Bitcoin BTC price forming "Cup and handle" for continued upmove?
Updated
Probably, the Cup and Handle pattern is forming on the BTCUSDT chart.
This pattern is usually formed to continue a trend movement.
The upside shot will depend on how low the price drops in the handle, but the levels from above are still relevant: $32650, $33600, $34550.
The critical level for the pattern to be relevant is $30275. Fixing the BTC price below this level can give sellers confidence at last that they can break the stops below $29500-30000 for the 5th time.
Yesterday was an Independence Day holiday in the US, so the market was sluggish.
Today, the FOMC minutes are due to be published, which can revitalize, invigorate, and add volatility to the charts, so keep this in mind. Perhaps those minutes will contain a "hint" of what will happen to the Fed rate on 07/26/23.
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This pattern is usually formed to continue a trend movement.
The upside shot will depend on how low the price drops in the handle, but the levels from above are still relevant: $32650, $33600, $34550.
The critical level for the pattern to be relevant is $30275. Fixing the BTC price below this level can give sellers confidence at last that they can break the stops below $29500-30000 for the 5th time.
Yesterday was an Independence Day holiday in the US, so the market was sluggish.
Today, the FOMC minutes are due to be published, which can revitalize, invigorate, and add volatility to the charts, so keep this in mind. Perhaps those minutes will contain a "hint" of what will happen to the Fed rate on 07/26/23.
_____________________
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Note
BTCUSDT price reaches a critical level of $30275It's time for buyers to get active if that's what they're planning to move the price up
Note
Yesterday, buyers fulfilled the "minimum program" and kept the price above the critical level.Now the main resistance is above $30,800, after breaking through which growth may accelerate.
Also, based on the depth of the correction"the handles" recalculated the take profits for the pattern, now they are $32500, $32800, $33200
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