Technical Analysis: A wild week for Bitcoin
It has been another wild week for Bitcoin. The cryptocurrency seems to have broken a cup and handle pattern toward the upside and is currently at what seems to be the end of a re-test of the breakout area. The rest of the crypto currency market had a strong sell off, with many coins moving downward of 20% from their most recent highs.
Is the correction over? It seems like it may be, with Bitcoin finding support in the $38,000 area, new all-time highs seem to be on the horizon. Many coins like ADA, DOGE, SNX, NEAR amongst others have recently found new All-time highs. This most recent correction seems to be a re-fueling of sorts before the next push upward. Based on the technical, the market can potentially expect Bitcoin to reach a new-all time high this week. The target for the cup and handle breakout would be around $45,000 as a conservative estimate. Only time will tell if the target is reached.
Last week we noted the Ethereum Breakout from an ascending triangle, where the target was around $1800, the target nearly actualized but the sell-off came less than $50 away from the technical target. Still, any traders who bought the breakout could close with a healthy profit. It should be noted Elon Musk continues to post about $DOGE driving the prices up as speculators flood into the market seeking expected gains. Be on the lookout for potential new Bitcoin all time highs this week and the possibility of $DOGE reaching 10 cents and beyond on the back of the marvelous Musk.
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