Bitcoin indecision forming cup & handle. Support & Resistance.

17. Feb. 2022

Bitcoin is currently in the short term ranging between 45600 and 42000. There’s a very short term support level in between that at around 42500. Price is attempting to form a cup w/ handle pattern which could explain the current drop down toward the 42500 level as weak holders are shaken out. A return to upward movement would create an early entry for traders but a breakout above the cup would be a stronger signal to confirm further upset but w/ expectation of a higher entry and therefore lower returns. Right now BTC is indecisive but a break below support or above the cup should confirm the next direction. Bitcoin is living above the 50 day SMA but below the 100 & 200. Volume has not been heavy enough with all the indecision to push it back above those resistance levels.