Bullish opportunity in Bitcoin near major support levels

Trade Idea - Bitcoin Buy Setup After Bearish Trend Line Breakout

Hi traders!

There were many expectations about BAKKT previous week but the news didn’t have a major bullish impact. On the contrary Bitcoin broke a major support around the $9000 mark and plummeted steadily ever since.

BTCUSD Mid Term View

From a technical perspective, we can identify a bearish channel and two major support levels on the way. Price is currently testing the first zone ($8000-$7700) and we have another one at $6700-$6200 (both marked in the screenshot below). This is where we can expect to see bullish reactions.

BTCUSD remains bearish until further confirmation

Until we get reversal patterns though – the pair remains under strong bearish pressure, in other words –  short term sells after pullbacks.

Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.

Not sure how to spot reversals (bounces)? Not sure how to spot breakouts?

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Happy trading!

Yordan Kuzmanov

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9 months ago

Thank you Yordan for sharing your ideas, it was too helpful for me

9 months ago

I am following your advise. Thank you so much Yordan