The above chart of Bitcoin (BTCUSDT) laid out a Cup and Handle pattern (Bullish Pattern) . In a Cup and Handle pattern, the price movement forms a U-shaped Cup and then a subsequent price drift downwards forms a handle.
This pattern in general is characteristic of a Bullish trend. If the price breakout and moves towards the uptrend, the bullish pattern is expected to continue.
Currently, Bitcoin (BTCUSDT) is at $23165( Above the Breakout Level). If the pattern continues on the higher trend, then the price of Bitcoin (BTCUSDT) might reach the resistance level (Measured Length) of $29275, If the trend reverses, then the price of Bitcoin (BTCUSDT) may fall to $21460.
From the above daily time frame, we can clearly interpret the following as the resistance and support levels of Bitcoin (BTCUSDT).
Resistance Level 1 $23820
Resistance Level 2 $25830
Resistance Level 3 $26850
Resistance Level 4 $29275
Support Level 1 $21460
Support Level 2 $18673
Bitcoin (BTCUSDT) Resistance & Support Level
This pattern in general is characteristic of a Bullish trend. If the price breakout and moves towards the uptrend, the bullish pattern is expected to continue.
Currently, Bitcoin (BTCUSDT) is at $23165( Above the Breakout Level). If the pattern continues on the higher trend, then the price of Bitcoin (BTCUSDT) might reach the resistance level (Measured Length) of $29275, If the trend reverses, then the price of Bitcoin (BTCUSDT) may fall to $21460.
From the above daily time frame, we can clearly interpret the following as the resistance and support levels of Bitcoin (BTCUSDT).
Resistance Level 1 $23820
Resistance Level 2 $25830
Resistance Level 3 $26850
Resistance Level 4 $29275
Support Level 1 $21460
Support Level 2 $18673
Bitcoin (BTCUSDT) Resistance & Support Level
Trade closed manually:
Stop Loss Hunting
Descending Channel Mode