"Jack's Trading Classroom" - Typical Bullish Continuation Pattern for BTCUSD

During a period of upward trend in the market, the interaction between bulls and bears often leads to a temporary consolidation phase following the upward trend, which is considered a continuation pattern.

During a period of uptrend in the market, the competition between bulls and bears leads to a temporary consolidation phase after a rise, which is considered a continuation pattern.

During this consolidation phase, institutional investors will continuously absorb chips and induce retail investors to close their positions after continued washing and oscillation, aiming to reduce floating chips and increase retail support base.

Currently, we can see on the BTCUSD hourly candlestick chart that Bitcoin is forming a standard continuation pattern of an ascending triangle, analyzing from the bottom, which shows a standard higher lows pattern, indicating gradual buying pressure release. There is still a horizontal resistance zone above, and if broken, the price is likely to enter the next bullish phase.

Looking at the EMA (Exponential Moving Average) indicators, EMA50 continues to cross above EMA200, confirming the continuation of the mid-term bullish trend. The short-term EMA15 and EMA50 are entangled, indicating a typical short-term consolidation. A conservative trading approach would be to wait for a breakthrough of the high point before considering entering long positions again.

The bullish structure on the daily chart remains intact, and spot holders should continue to wait patiently for better results.

Resistance levels:
R1 15516.5
Support levels:
S1 14921.5

In recent days, the digital currency market has experienced significant volatility. It is recommended for traders to strictly implement risk management and avoid high leverage and high contract volume trading, to prevent additional losses due to volatile market conditions. This article reflects personal opinions, readers should use caution when considering, as cryptocurrency trading may involve risks to your capital.

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