Cup and handle, if it will break the 10k-10.2k resistance

Bitcoin / Dollar BITFINEX:BTCUSD

Assuming the current minor correction will find support at 9100-9000 and will bounce to 10-10.2k area where it will find resistance at the daily MA 200 with an daily RSI peaking the oversold threshold.

If the bulls will penetrate that level, likely to rally to 11k and form a cup, followed by a 0.213 fib handle retracement and then by a spectacular bull run to 16k.

If the bulls will not penetrate the 10k resistance, I expect a bounce back to find support at the MA 20 at 8500. If this resistance line will collapse, then support is expected at the trendline of 7500

By admin