"Jack's Trading Classroom: BTCUSD Mid-term Bullish Trend Has Not Reversed Yet"

Original Jack's Trading Classroom

BTCUSD mid-term bullish trend has not reversed yet

Since January 5, 2020, we published an article titled "Potential Reversal Pattern of BTCUSD"

Before the publication of "Potential Reversal Pattern of BTCUSD"

In the overall direction chart

It was recommended to mainly operate with short positions in line with the trend

However, in "Potential Reversal Pattern of BTCUSD" and subsequent articles, we started to mention

In "Potential Reversal Pattern of BTCUSD", we mentioned

"There is a potential reversal head and shoulders pattern forming

The right shoulder is precisely at Fibonacci sequence 38.2% 6905.5

Same as the 1.272-1.382 6816.0-6885.5 mentioned in the previous article

Long-term operations still follow what we have mentioned in numerous live broadcasts before

Must wait for the breakthrough of structural support and resistance around 9419.0

Before starting to operate more reasonably with long positions"

Later on, we also mentioned in the analysis "Another View of BTCUSD Daily Chart"

The resistance trendline on the daily chart has been breached

BTCUSD trend has started to shift from bearish to bullish

We recommend contract trading to focus on low-leverage long positions and spot operations

Short positions should only be used in small-term reversal patterns

Currently, we see the four-hour candlestick chart of BTCUSD

In the chart, we can see

Earlier today, BTCUSD price surged to above 10500.0

Then quickly retraced to consolidate near the current price of 10180.0

In the overall direction chart

Currently, the upward trend structure of BTCUSD on the four-hour chart is still perfect

The previous low point and the lower support trendline have not been broken

Therefore, we judge that the trend has not reversed yet

A slight decline can be considered as a reasonable price adjustment

We all know that in an upward trend

Continuously creating new highs at high and low points

We will judge that this trend is still valid

Prices do not reach the highest point all at once in an upward trend

Candlesticks will rise in a staggered manner

Therefore, we recommend that operators

Establish low-leverage long positions at the bottom

Currently, it is still possible to continue holding and waiting for the subsequent trend

If the previous low point and the lower long-term support trendline are broken

We can consider this trend ending and reversing

Exit the long positions and spot options in hand

And wait for the next opportunity to enter the long-term position

Before that

We can continue to patiently wait to see if the price follows this trend

Upper resistance levels

R1 10315.0

Lower support levels

S1 9813.0

S2 9419.0 Daily chart structural support level, pay special attention

S3 8660.5

S4 8299.5

S5 8089.0

S6 7179.0

S7 6436.0

In recent days, the cryptocurrency market has seen large fluctuations, and operators are advised to strictly implement risk control and avoid high leverage and high contract volume operations

The article is a personal opinion, please read with caution, cryptocurrency trading may bring risks to your capital.

If you are interested in joining a free digital currency trading discussion group

WeChat Official Account: Jack's Trading Classroom

Personal website: jackbtc.io

Related Reading

• "Jack's Trading Classroom" BTCUSD Breaks 10,000 Point Mark Again, Continues to be Bullish on the Market
• "Jack's Trading Classroom" BTCUSD Short-term Bullish Pullback, Increasing Risk

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