"Jack's Trading Classroom" Short Commentary on BTCUSD Bitcoin Trend

Original Trading Classroom by Jack, "BTCUSD Bitcoin Trend Analysis"

Currently looking at the hourly candlestick chart of BTCUSD, during last Friday's live broadcast it was mentioned that the right shoulder has not been confirmed yet. It is highly probable that the right shoulder will form within the Fibonacci support range of 9170.0 to 38.2% support at 9170.0. The price has retraced back to the support range earlier and formed the right shoulder. The neckline of the head and shoulders pattern has not been broken above, and the entry point for the head and shoulders pattern has not been established.

Based on trend line analysis, the downward pressure trend line on the hourly timeframe has been broken, indicating that the short-term trend is likely to continue strengthening. On the four-hour timeframe, there is a risk of a rebound from the downward pressure trend line, so attention should be paid to the upper pressure trend line and resistance levels. The overall trend assessment is short-term strength and medium-term weakness. If the upper pressure trend line and the neckline of the head and shoulders pattern are broken, it could be considered a bearish trend reversal.

Upper resistance levels:
R1 9419.0
R2 9528.0
R3 9678.5-9755.5 range
R4 10124.0

Lower support levels:
S1 9170.0
S2 8862.0

In recent days, the digital currency market has experienced significant fluctuations. 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, please read with caution, as cryptocurrency trading may pose risks to your capital.

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