TURBO/USDT - Cup and Handle Formation (1D Chart) LONG

TURBO/TETHERUS Binance

Overview:

TURBO/USDT is potentially forming a textbook Cup and Handle pattern on the 1-day chart. Price action suggests a rounded bottom (the "cup") followed by a consolidation range (the "handle"), setting up for a possible breakout.

Pattern Structure:

- Cup Formation:

Price rallied from ~0.0029 to ~0.0060 USDT, retracing slightly from the top. This rounded rise resembles the classic cup shape.

- Handle Formation:

Recent price consolidation between 0.0042-0.0049 USDT hints at the formation of the handle. A breakout above resistance could validate the pattern.

Key Technical Levels: | 0.0047-0.0050 |

Entry Zone ~0.0060

| Resistance (Breakout) | |~0.0064

| Target 1 | 0.00780.0084 |

| Target 2 | Below 0.0042 | Stop Loss

Additional Indicators:

- Volume: Watch for increasing volume to confirm breakout momentum.

- RSI (14-day): Neutral zone with room for upward movement. Momentum is building. - Fibonacci Levels: 0.618 retracement (~0.004458 USDT) has acted as a key support during handle formation.

Idea: Monitor for a daily close above 0.0060 with volume confirmation. That could mark the beginning of a bullish continuation. Risk management is essential if price fails to hold above the handle support.

$TURBO DYOR