"Jack's Trading Classroom": BTC/USD Continues to Look Bullish After Breaking the 10,000 Point Barrier Again

Original Jack's Trading Classroom

Original trading classroom by Jack

BTCUSD remains bullish after breaking through the 10,000 point mark

On February 7, 2020, when the BTCUSD price was around 9780.0

We published an analysis on the daily chart of BTCUSD

At that time, in the article "Outlook after the resistance breakout on the BTCUSD daily chart," we mentioned

"We are optimistic that this upward trend is likely to bring BTC to a five-digit figure in the near future

The temporary target price above can still be placed at 161.810630.0 on the Fibonacci sequence"

Subsequently, due to the established bullish trend, BTCUSD continued to strengthen

Today, the BTCUSD price is around 10300.0

Currently, we are still observing the daily chart of BTCUSD

We can continue to maintain the views expressed in the previous article "Outlook after the resistance breakout on the BTCUSD daily chart"

As both the high and low points of BTCUSD on the daily chart

Continue to be in an upward phase

And the EMA exponential moving averages are still diverging upwards

The bullish alignment of the averages and the basic bullish pattern have not changed

Therefore, we can still judge that BTCUSD will perform relatively strongly in the future long-term charts

In the Fibonacci sequence on the BTCUSD daily chart

We can see that the previously mentioned high probability rebound range of 127.2-138.29822.5-10079.5 has been surpassed

Therefore, for long positions initiated near 9400 based on structural resistance breakout

We can optimistically target the 161.810630 mentioned in the previous article "Outlook after the resistance breakout on the BTCUSD daily chart"

If the price reaches 161.810630.0

We suggest operators close their positions to lock in profits

Profits exceeding 1000 points from this uptrend can then be secured

Resistance levels

R1 11380.0

R2 11730.0

Support levels

S1 10315.0

S2 9419.0

S3 8633.0

S4 8290.0

S5 8089.0

S6 7202.0

S7 6436.0

S8 5227.0

In recent days, the cryptocurrency market has seen significant volatility. Operators are advised to strictly implement risk management 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 be cautious as cryptocurrency trading may involve risks to your capital.

WeChat Official Account: Jack's Trading Classroom

Personal Website: jackbtc.io

Related Reading

• "Jack's Trading Classroom" BTCUSD short-term bullish pullback with increased risk

Join now to get the most complete information on financial technology, blockchain insights, and industry examples!