Simple Bitcoin Strategy For Beginners
There has always been the potential for profitable trades during downside and upside trends in Bitcoin price.
We have designed the Bitcoin strategy for beginners, a simple, yet profitable trading strategy anyone can learn to trade for daily cryptocurrency profits.
It is critical to understand how this strategy works, so allow me to take you on this ride.
MT4 Indicators: Ichimoku Kinko Hyo.ex4 (Parameters Modified; Tenkan-sen=24, Kijun-sen=15, Senkou Span B=70), bollinger-squeeze-with-demarker.ex4 (Inputs Variable Modified; demarker_trigger8=27)
Suitable for: Scalping, day trading, swing trading, investing
Trading Time: 24/7, Around the Clock
Cryptocurrency: Any (Bitcoin and Altcoins)
Buy Trade Example: BTC/USD (Bitcoin / US Dollar), H1 Chart
Open a buy trade if the following trading conditions appear on the crypto chart:
- If the sandy brown cloud of the Ichimoku Kinko Hyo Metatrader 4 cryptocurrency indicator stays somewhat below the BTC/USD candlesticks as illustrated on Fig. 1.0, the general bitcoin market sentiment is said to be bullish, as such a buy alert will suffice.
- If the blue and green histograms of the bollinger-squeeze-with-demarker indicator break and stay above the 0.00 horizontal level (see Fig. 1.0), price is said to be pressured to the upside i.e. a trigger to go long on the selected cryptocurrency.
Suggested Stop Loss for Buy Trade: Place stop loss below support.
Suggested Exit Strategy/Take Profit for Buy Trade
Exit the buy trade if the following trading conditions appear on the chart:
- If the Ichimoku Kinko Hyo indicator displays a thistle cloud while a bullish trend is ongoing, a bearish reversal is said to be underway, as such an exit or take profit will suffice.
- If the gray line of the bollinger-squeeze-with-demarker indicator dips below the 0.00 level as shown on Fig. 1.0, it is a trigger to exit or take profit at once.
Open a sell trade if the following trading conditions appear on the crypto chart:
- If the thistle cloud of the Ichimoku Kinko Hyo indicator stays slightly above the BTC/USD price bars (refer to Fig. 1.1), the overall bitcoin market sentiment is said to be bearish, and as such a sell alert will do.
- If the indian red & blue histograms of the bollinger-squeeze-with-demarker indicator break and stay below the 0.00 horizontal level as exemplified on Fig. 1.1, price is said to be dragged lower i.e. a trigger to go short on the cryptocurrency of interest.
Suggested Stop Loss for Sell Trade: Place stop loss above resistance.
Suggested Exit Strategy/Take Profit for Sell Trade
Exit the sell trade if the following trading conditions appear on the chart:
- If the Ichimoku Kinko Hyo MT4 indicator pops up a sandy brown cloud during a bearish trend, a bullish reversal is said to be looming, as such an exit or take profit stance is advised.
- If the gray line of the bollinger-squeeze-with-demarker indicator surges above the 0.00 level as seen on Fig. 1.1, it is a trigger to exit or take profit forthwith.
Sell Trade Example: BTC/USD (Bitcoin / US Dollar), H1 Chart
About The Cryptocurrency Technical Indicators Used
The Ichimoku Kinko Hyo indicator is an appropriate technical tool, particularly for newbies who want to understand trend momentum, direction, pinpointing reversals and locating entry levels on the crypto chart.
The bollinger-squeeze-with-demarker MT4 indicator is built on the stochastic, CCI, RSI, MACD, Williams % and the demarker indicators.
It is an important tool that aids cryptocurrency traders effectively gauge price volatility.
Start using this cryptocurrency strategy in just 5 minutes. Click here to get started now.