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Title: Bitcoin is forming an inverted cup and handle, signaling an impending freefall.
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URL Source: https://citizenwatchreport.com/bitc ... gnaling-an-impending-freefall/
Published: Nov 30, 2024
Author: Horse
Post Date: 2024-11-30 10:18:10 by Horse
Keywords: None
Views: 88
Comments: 3
The inverted cup and handle is considered a bearish reversal pattern in technical analysis. Here’s an explanation: Structure: The “inverted cup” resembles an upside-down “U” shape, indicating a prior upward trend that has peaked and begun to decline. The “handle” forms as a temporary consolidation or slight upward retracement after the downward movement of the inverted cup. Implication: The pattern suggests a loss of bullish momentum and a potential continuation of the downward trend after the handle breaks lower. Confirmation: The pattern is confirmed when the price breaks below the support level formed at the bottom of the inverted cup. This is often accompanied by an increase in trading volume, signaling strong bearish sentiment. Target Price: To estimate the potential downside, measure the height of the inverted cup (from the peak to the support line) and project that distance downward from the breakout point. Psychology Behind It: The inverted cup represents the exhaustion of buying pressure after a strong rally. The handle reflects weak attempts to regain momentum, but sellers eventually take over, pushing prices lower. It’s a strong warning to traders that further declines could be imminent. 
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#1. To: Horse (#0)
Been watching crypto long enough to agree that yes, a pullback from the psychological 100k level is normal. A longer term drop to even 60k not out of the question. My personal longer term call is BTC hitting it's next ATH between 160k & 220k, after which it would drop to back under 100k. That if it follows historic dollar price patterns.
#2. To: Pinguinite (#1)
I'd be tempted to get in if that happened.
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Replies to Comment # 1. A longer term drop to even 60k not out of the question.
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