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Mudrex
Mar 24, 2024 8:14 PM

Bitcoin forming a Cup and Handle pattern? Long

Bitcoin / TetherUSBinance

Description


Bitcoin is currently trading around $66000, up about 3% in 24 hour time frame. But since it dipped around 17% from it's all time high, the SOPR ratio suggests the profit booking is not yet over. BTC is still showing bearish accumulation. Predicting its path to a new all-time high is challenging, But when we surf through the weekly time frame, there's potential for a 'cup and handle' pattern to form, indicating a correction to $51,500 (probably a post halving dip) before a surge to $100,000. An Altseason can also happen during this time. Let us wait and see!
Comments
Coinlion_TT
Not very far from what I think :
Mudrex
Coinlion_TT
@Mudrex, in 4hr, i can see a possible Wyckoff, what do u think?
Mudrex
@Coinlion_TT, Yes, but not sooner. There will be a distribution phase before a mark down I think.

I have also published an altcoin season idea using Wyckoff method. Check that too
Coinlion_TT
@Mudrex, will check. But u are right
Mudrex
@Coinlion_TT, Cool, thanks
actionhoney
What are your views as per current Chart?
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