The market has recently witnessed a significant cup and handle breakout, characterized by a substantial surge in trading volume. This breakout has been accompanied by a notable development: the retesting of a monthly resistance level, which has now transformed into a robust support level.
The conspicuous increase in trading volume serves as a strong indicator of the underlying price strength and investor interest. Additionally, the Relative Strength Index (RSI) is also signaling price strength, further confirming the bullish sentiment in the market.
In summary, the combination of the cup and handle breakout, the retest of the monthly resistance turned support, the substantial trading volume, and the supportive RSI readings all suggest a favorable outlook for the price of this asset.
Note:- Not financial advice only for educational purpose
The conspicuous increase in trading volume serves as a strong indicator of the underlying price strength and investor interest. Additionally, the Relative Strength Index (RSI) is also signaling price strength, further confirming the bullish sentiment in the market.
In summary, the combination of the cup and handle breakout, the retest of the monthly resistance turned support, the substantial trading volume, and the supportive RSI readings all suggest a favorable outlook for the price of this asset.
Note:- Not financial advice only for educational purpose