CRCL technical setup suggests a bounce to $89+; fundamental tailwind from Clarity Act failure preserving stablecoin yield revenue.

This is a beautiful one, too, on the chart of circle CRCL. I bring you these breakout retrace plays weekly, if not every other day of this show because guys, they're so powerful and lucrative.

You don't have to do much to understand how this price action is breaking out. Simply rewind the time, scroll back on the chart. Look at this from this pivot high, take a trend line, draw it down to the next pivot, and draw that uh trend line and extend it out further, ensuring that pivot stays right there on that trend line.

And then this tells us the story. You can see when I zoom in, we had price action break above. We actually finally confirmed here and here. Retraced, bounced. Now we're getting another retrace play.

Now, you may say, "Well, Drew, well, Circle's tied to Bitcoin." But circle, this is the interesting part. The Clarity Act was it had a lot of good things for Bitcoin and cryptocurrency, namely for institutions to get involved with it.

However, part of the Clarity Act was going to restrict the revenue building of Circle. Circle is known for uh creating USDC and allowing USDC, which is a stable coin, to be in the marketplace.

Well, they make revenue when interest rates are higher. Well, we already looked at the 10-year yield. We already know the 10-year yield is pushing up higher. So, with higher interest rates and this decline because of the failing of the Clarity Act, matter of fact, this is a green light for Circle.

Circle investors should be rejoicing that at least for now, there's not going to be any reduction for yield revenue on stable coins. Banks were worried about this, concerned that people would take out all their money from the banks and put them in uh cryptocurrency brokerages to to gain the staking percentage off of USDC.

So, they're doing whatever they can to fight against Circle. Well, this time they failed. They didn't get their p their act to pass. That means we're pushing or kicking the can down the road at least until next year.

I see a breakout retrace. That's a high probability of a bounce once investors figure that out. this circle should be bouncing up on the on the charts at least to $89 if not uh reattacking this $100 threshold and potentially even going higher because we could have a nice cup and handle pattern on ourselves if if this does continue chopping sideways in the near future.