Technical Analysis of BTC/USDT Chart
2024-11-22

hello guys.

 Cup and Handle Pattern:  The chart displays a well-formed cup and handle pattern, a classic bullish continuation signal. The handle has broken out, confirming the pattern.

 Target Projection:  Using the depth of the cup, the target of the pattern is projected  around $188,000. 

 Fibonacci Levels:  Price has surpassed the 0.618 Fibonacci retracement level at $113,628, a strong bullish signal, with further resistance near $145,120 (0.5 Fibonacci extension).

 Breakout Confirmation: 
The breakout from the handle channel confirms bullish momentum.
The price is trading above the psychological level of $90,000, supported by high trading volume.

 Trend Outlook: A bullish macro trend is indicated, driven by long-term upward momentum.