"Jack's Trading Classroom": BTCUSD retraces to support zone

Original trading classroom "BTCUSD retracement support zone" by Jack

Currently, we are looking at the four-hour candlestick chart of BTCUSD. Earlier, BTCUSD reached a high of 10444.0, but failed to close above the resistance level of 10315.0 on the four-hour candlestick chart, and the price subsequently fell back to a low of 9262.0.

This range coincides with the Fibonacci sequence 38.29313.0 mentioned in the live broadcast on the evening of June 02, 2020. Within this wave, there are two probable rebound ranges, which are the Fibonacci sequences 38.29313.0 and 61.89745.0. The current uptrend has not reversed yet.

A pullback to the Fibonacci sequence 38.29313.0 can be considered a reasonable retracement. The previous bullish target of 10438.0 has been successfully achieved, and there is still an unfulfilled bullish target of 11088.0 in the future. Until the Fibonacci sequence 38.29313.0 is not broken below, it is suggested to enter the market with a small position and high leverage for a rebound. If the price falls below the support range of 38.29313.0, it is advisable to stop loss immediately to avoid unnecessary floating losses.

Resistance levels above
R1 9695.0
R2 10315.0

Support levels below
S1 9419.0
S2 9170.0
S3 8862.0
S4 7736.0

In recent days, the digital currency market has experienced significant volatility. 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. This article reflects personal opinions, and readers should carefully consider it. Cryptocurrency trading may involve risks to your capital.

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