Bullish Breakout Alert: #NFP Forms Cup and Handle Pattern!🌴
💎 Paradisers, #NFP has broken out of the resistive trend line and, after breaking down its previous swing, is now forming a cup and handle pattern, which is a bullish reversal pattern and appears to be a bear trap.
💎 If #NFPUSDT closes a candle above the resistance level, we can expect a bullish move. This zone likely contains many stop losses placed by bears, which will start to get triggered once the price moves above it, leading to a bullish move up to the next resistance levels.
💎 However, if the price breaks down below the bullish invalidation level, it will invalidate the cup and handle pattern. In that case, it would be better to wait for more favorable price action to develop.
💎 If #NFPUSDT closes a candle above the resistance level, we can expect a bullish move. This zone likely contains many stop losses placed by bears, which will start to get triggered once the price moves above it, leading to a bullish move up to the next resistance levels.
💎 However, if the price breaks down below the bullish invalidation level, it will invalidate the cup and handle pattern. In that case, it would be better to wait for more favorable price action to develop.
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