"Jack's Trading Classroom: BTCUSD Short-Term Bullish Correction Increases Risk"

The original article is authorized and reproduced from "Jack's Trading Classroom."

The original article is authorized and taken from "Jack's Trading Classroom".

BTCUSD Short-term Bullish Pullback Risks Rising

In recent analysis articles,

we have clearly mentioned that

whether in the four-hour or daily chart of BTCUSD,

it is developing with a stronger bullish trend.

The initial long positions have been held from around 9270 to above 10000 points.

From the current daily or four-hour chart,

the overall direction is still relatively bullish.

However, today we see the one-hour candlestick chart of BTCUSD,

Currently in the one-hour candlestick chart of BTCUSD,

what we should pay attention to is the short-term upward pullback risk.

In the chart, we can see the basic pattern,

in the one-hour chart, BTCUSD is forming a double top reversal pattern,

I believe everyone knows that the double top reversal pattern is a common trend reversal pattern.

The double top has already formed,

BTCUSD price is currently at the neckline area near 10031.0 waiting for a breakthrough.

If the price falls below the neckline area of 10031.0 and closes lower,

BTCUSD quotes may have the chance to fall below ten thousand in the short term.

Below, we need to pay special attention to the Fibonacci sequence of 61.8-97.1-5,

61.8-97.1-5 coincides with the support level of 9768.0 in the lower small cycle,

Therefore, if the price falls below 10031.0 and closes lower,

in the one-hour chart, we can see a short-term range of 61.8-97.1-0 and the support level of 9768.0 below.

It is recommended that if the operator holds a high multiple long position,

if it falls below the neckline area and closes lower,

the high multiple long position can temporarily exit

and re-enter after the price falls to the support level.

If the operator holds a low multiple long position,

this small cycle pullback has not yet affected the trend of larger cycles such as the daily chart,

so the low multiple long position can continue to be held temporarily

and wait to exit after the trend of the larger cycle reverses.

Upper resistance level

R1 10114.0

Lower support levels

S1 9768.0

S2 9353.0

In recent days, the cryptocurrency market has experienced larger fluctuations. It is recommended that operators strictly implement risk control and avoid high leverage and high contract volume operations

to prevent additional losses caused by volatile market conditions.

The article is a personal opinion, please read it carefully, cryptocurrency trading may bring risks to your capital.

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