Overview:
TURBO/USDT is potentially forming a textbook Cup and Handle pattern on the 1-day chart. Price action suggests a rounded bottom (the “cup”) followed by a consolidation range (the “handle”), setting up for a possible breakout.
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🔍 Pattern Structure:
- Cup Formation:
Price rallied from ~0.0029 to ~0.0060 USDT, retracing slightly from the top. This rounded rise resembles the classic cup shape.
- Handle Formation:
Recent price consolidation between 0.0042–0.0049 USDT hints at the formation of the handle. A breakout above resistance could validate the pattern.
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📈 Key Technical Levels:
Entry Zone | 0.0047 – 0.0050 |
| Resistance (Breakout)| ~0.0060 |
| Target 1 | ~0.0064 |
| Target 2 | 0.0078 – 0.0084 |
| Stop Loss | Below 0.0042 |
🔄 Additional Indicators:
- Volume: Watch for increasing volume to confirm breakout momentum.
- RSI (14-day): Neutral zone with room for upward movement. Momentum is building.
- Fibonacci Levels: 0.618 retracement (~0.004458 USDT) has acted as a key support during handle formation.
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💡 Idea: Monitor for a daily close above 0.0060 with volume confirmation. That could mark the beginning of a bullish continuation. Risk management is essential if price fails to hold above the handle support.
TURBO/USDT is potentially forming a textbook Cup and Handle pattern on the 1-day chart. Price action suggests a rounded bottom (the “cup”) followed by a consolidation range (the “handle”), setting up for a possible breakout.
---
🔍 Pattern Structure:
- Cup Formation:
Price rallied from ~0.0029 to ~0.0060 USDT, retracing slightly from the top. This rounded rise resembles the classic cup shape.
- Handle Formation:
Recent price consolidation between 0.0042–0.0049 USDT hints at the formation of the handle. A breakout above resistance could validate the pattern.
---
📈 Key Technical Levels:
Entry Zone | 0.0047 – 0.0050 |
| Resistance (Breakout)| ~0.0060 |
| Target 1 | ~0.0064 |
| Target 2 | 0.0078 – 0.0084 |
| Stop Loss | Below 0.0042 |
🔄 Additional Indicators:
- Volume: Watch for increasing volume to confirm breakout momentum.
- RSI (14-day): Neutral zone with room for upward movement. Momentum is building.
- Fibonacci Levels: 0.618 retracement (~0.004458 USDT) has acted as a key support during handle formation.
---
💡 Idea: Monitor for a daily close above 0.0060 with volume confirmation. That could mark the beginning of a bullish continuation. Risk management is essential if price fails to hold above the handle support.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.