"Jack's Trading Classroom: Bullish Entry Opportunities on the BTCUSD Hourly Chart"

Currently, we are looking at the one-hour candlestick chart of BTCUSD. Earlier, the Bitcoin market trended downwards in the short term and has now reached the lower moving average support channel (EMA144, 169 moving average channel). We will use the Vegas Tunnel trading strategy to determine the next entry point for a medium-term long position.

Currently, we are looking at the one-hour candlestick chart of BTCUSD. Earlier, the short-term trend of Bitcoin went bearish and has come to the lower moving average support channel EMA144, 169 moving average channel. We will use the Vegas Tunnel trading method to determine the next mid-term long entry point.

We should wait for a one-hour solid candle to close above EMA12 and set the previous low point at 17650.0 as the stop-loss level. After achieving a return of over 100%, consider setting a trailing stop loss or partially closing the position to secure profits.

Using the Fibonacci sequence for analysis, the earlier retracement to the support moving average channel coincided with the Fibonacci level of 61.8 at 17743.0. The 38.2 and 61.8 levels are key Fibonacci retracement support levels.

It has been mentioned multiple times before that a retracement to the 61.8 level could reach the upper target of 21028.0 at 161.8, but according to the previous article "The Law of Bitcoin Bull and Bear Conversion in BTCUSD," the previous high of 19819.99 in 2017 is a major resistance level based on the technical analysis framework.

Trends and support/resistance levels within larger timeframes are more valuable than smaller timeframes, so setting the target at 161.8 21028.0 above 61.8 17743.0 after the retracement is not suitable.

In recent days, the digital currency market has experienced significant volatility. It is recommended that traders strictly adhere to risk management practices and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article reflects personal opinions, please use caution when considering it, as cryptocurrency trading may pose risks to your capital.

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