I figured that this recent uptick in BTC price was just a correction in the overall continuing downtrend in the market, but now I see confirmation.
We started forming the yellow cup and handle, but the handle is over the 50% mark for where it needs to be proportionally to qualify as a cup and handle anyways, and then we broke down below it's trend line and can see that is acting as new resistance.
My red dotted line is my guess of where this is all going to hopefully turn around, but really we won't know until we are there and can feel some optimism in the market. My guess is simply based on crit points 1-2 years ago. $3,000 puts us at an 85% drop from the high of ~20k last year.
We started forming the yellow cup and handle, but the handle is over the 50% mark for where it needs to be proportionally to qualify as a cup and handle anyways, and then we broke down below it's trend line and can see that is acting as new resistance.
My red dotted line is my guess of where this is all going to hopefully turn around, but really we won't know until we are there and can feel some optimism in the market. My guess is simply based on crit points 1-2 years ago. $3,000 puts us at an 85% drop from the high of ~20k last year.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.