"Jack's Trading Classroom": Analysis of Bitcoin (BTCUSD) Price Trends

Original trading classroom by Jack, "BTCUSD Bitcoin Market Analysis"

Currently, we see a head and shoulders pattern on the one-hour BTCUSD candlestick chart. Bitcoin has successfully broken through the 9184.0 neckline high after forming the head and shoulders bottom pattern, and has closed above the high point.

Now, attention should continue to be focused on the support level at 9138.5 on the chart. As the pattern has formed, the short-term trend of Bitcoin is still slightly bullish. The first target price can be set in the Fibonacci sequence 127.2-138.2 range at 9282.0-9321.5, which coincides with the resistance level at 9277.5. Once this range is broken in the future, the second target price at Fibonacci sequence 200 will be visible at 9544.5.

Although the current market trend is short-term bullish, it is important to pay special attention to the medium-term four-hour or daily chart. Bitcoin is still within a medium-term downtrend. If it reaches the top resistance trendline, short-term long positions should set protective stop losses or close immediately, waiting for the breakthrough of the descending resistance trendline for a medium-term bullish trend.

Resistance levels:
R1 9277.5
R2 9377.5

Support levels:
S1 9138.5
S2 8862.0

In recent days, the digital currency market has experienced significant fluctuations. It is recommended that operators strictly implement risk control measures 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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