Target price after the buy conditions are met for BTCUSD in "Jack's Trading Classroom"

In April 7, 2021, we published a technical analysis "BTCUSD Short Review Update". In the commentary of the article, we updated that "Attention should be paid to the earlier price retracement to the EMA144 169 support moving average channel. If the price closes above the EMA12 filter line, it will be considered as a valid retracement, forming a condition for entering long positions." Subsequently, the price successfully closed above the EMA12 filter line, and the condition for entering long positions was met.

In April 07, 2021, we published a technical analysis "BTCUSD Short Review Update". In the article, we mentioned that "Attention should be paid to the earlier price retracement to EMA144 169 support moving average channel. If the price closes above the EMA12 filter line, it will be considered as an effective retracement, forming a condition for buying long positions." Subsequently, the price successfully closed above the EMA12 filter line, and the buying condition was met.

Today, we observed the four-hour candlestick chart of BTCUSD. After the buying condition was met, according to our trading strategy, we set the closing price of the candlestick at 57775.5 as the entry point for long positions, with the stop-loss point set as shown in the chart, at the previous low price of 55511.5.

The previous low of 55511.5 coincides with the Fibonacci sequence 50 at 55411.5, therefore, the Fibonacci sequence 150 above can be set as the first target price of 65318.5.

Looking at a larger time frame, the retracement low of the major downtrend falls at the Fibonacci sequence 38.2 at 50269.0. Therefore, if the price breaks above the previous high of 62000.0, it can be expected to reach the Fibonacci sequence 127.2-138.2 range of 67163.0-69251.5. This range can still be considered as the four-hour target price. It is recommended to partially close positions at the Fibonacci 50 target price of 65318.5 and continue to hold the remaining positions. Once the price rises to the Fibonacci sequence range, consider taking profit at 67163.0-69251.5.

If the price triggers the stop-loss, it should be closed immediately. Strict risk management should be implemented to avoid exposing capital to additional risks when the price does not follow the expected trend.

In recent days, the digital currency market has experienced significant volatility. It is recommended for operators to strictly implement risk control and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article is for personal reference only. Please trade cautiously, as cryptocurrency trading may pose risks to your capital.

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