Drawing Bitcoin Trend Indicator MetaTrader 4
How to Draw BTCUSD Upwards Trendlines on Charts
An upwards bitcoin trendline is drawn below the bitcoin trend pattern by connecting at least 2 bitcoin price lows. This upwards bitcoin trend line will draw a trend line which explains the general direction of the market.
The example illustrated below shows how bitcoin price moves when it's moving in a bullish upwards bitcoin trend market. The bitcoin price will move up-wards forming support zones.
Since the bitcoin price moves in a zig zag manner bitcoin traders normally draw a bitcoin trendline which portrays the general upwards bitcoin trend direction of the market.
A cryptocurrency up-wards trend forms when the fore bitcoin price will continue making consecutive higher highs and higher lows. Each price high is going to be higher than the previous high - higher high, & each low is higher than the previous low - higher low.
Bitcoin Uptrendlines gain more validity each time bitcoin price touches this upward trend line but doesn't penetrate it. A cryptocurrency upwards trend remains in place until this sequence of higher highs & higher lows is broken.
A down-side penetration of an up-wards bitcoin trendline is a technical sell bitcoin signal, and usually the first indication that an up-ward bitcoin trend might soon end.
Drawing an Upwards BTCUSD Crypto Trend-Line
When the bitcoin market moves upwards it forms higher highs and higher lows forming a bullish bitcoin trend movement - Bitcoin Upwards Trend. An upwards bitcoin trendline then can be plotted by joining the higher lows.
To draw this bitcoin upward trend line we use support zones. To plot the bitcoin up-wards trend-line correctly 2 support levels are needed. When bitcoin price touches the up-wards bitcoin trendline we open buy bitcoin trade and place stop loss cryptocurrency orders just a couple of pips below the bitcoin upward trend-line. The bitcoin example illustrated below shows an example of an upwards bitcoin trend line.
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The upwards bitcoin trendline strategy will show the general bitcoin trend direction of the market as upwards - therefore bitcoin traders will only open buy cryptocurrency trades as long as bitcoin price is moving within this upward bitcoin trend set-up within the support areas. These bitcoin price support levels are areas where if the bitcoin price retraces then these levels will provide strong supports for the bitcoin price. This is why many bitcoin buyers will wait until bitcoin price retraces downwards & hits these bitcoin trendline retracements levels so as to open buy cryptocurrency trades. Bitcoin trades opened at this support levels have a high Risk to Reward Ratio with minimum bitcoin draw down - price pull back.
In the above bitcoin up-wards trend line bitcoin strategy one would have opened buy cryptocurrency trades from the bitcoin signals generated at support 1, support 2, support 3 & these cryptocurrency trades would have earned profits with a minimum amount of bitcoin draw down - price pullback.
Drawing BTCUSD Trend Indicator MetaTrader 4
How to Draw Downward Trendlines on Cryptocurrency Charts
A downwards bitcoin trendline is drawn above the bitcoin downward trend pattern formed by consecutive lower bitcoin price highs, the bitcoin downwards trend-line must connect at least two bitcoin price highs, with the recent most bitcoin price high being lower. For our bitcoin downward trend line example we shall use the MetaTrader 4 bitcoin trading analysis charts to illustrate example of downwards cryptocurrency trend.
Since bitcoin price moves downwards in a zig zag manner bitcoin traders normally draw a bitcoin downwards trend-line which portrays the general downwards bitcoin trend direction of the bitcoin prices. In bitcoin trading analysis this general bitcoin price direction is referred to as the Bitcoin Crypto Currency TREND by cryptocurrency traders. In bitcoin trading analysis definition we can define bitcoin downwards trend-line is drawn on bitcoin chart showing the resistance areas bearish bitcoin market trend trading direction.
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A bitcoin downwards trend occurs when the bitcoin price forms series of lower highs and lower lows. Each bitcoin price high is lower than the previous price high - lower high, & each bitcoin price low is lower than the previous low - lower low therefore showing bearish bitcoin price movement - downwards cryptocurrency trend.
Bitcoin Downward trendlines gain more validity each time bitcoin price touches the downwards bitcoin trend-line but does not penetrate the bitcoin trend line. A downwards trend remains the general bitcoin trend direction until this sequence of bitcoin price lower highs & bitcoin price lower lows is broken.
In bitcoin crypto currency trading analysis, An up side penetration of a bitcoin downwards trend-line is a technical buy bitcoin signal, and is usually the first signal that the bearish bitcoin price trend might soon reverse.
Downward BTCUSD Trend Line MT4 Trend Lines Indicator
In learning how to draw bitcoin trendlines correctly - you need to know that when the bitcoin trend is bearish bitcoin price forms lower bitcoin price lows & lower bitcoin price highs forming a general downward bitcoin market trend direction. These are the points that are used to draw the downwards bitcoin trend line.
To draw this bitcoin downwards trend line we use resistance levels and to draw a downwards bitcoin trend line correctly two resistance areas are needed. When bitcoin price touches this bitcoin trend-line, then we open sell cryptocurrency trades & place stop loss btcusd orders just a few pips above the sloping resistances:
Trading This Downwards BTCUSD Trend-Line
When bitcoin trading with this bitcoin trend line bitcoin strategy, this bitcoin trendline strategy will show the general bitcoin trend direction of the market as downwards therefore bitcoin traders will only open sell cryptocurrency trades. These bitcoin trend line levels are levels where if bitcoin price pulls back then these zones will provide strong resistance. This is why many bitcoin sellers will wait until bitcoin price retraces upward & hits these trend line retracements levels to open sell cryptocurrency trades. Bitcoin trades opened sell cryptocurrency trades at these levels have a high Risk-to-Reward with minimum draw down.
For Example, in the above bitcoin crypto example, a trader would have opened sell cryptocurrency trades at the resistance 1, resistance 2, resistance 3 & these sell cryptocurrency trades would have earned profits with a minimum amount of bitcoin draw down - price pull back.
Drawing BTCUSD Trend Indicator MT4
The BTCUSD Crypto Drawing Bitcoin Trendline Indicator MetaTrader 4 bitcoin tools to draw these bitcoin trendlines on MetaTrader 4 platform can be found on the MetaTrader 4 drawing toolbar within the MetaTrader 4 software, To access this MetaTrader 4 toolbar if it isn't displayed on your MetaTrader 4 software, Click in 'View' Next to the 'File' menu at top left corner of MT4 software and click View, Then Click on Tool-Bars, Then Tick 'Lines Tool-Bar' by clicking on it.
Shown Below is the screenshot Image of the MetaTrader 4 drawing toolbar. To draw a bitcoin trendline on a trading chart just click this MetaTrader 4 bitcoin trendline drawing tool and choose the points where you want to draw the bitcoin trendline in MetaTrader 4 bitcoin chart.
Drawing Trend Indicator MetaTrader 4 - Drawing Trendline Indicator MetaTrader 4
This bitcoin trend-line strategy is one of the popular bitcoin technical indicators used by cryptocurrency traders to analyze the bitcoin price trend trading direction.
Drawing Correctly Bitcoin Trend Line Guide Tutorial - Day Trading Bitcoin Trend Lines Method - Drawing Bitcoin Trendline Indicator MetaTrader 4 - Drawing Trendline Cryptocurrency Indicator MetaTrader 4
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