"Jack's Trading Classroom: Transition between Bitcoin Patterns and Trends in BTCUSD"
Currently, we can see on the 4-hour candlestick chart of BTCUSD, a double top pattern has formed within the black rectangle. The double top pattern is confirmed by the break below the neckline low of 53196.0 after the second peak.
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Conclusion
Trade based on pattern and trend analysis, as patterns have reversal probabilities. Maintain flexibility in trend assessment and strictly implement risk control with position sizing. When setting stop-loss orders, avoid overexposure to prevent being trapped by capital.
Support and resistance are indicated by the black horizontal lines in the chart. Wishing you successful trades.
In recent days, the cryptocurrency market has experienced significant volatility. It is recommended for traders to strictly adhere to risk management practices and avoid high leverage and contract volumes to prevent additional losses caused by turbulent market conditions. This article reflects personal opinions; readers are advised to use caution and virtual currency trading may pose risks to your capital.
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