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$btc $eth $bnb
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$BTC / $USDT - TA OTD 📊
When the price starts to consolidate below resistance, it is usually a bullish sign.
The best visual representation? A Cup & Handle pattern.
As you can see, $BTC seems to be making a massive one.
Grab your CUP of coffee, I will HANDLE this for you 😉
A Cup & Handle is a bullish chart pattern resembling a "u" shape followed by a slight downward drift.
Traders use it to spot opportunities to go long, placing a stop buy order either at the handle's bottom trendline or after the breakout level.
Thanks, Sjuul, but can I use it for $BTC?
Well, as usual I can see two options playing out here.
Option 1: If we get a deeper pullback along the handle channels.
Ideally, you can try to enter at the green box. We have a clear resistance turned support level there and our beloved 4H EMA200.
If we get a dip, that would be a perfect area to load more.
Option 2. If bulls keep pushing higher, we wait for a breakout of the Cup & Handle pattern and enter at the breakout level.
In both cases, you want to see the resistance level broken and left behind for good; otherwise, the pattern will simply not be valid.
If the Cup & Handle pattern breaks, we should have a clear technical target, which is the depth of the cup’s low point.
If this works out, it should bring us just around the $90K level!
That's it for today.
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