"Jack's Trading Classroom: A Brief Discussion on BTCUSD Daily Chart Analysis"

Original Jack's Trading Classroom "BTCUSD Daily Chart Analysis"

In previous articles, we have mentioned the cup and handle pattern on the daily chart multiple times. Earlier, the BTCUSD price continued its bearish trend as we mentioned in the four-hour chart, with the price dropping all the way to a low of 8530.0 and then slightly rebounding to around 8730.0.

Today we are once again looking at the daily chart of BTCUSD. Those who have been following our updates should remember that we mentioned the Fibonacci 61.8 support level at 8972.0. "If the price approaches the Fibonacci 61.8 level on the daily chart, traders may consider switching to a smaller time frame, such as the four-hour chart, to look for reasonable reversal patterns for trading."

Whether we switch to the four-hour or one-hour chart, there has not been a clear reversal pattern forming near the Fibonacci 61.8 support level at 8972.0 on the daily chart. The price continued to break through this support range and reached the EMA200 exponential moving average support below.

It is expected to continue to oscillate near this average support at the bottom, and the price has reached the previously mentioned daily chart support level of 8633.0 without breaking below. Traders are advised to look for reasonable reversal bottom patterns on smaller time frame charts at the bottom, and should exit with a stop-loss if the bottom low is breached.

Regarding the view of the high point of the cup, although the 61.8 support level has been broken for now, we can temporarily maintain the previous view. If the mid-term bearish trend at the bottom reverses and breaks through the cup's high point of 10549.5 with increased volume, traders can enter long positions after the breakout with spot trading or low leverage contracts.

Upper resistance levels
R1 9419.0
R2 10315.0
R3 11380.0
R4 11730.0

Lower support levels
S1 8633.0
S2 8290.0
S3 8089.0
S4 7202.0
S5 6436.0

In recent days, the cryptocurrency market has seen significant volatility. Traders are advised to strictly adhere to risk management and avoid high leverage and high contract volume trading to prevent additional losses due to volatile market conditions. This article reflects personal opinions, please read with caution, 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 Recent Trend Analysis
• "Jack's Trading Classroom" BTCUSD Four-Hour Downtrend

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