The weekly chart does indeed form a "cup and handle" pattern. This is a bullish pattern that indicates a possible continuation of the uptrend after the "handle" is completed. The cup pattern appears to be formed, and the correction that forms the handle is partially completed. To confirm the pattern, a breakout of the upper boundary of the channel that the "handle" forms is necessary.
EMA levels:
• 20-day EMA: Situated at $60.143, acting as short-term resistance.
• 50-day EMA: At $54,148, acts as immediate support.
• 100-day EMA: At $45,647.
• 200-day EMA: At $38,981, this is longer-term support and is well below the current price.
Volume profiles:
• Main volume zones:
o 53.026 and 50.557 are the key support levels you highlighted and they are confirmed by the volume profile.
o The $60,000 to $64,000 area is a volume resistance zone and is also at the 20-day EMA level.
Ichimoku Cloud:
• The price is above the Ichimoku cloud, indicating a bullish trend. Cloud
Liquidity map:
• Liquidity above the current price, starting from $57,000 to $60,000, suggests that this is a strong resistance area where liquidity gathering is likely. This may be the area where price will encounter the most selling pressure.
• Liquidity support is seen in the range from $54,000 to $51,000, indicating a possible buying zone during a correction.
Conclusion:
There is a cup and handle pattern formed on the chart. Further upward movement is expected upon a breakout of the $57,000–$60,000 zone. However, the current resistance at the 20-day EMA ($60,143) requires special attention, as it may temporarily limit the growth.
Support at $54,148 (50-day EMA) and $53,026-$50,557 on volume profiles could be key for continued gains.
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