"Jack's Trading Classroom: BTCUSD Bitcoin Short-Term Ascending Triangle Awaits Breakout"

Original trading classroom by Jack, "BTCUSD Bitcoin Short-Term Ascending Triangle Waiting for Breakout"

On July 28, 2020, we published a technical analysis titled "BTCUSD Bitcoin Daily Chart Trend Analysis," in which we mentioned, "After the breakout of the symmetrical triangle, we can see Bitcoin choosing a bullish trend. The next key resistance level to watch is at 11362.0, and if it breaks through, the next resistance level to target would be 11746.0."

Today, we are switching the chart to the 15-minute candlestick chart of BTCUSD. In the short-term 15-minute chart, Bitcoin can maintain the same logic as the previous analysis. After forming a high at 11447.5 on July 28, Bitcoin struggled to close above the resistance level of 11362.0 on the 15-minute chart. The price continued to oscillate at the high levels after the high was formed, and there are clear signs of an upward movement at the bottom, forming a typical ascending triangle. In the future, if it breaks above 11362.0 and closes higher, we would consider entering a long position, with a profit target set at the next resistance level of 11746.0, and a stop-loss set at a more conservative level based on the previous low at the time of the breakout.

Key Resistance Levels
R1 11362.0
R2 11746.0

Key Support Level
S1 10315.0

In recent days, the digital currency market has experienced significant fluctuations. We recommend traders to strictly follow 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, please read with caution, as cryptocurrency trading may pose risks to your capital.

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