Short

BTCUSD: Giant Cup and Handle eyes $50,000

Bitcoin turned oversold on its 1D technical outlook (RSI = 22.418) and is about to do the same on 1W as well (RSI = 35.690, MACD = -4969.500, ADX = 20.258). The reason is the aggressive selling of the past 4 weeks after the 1D MA200 rejection and the market is going again for a 1W MA200 test sooner than most expected. An unpopular technical opinion would be viewing this whole move as part of the Handle formation of a 5 year Cup and Handle pattern. A 1W MA350 test around $50,000 could complete it and then then new Bull Cycle could set eye for the 2.0 Fibonacci extension at $300,000 as its next Top. Before that though, it would be interesting to see where this sell-off stops.

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