"Jack's Trading Classroom: BTCUSD breaks through the converging resistance trend line"

On December 4, 2020, we updated a technical analysis article titled "Formation of BTCUSD Cup and Handle Pattern," mentioning that the Bitcoin price was still consolidating within the handle range on the chart, waiting for a breakout above the high point of the cup, which could indicate a high probability of the bullish trend continuation.

On December 4, 2020, we updated a technical analysis titled "Formation of the BTCUSD Cup and Handle Pattern," mentioning that the Bitcoin price was still consolidating within the handle range on the chart. After the breakout of the cup's high point, it can be determined that the bullish trend will likely continue.

Today, we switch the chart to the one-hour candlestick chart of BTCUSD, showing a symmetrical triangle convergence pattern in the Bitcoin chart. The trend line resistance above has been broken earlier, and with the bullish breakout chosen from the symmetrical triangle convergence, there is a high probability that the short-term trend will continue to strengthen.

This triangle consolidation range is the same as the handle consolidation range mentioned in the previous article. Similarly, it is necessary to wait for the breakout of the daily resistance above to determine the continuation of the long-term bullish trend.