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 trading with an increasing bullish bias. In the recent past, BTC bounced off from the daily support line $6,393.44, headed massively to the upper side and is still heading to the upper side. This bounce was a clear indication that the price will continue upwar
Technical Observation ETH is currently rallying with an increasing bullish bias. Yesterday, Ether broke above the three SMAs, 14, 52, 90, and is still above it, and even more important, the price went above $463.96, this is a clear move and while the price is above this line, I expect a surge to th
Technical Observation XRP is currently trading with an increasing bullish bias. Yesterday, My stop was taken out when the price went above the two SMAs 14, 52, this breakout was a clear bullish move and while the price is above this lines, I expect a surge to the upper side with my first take profi