Forecasting some potential cup and handle formations for BTC using trend based fib extensions and trend based fib time. Assuming a .382 fib retracement, each handle assumes a local bottom at around a fib time line. Overheated oscillators provide some evidence that a short term pullback is in order before continuing BTC's bull run post-halving.
If we get a retracement lower than .382, then there's a relative volume spike in the volume profile centered about the .5 fib line that could realistically act as support. Although my understanding is that cup and handles are more bullish when retracement handles are no deeper than ~1/3 down from recent swing high path.
Looking way ahead if this plays out, i'd be looking for rsi to show negative divergence paired with BTC making macro higher highs as chances to take profit down the road, as is what happened last bull run.
If we get a retracement lower than .382, then there's a relative volume spike in the volume profile centered about the .5 fib line that could realistically act as support. Although my understanding is that cup and handles are more bullish when retracement handles are no deeper than ~1/3 down from recent swing high path.
Looking way ahead if this plays out, i'd be looking for rsi to show negative divergence paired with BTC making macro higher highs as chances to take profit down the road, as is what happened last bull run.
Comment:
Another idea by FieryTrading to add perspective
