"Jack's Trading Classroom: BTCUSD Simple Update on Price Trends"

Original Jack's Trading Classroom "BTCUSD Simple Update and Trend Analysis"

Starting with a review of our previous analysis article, on March 20, 2020, we published a technical analysis titled "BTCUSD Outlook After Breaking Previous Highs." In that article, we mentioned: "The original high of 5964.5 has been surpassed to form a higher high, and we judge the current trend to be upward."

Now, we switch the chart to the one-hour candlestick chart of BTCUSD. In the chart, we can see that the uptrend mentioned in the previous article still holds. Both the higher highs and higher lows are continuously being created, forming resistance and support trend lines. Within this range, we recommend traders to continue operating with long positions. If a reversal pattern forms within the range and the bottom support trend line is broken, then consider switching to short positions.

Resistance levels:
R1 6436.0
R2 7190.0
R3 8089.0
R4 9419.0
R5 10315.0

Support levels:
S1 5227.0
S2 3832.5

In recent days, the cryptocurrency market has experienced significant volatility. We advise traders to strictly implement risk management and avoid high leverage and high contract volume operations to prevent additional losses caused by turbulent 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

Related Reading

• "Jack's Trading Classroom" BTCUSD Outlook After Breaking Previous Highs

• "Jack's Trading Classroom" BTCUSD Bitcoin Long and Short Analysis

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