Jack's Trading Room | Breaking Through Previous High Resistance on BTCUSD Daily Chart

Currently, we are looking at the 4-hour candlestick chart of BTCUSD. After a month of consolidation, Bitcoin broke through the daily resistance at the previous high of 62000, reaching 64990.0 as the new high after the breakthrough.

Currently, we are looking at the 4-hour candlestick chart of BTCUSD. After a month of consolidation, Bitcoin broke through the previous high resistance at 62000, reaching a high of 64990.0 after the breakout.

Following textbook theory, once resistance is broken, it often turns into support. Bitcoin retraced to the previous high support at 62000 and continued to rise to around the current price of 63350.0.

In the previous technical analysis "BTCUSD Target Price After Buy Condition is Met," we mentioned that Bitcoin retraced to the Fibonacci level of 38.2 at 50269.0. The target price range of Fibonacci levels 127.2-138.2 is 67163.0-69251.5, which remains valid.

Traders who entered long positions using the 4-hour Vegas Tunnel trading method can continue to hold, or consider moving their stop-loss above the entry point to secure some profits.

In recent days, the digital currency market has experienced significant volatility. It is recommended that traders strictly adhere to risk management practices and avoid high leverage and high contract volume operations to prevent additional losses during turbulent market conditions. This article reflects personal opinions, please consider with caution, as cryptocurrency trading may pose risks to your capital.

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