While Bitcoin is in a range, a configuration is being set up that could enable it to destroy its resistance, which is still blocking a new ATH. Let’s take a look!
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A quality cup & handle on BTC
Last week we were talking about a probable drop to very strong resistance at $71,280. That’s what happened, but this weekend, and again this week, we have a pattern forming that could give us hope!
This configuration is the famous cup with handle. A configuration which, arriving on resistance, is rather bullish, as repeated attacks generally enable a zone to be broken. What’s more, this one is perfect, since its handle has returned to the buyers’ reload zone below the 0.618 level (see image). A perfect plan for a perfect action!
What’s more, technically, we can observe another phenomenon that often goes hand in hand with the cup and handle, which is the right-angled triangle. This one also announces a break on its horizontal side, why? Because a zone is hammered, and hammering often leads to a break, as if sellers were simply selling a zone, but after a while, there’s nothing left to sell!
Positive addition to Bitcoin analysis this Monday morning, April 8
A little complement? It’s always a pleasure, so let’s have a look together.
Orderflow like this one if always a pleasure. Not only because funding has become very neutral again on Bitcoin, but above all because Spreads have gone negative again, showing a doubt in the market at the moment. This last point could well tip the balance towards a new ATH, benefiting all those who have kept their wallets full.
Conclusion
The analysis on this Monday morning, April 8, certainly represents bullish reasoning. It’s important to remember that I don’t hold the truth, I’m simply making analyses. However, I’m going to continue in this vein by opting for a bullish objective for this movement. By projecting the triangle or W, this would give us a rise ending between $78,000 and $82,000. In short, great news if it happens.
In the meantime, I hope you have a great week, and if you’d like to meet me, I’ll be at the Paris Blockchain Week event to talk, among other things, about Cryptocademia. If not, see you next week!
Entrepreneur & Dad, passionate about cryptocurrencies, I describe for you the technical analysis. Cofounder of Cryptocademia, a free platform to learn all you want/can about blockchain ! Meet you there at https://www.cryptocademia.com
My job: look at charts and interpret them for you.
Beware, I do not know all the truths.
