BITCOIN Cup and Handle on full motion looking for the break-out.

4 ต.ค.

Bitcoin's (BTCUSD) full Cycle since the November 2021 High can be illustrated as nothing more than a Cup and Handle (C&H) pattern with the Channel Down since March 2024 being the Handle of the formation.

Simple yet a technical reality, the Handle found support both in early August and September on the 1W MA50 (blue trend-line), keeping the bullish trend valid. In fact, the 1D MA200 (red trend-line) and the 1W MA50 have been the bottom formation zone during its previous 6-month consolidation in August - September 2023.

All Bullish Legs since the November 2022 bottom have been within +90% and +100%. Even if the minimum (+91.68%) of the last rally is followed, we can expect Bitcoin to reach at least $94000 during that run by the end of the year.

But what do you think? Will this Cycle-long Cup and Handle serve its purpose and break-out aggressively? Feel free to let us know in the comments section below!

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