BITCOIN Will the Channel Up turn into a Cup and Handle to 100k?

Four weeks ago, following the new China ban on crypto, I've posted the following analysis, explaining why the July Channel Up had the necessary momentum to overcome the bearish pressure of the Channel Down:


Huge success for buyers as the Channel Up prevailed and as you see the price is currently approaching the top (Higher Highs trend-line) of the pattern. I will not go into much detail on the pattern as I've explained it on the previous study. I will note however how successfully the 1D MA100 (green trend-line) supported when it needed the most (bottom of the Channel Up) and the fact that we have an emerging 1D Bullish Cross of the 1D MA100 and the 1D MA200 (orange trend-line). This is quite important as the past 4 such occurrences since 2016, have all resulted into strong rallies to a Higher High:




The CCI was rejected its Lower Highs trend-line that has successfully marked the Channel Up Higher Highs since July 26. This may suggest that a pull-back to the bottom of the Channel is quite likely now. The 1D MA100 is waiting for another support/ bounce event.

The next Resistance before the All Time High (ATH) mark is at 59600 and I want to highlight its importance. Bitcoin has traded above $60k for only 14 days. Even though that may pose as a serious selling pressure point, I need to point out that if the 59600 Resistance breaks and the ATH gets tested, it will complete a Cup pattern and naturally the pattern will have a Handle formation pending. If that's the case, then technically the bullish break-out extension for a Cup and Handle pattern is as long as its top from its bottom. On the main chart I've drawn the Cup and Handle with dotted shapes but you can see it more clearly on the following image:


As you see the Cup and Handle in that case will be targeting just over $100k. Could this be the formation we've all been waiting for? Let's see if this very successful Channel Up can transition into this. What do you think? Will BTC get rejected at 59600 back to the 1D MA100 or break straight above it and test the ATH and then complete the Cup pattern?



Feel free to share your work and let me know in the comments section!

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