"Jack's Trading Classroom: BTCUSD Cup and Handle Pattern Forming"

Previously, we have mentioned multiple times about the daily high resistance at 19892.0, which was the peak of the 2017 bull market. Currently, we observe a typical cup and handle pattern on the BTCUSD hourly candlestick chart, indicating an overall uptrend in a larger cycle. The cup's high point can be seen as a breakthrough point for the upper daily resistance. If the upper daily resistance at 19892.0 is broken and held, it can be inferred that the bullish trend is likely to continue.

Previously, we have mentioned multiple times about the daily resistance at 19892.0, which is the peak of the 2017 bull market. Currently, we see a typical cup and handle pattern on the hourly candlestick chart of BTCUSD, indicating an overall upward trend in a larger cycle. The top of this cup can be seen as a breakthrough point for the resistance at 19892.0. If the resistance is broken and holds, it is likely that the bullish trend will continue.

If you have short positions at the resistance level, it is advisable to continue holding for now due to a favorable risk-reward ratio. However, if a breakthrough occurs, it is recommended to immediately set a stop-loss and switch to long positions. Avoid holding positions after a breakthrough, and refer to the black horizontal lines on the chart for support and resistance levels.

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

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