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Cup and Handle chart pattern points to $130k bitcoin price

jondoe - 2024-08-21 20:56:09

Will this chart pattern play out?


Bitcoin has created what looks like a rather large cup and handle trading pattern.


Check it out:


image.png


(Source: https://x.com/rovercrc/status/1824889432610050151/photo/1)


The measured move for this setup is taken from the right top of the cup to the based.


In this instance that would be about $74k to about $15k, which is roughly $59k.


That value is added to the breakout from the handle, which would be around $70k or so.


Add it all up and that points to a price in the $120k to $130k range.