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.
