"Jack's Trading Classroom: BTCUSD in an upward channel, waiting for breakout point to enter the market"

Original Jack's trading classroom "Entering the BTCUSD Rising Channel Breakout Point"

Currently, we see the four-hour candlestick chart of BTCUSD showing an upward trend. For traders focusing on trading in larger cycles, we can operate in the direction of this upward trend within the four-hour cycle.

Entering with a breakout above the resistance level is more reasonable. By analyzing with the Fibonacci sequence below, we can see that the retracement points fall at 38.2% and 66.5% Fibonacci levels. Therefore, as long as the upper resistance level breaks through from 7467.0 to the high of 7475.0.

We can consider this as an entry point for long positions after a breakthrough, and the upper target can be seen at the 138.2% Fibonacci level of 8098.5, which coincides with the upper resistance of 8089.0. The second entry point for a breakthrough can be after entering above the resistance range of 7190.0-7202.0. This range is a major resistance zone at the daily level, and after breaking through, one can be optimistic and operate with long positions towards the next upper resistance level of 7467.0.

Upper resistance levels
R1 7467.0
R2 7190.0

Lower support levels
S1 6627.5
S2 6436.0
S3 5898.5
S4 5388.5

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 is for reference only. Please trade cautiously, as cryptocurrency trading may pose risks to your capital.

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

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