"Jack's Trading Classroom" BTCUSD Trend Analysis

Original trading classroom "BTCUSD Trend Analysis" by Jack

Original Jack's Trading Classroom "BTCUSD Trend Analysis"

Currently, we are looking at the one-hour candlestick chart of BTCUSD. Earlier, the Bitcoin price broke below the uptrend line, dropping to 8823.5 and forming a rebound low, with the price unable to close below the support level of 8862.0. In the current one-hour cycle candlestick chart, the short-term moving average has crossed downward and diverged, with both high and low points continuously creating new lows, indicating a stronger bearish trend in the one-hour chart.

However, the price is currently approaching the key support level of 8862.0. For short positions, it is recommended to wait for the downtrend to be broken before taking action, either waiting for the price to retrace to the upper trend line or entering short positions at the upper resistance level. If the resistance trend line is broken, it is advisable to stop losses immediately to avoid unnecessary holding positions, or enter short positions upon breaking below the key support level of 8862.0.

Upper resistance levels
R1 9170.0
R2 9419.0
R3 9490.0
R4 9678.5
R5 9755.5
R6 10124.0

Lower support levels
S1 8862.0 Key Support Level
S2 8089.0

In recent days, 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 caused by volatile market conditions. This article reflects personal opinions, and readers should consider carefully. Cryptocurrency trading may pose risks to your capital.

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