On the weekly Bitcoin chart, we can see a cup and handle pattern, a classic bullish formation:
Cup and Handle Formation:
The price formed a rounded bottom (the cup) followed by a smaller consolidation dip (the handle).
This pattern is a sign of long-term accumulation and typically signals a continuation of the uptrend after a breakout.
Breakout:
Bitcoin broke out of the handle’s resistance, confirming the bullish pattern.
The breakout suggests strong buying pressure, pushing the price toward a new peak.
Retest Zone:
After the breakout, the price is testing the previous resistance (now support).
A successful retest could confirm the breakout, setting the stage for another rally.
Bitcoin Peak Target:
The green arrow suggests a potential price peak if the retest holds and the trend continues upward.
Peaks often align with historical halving cycles and market sentiment, so the upward channel could act as a guide for price discovery.
Key Levels:
Support: The lower yellow trendline.
Resistance: The upper yellow trendline.
A bounce from support would strengthen the bullish case, while a breakdown could signal a deeper correction.
Cup and Handle Formation:
The price formed a rounded bottom (the cup) followed by a smaller consolidation dip (the handle).
This pattern is a sign of long-term accumulation and typically signals a continuation of the uptrend after a breakout.
Breakout:
Bitcoin broke out of the handle’s resistance, confirming the bullish pattern.
The breakout suggests strong buying pressure, pushing the price toward a new peak.
Retest Zone:
After the breakout, the price is testing the previous resistance (now support).
A successful retest could confirm the breakout, setting the stage for another rally.
Bitcoin Peak Target:
The green arrow suggests a potential price peak if the retest holds and the trend continues upward.
Peaks often align with historical halving cycles and market sentiment, so the upward channel could act as a guide for price discovery.
Key Levels:
Support: The lower yellow trendline.
Resistance: The upper yellow trendline.
A bounce from support would strengthen the bullish case, while a breakdown could signal a deeper correction.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.