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BTC Cup and Handle Forming | 120K SOON

Atualizado

has formed a cup over the last few years and we are seeing a short term downtrend to the last major resistance level from the 2021 ATH around 64K-69K. This may very will set us up for a perfect cup and handle formation if we:

Break below the resistance

Find support at a reasonable level, lets say 58K-60K lowest

Move back up and retest the resistance

Break the resistance again

This would confirm our cup and handle pattern. It is then probable to conclude that Bitcoin could reach new all time highs around $120,000 per Bitcoin. This target is predicted by measuring the resistance line to the cup's low, and then adding that measurement to the breakout. That would give us another 77% gains from current prices. Keep an eye on this chart over the next few days and weeks to see if the handle of our pattern forms.

DYOR and bring home those gains.

Nota

is in a clear multi-week symmetrical triangle pattern, consolidating between the low 70s and low 60s. Many traders seem to be preparing for a move downward, but I think we will see the opposite.

Bitcoin has bounced on the lower trend line of the triangle pattern, confirming a third touch. Bitcoin is also back above its long-term uptrend support line after losing it for the past few days. Institutions are also piling on shorts for Bitcoin, and we have seen a clear trend in this bull market—that overleveraged players will get wiped out. Their shorts are our fuel to pump.

Wait for a breakout, and then 80K+ is the short- to medium-term target.

Nota

continues to sit at the key resistance level of ~67000-68000. The price is being squeezed, and a large, volatile move is imminent. For our cup and handle to play out a dip, they would fit right in. However, a bounce further upwards would also be in play! Now is not the time to tune out. Watch out for some price action.

Nota

Back above our long term support line as well as testing a breakout of our triangle pattern. Wait for confirmation and be aware of fake outs!

altsandislands

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