"Jack's Trading Classroom: Key Price Levels for BTCUSD Bitcoin"

Currently, we are looking at the four-hour candlestick chart for BTCUSD.

Currently, we are looking at the four-hour candlestick chart of BTCUSD.

Earlier, Bitcoin formed a medium-term consolidation pattern - a symmetrical triangle convergence as shown in the chart. After breaking through the lower trendline, the price is currently testing around the previous low of 53196.0, which is a key price level.

If the low of 53196.0 is breached and closed below, a double top pattern will be established on the four-hour chart of Bitcoin, and short positions can be taken after the price falls below the low of 53196.0.

The first target is the Fibonacci sequence support range of 127.2-138.2 at 49833.0-50801.5.

The second target range is the price level where the double top pattern decline is satisfied, at Fibonacci sequence 200 at 44392.0. The stop-loss level should be set at the high point of the right shoulder at 60000.0.

If the price cannot break below the previous low of 53196.0 and forms a rebound at the low support, you can also use the Vegas Tunnel trading method. The condition for entering a long position is when the price closes above EMA12 after ensuring that EMA12 does not cross below the EMA144 and EMA169 moving averages support channel.

In recent days, the cryptocurrency market has experienced larger fluctuations. It is recommended that traders 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 reflects personal opinions, and readers are advised to use caution and discretion. Cryptocurrency trading may involve risks to your capital.

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