XBTUSD in Potential Cup and Handle formation
As today mark beginning of new month our view on XBT shown that its making potential handle formation after the cup has been formed earlier during month of February.
A cup and handle price pattern on bar charts resembles a cup and handle where the cup is in the shape of a “U” and the handle has a slight downward drift. A cup and handle is considered a bullish continuation pattern and is used to identify buying opportunities.
Our expectation is to first play the trading range within the stipulated handle with abcde with longing and shorting according to the range.
Then wait for major breakout from the immediate resistance to long the pull back.
Pattern target is around 5200$ zone.