Please ignore my previous chart, kinda had an epiphany. Cup and handle to 10.5k. Handles are in circles (why a preceding handle? there always seems to be one - kinda like an IHS but smaller shoulders).
Once we escape the CS, we'll be thrown back once we hit 7800ish or the dark red down sloping line (we're reading overbought and Williams R is indicating trend reversal on the 4hr and day charts and there's no doubt a lot of resistance there). If the top of the CS formation catches us, then we breeze by 8500 to 10.5k.
Now, the reason I've changed by mind after noticing the CS pattern is that when I extended the neckline of the CS it seemed to match to BTC's regression line, a dip below which indicates the beginning of the end for the bear market. So we're about to cross into a bull market if we make it above (and stay above the dotted black line). I'll post a comment with a clearer picture.
Once we escape the CS, we'll be thrown back once we hit 7800ish or the dark red down sloping line (we're reading overbought and Williams R is indicating trend reversal on the 4hr and day charts and there's no doubt a lot of resistance there). If the top of the CS formation catches us, then we breeze by 8500 to 10.5k.
Now, the reason I've changed by mind after noticing the CS pattern is that when I extended the neckline of the CS it seemed to match to BTC's regression line, a dip below which indicates the beginning of the end for the bear market. So we're about to cross into a bull market if we make it above (and stay above the dotted black line). I'll post a comment with a clearer picture.
Note
Note
well this was obviously way too optimistic. Check out my How to Liquidate Everybody 101 chart for what happens next.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.