According to Jackie, the trader from CryptoJack, all eyes should be on a Bitcoin price breakout above $93,600. It is his key forecast that once this resistance is overcome, BTC will be free to make more headway.
Key Resistance at $93,600: Jackie’s Technical Analysis
Speaking on CryptoJack, the UK- and US-based trader noted that Bitcoin has been consolidating in what he describes as a triangular pattern. “That kind of formation tends to produce a decisive move,” he said, singling out the $93,600 mark as the one to watch. A breach there would, in his opinion, signal a solid bullish run.
Then there is the matter of the market’s present structure, which Jackie says is defined by its volatility and the number of reversals and breakouts on display. For those looking for confirmation of a move, he considers the next few weeks to be of some importance.
Critical Support and Risk Management
On the subject of downside risks, Jackie offered a word of warning to his audience: should Bitcoin dip under $88,000 he will be closing out his short. He pointed to that figure as a key support level in today’s market. In fact, his near-term approach is dictated by the dynamic between that $88,000 support and the resistance found at $93,600.
Then there is the matter of the 50-week moving average on the funding rate charts; with Bitcoin holding above it, Jackie sees cause for some cautious optimism. Still, he would have viewers keep a close eye on these levels for any sign of a change in momentum.
US Traders and Calci: New Opportunities
When it comes to the wider trading landscape, Jackie pointed out a change with the Calci platform: American traders can now access perpetual contracts without the use of a VPN. In his view, that is no small matter for those in the US looking for a more direct line to Bitcoin’s price action.
He was also quick to highlight the 6.8x leverage available on Calci, calling it a safe level to work with when sizing positions. His advice is to make use of such tools but to do so with proper risk management in mind. Viewers were then encouraged to subscribe to his channel for regular analysis of Bitcoin and altcoins from Jackie himself.
This article reflects the channel author’s opinion and is not investment advice.
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Source — CryptoJack: https://www.youtube.com/watch?v=hAQ8fqSlPRI
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