Bitcoin Buy Alert | Chart Pattern and Support Levels Confluence

Hello Traders,

We're seeing a lot of confluence on BTCUSD (more than one analysis method give the same trade signal which often lead to greater accuracy).

Confluence 1. Resistance Become Support
The last lower high in a downtrend often become a good support level if it breaks (price makes a higher high) and price retrace to that level.

Confluence 2. Fibonacci Retracement
I always draw a Fibonacci retracement between most recent high and low to get strong support levels where pullback might stop and price reverse.

Confluence 3. Double Bottom Chart Pattern
A double bottom with a lower low on the right side is a really good chart pattern, especially when traded in confluence with strong support levels.

Confluence 4. Bear Trap (Failed Breakout)
Amateurs get trapped in short positions and when price reverse up and stays above the breakout level it adds confluence to the bullish trade idea.

Do you think Bitcoin's next move is happening soon? Let me know in the comments section!

If this was helpful, please like and follow me @tradingwalk Thank you!

Happy trading,

Get Signal Indicators:

Signal Indicators Explained:

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.