Bitcoin’s Cup & Handle PlayBook -points for explosive expansion

Bitcoin’s Cup & Handle PlayBook -points for explosive expansion

Tl; Dr.

  • Bitcoin’s bicycle tables show Cup & Handle formations that have activated historically steep outbreak expansion.
  • Analysts follow support at $ 111k and $ 90k – $ 92k, with upward resistance mapped at $ 123k.

Recurring Cyclus Patterns

Crypto analyst Merlijn The trader shared that Bitcoin’s graph is again following a well -known structure. His point of view emphasizes recurring cyclus patterns that have characterized earlier market phases. In earlier years, Bitcoin was a completion base in 2015-2017, an Adam & EVA pattern in 2018-2020 and a cup and hand formation in 2021-2024. Each setup ended with a steep price expansion.

He linked these extensions to the relative strength index (RSI) that crossed over 70 and called it the “Inflammation switch.“Merlijn wrote,

His graph indicates that the market is in the middle of completing another cup and handle structure, with a starting phase.

Main support and resistance

Analyst Michaël van de Poppe noted that BTC is holding almost $ 111,600, where a red support block between $ 111,500 – $ 112,000 has been tested several times. It pointed to resistance of around $ 114,755 and $ 116,813, while a stronger food zone remains at $ 118,000 – $ 119,500. Cleaning up that level can lead to a movement to $ 123,288.

Van de Poppe also mapped an accumulation grade lower on the graph, between $ 100,740 – $ 103,190, where previously a volume picked. He noticed,

Long -term trend line

Analyst Ted Pillows placed a weekly display that emphasizes the long -term -rise trendline of Bitcoin. It has supported support since the beginning of 2023, with the market of several occasions of Buitert. Cushions called It “The most important trendline for $ BTC. “

The trendline is currently running through the $ 90,000 – $ 92,000 area. The analyst added that this range also matches an open cme gorge, making it an area to look at. His graph suggests that if the price drops by around 20%, this can re -test this level for a larger rally.

Source: TED/X

A recent report from CryptopotatoWith reference to santiment data, Binance traders reached their highest level of short exposure in more than three months just before the newest red candle from Bitcoin. Shortly thereafter, many of those positions turned back to the long side as the price momentum shifted.

In fact, the combination of repeating cycling patterns, support tests and high futures activity has kept attention to whether BTC is preparing for another expansion phase.

Special offer (sponsored)

Binance free $ 600 (excluding cryptopotato): Use this link to register a new account and receive $ 600 excluding welcome offer on Binance (Full details).

Limited offer for Cryptopotato readers at Bybit: Use this link to register and open a free function of $ 500 on each coin!


#Bitcoins #Cup #Handle #PlayBook #points #explosive #expansion

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *