The price breaks above the high of $ 58,000 ($ 48,590), what's the next goal? The price formed a cup-and-handle pattern. And the target price of this is almost $ 73,000 ($ 61,156)
The shape of a cup-and-handle is already in the name, it resembles a cup with a handle. The price first peaks, then drops deeply. After that, the price recovers, to its original high. Below that you can now draw a round trend line, that is the cup --> see chart.
After this, the course moves in a small channel, this is the handle of the cup, --> imagine this yourself. The price broke out! Then the target is as big as the distance between the highest and lowest point (the green line). In this case, the price can go to nearly $ 73,000 ($ 61,156).
The shape of a cup-and-handle is already in the name, it resembles a cup with a handle. The price first peaks, then drops deeply. After that, the price recovers, to its original high. Below that you can now draw a round trend line, that is the cup --> see chart.
After this, the course moves in a small channel, this is the handle of the cup, --> imagine this yourself. The price broke out! Then the target is as big as the distance between the highest and lowest point (the green line). In this case, the price can go to nearly $ 73,000 ($ 61,156).