TAO / TetherUSLong
TAO/USDT - Cup & Handle Pattern on the 1D Chart
We can see a promising **Cup & Handle formation** on the TAO/USDT daily chart. The Cup & Handle pattern is known as a bullish continuation signal, indicating the potential for a trend continuation.
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đź”´ **Cup Phase**: The "Cup" began forming when the downtrend halted, and a bottoming process started, followed by a gentle upward movement that shapes the form of a cup. The volume during this phase was relatively steady, indicating slow consolidation.
đźź **Handle Phase**: After the cup formation, we see a slight pullback, which forms the "handle". This movement typically indicates a final retracement before the price attempts a breakout to the upside.
đź“Š **Key Fibonacci Levels**: We are currently hovering around the **0.618 Fibonacci retracement level**, which is typically seen as a strong support zone. A successful breakout above the handle could indicate a bullish move, with the **extension levels** being potential price targets.
⚠️ **Key Levels**: A breakout above the **815.3 USDT** level could signal a continuation of the upward trend. On the other hand, a break below the support around **429.0 USDT** would invalidate the pattern and may lead to further weakness.
**Entry Point**: In current Retest Price: 460-475
🌟 **Potential**: A successful breakout from this pattern could trigger a strong buying signal and pave the way for new highs. The target for this pattern could be based on the cup’s height and Fibonacci extension levels, aiming for **1,220.9 USDT** or higher.
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"Always trade with caution and manage your risk! This is not financial advice."
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**Disclaimer**: This analysis is intended for educational and informational purposes only. It should not be construed as financial or investment advice. Trading cryptocurrencies involves significant risk, and you should consult with a qualified financial advisor before making any investment decisions. Past performance does not guarantee future results. You are solely responsible for your own trading activities and decisions.
#TAO
Before we continue please Boost this Post and Follow my Page to get more Chart-Analysis
đź”´ **Cup Phase**: The "Cup" began forming when the downtrend halted, and a bottoming process started, followed by a gentle upward movement that shapes the form of a cup. The volume during this phase was relatively steady, indicating slow consolidation.
đźź **Handle Phase**: After the cup formation, we see a slight pullback, which forms the "handle". This movement typically indicates a final retracement before the price attempts a breakout to the upside.
đź“Š **Key Fibonacci Levels**: We are currently hovering around the **0.618 Fibonacci retracement level**, which is typically seen as a strong support zone. A successful breakout above the handle could indicate a bullish move, with the **extension levels** being potential price targets.
⚠️ **Key Levels**: A breakout above the **815.3 USDT** level could signal a continuation of the upward trend. On the other hand, a break below the support around **429.0 USDT** would invalidate the pattern and may lead to further weakness.
**Entry Point**: In current Retest Price: 460-475
🌟 **Potential**: A successful breakout from this pattern could trigger a strong buying signal and pave the way for new highs. The target for this pattern could be based on the cup’s height and Fibonacci extension levels, aiming for **1,220.9 USDT** or higher.
---
"Always trade with caution and manage your risk! This is not financial advice."
---
**Disclaimer**: This analysis is intended for educational and informational purposes only. It should not be construed as financial or investment advice. Trading cryptocurrencies involves significant risk, and you should consult with a qualified financial advisor before making any investment decisions. Past performance does not guarantee future results. You are solely responsible for your own trading activities and decisions.
#TAO
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.