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Bitcoin Possible Cup and Handle Forming

One possibility we are looking at with BTCUSD today is the formation of a cup and handle.

One thing to look out for as a possible breaking of that pattern is an influx of volume. If we see the price deviate too far from the handle ALONG WITH an uptick in volume, we may actually be seeing a further pullback than just a handle formation, but until that volume comes in I'm remaining bullish on BTC.

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Another developing possibility is that our handle will be much small that my first estimate. Hopefully the bulls can keep up the momentum!

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Could we be seeing the bottom of the cup? I think it depends on if it can bounce of this support line

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So IMO, if i just slightly redraw the handle, we are looking on track for a bull market!
However, our next two tests will be breaking these two support lines, and were already running low on momentum nearing the first.

Additionally, I'd like to talk for a minute about my reasoning as to why it may indeed be a cup, even though its not fitting it in the traditional sense. I believe the only reason the "cup" looks so chaotic is because we are dealing with bitcoin at a truly crucial moment, so every little up or down in amplified by panic or fomo, so instead of a smoothly rounded cup, you have a bunch of these crazy zig-zags whos LOWS form a nice cup.

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Had to redraw the cup a bit, but Its following my bounce predictions so far. Still bullish

kdenery

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kdenery