The post Bitcoin draws ‘biggest cup and handle’ pattern that will ‘shock the world’ appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) continues to consolidate in a nearly six-month price range that gets tighter and makes a breakout imminent. Zooming out, this range acts as the “handle” of a three-year “cup,” according to a cryptocurrency trader and technical analyst. MetaShackle – known for trading and providing technical analyses for cryptocurrencies –  published a new BTC idea on TradingView on August 27. As the analyst described, Bitcoin currently has “the biggest cup & handle in crypto history,” saying it will “shock the world.” “BTC is forming an absolutely massive Cup & Handle on the Daily/Weekly chart. There has never been a formation like this in the history of crypto, and it’s sure to be an incredible run to levels that will shock the world.” – MetaShackle BTC 3-year cup & handle pattern. Source: TradingView / MetaShackle What is the Cup and Handle pattern? The ‘Cup and Handle’ pattern is a bullish chart formation in Bitcoin trading that resembles a cup with a handle. It typically consists of a rounded bottom (the cup) followed by a slight downward drift (the handle), indicating a potential upward breakout. Traders use this pattern to identify possible entry points and price targets by measuring the depth of the cup and projecting that distance upward from the breakout point of the handle. Bitcoin (BTC) price analysis and prediction that will ‘shock the world’ Notably, the described “biggest cup and handle in crypto history” starts with November 2021’s Bitcoin top of $69,000. Then, the bear market happened and consolidated in the following two years, drawing the cup formation, bottoming at $15,500. BTC validated “the cup” with March 2024’s new all-time high of $73,800, completing the formation and starting “the handle.” This next step has been going on for six months, consolidating with a slight downtrend that can break…

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Filed under: News - @ August 27, 2024 4:23 pm