BTC/USD Forming Bullish Cup and Handle Pattern – Breakout Target
Support Zone (Labeled "SUPPOT"):
A clear horizontal support zone has formed between approximately $106,231 and $107,555.
Price has tested this zone multiple times, showing buying interest and support holding.
Cup and Handle Pattern Formation:
The blue curved line suggests a "cup and handle" formation, a classic bullish continuation pattern.
The cup appears to be forming and a handle is likely in progress or forming soon.
Breakout Target ("POINT"):
The green box above suggests the target area for the breakout move, with a projected price of $118,172.
This target is calculated by projecting the depth of the cup upwards from the breakout point.
Moving Averages:
EMA 50 (red line): Currently around $108,986.
EMA 200 (blue line): Currently around $107,049.
Price is trading above both, which is generally bullish, suggesting upward momentum.
Risk Zone (Red Box):
Below the support zone is the risk area where invalidation of the bullish pattern may occur.
Interpretation:
The chart setup implies a bullish bias with a potential breakout leading to a move toward $118,172.
A successful breakout would likely require a strong candle close above the resistance zone just above $109,000.
Traders might look for confirmation before entry, using volume or a retest of the breakout level.
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