The geometric shape in the chart is a parabola. A "cup pattern" doesn't exist. There is the "cup and candle" pattern and the "adam and eve" pattern, which both are extension patterns used in the crypto space (and rarely in forex). But both look different and would be incomplete on this timeframe.
Your parabola could also be parabolic projection, but this only works on logarithmic scaling because of mathematical reasons (you basically solve an exponetial sequence by reversing it and solve the exponents by logarithmizing it)
But still your trendline is correct. That's in deed the long-term support. The only technical conclusion that you can correctly get from this chart is that you expect prizes not to fall lower than the long-term trend, which would mean a worst case reversal between 6.3k and 5.6k or so.
Unfortunately you only marked one major resistance, which is at the All-Time-High. This makes sence but before getting there, some more hurdles on the way have to be cleared, which can't be left out in my opinion.
Your parabola could also be parabolic projection, but this only works on logarithmic scaling because of mathematical reasons (you basically solve an exponetial sequence by reversing it and solve the exponents by logarithmizing it)
But still your trendline is correct. That's in deed the long-term support. The only technical conclusion that you can correctly get from this chart is that you expect prizes not to fall lower than the long-term trend, which would mean a worst case reversal between 6.3k and 5.6k or so.
Unfortunately you only marked one major resistance, which is at the All-Time-High. This makes sence but before getting there, some more hurdles on the way have to be cleared, which can't be left out in my opinion.