Bitcoin did a breakout at my trendline back on 11th June to nearly $3000, but failed the target that was set. Right now,i would say that news have been unfavorable and there is uncertainty surrounding the crypto space. Today, ETH had a flash crash to $0.10 that led to some crazy stops.
However, among these noise, the fact in the charts, is that there was a major buy up from the low of $2120 up till $2283. That bottom had more volume than the bottom in May 27th when BTC touched $1800. If the may crash created enough fuel for a run to $3000, i don't see why the current leg should be any weaker. Yes, i agree the volatility is high and those drops are scary. But putting things in perspective, BTC does multi week runs frequently in one breath, hardly something other financial instruments can match up to. Hence, it should be within trading tolerance and plan to accomodate drops like these.
At this current point, i see a cup and handle basing pattern forming. It is yet to be confirmed, until BTC takes $2744, the previous resistance level. The flush has definitely stopped out quite a number of longs, so i do have a good amount of confidence on this happening.
Great analysis!
Where do you think Ethereum and BTC are going to be at the end of this year?
Eth should be easily above 500 while BTC 5k
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