"Jack's Trading Classroom" BTCUSD Short-term Analysis

Original: Jack's Trading Classroom "BTCUSD Short-term Analysis"

Currently, we are looking at the 15-minute candlestick chart of BTCUSD. A small double top pattern was formed earlier, and after breaking below the neckline, the upward trend of BTCUSD in the past hour was also broken. The moving average system's short-term moving averages are crossing downward, and the opening is diverging to form a bearish arrangement.

We judge that the trend of BTCUSD has turned bearish on the 15-minute chart. BTCUSD formed a low point at 8728.0 and later rebounded but failed to break through and close above the Fibonacci level of 61.88889. In the short term, we should primarily consider a bearish outlook.

Based on trend analysis, if the trend line is broken, there is a high probability of seeing the starting point of the trend. Combined with Fibonacci level cross-analysis, if the bottom of 8728.0 is broken, as the retracement level is at 61.88889.0, the future target price is expected to test the Fibonacci extension level of 161.88486.0.

Operators should note that due to the recent significant rally, there may be a period of consolidation in the coming days. Trading during a consolidation phase is more challenging. If there is a short-term trend reversal or breakthrough, stop-loss should be implemented immediately to avoid unnecessary holding.

Resistance levels:
R1 8873.5
R2 8926.5
R3 8972.5
R4 9132.5

Support levels:
S1 8812.5
S2 8766.0
S3 8627.0

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