Bitcoin is Going for 88 K - Cup Handle Pattern
Hello My dear Traders,
I am Bullish for Bitcoin for a Target of 88 K
The cup and handle pattern is a technical analysis pattern used trading to identify potential bullish continuation patterns
It's formed by a price movement that resembles a cup with a handle. Here's how it typically looks: Here are the stages for cup and handle pattern.
First stage - Cup: The price initially forms a rounding bottom, creating the shape of a cup. This phase usually represents a period of consolidation after a previous uptrend. The up move Started from 58 K to 71k and now the cup is fully formed.
Second Stage - Handle: Following the cup formation, there's a slight downward drift in this case from 71 k to 67 k in prices, forming a smaller consolidation pattern resembling a handle. I have marked the likely handle formation on the chart. range of handle is from 67 k to 71 k levels - a short lived bearish trend or we can say consolidation near the zone of resistance.
How to enter Trade in Cup and Handle Pattern - The buy signal occurs when the price breaks out above the handle's resistance level, indicating a potential continuation of the previous uptrend. In this case any break above 71 K levels will be bullish for the target of 88 k on the charts.
what are the confirm the Pattern Confirmation characteristics ?
Volume: Typically, volume should decrease as the cup forms and increase during the breakout phase. Same in happening this case also.
Depth: The cup should be relatively deep, indicating a significant retracement from previous highs. The depth of cup is from 58 k to 71 K - qualifies for adequate depth
Duration: The pattern should ideally take several weeks to form, indicating a solid base of support. In this case. Seven Weeks have been taken in formation of the cup as marked on the chart. The formation of handle is still in progress for last two weeks. Completion is expected in by another two weeks.
I hope this analysis of mine will help you learn something more and new about Cup and Handle Pattern in technical analysis
Do follow and like / boost my work to motivate me
God Bless you all
I am Bullish for Bitcoin for a Target of 88 K
The cup and handle pattern is a technical analysis pattern used trading to identify potential bullish continuation patterns
It's formed by a price movement that resembles a cup with a handle. Here's how it typically looks: Here are the stages for cup and handle pattern.
First stage - Cup: The price initially forms a rounding bottom, creating the shape of a cup. This phase usually represents a period of consolidation after a previous uptrend. The up move Started from 58 K to 71k and now the cup is fully formed.
Second Stage - Handle: Following the cup formation, there's a slight downward drift in this case from 71 k to 67 k in prices, forming a smaller consolidation pattern resembling a handle. I have marked the likely handle formation on the chart. range of handle is from 67 k to 71 k levels - a short lived bearish trend or we can say consolidation near the zone of resistance.
How to enter Trade in Cup and Handle Pattern - The buy signal occurs when the price breaks out above the handle's resistance level, indicating a potential continuation of the previous uptrend. In this case any break above 71 K levels will be bullish for the target of 88 k on the charts.
what are the confirm the Pattern Confirmation characteristics ?
Volume: Typically, volume should decrease as the cup forms and increase during the breakout phase. Same in happening this case also.
Depth: The cup should be relatively deep, indicating a significant retracement from previous highs. The depth of cup is from 58 k to 71 K - qualifies for adequate depth
Duration: The pattern should ideally take several weeks to form, indicating a solid base of support. In this case. Seven Weeks have been taken in formation of the cup as marked on the chart. The formation of handle is still in progress for last two weeks. Completion is expected in by another two weeks.
I hope this analysis of mine will help you learn something more and new about Cup and Handle Pattern in technical analysis
Do follow and like / boost my work to motivate me
God Bless you all
