"Jack's Trading Classroom" BTCUSD Short-term Breakout Strategy
Original trading classroom by Jack, "BTCUSD Short-Term Breakout Strategy"
Table of Contents
After breaking the support trend line mentioned in the analysis on June 11, Bitcoin's price quickly dropped to a low of 9040.0 in the short term. The price then rebounded but failed to break through the support pressure level of 9528.0. Those who were long should have exited with losses after the trend line break and switched to short positions.
Currently, we see on the 15-minute candlestick chart of BTCUSD that after forming a low of 9040.0, the bottom continues to rise. The key levels to watch next are the upper resistance level of 9528.0 and the Fibonacci resistance of 9539.0.
Although the bottom continues to rise, the previous high of 9545.0 has not been broken to form a higher high. A new uptrend has not yet formed. In the short term, the strategy can focus on the range formed by the upper resistance level and the Fibonacci 50 at 9528.0-9539.0.
If a breakthrough occurs and forms a higher high, it is considered to form a new short-term uptrend. Enter long positions when breaking through the range of 9528.0-9539.0, with profit-taking targets set in the range formed by the Fibonacci 38.2 at 9567.0 and the resistance level of 9678.5.
If the bottom trend line or the previous low is broken, this setup strategy becomes invalid. Note that this strategy is based on breakthrough entry and should avoid early entry to bear additional risks.
Upper resistance levels
R1 9528.0
R2 9678.5
R3 9755.5
Lower support level
S1 9170.0
In recent days, the digital currency market has seen 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 involve risks to your capital.
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Personal Website: jackbtc.io
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