"Jack's Trading Classroom" BTCUSD Bitcoin Price Analysis

Let's start by looking at the 12-hour candlestick chart of BTCUSD today. In the 12-hour candlestick chart of Bitcoin, both the lows and highs are rising, forming an evenly spaced upward channel. Until the price does not fall below the trend line, it should be objectively judged as an upward trend within the larger cycle chart.

Adding Fibonacci sequence analysis, with the peak of 58500.0 set as 100 in the Fibonacci sequence and the low point of 29250.0 set as 0, we can clearly see that the retracement price is 5043875.0 in the Fibonacci sequence.

Moreover, the high before Fibonacci sequence 100 has already broken through the closing high, indicating two bullish target prices above:

• Fibonacci sequence range 127.2-138.266456.0-69673.5
• Fibonacci sequence 150 at 73125.0

Next, let's take a look at the BTCUSD four-hour candlestick chart for a smaller time frame

First, draw a Fibonacci sequence from the high point of 62000.0 to the low point of 46300.0 as shown in the chart above

We can see that the key support level of the Fibonacci sequence is at 38.252297.5, this support level overlaps with the resistance level of the neckline of the Bitcoin low double bottom as shown below

Furthermore, there have been multiple highs and lows around 52000, indicating a dense chip area, combined with the EMA exponential moving average support channel currently falling around the 52000 support, there is still a chance to form a buying condition for the four-hour cycle indicator Vegas Tunnel Trading Method, traders should pay more attention.

Based on the pattern in the Bitcoin four-hour cycle chart, the head and shoulders pattern came to the high point of 62000 earlier, clearly breaking the Fibonacci sequence 161.858781.0 mentioned in the previous article, therefore, the target above the Fibonacci sequence 200 is effectively 62502.5.

Conclusion

In the larger cycle, the trend of Bitcoin is still in an upward trend, the mid-term retracement formed in the four-hour chart is a good opportunity to find a favorable buying point with a good risk-reward ratio, strict risk control and trend observation should be implemented in operations, wish everyone a successful trading!

In recent days, the cryptocurrency market has seen larger fluctuations, it is recommended that operators 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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