The Bitcoin/USD pair had been in a roaring uptrend since after the elections. This week it made a retracement as it was near the psychological resistance of 100,000. Now it formed a Cup and Handle formation out of the 200sma (red line) as support in the 2 hour chart. The handle support is the 50 sma (interrupted blue line). I expect to retest the resistance at the 100,000 mark soon.
Disclaimer: I trade the patterns depicted either at the entry point stated (e.g. trading channel, breakouts) or afterward. Although my trades are based on technical analysis, trading forex is a risky activity and may produce significant monetary loss. I only make public the trades that I am considering to make, or made and the rational for them. Info only, not intended necessarily as trading recommendations. By SurpriseTrade@gmail.com and ForexGuy.org@gmail.com
