Updated

We could correct here and still have formed a very nice cup.

I think we can still reach as high as 64150 and possibly a new ATH even, before any sort of correction. However, if we were to start correcting here instead we would still have a very valid very nice looking cup to start forming the handle on. So I’m gonna go ahead and chart a speculative one here for now. There’s always a chance we don’t correct as well and keep continuing up eventually going to high for the cup to be valid anymore. For now though while we are consolidating a bit it seemed worth charting what a potential cup at this price action could look like. If we do indeed correct here this red handle projection is about as deep as I think it will go assuming the 1 day 50ma(in orange) would hold support. The measured move breakout rom a cup at this level would be around 98k just slightly higher than the 97k target the breakout from the 3 week chart bull flag gives us. Gonna post neutral on this one until I see how this plays out. As of now there’s no guarantee we will even get a cup and handle, but the probability does favor it.

Note

I feel like we should hold 50k if we do correct here.

Note

We are now correcting here but the right side of the cup is now higher putting the rimline at a slight upward angle. I will post a readjusted chart o the angle of the cup in the near future but wanted to update this idea to inform everyone that now that we are already seeing a $4,000 correction in btc’s priceaction (which is likely to continue correcting) we have indeed formed a cup and are now creating a handle. At $4,000, the handle is definitely small compared to the cup but I’ve seen cups trigger with very tiny handles in the past. I think probability favors a bigger handle though but we will see soon enough. Also with the rimline now tilted upwards the measured move target of the C&H breakout will be higher than the original projection o 98k. How much higher will depend on where it breaks above the rimline whenever it does.

DrDovetail

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DrDovetail