BTCUSD Trading Analysis

Hi all,

I have been monitoring BTCUSD for quite some time and it looks like there might be a potential opportunity setting up.

As you can see from the screenshot, there is a major support level at 3300.

I will be looking for a possible break out of this level and a bullish reversal pattern.

This could be a pinbar on the daily timeframe or any other candlestick pattern that has a bullish connotation like a bullish engulfing or an inside bar.

Words of Caution

Although there might be a bullish pattern occurring at this level, you should also be careful because we are in a major downtrend.

Any trade that comes along and is against the major trend will be less probable to happen.

It looks to me that all of the other major cryptocurrencies are in a major downtrend.

They are also very close to a support level.

Having said that, I will be extra careful when trading those cryptos.

Happy Trading,

BBB Team


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