"Cup and Handle" Pattern:
The price movement forms a "cup" shape (yellow curve), which is a well-known bullish continuation pattern. This indicates a gradual recovery back to previous resistance levels.
The "handle" (on the right side) is a small consolidation phase, which could lead to a breakout above the resistance.
Horizontal Resistance (Blue Line):
A significant resistance zone is identified around $30, which has just been broken. This breakout is a strong bullish signal.
Potential Price Target:
The green projection line shows a target around $42, calculated based on the depth of the cup. The distance from the base (around $18) to the resistance is added to the breakout point.
Support Levels:
If the breakout fails, key support levels lie around $18-$20 (yellow dashed line), which could act as a safety zone for buyers.
Bullish Momentum:
The price movement forms a "cup" shape (yellow curve), which is a well-known bullish continuation pattern. This indicates a gradual recovery back to previous resistance levels.
The "handle" (on the right side) is a small consolidation phase, which could lead to a breakout above the resistance.
Horizontal Resistance (Blue Line):
A significant resistance zone is identified around $30, which has just been broken. This breakout is a strong bullish signal.
Potential Price Target:
The green projection line shows a target around $42, calculated based on the depth of the cup. The distance from the base (around $18) to the resistance is added to the breakout point.
Support Levels:
If the breakout fails, key support levels lie around $18-$20 (yellow dashed line), which could act as a safety zone for buyers.
Bullish Momentum:
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.