BIGTIME CUP AND HANDLE PATTERN
Key Points:
Cup and Handle Pattern:
The chart indicates the formation of a Cup and Handle pattern, a bullish continuation pattern.
The "cup" formation began around April 2024 and completed in November 2024.
The "handle" part is forming currently and has recently broken out, suggesting a continuation of the upward trend.
Support and Resistance Levels:
Current Price: The current price is $0.19273.
Immediate Support: Around $0.17397, which aligns with the previous consolidation area during the handle formation.
Major Support: Around $0.13341, which is the low point of the cup formation.
Resistance Level: The immediate resistance level is around $0.19230, which the price has just broken.
Target Price:
The Cup and Handle target price is calculated by measuring the depth of the cup and adding it to the breakout point.
The target price is around $0.32614, representing a significant upside from the current price.
Technical Indicators:
200 EMA: The 200-day Exponential Moving Average is currently at $0.16013. The price trading above this level indicates a bullish trend.
Volume: The recent breakout is accompanied by an increase in volume, which adds strength to the bullish signal.
Conclusion:
The Cup and Handle pattern suggests a bullish continuation, with a target price of $0.32614. The price has just broken out from the handle, supported by increased volume, and is trading above the 200-day EMA. Immediate support is at $0.17397, and major support is at $0.13341. This setup indicates a potentially strong bullish movement ahead for BIGTIME/USDT. However, it's essential to keep an eye on the support levels and ensure that the breakout is sustained.
Cup and Handle Pattern:
The chart indicates the formation of a Cup and Handle pattern, a bullish continuation pattern.
The "cup" formation began around April 2024 and completed in November 2024.
The "handle" part is forming currently and has recently broken out, suggesting a continuation of the upward trend.
Support and Resistance Levels:
Current Price: The current price is $0.19273.
Immediate Support: Around $0.17397, which aligns with the previous consolidation area during the handle formation.
Major Support: Around $0.13341, which is the low point of the cup formation.
Resistance Level: The immediate resistance level is around $0.19230, which the price has just broken.
Target Price:
The Cup and Handle target price is calculated by measuring the depth of the cup and adding it to the breakout point.
The target price is around $0.32614, representing a significant upside from the current price.
Technical Indicators:
200 EMA: The 200-day Exponential Moving Average is currently at $0.16013. The price trading above this level indicates a bullish trend.
Volume: The recent breakout is accompanied by an increase in volume, which adds strength to the bullish signal.
Conclusion:
The Cup and Handle pattern suggests a bullish continuation, with a target price of $0.32614. The price has just broken out from the handle, supported by increased volume, and is trading above the 200-day EMA. Immediate support is at $0.17397, and major support is at $0.13341. This setup indicates a potentially strong bullish movement ahead for BIGTIME/USDT. However, it's essential to keep an eye on the support levels and ensure that the breakout is sustained.
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