Inverted Cup & Handle and Head & Shoulder

I want to start off by saying, I'm not all that great at trading or TA. I started last February when Bitcoin piqued my interest. Well, I lost my job to the madness outside. So, I've been trying to make a living trading crypto throughout the day and I want to be good at it. There so many things I wish someone had told me in the beginning; I'm 100x better now than I was then. Even so, I still feel as though I know nothing, and it feels kind of bad.


That being said, I have looked at this chart a lot over the past year. In the beginning of '21 there was a massive run up and then huge drop, since then we made a new all-time high and heading back down again. At this moment we are losing an important level of support ($40,000 - $42,000), If we lose this level I will be looking to the next level of support ($29,000 - $30,000)


There is a massive Cup & Handle on the daily time frame, if it plays out, we can expect to see Bitcoin as low $17,000. There is confluence: A stellar Example of a Head & Shoulders pattern forming on the weekly time frame. 17k is also the .786 fib level from the coronavirus dump to the all-time high. All of this assuming that price does NOT hold at 29k. That would invalidate my plan.


I am not a fundamental trader, but I've heard more experienced traders say that "dumb" money is leaving the market it and I really can see that being a possible reality. An overwhelming amount of bearish news could easily have the normal guy taking his finances into serious consideration.


Indeed, I am short on Bitcoin