"Jack's Trading Classroom" BTCUSD Trend Analysis

Original trading classroom "BTCUSD Trend Analysis" by Jack

Starting with a review of our previous analysis article, on March 22, 2020, we published a technical analysis titled "BTCUSD Simple Trend Update," in which we mentioned: "It is recommended for operators to continue operating in long positions. If a reversal pattern is formed within the range and the bottom support trendline is broken, then switching to short positions for operation is advisable."

Currently, we continue to observe the one-hour candlestick chart of BTCUSD. We can see on the chart that after the publication of the analysis article "BTCUSD Simple Trend Update" on March 22, BTCUSD broke below the smaller cycle support trendline and later dropped to a low of 5677.0. This low happened to coincide with the four-hour chart of the larger cycle's bottom support trendline in the upward trend, followed by a successful rebound in price, continuing the upward trend. After the rebound, the price of BTCUSD reached a high of 6869.5.

This range coincides with the high point of 6938.0 formed on March 20. Currently, there is a consolidation market near the resistance of this structure, and in the future, we need to observe the breakthrough situation to choose the entry direction. The most reasonable scenario is for the top high of 6938.0 to be broken, and to continue operating in the upward trend with a breakthrough long position.

Upper resistance levels
R1 7190.0
R2 8089.0
R3 9419.0
R4 10315.0

Lower support levels
S1 6436.0
S2 5227.0
S3 3832.5

In recent days, the cryptocurrency market has experienced significant fluctuations. It is recommended that operators strictly implement risk control and avoid high leverage and high contract volume operations to prevent additional losses from volatile market conditions. This article is for personal reference only. Please be cautious. Cryptocurrency trading may involve risks to your capital.

WeChat Official Account: Jack's Trading Room
Personal Website: jackbtc.io

Further Reading

• "Jack's Trading Room" BTCUSD Simple Trend Update

• "Jack's Trading Room" BTCUSD Trend Analysis after Breaking the Previous High

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