Analyzing BTCUSDT using Support and Resistance Strategies

Hello my good friends, I'm delighted to share this with you all this piece today. After a while, I have been able to analyze a pair of BTCUSDT using support and resistance strategies. It is one of the greatest strategies used while trading the crypto market.

To draw a perfect support and resistance level, you need to use a higher timeframe so that you get the real levels of support and resistance level. In my analysis, I make use of the 4H timeframe and the 1D timeframe to draw my support and resistance level.

When trading support and resistance, you must make sure all these timeframes respect the levels and also respect the level in a lower timeframe such as 30M and 15M at least. If all your timeframe respects this level, it means it is a valid level of support and resistance.

From the above image, you will notice BTC trending upward and from my prediction, a break in the support level shows a sell below that zone. I waited for the market to break below the marked zone and that yielded a profit of about 400% or more.

Looking also at the chart, after the downtrend movement, there was a consolidation in the price of the asset which is a place where I don't advise any trader to trade the financial market. Always wait for a breakout in the market whenever you see the market ranging in consolidation.

The market took a while to consolidate at that point, you must have secured some profits in the market. Always try not to greed the market and ensure that you have some percentage of your profit secured already. I left about 30% of my profits in the market at the ranging level which took the asset a little while.

After the consolidation, more profit came up as we see the market moved downward even more. Trading support and resistance is a strategy that I have adopted because it works perfectly for me. Since I analyze the market via a higher timeframe, the market may take time to reach my levels but if there is no news in the financial market to affect my analysis, it always goes well at all times.

You too can use the support and resistance level to trade the financial market. Aside from trading trendlines, another basic way to make good profits from the market is by trading the support and resistance levels. I hope this explanation gives us a guide on how we can properly trade the support and resistance levels.

Disclaimer: ^{This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your research and consult a financial advisor.}