BTCUSD 12/20/2024Performance Recap (Previous Analysis from 10/8/2023):
• Entry: 27,948
• Targets Achieved:
o 63k (+127.81%)
o 96k (+244.56%)
• High Reached: 108k
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BTC/USD Daily Chart Analysis
Technical Analysis (Current Scenario):
Chart Patterns:
• Cup and Handle Formation:
o Confirmed breakout signals bullish continuation.
o Long-term uptrend reinforced.
Indicators:
• Golden Cross: The 50-day EMA has crossed above the 200-day EMA, signaling a bullish trend.
• MACD: Firmly in bullish territory, confirming positive momentum.
• Hammer Candlestick: Closed at support (around 92K), indicating potential reversal and entry point.
Support and Resistance Levels:
• Support:
o 92K (key level tested multiple times).
o 50-day EMA (current level).
• Resistance:
o None until the 310k target based on the Cup and Handle projection.
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Target Analysis:
• Cup and Handle Target:
o Measured distance from the cup's bottom to its neckline.
o Projected Target: 310k.
• Timeline:
o Historical reference to 2013–2017 suggests a 6–8 month timeline with minor pullbacks for additional entry opportunities.
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Trade Setup:
• Entry: 97,703.80
• Stop-Loss: 69,092.64 (-29.28%)
• Target 1: 310k (+217.29%, 7.42 RR ratio).
• Target 2: Use a trailing stop based on the 20-day EMA if price exceeds 310k
Summary:
BTC/USD has surged from 27K to 108k since the last analysis, forming a textbook Cup and Handle pattern, which has now broken out, confirming a bullish reversal and signaling a continuation of the long-term uptrend. Key indicators, including a Golden Cross between the 50-day and 200-day EMAs and a bullish MACD, support this momentum.
Currently, BTC is bouncing around the 92K support level and holding above the 50-day EMA, which also acts as a support. The appearance of a Hammer candlestick at this level further solidifies the bullish case and sets the stage for a new long position.
The measured move for the Cup and Handle pattern projects a target of 310k. Drawing from historical price behavior, this uptrend could unfold over the next 6–8 months, with minor pullbacks offering additional entry opportunities.
This setup presents a strong technical case for continued upside, with a clear structure, supportive indicators, and a high-probability target.
