The charts on this crypto exchange stock are improving, forming a ‘cup-and-handle’ pattern
Bullish (BLSH) operates a crypto exchange and owns CoinDesk, a well-known platform covering crypto news, data and events. The company is primarily focused on serving institutional investors, placing it at the intersection of several key market segments. Thus, BLSH can be categorized as a software company, a crypto-native business, or even a financial services firm. That multisector exposure is notable. If the current market rally is going to persist, it is likely that strength will need to be broad-based, with participation across multiple sectors and asset classes. In that context, BLSH stands out as a name that could benefit from continued momentum across all three areas. From a technical perspective, the stock has been working to recover from a prolonged and steep downtrend that began shortly after its IPO peak in August 2025 and extended through February of this year. During that stretch, BLSH declined roughly 80%, reflecting both company-specific pressures and broader weakness in crypto-related equities. However, the price action since then has been notably constructive. Over the past 10 weeks, the stock has rallied approximately 70%, signaling a meaningful shift in momentum. While that rebound is significant, it’s important to keep it in perspective. Even after this advance, BLSH would still need to climb roughly 170% from current levels to retest its prior high near 118. For that type of recovery to unfold, the stock will likely need to build and confirm a series of bullish continuation patterns along the way. Encouragingly, that process appears to be underway. Most recently, BLSH has formed what looks to be a cup-and-handle pattern, a classic bullish continuation setup. The stock has spent the past week attempting to break out above this structure, and with price now holding above the breakout zone, the pattern projects an initial upside target just below the 58 area. That target also aligns closely with the 38.2% Fibonacci retracement of the entire decline, which comes in near 60, adding another layer of technical confluence. Beyond the pattern itself, momentum indicators and trend signals are also improving. Notably, the 20-day moving average has recently crossed above the 50-day moving average for the first time in the stock’s history. This type of crossover often reflects a positive shift in short- to intermediate-term momentum. Ideally, the stock will continue to trade above both rising moving averages as it extends from the breakout. It doesn’t need to hold those levels every single day, but maintaining position above them the majority of the time would reinforce the strength of the current trend. In addition, the 14-day RSI has been holding in the upper half of its range since mid-February, which is another sign of improving momentum and sustained buying pressure. The bottom line is that BLSH appears to be in the early stages of a comeback phase following a very difficult initial six months of trading. With exposure to multiple high-growth areas of the market and improving technical conditions, the stock is beginning to rebuild its structure. Continued strength above the recent breakout zone would go a long way toward solidifying that recovery and attracting additional momentum-driven interest. DISCLOSURES: None. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, or its parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
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