Bitcoin (BTC) Price Analysis: Cup and Handle Pattern Suggests Rise Is Imminent

Bitcoin has been trying to come over the $70,000 price mark for many days now. Everytime it comes near its target, something new fills the market with fear and BTC fails the mission.

Bitcoin has been attempting to cross the $70,000 price point for several days now. Each time it gets close to its goal, some new development instills fear in the market and BTC fails in its mission. It now feels like a video game where you almost kill the boss but miss with a sliver of health left. Let’s see what the technical analysis of Bitcoin has to say.

Bitcoin Shows Cup And Handle Pattern

The weekly chart of Bitcoin shows a cup and handle pattern. This pattern indicates the continuation of an uptrend once the handle is fully formed. Looking at the chart, it seems like the pattern is about to complete, which means the price hike is on its way. However, it is possible that we might see a slight pullback before Bitcoin begins its journey to set another All Time High.

At the time of writing, Bitcoin price shows a decline of 1.77% from the previous day and is trading around $63,093. The next major support can be seen around $61,693 which means we might see another 2.24% drop in price. Just two days ago, Bitcoin received a 7.79% price hike and reached a high of $64,988 before finally closing at $ 64,085

Multiple Signals In Daily Chart

The daily Bitcoin chart looks more interesting than the weekly chart. Here, we can see multiple indicators that are hinting at an upcoming price surge. There is however, one negative factor, indicating at pattern failure as well.

From March this year to the present time, the movement of Bitcoin has formed a falling channel pattern. This pattern together with the indications from MACD signals an upcoming price soar.

One thing that gives a negative signal is the death cross. The 200 Moving average crossing above all other MAs, including 50 supports the idea of seeing a pullback. Besides this, everything is bullish. This includes the crossover of the MACD line over the Signal line. The increase in green on the Bitcoin charts gives us the hope to stay strong and that the wait is almost over.

Looking Ahead

Most of the signals are pointing in one direction that we are going to see a huge rise in the price of Bitcoin soon. August and September have been historically bearish months for Bitcoin. But it seems like BTC is going to change that this time. However, traders should not drop their shields as such bullish sentiments can hurt badly when the market goes south.

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