BTC bottom? for BITSTAMP:BTCUSD by CFcryptoTA

Hello everyone, I have already explained yesterday my thoughts about the short term direction. However, today I wanted to zoom out and show you what the medium-term picture has prepared for us. In this chart, you can appreciate that BTC has formed a great Cup and Handle pattern. I had forecast this about a month ago, and we are finishing the handle.
Cup n Handle is typically a continuation pattern. Although it is not the most reliable of all patterns, it can be very profitable if it is spotted right. Usually, the handle retraces between 1/3 and 2/3 of the precedent rally, as we can appreciate here. Also, wave 1 of a new bull market retraces a minimum of 50%, which we have touched at 39300. More often, the retracement of wave 1 touches the 0.618 of the fib level, which is my target of 37 from yesterday’s chart. The best way to trade the C n H is to wait for the violation of the resistance in the handle or wait for the breakout of the upper resistance of the cup. The target of the breakout will be 76600 (new ATH ). However, we know that pattern often perform multiple time the objective and knowing that this will be the three impulsive waves we can expect the next leg to reach around 100k. However, as a first target to take profit, I have 0.382 of the projection of waves 1 and 3 of the macro frame, sitting at 84k. My final target is 165k. However, I will aggressively take some profit out, starting from 84k. There is nothing worst than be greedy and ride the wave up to then ride it all the way back. Take profit and enjoy them. Just note how this retracement is just a breakout and retest of the previous resistance (red) drawn from the ATH . BTC is approaching the diagonal support line connecting the two lows from march 2020 and July 2021.
I want to reinforce that all my contents are educational only. They are not, by any means, financial advice.

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