Possible formation of an inverted cup and handle on BTC
The move forecast on this analysis is not different from the forecasts in my previous (Linked) analysis, but we'll take a look at this because it's interesting. The cup and handle pattern is one readily recognised by bulls (New and old alike) but less often do we see people showing examples of the bearish variation of the pattern. We might have one of these setting up on BTC.
Our conditions to form the sell signal here are a fall down to retest the lows and then a shallow bounce to about 40K. This would form the cup and then the handle part of the pattern and generate strong sell signals into the 40K sort of zone. In the bullish version of the cup and handle pattern the implied price move is a parabolic (Straight up) move. Similarly, in the bearish version of the pattern capitulation (Straight down) is implied.
Our conditions to form the sell signal here are a fall down to retest the lows and then a shallow bounce to about 40K. This would form the cup and then the handle part of the pattern and generate strong sell signals into the 40K sort of zone. In the bullish version of the cup and handle pattern the implied price move is a parabolic (Straight up) move. Similarly, in the bearish version of the pattern capitulation (Straight down) is implied.
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