Analysis

[masterluc]

780 would be a fail - sell on retrace.

Until daily sma 20 and upper weekly BB holds - thats okay imho

[molecular]

Are we drawing the handle of the 3-year cup & handle by any chance?

[RyNinDaCleM]

780 would be a fail - sell on retrace.

Until daily sma 20 and upper weekly BB holds - thats okay imho

Currently below the weekly BB. 36 hours to get back above before the close.

[ErisDiscordia]

retest of $1000 round number and broken green channel. nothing more so far.

so are we forming the handle yet?

Are we drawing the handle of the 3-year cup & handle by any chance?

I think that's exactly what is happening. But I don't know what I'm talking about.

Any thoughts, Luc?

[Globb0]

Do you mean drawing as in deliberately creating the pattern?

[hdbuck]

780 would be a fail - sell on retrace.

Until daily sma 20 and upper weekly BB holds - thats okay imho

Currently below the weekly BB. 36 hours to get back above before the close.

[rjclarke2000]

Didn't ML predict this drop in January? I am pretty sure I saw that somewhere.

[molecular]

Do you mean drawing as in deliberately creating the pattern?

No, I didn't mean to imply intention. If I would I would probably use "painting" (as in "painting the tape")

[molecular]

retest of $1000 round number and broken green channel. nothing more so far.

so are we forming the handle yet?

Are we drawing the handle of the 3-year cup & handle by any chance?

I think that's exactly what is happening. But I don't know what I'm talking about.

If so, we'd have to go down not much more than $800 (1/3rd of the runup from bottom to rim) and then break out on volume. That'd be bullish as fuck, of course.

[boyshx]

and how long would it take to form that handle?

[molecular]

and how long would it take to form that handle?

In my opinion using "rule of thumb" timings from "traditional markets" is misguided in bitcoin. Bitcoin has gotten a lot slower, but it still behave much quicker than other, more established markets. Especially when in panic mode like now.

That said, in cup & handle examples I've seen the handle is usually 1/10th to sometimes even 1/2 of the cup itself in time. So a quick handle (days) like this for a 3 year cup would surely be exceptional, but I wouldn't rule the pattern out because of this.

[masterluc]

Are we drawing the handle of the 3-year cup & handle by any chance?

probably if 780 fail. then need to wait another half year of consolidation

[molecular]

Are we drawing the handle of the 3-year cup & handle by any chance?

probably if 780 fail. then need to wait another half year of consolidation

What do you mean with "if 780 fail"? If price goes below 780? If so, wouldn't that invalidate the cup & handle because it retraced too much? How deep can it go for the 3-year c&h to still be valid in your opinion?

And what if 780 holds? Could still be cup & handle, no?

[masterluc]

c&h allows down to 50% of cup height deep

[hhthinh]

c&h allows down to 50% of cup height deep

that would be around 500$

[TeeBone]

c&h allows down to 50% of cup height deep

that would be around 500$

On Stamp, 1160 high to 150 cup bottom....is 655

[rjclarke2000]

Apologies I am not ML and apologies for bumping this.


I just have to ask here, didn't ML predict a dump in January and this means we are on course.

Is the dump bullish in ML's mind?

I can't seem to find the beginning of the year prediction.

[snowdropfore]

780 seems holding well。

[wpalczynski]

Apologies I am not ML and apologies for bumping this.


I just have to ask here, didn't ML predict a dump in January and this means we are on course.

Is the dump bullish in ML's mind?

I can't seem to find the beginning of the year prediction.

I cant see how a dump can be Bullish.  He has said in the past that as long as 780 holds nothing changes in terms of his prediction.

[molecular]

780 seems holding well。

If I was a bear/dumper or whatever who wants a crash, I'd be shooting all my powder to get below 780.

It's the critical point that decides wether we wait a couple of months or a year to break the ATH.