Technical analysis by rudcharts about Symbol BTC: Buy recommendation (12/21/2024)

Performance Recap (Previous Analysis from 10/8/2023): •Entry: 27,948 •Targets Achieved: o63k (+127.81%) o96k (+244.56%) •High Reached: 108k ________________________________________ BTC/USD Daily Chart Analysis Technical Analysis (Current Scenario): Chart Patterns: •Cup and Handle Formation: oConfirmed breakout signals bullish continuation. oLong-term uptrend reinforced. Indicators: •Golden Cross: The 50-day EMA has crossed above the 200-day EMA, signaling a bullish trend. •MACD: Firmly in bullish territory, confirming positive momentum. •Hammer Candlestick: Closed at support (around 92K), indicating potential reversal and entry point. Support and Resistance Levels: •Support: o92K (key level tested multiple times). o50-day EMA (current level). •Resistance: oNone until the 310k target based on the Cup and Handle projection. ________________________________________ Target Analysis: •Cup and Handle Target: oMeasured distance from the cup's bottom to its neckline. oProjected Target: 310k. •Timeline: oHistorical reference to 2013–2017 suggests a 6–8 month timeline with minor pullbacks for additional entry opportunities. ________________________________________ Trade Setup: •Entry: 97,703.80 •Stop-Loss: 69,092.64 (-29.28%) •Target 1: 310k (+217.29%, 7.42 RR ratio). •Target 2: Use a trailing stop based on the 20-day EMA if price exceeds 310k Summary: BTC/USD has surged from 27K to 108k since the last analysis, forming a textbook Cup and Handle pattern, which has now broken out, confirming a bullish reversal and signaling a continuation of the long-term uptrend. Key indicators, including a Golden Cross between the 50-day and 200-day EMAs and a bullish MACD, support this momentum. Currently, BTC is bouncing around the 92K support level and holding above the 50-day EMA, which also acts as a support. The appearance of a Hammer candlestick at this level further solidifies the bullish case and sets the stage for a new long position. The measured move for the Cup and Handle pattern projects a target of 310k. Drawing from historical price behavior, this uptrend could unfold over the next 6–8 months, with minor pullbacks offering additional entry opportunities. This setup presents a strong technical case for continued upside, with a clear structure, supportive indicators, and a high-probability target.the Christmas gift entry finally starting to pay off!Update: I was stopped out of the trade but re-entered at the same price level. Price briefly lost support but quickly rebounded with a sharp move back to the breakout point. Selling pressure was minimal, and buyers stepped in aggressively, pushing the price back above the prior support. The original analysis remains valid. Price has reclaimed the support level, and the broader setup is still intact. I’m maintaining the original trade plan and targets.