"Jack's Trading Classroom: Bullish Outlook on BTCUSD After Breaking Through Resistance Level"

Original trading classroom by Jack, "Bullish Outlook on BTCUSD After Breaking Through Resistance"

Starting with a review of our previous analysis article, on April 17, 2020, we published a technical analysis titled "Proceed with Caution on BTCUSD Trendline Breakthrough." In that article, we mentioned: "In the future, you can enter long positions in the retracement neckline area or choose to enter upon breaking through the resistance range of 7190.0-7202.0. Profit-taking and stop-loss targets should be set based on upper pressure and lower support."

Currently, we observe the one-hour candlestick chart of BTCUSD. When we published the technical analysis "Proceed with Caution on BTCUSD Trendline Breakthrough" on April 17, BTCUSD was trading around 7075.0. Subsequently, BTCUSD, as predicted by us, broke through the trendline and the double bottom neckline area has moved upwards.

After a slight price retracement to the double bottom neckline area, BTCUSD continued to rise to reach a high of 7301.0 before a minor pullback, currently trading around 7240.0. It is worth noting that the previously identified resistance range of 7190.0-7202.0 has been successfully broken and closed higher. Moving forward, we can still maintain a bullish stance.

Existing long positions can be held, and in the next few days, we can optimistically target the next daily cycle resistance level at 7467.0. Traders can consider taking profits at this level for long positions. If successfully breached, one can re-enter with a breakthrough long position to embrace the next wave of gains.

Upper resistance levels
R1 7467.0

Lower support levels
S1 7190.0
S2 6627.5
S2 6436.0

In recent days, the cryptocurrency market has experienced significant volatility. It is advisable for traders to strictly adhere to risk management practices and avoid high leverage and high contract volumes to prevent additional losses due to volatile market conditions. This article reflects personal opinions, and readers are advised to exercise caution. Cryptocurrency trading may pose risks to your capital.

WeChat Official Account: Jack's Trading Classroom
Personal Website: jackbtc.io

Related Readings

• "Jack's Trading Classroom" BTCUSD Bearish Trend Analysis
• "Jack's Trading Classroom" Proceed with Caution on BTCUSD Trendline Breakthrough

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