CT Forms Cup & Handle Pattern: Breakout Setup Toward Upper Resistance?
Looking at the 1-hour chart of CT, a textbook accumulation structure is clearly taking shape: the classic cup and handle pattern. Following the earlier steep decline, the price underwent a smooth, rounded bottoming phase around the 0.30 USD mark, signaling patient absorption by buyers.
The subsequent rebound toward 0.41 USD completed the rim of the cup. The brief pullback that followed down to 0.34 USD served as the necessary handle, effectively shaking out weak hands. Notably, buyers stepped in swiftly at this level, producing clear wick rejections and stabilizing price action around 0.37 USD.
Holding above the short-term moving baseline confirms that bulls remain in control. Should momentum persist and cleanly clear the 0.41 USD neckline, the path toward the major supply zone between 0.49 and 0.50 USD opens up significantly. A logical stop-loss should be positioned below the handle low at 0.335 USD for disciplined risk management. $CT $STX $OPN
Looking at the 1-hour chart of CT, a textbook accumulation structure is clearly taking shape: the classic cup and handle pattern. Following the earlier steep decline, the price underwent a smooth, rounded bottoming phase around the 0.30 USD mark, signaling patient absorption by buyers.
The subsequent rebound toward 0.41 USD completed the rim of the cup. The brief pullback that followed down to 0.34 USD served as the necessary handle, effectively shaking out weak hands. Notably, buyers stepped in swiftly at this level, producing clear wick rejections and stabilizing price action around 0.37 USD.
Holding above the short-term moving baseline confirms that bulls remain in control. Should momentum persist and cleanly clear the 0.41 USD neckline, the path toward the major supply zone between 0.49 and 0.50 USD opens up significantly. A logical stop-loss should be positioned below the handle low at 0.335 USD for disciplined risk management. $CT $STX $OPN