CRYPTOPICKK

BTC Bitcoin - Target For Downside

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello friends, today you can review the technical analysis on the 1D linear scale chart for Bitcoin ( BTCUSD ), a cryptocurrency.

#CryptoPickk noted in the chart:

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. We are currently going down for a possible re-test of this.
4) If the price goes to re-tests the trendline, it may go down another 10%-13% 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 ) is not oversold yet.
6) The Stochastic RSI ( Stoch RSI ) is in the oversold region but has potential to hover there for a bit longer to meet this price range. This works in line with RSI .
7) The Volume is consistent but not a major spike yet. If there is more sell pressure, we may see a major red candle on the Volume .
8) The Ichimoku Cloud is showing support at the estimated price range.
9) The Money Flow Indicator ( MFI ) is now in the oversold region.
10) If the price goes below $47K and stays there for a daily close, Bitcoin price may have potential for more downside correction. Consider stop sells at this point.

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
Comment: We are not out of the woods just yet on BTC price. Possible for another downside case coming up: