"Jack's Trading Classroom": BTCUSD consolidation nearing its end, waiting for trendline breakout to choose direction

Original trading classroom by Jack, "BTCUSD consolidation nearing the end, waiting for trendline breakout to choose direction."

Currently, we are looking at the four-hour candlestick chart of BTCUSD Bitcoin. In the previous Bitcoin analysis article, it was mentioned that Bitcoin was forming a triangular convergence consolidation range, which has not been broken through as of today.

It is worth noting that a new trend line has formed at the bottom low point, and the direction of Bitcoin is still being determined. If the upper resistance trend line is broken through and closed higher, stop-loss can be set in the support range between 10315.0 and the low point of 10376.5, choosing to enter the market with a long position.

On the contrary, if the lower support trend line is broken through and closed lower, then stop-loss can be set in the pressure range formed between the high point of 10960.5 and the upper resistance level of 10990.0, choosing to enter the market with a breakthrough short position. It should be noted that if Bitcoin chooses to break through the lower support trend line, the daily chart EMA 200 moving average support level is at 9919.0, with a probability of rebound, special attention should be paid.

Upper resistance levels
R1 10990.0
R2 11362.0
R3 11579.5
R4 11748.5
Lower support levels
S1 10315.0
S2 9782.0
S3 9419.0

In recent days, the digital currency 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. The article is personal opinion, please read with caution, cryptocurrency trading may bring risks to your capital.

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