"Jack's Trading Classroom: BTCUSD mid-term trend turns bearish"

Currently, we are looking at the four-hour candlestick chart of BTCUSD, where a top formation of a converging triangle has emerged. After breaking below the support trendline, the mid-term bullish trend failed to sustain and weakened. Subsequently, it also dropped below the previous low of 30404.0, forming a double top pattern. As the neckline low has been breached, we may look for several target price levels below in the future.

Currently, we are looking at the four-hour candlestick chart of BTCUSD. The top has formed a converging triangle, and after breaking below the support trend line, the medium-term bullish trend failed to continue and turned weak. It also dropped below the previous low of 30404.0, forming a double top pattern. As the neckline low has been breached, we may look at several target price levels in the future.

The first target range is the first support level after breaking the neckline of the double top, Fibonacci sequence 127.2-138.225937.5-27223.5, where this Fibonacci sequence support overlaps with the lower support level of 26786.0.

The second target price is the price level that satisfies the drop of the double top, Fibonacci sequence 200 at 18711.0, which overlaps with the lower daily support of 19153.5.

It is more reasonable to take short positions and close in batches at the target prices below, as the current trend is weakening in the medium term, and trading with the trend focuses on short positions.
Pay attention to the second target range below, Fibonacci sequence 200 at 18711.0. As the four-hour cycle has turned weak, it can be judged that this is the first large-scale retracement at the daily level in this bull market.

The lower daily cycle EMA144 and EMA169 moving averages are also around 20000, with EMA144 and EMA169 currently at 20073.0-21261.1. *Note: Moving average prices will change over time.

This moving average support may present an opportunity to form conditions for buying spot long positions after a large retracement, and technical analysis will be updated when the buying conditions are close.
Support and resistance levels can be referred to by the black horizontal lines in the chart.