"Jack's Trading Classroom: BTCUSD Bearish Trend Analysis"

Original trading classroom by Jack, "BTCUSD Bearish Trend Analysis"

Starting with a review of our previous analysis article, on April 13, 2020, we published a technical analysis titled "BTCUSD Resistance Rebound Market Outlook." At that time, we mentioned in the article that "the price rebounded after forming a high at 7194.0, then fell to a low of 6551.0 and rebounded. The support level at 6627.5 could not be broken, and we still need to pay attention to the support levels at 6627.5 and 6436.0 in the future."

Currently, we are seeing the four-hour candlestick chart of BTCUSD. After the update of the April 13 analysis article, the price of BTCUSD has been unable to break the support level of 6627.5 to form a rebound. The price rebounded to 6986.5, forming a high point. Looking at the 15-minute or hourly chart, a smaller upward trend is evident. However, on the four-hour chart, BTCUSD has broken the previously mentioned rising wedge pattern, and both the low and high points on the four-hour chart continue to decline.

Based on the four-hour chart, we can maintain the viewpoint from our technical analysis article "BTCUSD Support Trendline Break Short Comment" published on April 11, continuing to focus on the bearish direction and looking for entry points near the resistance trendline for short positions. Trading in a downtrend on the four-hour timeframe, setting stop losses above the previous highs for trend-following trades.

Resistance levels:
R1 7190.0
R2 7467.0

Support levels:
S1 6627.5
S2 6436.0
S3 5898.5
S4 5388.5

In recent days, the cryptocurrency market has experienced significant fluctuations. It is recommended that operators strictly implement risk control measures and avoid high leverage and high contract volumes to prevent additional losses caused by volatile market conditions. This article reflects personal opinions, and readers are advised to use caution and consider the risks that cryptocurrency trading may pose to your capital.

WeChat Public Account: Jack's Trading Room
Personal Website: jackbtc.io

Further Reading

• "Jack's Trading Room" BTCUSD Resistance Rebound Market Outlook
• "Jack's Trading Room" BTCUSD Support Trendline Break Short Comment

Join Telegram now to get the most accurate blockchain news and cryptocurrency updates!