07.04.2019 – Daily LIVE TRADING Bitcoin BTC TA Technical Analysis – Bitmex Cryptocurrency

hello everyone and thanks for tuning back in I hope you're doing all fine so before we start as usual I'm not a financial advisor and all the content and information in this video is my own opinion and my own market observation so let's start here with the ascending triangle that I pointed out yesterday you see that we have this breakout here to the upside and I have to adjust now the triangle because like this although the previous breakout is valid over here and here the support line we can also adjust this to the upside here and here we have to go a little bit down so this gives us a new picture of this ascending triangle which I still think that we should break to the upside here I'm looking for along I open some small Long's down here and closed it up here did some small very small profits because with this move I think that we should shoot up to at least retest the 5,300 level at least this area but the daily right now in my opinion seems a bit screaming for a correction so that's why I still believe that at one point we're gonna see a red candle down here to bring down the RSI here in the daily which is totally to the top here totally overbought so here I think we should see a correction pretty soon here in the daily I don't mean that we should break down to like below the support now he had 4,200 but at least to around 4400 I think the correction is very very likely in the weekly charts even if we are overbought right now in the RSI here you can see that we cross the 50 line so usually when we cross you the 50 line it is very bullish and the momentum is then shifted to the upside only if here we would go below 50 again I think that that then we would see the correction to the downside the big big correction that I'm waiting for but so far it looks like that maybe we have now still a few left to the upside here in the weekly chart the other time frames we are pretty much neutral moving along the the EMA ribbons here in the for our in the one-hour as well yeah so what I think is that we might have here a break to the upside here but maybe not for long maybe we're gonna break here up then stay somewhere close to fifty four fifty five hundred and then maybe retrace back down from there but it's still too early to tell so right now what I have here in the four hours I would say that here we should break to the upside so I may be gone along somewhere here at the support with some small amounts here at around fifth 55000 let's see 30 40 somewhere around there yeah what I'm also looking sometimes is the 1 minute or 5 minute chart when we are down here in the RSI you can see that we are like always at the lowest points here let's go back in time a bit also here you can see this is like more for day trading like if you want to open up a small trade and you want to close it pretty soon like you can open it when the RSI is in the very low position like below 50 at the bottom here like if you would long here and you would close your long let's say when the RSI is above 50 some around here it doesn't have to be the top but as long as you do profits is good so let's say you close it here so you would long it here at 5,000 won or 20 and close it at 5050 you would be profits and then wait maybe to open not long or short let's say let's go back in time here so let's say you open here on the top you see there is stochastic RSI on the top and also the other size on the top so let's say you showed it here up here at around 50 170 see that the price also go higher here even to 5,180 but if you keep it open and wait till the other size going down you would maybe close it somewhere let's say between here and here when the RSI is low so you would close your short position between five thousand one hundred forty seven or five thousand one hundred twenty seven so you would do some profits and this is in the 1-minute chart if you want to do some little day trading this is all do what I do sometimes but I still believe that the big picture is always doing the bigger step so this is like really for just small percentages if you trade with small percentage and want to get out immediately that you don't want to keep your position too long open so in there like when you trade in one minute chart or five minute chart you should open and close your position pretty fast not wait too long all right so let's go here in the weekly chart what I want to show you is that we still don't have enough data to really tell that it is like the beginning of the next bull run and then with that we have changed the market to the bull market right now because this correction up here was clear that it has to come sooner or later because we dumped from the 6500 level down to 3100 so when we do a Fibonacci line we always see a correction to the 0.618 Fibonacci line same as we had when we crash from 20k down here we had a retrace to the Fibonacci level another crash fibonacci a line six one eight I don't draw it now here but it is like that you can do the Fibonacci here based on the top and the low here so we always bounced back to the Fibonacci line and if we are repeating something like we had in 2018 right now then I'll show you here with the line then we can draw a line here with sick with 3000 bottom same as we had before 6k the bottom is now 3k the bottom and let's do here let's start from here let's assume that this move here was the retrace and we topped out here and from 5250 we're going to see a correction back down same as we had in 2018 all right so let's assume this is the top and we gonna repeat the same thing that we had in 2018 that would mean that 3k is now the new 6k and if so we're gonna move like this like 2018 up and down up and down like this and this line here would get weaker and weaker and we will break down to the downside at one point same as when we broke from 6k so I think this would be the most bearish scenario that we could be in yet and you can see the line here is actually pretty well made because if we bounce down here back to 3k and go back up we would stop here exactly the Fibonacci line here at 4400 so you can see that this is a possible scenario here that we go and repeat the same thing as we had in 2018 so let's hope it's not like that but I mean it still could be possible for but for now I think that we should break to the upside here and see where we're going next all right guys that's it for now I gonna wrap it up enjoy your Sunday and see you all in the next one bye you

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