I noticed a possible inverse cup and handle starting back in January. A cup and handle pattern is usually a strong indicator of an impending rise in value after a slight retracement, whereas the inverse tells us that the opposite, or a drop in value will occur. We have just entered into the handle retracement and may reach as high as 44k with a deep pullback following, possibly to the 24-25k range. The mess of lines on this chart are web lines showing support trends based on previous price action, the purple web lines date back to Oct 18 2020, the orange dashes are from July 26 2020 and the pinks are from June 30 2018. As you can see the is a purple line(Oct2020) that almost lined up perfectly with the base of the triangle at the 44k price level, I think that is going to be a hard ceiling and the dump will continue.
Thoughts?
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with the current volatility, I think this will play out in the 2-4 day range.
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I think after this plays out, we will continue along the same overall trajectory upward barring any outside the market influence such as legislation. Also I'm an idiot and these musings are not financial advice, AT ALL.
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this is still in play
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still in play
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Still very much in play. There is also a head and shoulder on the daily backing this as well as volume and RSI showing bearish trends
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I believe this will play out by the end of June
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Very much in play
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Targets between 29 and 26k for entry. i know the idea shows lower but I think that big money wiill come in to try and spoil the fun(shorts).