Hello friends, today I am reviewing the 4H linear scale chart for Bitcoin (BTC), a cryptocurrency.
In the chart I noted:
1) The price recently formed a cup and handle pattern forming since April 2021. Shown in purple shade arcs.
2) The price broke out upwards to make all time highs.
3) Though price broke upwards, the re-test of the cup and handle top trendline did not happen yet. Generally with such a long running pattern, a re-test of the trendline occurs.
4) If the price goes to re-tests the trendline, it may go down another 20% or so at around $47K-$48K where there is long term support in that range. After the re-test of that trendline, the cup and handle pattern move reaches $73K-$74K. That is a 55%-60% move upwards.
5) The RSI (relative strength index) broke out of the downward channel and could go back down for a re-test of the trendline as well.
6) The Stochastic RSI (Stoch RSI) is overbought and has potential of coming back down.
7) The Volume is low but it seems to be getting ready for a move.
8) The Ichimoku Cloud is showing short term resistance around $59K-61K.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
In the chart I noted:
1) The price recently formed a cup and handle pattern forming since April 2021. Shown in purple shade arcs.
2) The price broke out upwards to make all time highs.
3) Though price broke upwards, the re-test of the cup and handle top trendline did not happen yet. Generally with such a long running pattern, a re-test of the trendline occurs.
4) If the price goes to re-tests the trendline, it may go down another 20% or so at around $47K-$48K where there is long term support in that range. After the re-test of that trendline, the cup and handle pattern move reaches $73K-$74K. That is a 55%-60% move upwards.
5) The RSI (relative strength index) broke out of the downward channel and could go back down for a re-test of the trendline as well.
6) The Stochastic RSI (Stoch RSI) is overbought and has potential of coming back down.
7) The Volume is low but it seems to be getting ready for a move.
8) The Ichimoku Cloud is showing short term resistance around $59K-61K.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
I chart on Tradingview: www.tradingview.com/symbols/BTCUSD/?aff_id=25106
I hold crypto on Ledger Hardware: shop.ledger.com/?r=9f683f228f19
I find value in the data from LuxAlgo:
www.luxalgo.com/pricing?rfsn=6252565.5f61bd
I hold crypto on Ledger Hardware: shop.ledger.com/?r=9f683f228f19
I find value in the data from LuxAlgo:
www.luxalgo.com/pricing?rfsn=6252565.5f61bd
