From the perspective of steel mentality
We are observing whether we can create a handle after completing the long-term cup formation and break it.
We need to incorporate financial estimates that can reach higher than the depth of the cup. The bottom price of the cup is $16,000, the high price is $69,500, and the depth is $53,500. The line that needs to be completed and broken is $69,500. If Bitcoin clearly breaks through $70,000, it is expected to enter a new phase.
$69,500 + $53,500 = $123,000
I hope to enter a phase where we expect it to surpass $100,000.
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tena0623 : Based on this, as I mentioned before, companies like Tesla will also rise, including semiconductors and mining, right?
J_M_RIN OP tena0623 : Basically, it is a bullish market cycle, and unless there are obviously bearish economic indicators or comprehensive corporate earnings, it is likely to be risk-on. While Tesla has a weak correlation with cryptocurrency and stock prices, I think it's a good idea to keep in mind that holding a lot of bitcoin can be a positive factor for the company if the price goes up. The important thing is Tesla's disruptive innovation.
tena0623 J_M_RIN OP : Good morning! I thought there wouldn't be much movement yesterday, so I left early....I fell asleep (laughs)
I noticed that tesla had gone up.
I am buying on the dip with a very shallow historical mile rule, so I haven't added to my position yet, but it's nice to watch the market, it's inspiring.
Both bitcoin and tesla seem to be reversing, so I want to keep a close eye on them this week!!
J_M_RIN OP tena0623 : I think it's better to still watch carefully because it's a good scene.