"Jack's Trading Classroom: BTCUSD continues to show a strong trend without signs of reversal."

Original trading classroom by Jack, "BTCUSD Continues to Strengthen, Trend Has Not Reversed Yet"

Beginning by reviewing our previous analytical article, on April 6, 2020, we published a technical analysis titled "BTCUSD Trend Continues to Strengthen." In that article, we mentioned that overall, the bullish sentiment was still high, and we recommended either "entering long positions with the rebound of the bottom support trendline, or entering long positions more reasonably after breaking through the key resistance at 7190.0."

Currently, we see the four-hour candlestick chart of BTCUSD. Shortly after the article was published, the price of BTCUSD broke through the previously set resistance level of 7190.0, rose to the upper daily cycle pressure level of 7467.0, causing a rebound, and then the price retreated and consolidated around the current quote of 7280.0.

Based on the basic trend judgment, the four-hour ascending pattern of BTCUSD has not changed yet. The bottom low continues to rise, forming an upward support trendline, and the EMA moving averages still cross upwards with an opening upward trend, indicating that the bulls are still suppressing the bears. We should continue to pay special attention to the daily cycle pressure level of 7467.0 above, and it is more reasonable to choose to enter long positions when breaking through.

It is worth noting that the chart on the four-hour cycle has twice peaked at 7467.0. If the bottom low of 7080.0 is broken, it means that a double top pattern is established in the four-hour cycle. In this case, you can choose to enter short positions after the support trendline and neckline support are broken, set stop-loss above the high point, and this week, you should also pay special attention to the halving of rewards for BSV and BCH. It is expected that the halving of rewards for BSV and BCH will likely be correlated with BTC, bringing about a wave of upward movement.

Upper resistance levels
R1 7467.0
R2 8089.0
R3 9419.0

Lower support levels
S1 7190.0
S2 6627.5
S3 6436.0
S4 5898.5
S5 5388.5
S6 3832.5

In recent days, the cryptocurrency market has experienced larger fluctuations. It is recommended that operators strictly implement risk control and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article is a personal opinion. Readers should refer carefully and be aware that cryptocurrency trading may involve risks to your capital.

WeChat Official Account: Jack's Trading Room
Personal website: jackbtc.io

Further Reading

• "Jack's Trading Room" BTCUSD Trend Continues to Strengthen
• "Jack's Trading Room" Short Review of Potential Head and Shoulders Pattern in BTCUSD

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