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RE: Cryptocurrencies hold support and prepare for next stage of rally!
Price needs to continue to consolidate with low volatility in order to form the 'handle' of the bullish "cup and handle pattern".
If this formation comes to fruition, Senkou Span B (upper cloud boundary of the Ichimoku Cloud ) will likely serve as a key support level for Bitcoin to pivot off of and continue upwards. Price would need to break through the previous trend high of $4,170 in order to breakout.
If the breakout above $4,170 occurs, Bitcoins first resistance test will be at the $4,500 level.
happy trading
Thanks for the comment! I agree for the most part! I can see the cup and handle pattern formed pretty clearly, and I agree with the near term resistance levels. I don't use the Ichimoku Cloud , but I have the same sentiment. I could easily see a breakout towards $4,500 with a possible extension towards $5,000.