Bitcoin exhibits recurring cup and handle patterns, suggesting a potential breakout above key resistance levels.
Cup and Handle Patterns in Action
The analysis identifies a cup and handle formation with a curved pattern meeting a horizontal resistance. After the initial cup formation, price consolidation appears to set the stage for further upward movement, indicating a potential new phase of bullish momentum.
Support and Resistance Levels
Resistance is identified around 108,000, acting as a barrier with selling pressure. Meanwhile, support exists between 77,000 and 80,000, providing a foundation for potential bullish structures.
Projected Upside and Market Outlook
A short-term correction might occur around the 77,000-80,000 zone before possibly moving back to the 108,000 resistance. A breakout here could lead to a rally toward 140,000-150,000.
Current market sentiment suggests a shift from selling to buying pressure, supporting Bitcoin's bullish trend.
