"Jack's Trading Classroom: BTCUSD Pulls Back to Fibonacci Sequence Support"

Currently, we are looking at the hourly candlestick chart of BTCUSD. As Bitcoin has been continuously hitting new highs in recent days, reaching a historical high of 28397.0, it retraced in the short term to the Fibonacci support level of 61.8 (25914.5) before bouncing back.

Currently, we can see the one-hour candlestick chart of BTCUSD. Bitcoin has been continuously hitting new highs recently, reaching a historic high of 28397.0 before experiencing a short-term decline to the Fibonacci support level of 61.8% at 25914.5 and then rebounding.

The trend is judged by the EMA moving average line. The short-term moving average has crossed upwards and diverged, forming a bullish alignment of the moving averages, indicating a typical bullish trend. Two Fibonacci support levels should be noted below:

The Fibonacci support level that has been retraced to 61.8% at 25914.5 and the Fibonacci support level at 38.2% at 24380.5

The second Fibonacci support level at 38.2% at 24380.5 coincides with the support of the EMA200 moving average below, which is also the upper resistance of the previously formed trading range. Short-term long positions can move their stop loss up to 38.2% at 24380.5.

For the upper target, Fibonacci retracement points can be set. In the first scenario, if the 61.8% support at 25914.5 is not broken and the uptrend continues, the first step profit-taking can be set in the resistance zone of 127.2-138.2 at 30164.5-30879.5, and the second profit-taking point can be set at 161.8 above at 32413.5.

In the second scenario, if the 61.8% support at 25914.5 is broken and there is a rebound near the Fibonacci level of 38.2% at 24380.5, the profit-taking target can be set in the resistance zone of 127.2-138.2 at 30164.5-30879.5.

The recent volatility in the cryptocurrency market has been significant. It is recommended that operators strictly implement risk control and avoid high leverage and high contract volumes to prevent additional losses caused by volatile market conditions. This article is personal commentary, please read with caution. Cryptocurrency trading may involve risks to your capital.

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