Four identical breakouts during a bitcoin uptrend

Four identical breakouts during a bitcoin uptrend 300 169 Minimalist Trading – Best Trading Indicators for TradingView

Four identical breakouts during a bitcoin uptrend

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Introduction

Today we’re looking at another trading setup using our technical indicators, which are considered to be among the best indicators for TradingView. In particular, we’re using just two indicators: the Breakout Pivotal Bars in combination with the Sentiment Index.

By making a simple price action analysis using two among our best indicators for day trading, we are able to identify a very clear and simple trade setup on bitcoin. By looking at the price action and what has happened in the bitcoin market sentiment in the last few days we identify three profitable setups identical to the one that we’re looking at today. In particular, we want the price to break up the consolidation in a green candle (colored by the Breakout Pivotal Bars) and we want the bitcoin sentiment index down at the bottom, to break up as well at the same instant.

Trade setup – 13 May 2020

Four identical breakouts during a bitcoin uptrend Setup 1

It looks like we might get another impulse in a series of very profitable combinations of impulse-consolidation-impulse.

These setups are usually very profitable because, once they form, there’s a high chance that they reach their target.

Let’s see if we get another one here.

Trade update – 13 May 2020

Four identical breakouts during a bitcoin uptrend Setup 2

The setup has formed and it is valid because:

    1. The price broke up the consolidation that we identified by drawing the blue trendlines
    2. The breakup candle is green (colored by the Breakout Pivotal Bars)
    3. The bullish Sentiment Index broke up its trendline as well

The set the target we take the length of the previous impulse and we project it to the upside by starting from the bottom of the current consolidation.

The stop loss, instead, is a level at least a bit lower than the breakup candle but, if you want to be extremely conservative, you should place it below the current consolidation.

Trade closed – 13 May 2020

Four identical breakouts during a bitcoin uptrend Setup 3

The price just moved higher and within a few candles, it reached the target.

In the end, what we can call our ultimate crypto trading strategy, was correct four times out of four on this bitcoin chart in the last two days and allowed us to get a 2.8x profit on the last trade opportunity. There’s no single way on how to make money trading crypto but when you are able to make a clear and simple cryptocurrency technical analysis with what you consider to be the best TradingView indicators for bitcoin, and then you execute a simple crypto trading strategy, then you’re on the best path to becoming a profitable full time crypto trader.