Possible Bitcoin Cup and Handle Pattern
I have felt for a while that the bear market low would be much lower than the June 18th low. The previous two bear market lows were both down approximately 85% from their peaks.
A similar percentage drop for this bear market would lower the price of Bitcoin to between $10k and $11k. I'm not convinced the price will go that low, but I could see a bottom around $15k.
But, I have also been impressed with the resilience of Bitcoin in the face of all the macro issues facing the markets. Because Bitcoin has been highly correlated with the stock market, I believe all of the macro issues facing the stock market will also affect Bitcoin's performance. I believe that will determine if the price of Bitcoin goes higher or lower from here.
I always try to keep an open mind, and as such, I have to entertain the possibility that the June 18th low could be the bear market low.
Looking at the daily time frame, Bitcoin is forming a nice cup pattern. Is it possible this ultimately forms a Cup and Handle pattern?
Because Cup and Handle patterns are typically continuation patterns, if it plays out, this could lead to Bitcoin pushing back up into the $25k to $30K level.
I am in no way an expert in technical analysis, so I would appreciate any feedback. Am I way off in my analysis?
In some ways, I hope the June 18th low is the bear market bottom. In other ways, I wouldn't mind if Bitcoin dropped to $15k or lower because that would mean even cheaper prices, and I am still accumulating positions for the next bull market. My view is that the next bull market is still a long way off, probably later in 2024, so there will be plenty of time to fill positions. Again, this is just my opinion, and I could be way off.
A similar percentage drop for this bear market would lower the price of Bitcoin to between $10k and $11k. I'm not convinced the price will go that low, but I could see a bottom around $15k.
But, I have also been impressed with the resilience of Bitcoin in the face of all the macro issues facing the markets. Because Bitcoin has been highly correlated with the stock market, I believe all of the macro issues facing the stock market will also affect Bitcoin's performance. I believe that will determine if the price of Bitcoin goes higher or lower from here.
I always try to keep an open mind, and as such, I have to entertain the possibility that the June 18th low could be the bear market low.
Looking at the daily time frame, Bitcoin is forming a nice cup pattern. Is it possible this ultimately forms a Cup and Handle pattern?
Because Cup and Handle patterns are typically continuation patterns, if it plays out, this could lead to Bitcoin pushing back up into the $25k to $30K level.
I am in no way an expert in technical analysis, so I would appreciate any feedback. Am I way off in my analysis?
In some ways, I hope the June 18th low is the bear market bottom. In other ways, I wouldn't mind if Bitcoin dropped to $15k or lower because that would mean even cheaper prices, and I am still accumulating positions for the next bull market. My view is that the next bull market is still a long way off, probably later in 2024, so there will be plenty of time to fill positions. Again, this is just my opinion, and I could be way off.
Comment:
NOPE!