"Jack's Trading Classroom: BTCUSD trend line successfully broken, outlook is positive"

Original: Jack's Trading Classroom "BTCUSD Trendline Breakout Indicates Positive Outlook"

Starting with a review of our previously published analysis articles, on May 7, 2020, we released a technical analysis titled "BTCUSD Bitcoin Long and Short Division." In that article, we mentioned, "For larger cycles, spot and long-term trading, we still need to be patient, waiting for a breakthrough of the upper resistance level before entering the spot market or taking long positions with lower leverage."

Currently, we also observe the daily chart of Bitcoin. In the daily chart, we can see that last night, the BTCUSD price broke through the key resistance level we initially identified at 9419.0. As we predicted, the price broke through the resistance level of 9419.0 and the descending resistance trend line on the daily chart, leading to a significant increase. Within a few hours, it rose to a high of 9975.5 and has since slightly retraced to around 9900.0.

Our orders placed above 9419.0 should have been executed, with current profits exceeding 500 points. Looking at the long-term chart with EMA exponential moving average analysis, the short-term moving averages are currently crossing upwards and diverging, forming the bullish pattern we have mentioned multiple times.

Our first target in the future is to aim for the upper resistance level and Fibonacci target price of 10438.5, in line with the halving effect mentioned yesterday. We should continue to operate with a bullish mindset. Before a reversal pattern forms at the top key long-term resistance level, one should avoid speculative topping positions.

Upper resistance levels

R1 10315.0

R2 11380.0

R3 11730.0

Lower support levels

S1 9419.0

S2 8089.0

S2 7467.0

S3 7190.0

S4 6436.0

S5 5227.5

S6 3832.5

In recent days, the digital currency market has seen significant fluctuations. It is recommended that operators strictly implement risk control measures and avoid high leverage and high contract volumes to prevent additional losses caused by volatile market conditions. This article reflects personal opinions, please read with caution, as cryptocurrency trading may pose risks to your capital.

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

Related Reading

• "Jack's Trading Room" BTCUSD Bitcoin Long and Short Division
• "Jack's Trading Room" BTCUSD Short-Term Head and Shoulders Bottom Short Review

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