"Jack's Trading Classroom: BTCUSD Triangle Convergence Trendline Breakout Market Analysis"

Original trading classroom by Jack, "BTCUSD Triangle Convergence Trendline Breakout Market Analysis"

Two technical analyses were published on July 17 and 21, 2020, both of which mentioned that a breakout direction should be chosen for trading positions in a convergent pattern. Currently, looking at the four-hour candlestick chart of BTCUSD, the resistance trend line above the Bitcoin price broke yesterday, reaching a high of 9442.0.

The actual candlestick of Bitcoin on the four-hour chart failed to close above the daily resistance level of 9419.0, leading to a slight rebound. As the triangle convergent trend line was broken, we should focus on bullish operations for future trends.

The key resistance level of 9419.0 is currently facing upward pressure. For traders who entered the market with long positions upon the trend breakout, it is recommended to either raise the stop-loss point above the entry point or consider closing positions first. After the breakthrough of the key resistance level of 9419.0, it is advisable to re-enter the market with long positions through breakout orders, which is a more stable approach.

Upper resistance levels
R1 9278.0
R2 9419.0
R3 9782.0
R4 10315.0

Lower support levels
S1 9138.5
S2 8862.0
S3 8089.0
S4 7467.0
S5 6436.0

Recently, the digital currency market has experienced significant volatility. It is recommended for operators to strictly implement risk control measures and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article is for personal commentary, please read with caution, as cryptocurrency trading may pose risks to your capital.

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