Trade this simple bitcoin setup

Trade this simple bitcoin setup 300 169 Minimalist Trading – Best Trading Indicators for TradingView

Trade this simple bitcoin setup

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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 the Breakout Pivotal Bars in combination with the Levels and Zones, and the Sentiment Index.

By making a simple price action analysis using three among our best indicators for swing trading, we are able to identify a very clear and simple trade setup on bitcoin. Even if cryptocurrencies might be more affected by volatility than stocks or forex, we are able to play this trading opportunity very safely because the price action breaks down two major resistance levels, which means that the price is pushed to the downside and a very strong downtrend is very likely.

Trade setup – 11 Sep 2017

Trade this simple bitcoin setup Setup 1

The price is forming a consolidation that looks very bearish and we can probably get a nice short opportunity soon.

Trade update – 13 Sep 2017

Trade this simple bitcoin setup Setup 2

We got the setup that we were looking for and in particular:

    1. The price broke down our consolidation
    2. The breakdown candle is red
    3. The Sentiment Index breaks down its trendline as well

All we need to do is to set the target, by projecting the previous impulse to the downside, and the stop loss, that’s just slightly higher than the breakdown candle since we are well protected by two major resistance levels which should put a very strong downward pressure on the price.

Trade closed – 14 Sep 2017

Trade this simple bitcoin setup Setup 3

We closed the trade with a profit and without any issue at all since the price basically went straight down.

In conclusion, we were able to close another winning trade, giving us yet another confirmation that this long-tested trading strategy is indeed a consistently profitable strategy.