTC broke out of Cup and Handle pattern, but gave up.
- Consolidation is the way ahead in the new year.
Bitcoin, the poster boy of cryptocurrency world, did break out of the cup and handle pattern on the charts, as pointed by this author last week, but only to give up again, in a sign that bulls too are on Christmas vacation along with bears.
BTC/USD is down about 0.2% at $3,881 and trading in less than 2% range for the day in a thinly traded weekend as well as year-end trading. On the 180-minute chart, this largest crypto by market cap did break out of the cup and handle pattern by crossing past $4,200 resistance line, but couldn't sustain it. Resulting in prices going below the very trendline they broke out of.
Although, after the clawback, prices found support at 21 days SMA around $3,576, while upside still seems capped around $4,200, signaling consolidation ahead as the new year dawns.
BTC/USD 180-minute chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.