DrDovetail

We could correct here and still have formed a very nice cup.

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I think we can still reach as high as 64150 and possibly a new ATH even, before any sort of correction. However, if we were to start correcting here instead we would still have a very valid very nice looking cup to start forming the handle on. So I’m gonna go ahead and chart a speculative one here for now. There’s always a chance we don’t correct as well and keep continuing up eventually going to high for the cup to be valid anymore. For now though while we are consolidating a bit it seemed worth charting what a potential cup at this price action could look like. If we do indeed correct here this red handle projection is about as deep as I think it will go assuming the 1 day 50ma(in orange) would hold support. The measured move breakout rom a cup at this level would be around 98k just slightly higher than the 97k target the breakout from the 3 week chart bull flag gives us. Gonna post neutral on this one until I see how this plays out. As of now there’s no guarantee we will even get a cup and handle , but the probability does favor it.
Comment: I feel like we should hold 50k if we do correct here.
Comment: We are now correcting here but the right side of the cup is now higher putting the rimline at a slight upward angle. I will post a readjusted chart o the angle of the cup in the near future but wanted to update this idea to inform everyone that now that we are already seeing a $4,000 correction in btc’s priceaction (which is likely to continue correcting) we have indeed formed a cup and are now creating a handle. At $4,000, the handle is definitely small compared to the cup but I’ve seen cups trigger with very tiny handles in the past. I think probability favors a bigger handle though but we will see soon enough. Also with the rimline now tilted upwards the measured move target of the C&H breakout will be higher than the original projection o 98k. How much higher will depend on where it breaks above the rimline whenever it does.