"Jack's Trading Classroom" BTCUSD indicator once again shows a bullish pattern

Original: Jack's Trading Classroom "BTCUSD Indicator Shows Bullish Pattern Again"

Starting with a review of our previously published analysis, on May 8, 2020, we released a technical analysis titled "BTCUSD Technical Analysis After Halving." In that article, we mentioned:

"For reasonable shorting points, we can wait for BTCUSD to fall below the key daily support of 8089.0 before entering short positions. Currently, the market is considered to be in a consolidation phase, and we recommend that traders who prefer long positions patiently wait for a bottom formation or trend to develop before entering the market."

Currently, we see the four-hour candlestick chart of BTCUSD, where the moving averages have once again formed a bullish alignment. It is evident that the previously mentioned bottom support trendline and the daily support at 8089.0 have not been breached. After a rebound from the support trendline and daily support at 8089.0, BTCUSD continued to rise, reaching a high of 9960.0 before experiencing a slight pullback.

Bitcoin is still showing a stronger bullish sentiment, and in the short term, we do not recommend entering short positions at the top. Instead, it is advisable to continue holding long positions in line with the trend. For those who entered breakout positions at the support/resistance level of 9419.0, setting up protective stop-loss orders is recommended to secure profits. In the coming days, we can still target the price of 10438.5 mentioned in our analysis on May 8, 2020, with the next target price at 11088.0.

It is important to note that this is a four-hour candlestick chart, and holding long positions until the target price should be done with low leverage or spot trading, rather than high leverage short-term contracts.

Upper resistance levels
R1 10315.0
R2 11380.0
R3 11730.0

Lower support levels
S1 9419.0
S2 8089.0
S2 7467.0
S3 7190.0
S4 6436.0
S5 5227.5
S6 3832.5

Given the recent high volatility in the digital currency market, operators are advised to strictly implement risk management and avoid high leverage and high contract volume operations to prevent additional losses due to market fluctuations. This article reflects personal opinions, please read with caution, as cryptocurrency trading may involve risks to your capital.

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

Related Readings

• "Jack's Trading Classroom" Layout After BTCUSD Halving
• "Jack's Trading Classroom" Bullish Trend After BTCUSD Trendline Breakout