BTC/USD Bulls Are Preparing for a Breakout

BTC/USD Technical Analysis

• BTC/USD has formed cup with a handle pattern
• The market should bounce
• Breakout above 39000 is needed
• W H5 might be the target

H1 CHART EUR/USD

1. Order block
2. Swing low
3. The handle
4. Breakout zone
5. The final target

The BTC/USD has dropped a lot since it made a historical high. The price was ranging and it started a consolidation move after making a cup with a handle pattern. Bulls managed to bring the price up towards 39000 and the change in the BTC supply could also account for the crypto bullishness. Adding the negative correlation to gold might help too and we can see that a possible breakout might be expected. For the breakout to be successful, the price needs to break above 39200 and the close above that level will target 39640 and 41600 as the final target.

Cheers and safe trading,

Nenad