"Jack's Trading Classroom: Bitcoin - The Beginning of a Bull Market?"
Original trading classroom by Jack, "Bitcoin - The Beginning of a Bull Market?"
Table of Contents
Currently looking at the hourly and daily chart of Bitcoin, starting with the hourly cycle chart, we see the BTCUSD Bitcoin hourly candlestick chart. We can see earlier that Bitcoin price failed to smoothly retrace to the Fibonacci 38.2 level at 10776.0. This Fibonacci resistance level of 38.2 overlaps with the previous low point. Therefore, it is considered a key structural support-resistance level. Failure to stop the rise within this range and subsequent breakthrough indicate the failure of the short-term bearish pattern. Attention should be paid to the previous high point at 11174.0, which served as the resistance level of the head and shoulders pattern in the previous analysis article. If the upper high point at 11174.0 is breached, a W-shaped pattern will be formed in the chart, and it may continue to operate long positions in the hourly cycle chart in the future.
Next, we look at the Bitcoin daily chart. Previously mentioned in the "BTCUSD daily chart spot entry conditions," Bitcoin retraced to form a support channel with EMA144 and EMA169, then closed above the EMA12 filter line to form spot entry conditions, with the stop-loss level set at the low point of 9821.5. Currently, the retrace has not broken below this channel, so spot positions can still be held. This retracement can be seen as the first retracement of the bull market. If the stop-loss level is not reached in the future, the bull market will likely open smoothly, and spot re-entry can be considered.
Let's continue to be patient and observe!
Recently, the digital currency market has seen significant fluctuations. It is recommended for operators to 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 exercise caution when considering it. Cryptocurrency trading may pose risks to your capital.
WeChat Official Account: Jack's Trading Classroom
Personal Website: jackbtc.io
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