Inverted Cup and Handle – BTC May Slump to 21k
BTC/USD (Daily bars) – Inverted cup and handle pattern
December was a big disappointment for all crypto bulls that expected to see Bitcoin at $100,000 and beyond by the end of the year. The promising bullish engulfing candle on the weekly chart has failed to propel BTC price above 52k, and the leading cryptocurrency dumped to the levels where it spend the whole month – around $47,000.
But it seems the worst is not over yet. As you can see on the chart above, a well-defined inverted cup and handle pattern is formed. The pattern would be completed if the price drops below the ice line. That would encourage bears to continue short-selling and send BTC prices lower. Based on the height of the inverted cup and handle pattern, the price can slump to approximately $21,500.
The first half of 2021 was very promising, however, it looks like Santa decided not to visit hodlers this year. Will 2022 be any better? Well, if you believe chart patterns are reliable, then joining bears could be a good idea.
EURGBP Descending Triangle: A 250 Pips Trading Opportunity
EURGBP has been consolidating in a descending triangle pattern for the last 92 days, with the price fluctuating between the...
EURUSD Breaking Through or Rejected by the Symmetrical Triangle? Analyzing the Critical Moment
The EURUSD currency pair is at a critical juncture, as it fast approaches the lower boundary of the huge 275-week...
Trading Opportunity in Aluminum: Capitalize on the Head and Shoulders Bottom Pattern
The aluminum market has formed a Head and Shoulders bottom pattern which has been in place for 200 days, offering...
EUR/CHF Looks Set For a Bullish Reversal: How to Take Advantage of the Opportunity
The EUR/CHF forex pair has been in a state of consolidation from July to December. On the daily chart, a...
Head and Shoulders Bottom in CNH/HKD
Currency trading has been particularly volatile for the Chinese Yuan-Hong Kong Dollar (CNH/HKD) currency pair in the past few weeks....
GBP/AUD Cup and Handle
A textbook example of a cup and handle pattern is forming on the weekly GBP/AUD chart. It is an 89-week...
LTC Rectangle Pattern Confirmed: This Is What That Means for Litecoin!
The flagship cryptocurrency, Bitcoin, finally broke below the support line at $45,500 on January the 5th and dragged down the...
Big Falling Wedge Pattern Can Send ICP to THIS Level!
Prolonged price declines in the cryptocurrency market caused very negative sentiment among investors, however, there are some signs of recovery....
Inverted Cup and Handle – BTC May Slump to 21k
December was a big disappointment for all crypto bulls that expected to see Bitcoin at $100,000 and beyond by the...
What’s Next for Bitcoin? Be Patient and Keep it Simple
Simple strategies often beat complex ones, that’s especially true when it comes to trading. After the recent cryptocurrency crash, many...