As cryptocurrencies, such as Bitcoin, Ripple and Etherium are trend instruments, I offer this trend following analysis using a breakout entry formation that generally has the greatest results.
Timeframes: this crypto analysis is good for 4H trading, but can also be used on almost all time frames and on all pairs.
How it works: basically, this analysis is based on breakout and certain forms of reversals. The analysis seeks to highlight potential breakout setups that can result in higher reward. To ensure consistent successful trades, the trader should exercise some degree of patience and wait for the perfect set up to buy or sell cryptocurrency. There’re several types of breakouts, I only focus on two types of breakouts, trend line breakout and double top/triple top/bottom breakout. Even with the two, I only trade double top/triple bottom breakout most of the times and trend line breakout at some other times. Double top/triple top/bottom breakout is more dependable and reliable than the other.
Note, trend line breakout includes also breaks that occur out of various shapes on the cryptocurrency chart such as wedges, channels, triangles, and all the other shapes part from rectangles. Below are the simple sketches of some of the breakout setups I’ll be focusing on.
Technical Observation BTC is currently pulling back to upper side and is still bearish. I went short previously while the price was at $11352.30 and is still holding onto this position. My expectations is that the price should pullback narrowly to the upper side towards $9410.85, where I'll be look
Technical Observation ETH is still rallying within the supportive zone $669.62-$507.55. Unless there's a clear breach to the lower side with a big red candle, I expect a momentum to the upper side, as it is on the daily chart, I highly recommend remaining flat and looking for a buy position aroun
Technical Observation: Following the bearish pin bar seen a few weeks ago, XRP has been trading to the lower side and is still trading with a bearish bias. I went short earlier last week and is still holding onto this position. My expectations is the price should continue to decline with my take pr