Simple 5 Minute Bitcoin Trading Strategy (Beginner Friendly)
Simple 5 Minute Bitcoin Trading Strategy Tutorial
Remember that free Bitcoin tutorial I did recently?
Yeah well, I’ve been receiving some really good feedback for it.
In fact, this is what one of my subscribers said about it:
So yeah, check it out – especially if you want to make a quick buck with Bitcoin.
Anyway…
Due to the positive feedback, I figured I’d share another profitable Bitcoin method with you guys.
I think you’ll love this guide as it’s a really simple 5 minute Bitcoin trading strategy
And when I say “5 minutes” I really do mean it too…
This is because you can implement this within minutes of learning this strategy.
So if you’re looking for a quick and easy way of making money with bitcoin, this is it.
With that said, lets get the ball rollin’ on this…
Here’s how to do my simple 5 minute Bitcoin trading strategy…
What You’ll Be Learning Today:
(Click any of the links below to jump to that part of the training)
- Step 1. Set up TradingView account
- Step 2. Identifying tradable Bitcoin patterns
- Step 3. How to spot breakouts & confirmations
- Step 4. Identifying the technical target
- Step 5. Entering your first Bitcoin trade
Step 1. Set up TradingView account
The first thing we need to do is to set up a TradingView account.
If you haven’t got an account, you can create one here:
Once you’ve created a TradingView account, do a search for the BTC/USD asset.
Here’s how to find it in your TradingView account:
This pegs Bitcoin to USD (United State dollar) just in case you’re wondering.
You always want to peg your assets to USD as it’s the world reserve currency and every other trader uses it as well.
Once you’ve set up your TradingView account, it’s time for the next step…
Step 2. Strategy for identifying tradable Bitcoin patterns
When viewing the BTC/USD chart, we’re going to be looking for specific patterns.
These patterns are based on human psychology and will indicate where the Bitcoin price will be going next.
So what are these patterns we need to look out for, exactly?
Well the good news is that I have this cool infographics showing you these patterns.
You can check it out here:
(Click the image to enlarge it)
There are more patterns but these are the most common ones you’ll see in the charts.
Also, when searching for these patterns, use the 4 hour chart or higher timeframes.
Here’s the main timeframe I use when searching for patterns:
- 4 hour
- 1 day
- 1 week
- 1 month
Patterns on a 1 hour chart or lower are too volatile and tend not to play out so don’t use those timeframes.
Also keep in mind patterns on higher timeframes take longer to play out but are generally more profitable.
Anyway, once you’ve identified a pattern forming in the chart, it’s time for the next step…
Step 3. How to spot breakouts & confirmations
Once you’ve identified a pattern using the infographic above, we’ve now got to wait for the confirmation to occur.
So what do I mean by “confirmation”, exactly?
At some point, Bitcoin’s price has to leave the pattern to continue.
This is what you call a breakout and you can see an example of it here:
However, a breakout is still not enough – we need to validate it to make sure it’s profitable to trade.
To validate it, you also need to wait for confirmation of the breakout first.
This is where the price action goes back to test the pattern then bounces off it.
You can see an example of a successful confirmation here:
It’s important to only put a trade in after confirmation otherwise something could go wrong and you may end up losing your money.
So always wait for a confirmation to occur before taking action.
How do you identify a confirmation for the pattern you’ve found in the chart?
Using the infographic above, I’ve highlighted all the confirmation points for each pattern with green circles.
Here’s the updated infographic:
(Click the image to enlarge it)
What I want you to do now is to locate the pattern showing in your chart and make a note of the confirmation point.
Once you’ve identified the confirmation of the breakout, it’s time for the next step…
Step 4. Identifying the technical target
Once you’ve identified confirmation, we now need to work out the technical target for the pattern.
The technical target will tell us where the price will go to next.
When we hit this technical target you can either take some profits or sell altogether.
Keep in mind the price isn’t always guaranteed to hit the technical target…
This can be down to many things like macro factors, strong lines of resistance and support in the way etc.
That said, using this method is the most accurate way of working out where the price will go after breaking out of the pattern.
How do you work out the technical target for the pattern you’ve identified?
Once again I’ve updated the infographic to show you how to work out the technical target.
Here it is:
(Click the image to enlarge it)
So using the chart above, you would:
- The green line is how to work out the length of the technical target
- The green dot is where you would place the green line (technical target)
- The end of the green line furthest away from the pattern is technical target price
You can also work out the technical target for your pattern using the free tools supplied in your TradingView account.
Just click this button to draw trend lines on your BTC/USD chart:
You now need to work out the technical target for your pattern and what price it lands on for your chart.
Once you’ve done that, you’re ready for the final step in my simple 5 minute Bitcoin trading strategy…
Step 5. Entering your first Bitcoin trade
What we need to do now is to enter the BTC/USD market by putting in a trade.
There’s plenty of exchanges out there but if you don’t know any off-hand, let me recommend one…
The exchange I use is called ByBit and it’s one of the biggest exchanges, out there.
ByBit also allows you to:
- Use leverage without getting approved
- Make money when the market goes down (this is called “shorting”)
With leverage: I would recommend NOT to use leverage – especially if you’re a beginner.
Yes, you can massively increase your profits but you can also lose a ton of money if the trade doesn’t go the way you want it.
So if you’re starting out, skip leverage for now and get a few successful trades first before considering it.
Anyway, you can create a ByBit account here:
All you need do now is send some funds to your ByBit account then make a trade when the confirmation occurs in the pattern you found in your chart.
Once you’ve made a trade, then you would wait until you’ve hit your technical target.
Also make sure to use stop losses to protect you from unforeseen circumstances like fake-outs.
Once you’ve hit your technical target you can either take some profits or sell altogether – it’s your call.
And that’s it…
A simple 5 minute Bitcoin trading strategy you can profit from as soon as today with
So give this a whirl and let me know how it goes for you.
It definitely makes me money every time I apply it – and I’m pretty sure you’ll get equally awesome results too.
Oh, and another thing…
If you enjoyed this Bitcoin training then I have another guide I think you’ll want in on as well.
It’s a free tutorial I have right here on my blog showing you how to make money with day trading.
You can use this method to make money with Bitcoin or any other crypto and altcoin for that matter.
You can get free access to this training here:
>> How to Day Trade Like a PRO using the 4EMA @Philakone Indicator <<
It’s a really cool method and I think you’ll be impressed by the simplicity and how profitable the method is.
Anyway, I think that’s about it for this post…
As per usual, drop your questions and queries down below and I’ll do my best to answer them for you.
With that said, I’ll leave you to it and best of luck with my simple 5 minute Bitcoin trading strategy too
Cheers,
Zack & James
Simple 5 Minute Bitcoin Trading Strategy Tutorial (Beginner Friendly)
