"Jack's Trading Classroom: BTCUSD Reaches Updated Resistance at High Point"

In the past few days, we traded Bitcoin with short to medium-term long positions. After closing the positions with full profit, we will continue our analysis using long-term charts.

In the past few days, we traded Bitcoin with short-term long positions, and after completely profiting from the positions, we will continue our analysis using large cycle charts.

Currently, we have switched the chart back to the daily chart of Bitcoin. In the previous article "The Rule of Bitcoin Bull-Bear Conversion," we mentioned that the resistance level on the daily chart to watch out for was at the 2017 high of 19891.99. Bitcoin recently rose to a high point of 19469.0 and is currently slightly retracing near 19050.0. As the price is getting close to the major weekly resistance level, it is advisable to avoid continuing with long positions for now.

Instead of entering long positions at this price point, consider entering short positions with lower leverage, setting the liquidation price above the 2017 high of 19891.99. Although shorting at the top carries some risks, the risk-reward ratio at this price point for short positions is relatively good. Remember to control your positions and avoid heavy or full positions in trading.

Alternatively, consider taking profits by exiting some of your spot positions at the last mentioned entry point of 10500, and wait for a good retracement buying point before re-entering. If a reasonable buying point emerges, it will be continuously updated.

Recently, the digital currency market has experienced significant volatility. It is recommended that operators strictly implement risk control measures and avoid high leverage and high contract volume operations to prevent additional losses due to volatile market conditions. This article reflects personal opinions, please read with caution. Cryptocurrency trading may involve risks to your capital.

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