"Jack's Trading Classroom" BTCUSD Bitcoin recent trend

Original trading classroom by Jack, "BTCUSD Bitcoin Recent Trends"

Starting by reviewing our previous analysis article, on April 23, 2020, we published a technical analysis titled "BTCUSD Rising Channel Waiting for Breakthrough Entry." In that article, we mentioned that "the second entry point for breakthrough can be entered after breaking through the upper pressure range of 7190.0-7202.0. This range is a major weekly pressure range at the daily level, and after breaking through, one can be optimistic and operate long positions to the next upper pressure level of 7467.0."

Currently, we see the four-hour candlestick chart of BTCUSD. Earlier, after breaking through the 7190.0-7202.0 range, BTCUSD surged on volume to a high of 7801.0 forming a peak. BTCUSD has reached the entry point for long positions we mentioned earlier and successfully broke through the next upper pressure level of 7467.0.

Currently, the BTCUSD price is still above the support level of 7467.0, and BTCUSD is still running within the rising channel. The EMA moving average system has also crossed upwards divergently, forming a bullish alignment of moving averages.

Therefore, we can determine that the future trend is still relatively bullish. Entering long positions at pullback support or continuing to hold long positions is a good choice.

In the future, the outlook remains the same as the previous article, with an optimistic view towards the Fibonacci sequence target of 138.28098.5.

Upper resistance levels
R1 8089.0

Lower support levels
S11 7467.0
S2 7190.0
S3 6627.5
S4 6436.0

In recent days, the cryptocurrency market has seen significant volatility. It is recommended 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 reflects personal opinions, please read with caution, as cryptocurrency trading may involve risks to your capital.

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

Further Reading

• "Jack's Trading Room" BTCUSD Rising Channel Waiting for Breakthrough Entry
• "Jack's Trading Room" ETHUSD Ethereum Trend Brief

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