BITCOIN Time to fill this Channel Up and Handle and head to 80k?

I've done this Channel Up/ Cup and Handle chart previously but not on the log scale. My most recent Cup and Handle (C&H) post was the following:

So as Bitcoin has been pulling-back from the $67200 All Time High (ATH), I thought it would be a good time to refresh our memory on this Channel Up/ Cup and Handle combo.

As you see the Channel Up has had perfect touches on both the Higher Highs and Higher Lows trend-lines. This pull-back can serve as the new Higher Lows formation at the bottom of the Channel Up but as you see at the same time may complete the Handle of the C&H pattern. The previous Higher Low was contained on the 1D MA100 (green trend-line), which is currently at $48140. The 1D MA50 (blue trend-line) served as a temporary bounce level but only managed to make a Lower High.

The trend of the 1D MA100 shows that a new Higher Low for the Channel Up can be achieved a little above 50k. That will almost be on the 0.618 Fibonacci retracement level from the Top, which constitutes a respectable technical correction in Fibonacci terms. Technically, that should be enough as a Handle for the C&H pattern.

Notice at this point, the relevance of the CCI indicator (1D time-frame). It's Lower Highs trend-line has shown since the Channel Up started that a relatively safe buy level is when it hits the Support Zone. So if BTC goes below the Channel Up, it would perhaps be wise to wait for the CCI to enter the Support Zone before buying again.

So what do you think? Will those two patterns get filled at the same time and allow BTC to head to 80k? Feel free to share your work and let me know in the comments section!



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