"Jack's Trading Classroom: Updates on BTCUSD Price Movement After Take Profit"

Original Jack's trading classroom "BTCUSD trend update after taking profit"

Starting with a review of our previously published analysis articles, on May 17, 2020, we released a technical analysis titled "Breaking the BTCUSD Minor Downtrend."

At that time, we mentioned in the article: "Based on trend analysis, as the downtrend has been broken, in the short term, we can look up to the original trend starting point and set the bottom low as the stop-loss level."

Currently, we see the one-hour candlestick chart of BTCUSD. The target price mentioned in our previous article "Breaking the BTCUSD Minor Downtrend" was the starting point of the downtrend, which is 9960.0. Earlier, after breaking the trend line, the BTCUSD price reached a high of 9974.0, forming a peak. Short-term long positions based on trend operations as mentioned in the previous article should have been successfully closed with profit.

In the future, it is advisable to continue to focus on the structural resistance level of 9960.0, as there are two target prices mentioned in previous technical analysis articles, which are 10438.5 and 11088.0-11117.0. If the pressure at 9960.0 is successfully broken and the price closes higher, one can consider entering long positions upon the breakout, with stop-loss levels set below the Fibonacci 61.8 or the previous low point, patiently waiting for the ideal entry point, which will bring good returns!

Resistance levels above
R1 10315.0
R2 11380.0
R3 11730.0

Support levels below
S1 9419.0
S2 8089.0
S2 7467.0

In recent days, the digital currency market has experienced significant fluctuations. It is recommended that operators strictly implement risk management and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article reflects personal opinions. Please read with caution, as cryptocurrency trading may pose risks to your capital.

WeChat Official Account: Jack's Trading Classroom
Personal Website: jackbtc.io

Further Reading

• "Jack's Trading Classroom" Breaking the BTCUSD Minor Downtrend
• "Jack's Trading Classroom" BTCUSD Indicators Presenting Bullish Patterns Again