Technical analysis by MyNameIsEmrah about Symbol BTC on 6/4/2024

Observing the PatternUpon examining the Bitcoin chart, we notice the formation of a classic Cup and Handle pattern over the past few months.Cup Formation:Period: The cup started forming in early April 2024. Bitcoin's price began at around $71,630, declined to a low of approximately $56,500 by end-April, and then gradually climbed back to the $71,630 level by late May.Shape: The bottom of the cup is rounded, indicating a strong consolidation phase, which adds strength to the pattern.Handle Formation:Period: The handle started forming in by late May 2024. The price moved sideways with a slight downward trend, fluctuating between $71,630 and $66,500.Shape: The handle is relatively short and tight, with the price consolidating without significant drops, maintaining the overall bullish structure.Breakout and Target ProjectionBreakout Point: The breakout has not yet occurred. We are closely watching the $71,630 resistance level. A decisive move above this level with increased volume will confirm the breakout.Volume: It is essential to observe a noticeable increase in trading volume during the breakout, which will further validate the pattern.Measuring the TargetTo determine the first target after the breakout, we measure the depth of the cup:Depth of the Cup: The difference between the peak ($71,630) and the bottom ($56,500) is $15,130.Target Price: Adding this depth to the breakout point gives us a target. Thus, $71,630 + $15,130 = $86,760.ConclusionAs the breakout has not yet occurred, it is crucial to monitor Bitcoin's price action around the $71,630 resistance level. A successful breakout with increased volume would set the first target for Bitcoin at approximately $86,760. Investors should remain vigilant for confirming signals and be prepared to adjust their positions accordingly.