There is a cup and handle pattern forming with bitcoin 0.73% . Initially I was looking for this to form a larger cup and handle reaching back up to 12k to get rejected. But clearly it has broken out of that pattern. What I see as a possibility now is the top of the pattern around 10k, and currently we're making the handle in a descending channel . Right now I'm seeing a low for this correction at the 0.681 Fib level around 7800. BUT it very well could break down even lower to the 0.786 mark at about 7250. Only time will tell. After this pattern completes, we should have a nice run past 10k (finally) but then we may see rejection at the 12k levels again. Also interesting to note is the 4-hour MACD moving within a triangle. A breakout on the MACD could correspond to a breakout of the cup and handle .
