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      Home bitcoin

      Cup and Handle formation on Bitcoin chart could push the price higher

      Hitesh Malviya by Hitesh Malviya
      February 27, 2020
      in bitcoin, Trade Signal
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      What a brutal sell-off that was?

      Bitcoin Dropped around 15% in last three days. World’s largest cryptocurrency dropped to 8550$, filled CME GAP, and bounced from 8550$ and currently trading above 8800$. Despite of this brutal sell off, we still think Bitcoin has chances to recover from here and make a new high in coming days.

      Let’s discuss technicals to understand why do we think bitcoin can make a comeback.

      Bitcoin Technical Analysis

      BTCUSD – 1D(Bitstamp)

      Cup and Handle formation

      We have spotted a cup and handle formation on Bitcoin Daily chart, which is a bullish continuation pattern.

      What is cup and handle formation

      The Cup and Handle pattern is characterized by two distinct features. First, there is a “U” shaped chart pattern which is considered “The Cup”. The Cup is followed by a slight consolidation or downtrend which forms “The Handle.” The pattern is considered to be a bullish continuation pattern.

      Key aspects of the Cup and Handle Pattern

      1. Trend: Because the Cup and Handle is ultimately a continuation pattern, it should be preceded by an uptrend. Typically this trend would be around a few months old.
      2. Cup: The cup should be a “U” shape with valid support levels at the bottom.
      3. Cup Depth: Remember, the cup shape is a retracement of a previous advance.
      4. Handle: After the formation of the right side of the cup, the handle is formed.
      5. Volume: Volume should follow along rather closely with the shape of the cup as it is being formed.
      6. Duration: The duration of the pattern can vary greatly.

      Findings

      • In the above mentioned chart, we can see A Cup and handle formation has been completed.
      • Bitcoin retested the major uptrend channel at 8550$, and currently price is holding above this major support.
      • To validate the cup and handle formation, Bitcoin needs to hold 8550$ as a daily support.
      • Bitcoin needs to record ascending growth in buying volume to validate this formation

      Opinion

      In our opinion, Bitcoin needs to save monthly candle first – which looks terrible right now. We wan to see the current monthly close above 9500$, and 8550$ should hold as a daily support. If both these conditions can match than we can see a successful cup and handle formation breakout which can lead the price to 12000$ in coming days.

      Hitesh Malviya

      Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
      Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

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