BTC/USD Signal Today 14/05: Bullish Case For BTC (Chart)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 108,000.
• Add a stop-loss at 100,000.
• Timeline: 1-2 days.

Bearish view

• Set a sell-stop at 103,000 and a take-profit at 100,000.
• Add a stop-loss at 108,000.

The BTC/USD pair continued rising this week and is within a touching distance to its all-time high. Bitcoin was trading at $104,600, its highest level since January this year, and much higher than April's low of $74,000/USD technical analysis

The daily chart reveals that Bitcoin bottomed at $74,000, forming a double-bottom pattern with a neckline at $88,718. It moved above that neckline on April 22 as the bullish momentum continued.

Bitcoin then formed a mini golden cross pattern as the 50-day and 100-day moving averages crossed each other. Top oscillators like the Relative Strength Index (RSI) and the MACD continued rising.

Most importantly, Bitcoin is slowly forming a cup and handle pattern, a highly popular bullish continuation sign. This pattern comprises of a rounded bottom and a horizontal resistance. The handle section then forms, leading to a strong bullish breakout.

The cup has a depth of about 31%, meaning that the pair's target is 142,670, which is identified by measuring the cup's depth from its upper side. A drop below the support at 88,718 will invalidate the bullish outlook.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Potential catalysts for Bitcoin

There are a few catalysts that may push the BTC/USD pair higher in the coming weeks. First, a potential rate cut by the Fed will be a bullish catalyst for Bitcoin and other risky financial assets. Data released on Tuesday showed that the headline consumer price index (CPI) continued easing in April.

Second, Bitcoin is still seeing strong institutional demand. Data shows that spot Bitcoin ETFs have had net positive inflows in the last five consecutive days. They have added over $2 billion in inflows this year, bringing the total inflows to over $41.1 billion.

EURUSD Chart by TradingView

Third, data shows that Bitcoin supply on exchanges has continued moving downwards and now stand at the lowest level in over five years. As such, falling supplies coupled with the rising demand means that the coin will likely keep rising in the coming weeks.

Analysts are highly bullish on Bitcoin, with Ark Invest insisting that the coin will keep rising and hit the important resistance at $2.4 million. BlackRock sees it rising to $700,000, while Standard Chartered expects it to hit $200K.

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