After consolidating for 2 days, the cryptocurrency market is getting ready to make another move higher!
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Ethereum formed a beautiful double bottom off of the last top, and looks ready to move back towards the $120 level.
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Bitcoin has also just bounced off of major support and looks set to continue its rally as well!
Bitcoin Cash has one of the most beautifully defined uptrends of the entire group! I'd continue to be a buyer until the uptrend breaks.
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Although the move higher has already been so large, the collapse was so dramatic that the rally could continue for quite a while!
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As I was writing this article, Ethereum broke out! Sorry I wasn't able to post it sooner.
Good luck, and happy trading :)
Price needs to continue to consolidate with low volatility in order to form the 'handle' of the bullish "cup and handle pattern".
If this formation comes to fruition, Senkou Span B (upper cloud boundary of the Ichimoku Cloud ) will likely serve as a key support level for Bitcoin to pivot off of and continue upwards. Price would need to break through the previous trend high of $4,170 in order to breakout.
If the breakout above $4,170 occurs, Bitcoins first resistance test will be at the $4,500 level.
happy trading
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Thanks for the comment! I agree for the most part! I can see the cup and handle pattern formed pretty clearly, and I agree with the near term resistance levels. I don't use the Ichimoku Cloud , but I have the same sentiment. I could easily see a breakout towards $4,500 with a possible extension towards $5,000.
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