I see pattern cup and handle Also we can interpret this as an inverted head and shoulders and we are in the right shoulder now. We reached demand zone Golden cross There are many factors for continued growth, I talked about falling and that I will catch falling knivesI bought a few coins on this fall with discount.
But at the same time, I understand that if we break the 8300 it will hurt the whole crypto market and for bitcoin bull run
In 2015, just right after everyone was calling the cup and handle, the price crashed to the daily 200 MA and kept going down to the previous low.
caxim87
⋅
@PinkCryptoVN, Also after the 2016 halving there was a major drop. But it doesn't mean the same thing will happen again. If it goes lower it is a great buying opportunity. Fundamentals didn't change.
AschraM
⋅
@JPMT.araujo, I think we will get FOMO run then a big drop again after halving. 6 months after last halving we got a bull run. This would take us to Nov... before the next bull run after this hype run. Thoughts?
PinkCryptoVN
⋅
@AschraM, Pretty much what I have in mind. When it hits the weekly 200 EMA after it goes from 15K, it will go way up to 50k-100k. Who knows what is going to happen after that. Maybe back 3k? :) Look at the yearly chart, it will tell us all.
caxim87
⋅
@AschraM, can be but I see too much FUD now in the equity markets. Usually, in these conditions, people are afraid and go to FIAT first. And we are seeing this now. Even gold is looking week now and might correct. In 2008 everything went down first including gold. I think a higher probability is to bitcoin bounce at these levels (8000-8500) but fail and test the 200W MA by the summer at 6000-7000 and then go slowly higher. But hey that is just a theory I am DCA during this correction.
AschraM
⋅
@JPMT.araujo, both are great perspectives. I was thinking the same. If we don't over hype high enough then itll keep us in the middle and take us down first then up. Right now the dollar is in the same position / area that it was before 2017 bull run. Im seeing the dollar fall to around 92 - 90 then a pull back up. We could probable assume to see the dollar chick scratch its way down giving gold some room to drop as well but just at a slower pace. Here is what I marked up for the DXY but I do expect a dollar strength reversal on it once we get down to that purple circle.
@JPMT.araujo, np. The most I get out of all that mark up is 1. We are around the same dollar price as we were before the bull run of 2017 & 2. Dollar can bounce at that purple circle and go as high as 115.00 giving the dollar A LOT of strength before transfer of wealth into digital assets. Pump up the dollar, dump the extra in the new market. Makes sense to me...Thats what I would do if I wanted to make my dollar stretch :D haha
AschraM
⋅
@JPMT.araujo, thank you for your insight as well! You too @PinkCryptoVN !!! All informative info.
jlewis4833
⋅
@JPMT.araujo, super early call but would be epic! The handle he is calling for is more dramatic than the one you are pointing out from 2015. The 2015 up wasn't as drastic. The cup and handle you are pointing out didn't drop nearly 20% as we are seeing but rather 7%ish. It makes this even more interesting because if the drops were similar in 2015 it would have hit 250 before it tried to form the cup. 250 is where the big bounce found resistance on its way back up in 2015. If this holds it could be potentially really strong and if it fails it could be really bad.