"Jack's Trading Classroom: BTCUSD trend continues to strengthen"

Original trading classroom by Jack, "BTCUSD trend continues to strengthen"

Starting with a review of our previous analysis article, on April 2, 2020, we published a technical analysis titled "Short Review of Potential Head and Shoulders Pattern in BTCUSD." In that article, we mentioned, "If the upper head at 6981.5 is broken, it indicates that BTCUSD has formed a higher high in the four-hour cycle, establishing an upward trend. If the uptrend is established, it should continue to operate with a bullish stance."

Currently, we see the four-hour candlestick chart of BTCUSD, where the nascent head and shoulders pattern mentioned in the previous analysis article has its upper head at 6981.5 broken, thus considered a pattern failure, and due to the continuous rise of the high point.

As mentioned in our previous article, BTCUSD has developed an uptrend on the four-hour chart and should be operated with a bullish stance, judged by the EMA moving average pattern.

Currently, the moving average has crossed upwards and diverged, considered a typical bullish arrangement, with the bottom low point continuing to rise, forming an upward support trend line. Therefore, the overall sentiment remains more bullish. It is recommended to enter the market with long positions on a rebound from the bottom support trend line or a reasonable entry upon breaking the key resistance at 7190.0.

Fundamentally, this week should 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 linked to BTC, bringing about an upward trend.

Upper resistance levels
R1 7190.0
R2 8089.0
R3 9419.0

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

In recent days, the cryptocurrency market has experienced significant volatility. It is advised for operators to 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 personal commentary; please read with caution. Cryptocurrency trading may pose risks to your capital.

WeChat Official Account: Jack's Trading Classroom
Personal Website: jackbtc.io

Further Reading

• "Jack's Trading Classroom" Short Review of Potential Head and Shoulders Pattern in BTCUSD
• "Jack's Trading Classroom" Analysis of Potential Head and Shoulders Pattern in BTCUSD

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