I had already gone to bed, but suddenly I felt that this wave of decline was a bit strange. I turned over and carefully studied the candlestick chart and found something! The "cup and handle" pattern indicates that Bitcoin is very likely to see a big rise in the next few months, with a target range of 100,000 to 150,000 US dollars.
In other words, the "cup and handle" pattern is really a classic bullish signal. Simply put, there is an arc-shaped bottom (that is, the "cup") first, and then enters a short-term consolidation (the handle part). Once the key neckline resistance level is broken, the next period will be an explosion! This time, the bottom of the cup of Bitcoin is about 15,000 US dollars, and the resistance level is 65,000 US dollars. The gap of 50,000 US dollars in the middle indicates that it may rise to 110,000 to 130,000 US dollars next. It is predicted that this goal will be reached by early 2025.
The weekly Bollinger Band width has shrunk to the limit, which means that the big market is coming soon! Momentum indicators like Stochastic RSI and RSI show that the market is oversold, indicating that the selling pressure is weakening and the outbreak is not far away.
Another key point is that global liquidity is now flowing into risky assets such as Bitcoin, providing more support for this wave of rise. Especially after entering October and November, this may be the key moment for Bitcoin to explode!
This wave of market is really ready to go, and it is a hard truth to study and get on board early!
It's a bit interesting! 🤔🤔🤔
