Bitcoin may be about to create a cup and handle pattern

If bitcoin dips here, don't panic.

The chart is looking a little over-extended and a dip may be in the cards in the near future, but that isn't anything unusual or a cause for concern.

It's very possible that bitcoin is simply putting in a cup and handle pattern.

A cup and handle pattern looks like this by the way:

(Source: https://twitter.com/SaifAlzahrani20/status/1327595383795707905/photo/2)

Do you see the cup and handle outline on the chart there?

Cup and handle patterns are traditionally very bullish setups.

The resulting move takes prices roughly the height of the cup.

Here is it on bitcoin currently:

(Source: https://twitter.com/SaifAlzahrani20/status/1327595383795707905/photo/3)

If we use that measured move mentioned above, which is the height of the cup, roughly $12k in our example above, that would indicate the measured move might take the price to the $25k range at the minimum.

$25k after a brief pullback around these levels sounds pretty good to me!