Bitcoin Support Levels – Be Prepared For Any Size Pullback!

[forex4you]

Bitcoin Support Levels - Be Prepared For Any Size Pullback!

Bitcoin Support Levels – Be Prepared For Any Size Pullback!

Bitcoin / U.S. dollar BITSTAMP:BTCUSD

natef1

Hello Traders…

Today I am showing you support levels for Bitcoin .
– To be a successful trader you must always be thinking ahead…
– Each day I go through the Cryptos I trade and update the charts with any new levels, patterns and formations that may have developed.
– This is a habit you should make for yourself as well.

– Including the support level BTC is currently trading on, we have 4 levels below to look out for.
1) $39,316
2) $37,581
3) $34,368
4) $32,919

– The value of being aware of these levels are to help predict where a bounce might occur in the case of a pullback.
– For instance if BTC was to break the current support level today with a large bearish candle, there would be a high probability that the $37.5K support level would be hit next.
– At this point you could enter a long position, anticipating a bounce and ride profits up to the next take profit level.
– This is the primary strategy I use to trade. I repeat this process over and over, trading between the multiple different major levels on the chart.

*** Trading Support and Resistance is one of the most basic yet effective ways of trading. ***
– It is very easy to overcomplicate trading and get yourself in a habit of taking bad trades.
– Sometimes it’s best just to keep it simple.
– When I first started trading I tried using every indicator under the sun, thinking “maybe they will give me and edge.” But after all this time I am back to the basics trading support and resistance , and more profitable than ever before because of it.

Happy Trading and Best of Luck!

Source: Bitcoin Support Levels - Be Prepared For Any Size Pullback!