Handle would line up with the fib levels and the next major support below.
Keep an eye on this.
NFA
do your own DD
Novice trader here.
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I wanted to also update this idea with another likely target for a more shallow cup.
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Weekly Fib Circles with Bullrun Potential Targets and Timeframes.
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price is diving down the estimated handle arc.
Will update with a lower timeframe tomorrow as the price action developes.
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This is the arc up in the (sloppy) cup structure on the hourly chart.
This is the (flat?) handle for the cup. guys, its not your average cup. the handle is flat. its a hipster thing I think.
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Just wanted to update this idea as the handle has seemed to form quite nicely.
This is what I am expecting. Info line is the depth of the cup, and lines up well with a rejection off a major trendline overhead.
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I think we need one more good pullback before the real bullish action begins.
rsi is maxing out at 70s
200 sma is lining up with a strong support below
a potential revisit of the 25,5 region seems likely to act as a springboard for another nice long settup.
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looking for a retest of this zone before we continue to the north on the Daily chart.
posting to show a clearer target in the ellipse zone.
200 sma, support, and rising macro support coming together
alongside the .618 to the .786
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also maybe a 4H double top forming. this would also lend to a breakdown back toward the 25-27k level that has strong support.
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Weekly perspective.
The handle feels like it was cut in half by this major weekly candle.
I think this trendline is going to reject bitcoin and is where the next major correction will occur from. It seems to cut the hyper bullish and hyper bearish action in half from one cycle to the next.
This trendline caught my eye and is also worth paying attention too.
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we got the retest I was anticipating. RSI is reset. Im expecting a quick recover for BTC
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back to the macro for this weekly perspective
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Monthly as it stands is topping off with a shooting star doji. A close like this would be strong evidence for more downside on the monthly and weekly Timeframes.
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going back to the first update to this idea, heres how to C+H played out and why I expect the bears to take control through winter into spring
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Multicolor trendlines are going to be areas to pay attention to during discovery. pullback or not, the moon is closer than you think. We need a reset on the oscillators.
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i did not expect new ath pre halving, but the stakes are much higher and the institutional demand is here. monthly mother of all cups could be looking for a handle