2024

Giant

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<ul>
 <li>BTC forms a bullish giant Cup and Handle pattern, signaling a potential bullish continuation.&nbsp;</li>
 <li>The C&amp;H pattern forms after a strong rally, with a rounded bottom (the cup) followed by a smaller consolidation (the handle).</li>
 <li>Despite the bullish projection, Bitcoin faces short-term bearish conditions. Social media FUD and recent selloffs pose risks.</li>
</ul>
<p>Bitcoin has formed a giant <a href="https://in.tradingview.com/ideas/cupandhandle/" rel="noopener noreferrer nofollow">cup and </a><a href="https://in.tradingview.com/ideas/cupandhandle/" target="_blank" rel="noopener noreferrer nofollow">handle</a><a href="https://in.tradingview.com/ideas/cupandhandle/" rel="noopener noreferrer nofollow"> (C&amp;H) pattern</a>, as the post below suggests. This pattern is a bullish continuation signal that resembles a teacup on a chart.&nbsp;</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> [3D] – Update of Cup with Handle targeting $300k+ <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9e8.png" alt="🧨" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/P8DowgQeAA" rel="noopener noreferrer nofollow">pic.twitter.com/P8DowgQeAA</a></p>— Gert van Lagen (@GertvanLagen) <a href="https://twitter.com/GertvanLagen/status/1807675349314023610?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 1, 2024</a>
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<h2 class="wp-block-heading" id="h-formation-of-the-cup-and-handle-pattern-nbsp">Formation of the Cup and Handle Pattern&nbsp;</h2>
<p>Initially, the price drops and then rises to form a rounded bottom—the cup. Following the cup, there’s a smaller downward move—the handle. After the handle, the price resumes its upward trajectory.</p>
<p>The critical factor lies in which moving average (MA) period will provide support — the 1-day MA200 (1D MA200) or the 1-week MA50 (1W MA50). The 1D MA200 previously offered early support during the bull cycle.&nbsp;</p>
<p>This support zone acted as a strong rebound point in March 2023. Meanwhile, the 1W MA50 has been a reliable support level since the breakout in March 2023.&nbsp;</p>
<p>Assuming the 1D MA200 holds as support and the handle completes at this level, the next expansion leg could propel <a href="https://bitcoin.org/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> to the $300,000 target zone. This represents a potential upside of around 379.3% from the current price ($62.3K).</p>
<h2 class="wp-block-heading" id="h-short-term-bearish-conditions">Short-term Bearish Conditions</h2>
<p>While the projection is bullish, <a href="https://cryptonewsland.com/cryptoquant-can-btc-miners-survive-bearish-pressure/" rel="noopener noreferrer nofollow">Bitcoin </a><a href="https://cryptonewsland.com/cryptoquant-can-btc-miners-survive-bearish-pressure/" target="_blank" rel="noopener noreferrer nofollow">faces</a><a href="https://cryptonewsland.com/cryptoquant-can-btc-miners-survive-bearish-pressure/" rel="noopener noreferrer nofollow"> short-term bearish conditions</a>. The threat of resetting the $60,000 support looms due to various factors. For instance, cryptocurrency grapples with fear, uncertainty, and doubt (FUD) on social media platforms. Additionally, the recent massive selloffs may fuel a bearish market sentiment.</p>
<p>Bitcoin’s cup with handle pattern suggests that the <a href="https://cryptonewsland.com/bitcoin-price-movement-shows-a-strong-bullish-setup-is-this-the-100000-reversal-signal/" rel="noopener noreferrer nofollow">next target could be $</a><a href="https://cryptonewsland.com/bitcoin-price-movement-shows-a-strong-bullish-setup-is-this-the-100000-reversal-signal/" target="_blank" rel="noopener noreferrer nofollow">100,000</a>. However, as always, the crypto market can be volatile, so it’s advisable to do due diligence before executing any trade.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also&nbsp;</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/xrps-cup-handle-pattern-a-bullish-signaling-for-1-05-1-88-targets/" rel="noopener noreferrer nofollow">XRP’s Cup &amp; Handle Pattern: A Bullish Signaling for $1.05 &amp; $1.88 Targets</a></li>
 <li><a href="https://cryptonewsland.com/jasmy-prints-giant-cup-and-handle-pattern-signaling-major-bullish-movement-taking-jasmy-price-to-0-7/" rel="noopener noreferrer nofollow">JASMY Prints Giant Cup and Handle Pattern Signaling Major Bullish Movement Taking JASMY Price to $0.7</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-targets-key-price-trading-plan/" rel="noopener noreferrer nofollow">Bitcoin Targets $26,000: A Trader’s Plan</a></li>
 <li><a href="https://cryptonewsland.com/jasmy-could-print-2000-price-surge-after-closing-nearly-complete-bullish-cup-and-handle-pattern/" rel="noopener noreferrer nofollow">JASMY Could Print 2,000% Price Surge After Closing Nearly Complete Bullish Cup and Handle Pattern</a></li>
 <li><a href="https://cryptonewsland.com/xrps-chart-indicates-multi-year-bull-run-ahead/" rel="noopener noreferrer nofollow">XRP’s Chart Indicates Multi-Year Bull Run Ahead</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/btc-forms-bullish-giant-cup-and-handle-pattern-new-ath-soon/" rel="noopener noreferrer nofollow">BTC Forms Bullish Giant Cup and Handle Pattern, New ATH Soon?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

BTC Forms Bullish Giant Cup and Handle Pattern, New ATH Soon?

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