Breaking Bitcoin Market Update – Live Technical Analysis & Requests!



hey guys thank you so much for joining me for another episode of breaking Bitcoin market update I'm Justin wise your host today lead analyst and senior mentor here at cracking cryptocurrency again hope you guys are doing absolutely fantastic wherever you happen to be tuning in from I do apologize we do seem to be getting a little bit of upstream error so I'm gonna do my best to just be very patient and calm with the individuals who are providing the ISP over here but when the show is over I'm gonna be on the telephone um definitely kind of be on the telephone so anyways thank you guys so much for joining me I see the regulars in your I see Jasper you go chill turd Ferguson what's going on guys good to see you in here you're gonna rinse as always man thank you so much for joining me mass – what's going on my good brother FN based ah bad and II waynetech even a few even a few other moe yeah even a few other people in here all right doing good guys so some pretty good activity from Bitcoin last night hitting a low popping back up into consolidation and we're going to break that all down give you guys an update on my position not the most you know it's just amazing to see the volatility returned to this market and for me to actually be able to actively you know day trade my favorite asset might appear when you wouldn't so you know obviously yesterday we were looking at the 15 miniature that stuff we haven't done in a long time that stuff that we were doing on all coins because the volatility was there in all coins and now we can finally return and do it more profitably on our favorite asset of choice man if there is if you guys are having a little bit of lag or a little bit of stream just click somewhere back on the YouTube and watch the show or twitch and watch the show a cut like a minute or two in you know in in delay and it should take care of that lag issue for you meanwhile I will get the battle ax out and I will send the troops down to Mediacom feel free to tweet at the men Illuminati sabotage hey we ain't going nowhere all right good to see you guys so let's get over here let me make sure I got everything pulled up correctly let's head over here into the live scene and see what's going on all right awesome hopefully everything is working and is not broke everything looks to be operating quite nicely did a few upgrades to the the stream last night's show I should have everything fixed and working we were missing a few elements and I think those elements have been replaced as always if you guys have some requests feel free to drop them in and in the second hour we'll get to what we can when we can and we'll do what we can all right but obviously we're gonna start off with Bitcoin aetherium I'm gonna I'm gonna go ahead and look at litecoin because it is interesting and I'm also gonna add ripple to the schedule because ripple is very interesting obviously putting in some very nice movement last night we're gonna look at the two pairings that I am interested in which is the SERP used T and obviously these are BTC depending on which you would like to trade it on alright the long timers know the struggles man I tell you what man I tell you what we've been we've been through that we've been through the trenches man we've been through the trenches with this upstream man you know and it's just one of those difficult things man it's the area where I live not a lot of service access to a lot of other stuff but I think I am gonna have to make a few phone calls you know some of the people were telling me you know just just bite the bullet and call some of these other companies and see what you can get done you know and I like to give people the benefit of doubt you know I have a pretty good relationship with the people that I work with I always try to develop longer term relationships and that's a good that is a good strategy in my opinion to have not only not only when it comes to life and and interpersonal basically I take my philosophy for interpersonal relationships and I try to apply them to business relationships I would much rather spend the time to work with somebody and get the benefit of the doubt and give people the benefit of the doubt and work with them to develop the skills that I think they need to help them be a successful person because it's very easy to turn your back on people it's very easy to say well you're just not cutting it you know screw you I'm moving on and sometimes that's what you have to do but it is incumbent upon you I think that there's an issue with that in our society because I think we've been I think a lot of us are lacking a lot of patience I think a lot of us are lacking in basic you know basic I don't wanna say compassion because I don't want to make it feel like I don't want to I don't I don't want it to sound like I don't have a lot of faith in other people but I mean you just kind of look around at society and a lot of the stuff that's coming out a lot of desensitizing type nature I think that it's I think that it's honestly better I think you'll get better results in life in general if you really practice patience humility and you work on and you work on developing the people around you surround yourself with people who challenge you and seek to challenge the people around you as well at the way we can all grow together I mean if you want the world to be a better place change the things around the Chi you can change you know and that's one of the you know of all the people that have that have affected me most recently you know and the books people ask me all the time like what books do I recommend to be a better trader and some of there are some good books out there on trading you know like Tom demarks a new science of technical analysis really affected me fundamentally when I was young and first getting into trading but now but I've been doing this so long and I've and I've traded so long I've done enough doing and I've had enough success to feel confident and in the pocket with my strategy that I'm comfortable executing really no matter what the market conditions are that really all I'm looking for now is to enhance and optimize my psychology you know my strategy for trading has been the same for quite a while I'm always obviously looking to optimize it and prove it but from me excuse me but for me mostly what I'm looking forward to optimizing as I move forward and continue on with my life as a human being is to optimize my discipline in my psychology so the books that I recommend now are gonna be things like Jacko willings discipline equals freedom which is the best book that I've written read I mean hands down in quite a long time it's just absolutely fantastic if you wanna if you want to become a better person read that book if you want to become better at all aspects of your life trading life management money management relationships read that book it will it will transform your life if you take a dog alright anyways getting down here to the live scene let's go over here to bit Mex let's start with XP T USD as I said putting in some decent activity last night let's go and take get you Mogu off and we'll just look at price action for a little bit putting in some decent activity last night obviously after the stream last night we talked about yesterday how we enter the short on x bt average entry of 52:34 the trading group and for myself took some profits so we're about fifty percent out of that position last night we had taken about 25 percent profit here and then I had posted I had posted further take profits so I took another 25 percent at 4800 right here as I had posted still expecting that movement down to my cyan't blue box buy in territory but if we look at what price action is doing right now it's actually fairly interesting so let's stay here on the 15-minute chart let's throw on that hm oku and we can kind of see the same realm the same progression that we were watching yesterday when we were looking for the short activity and just right out I mean pretty much right after we entered into the stream yesterday we saw that nice drop down to about that 4800 level price actually reaching a low on bit Mex of 47 80 so congratulations to anybody who took that short and that's just one of those things usually you know for about three months you would not have the ability to catch a highly profitable move that's a 5% movement in a couple hours so congratulations and shout out to everybody on that let's see here all right cool and now we're kind of seeing the same thing so I had set my stop loss on a 15 minute close above the cloud that was when the future cloud was still bearish and twisting to the downside pretty much over the midnight hours we do see the lower timeframe cloud curling up and turning bullish the future cloud looking bullish on the lower timeframes here so pretty good this would represent an area of consolidation and accumulation after dropping back lower and now I kind of have the opinion that now that we have reclaimed the future cloud just as we saw over here we saw a price crash with attendance on the ki-joon acted as resistance key genic that as resistance we had a fake break of the key June and then crashed back down below and we just kind of walked through all those levels of breaking down below the getting rejected from the cloud getting rejected from the key June getting rejected from the tinkin all of those setting you up for a nice good short even if you just took this maneuver here we talked about rejection from the tinkin rejection from the key June reject our excuse me rejection from the kuhmo rejection from the key June and rejection from the tinkin and right there at that moment in time if you waited for the confirmation on this candle right here would have set you up for almost a three and a half percent rate that's a good trade by any standards that's a good trade that's a take your profit you had a very good trade type day and you add multiple opportunities to actually make good profits on that you see we had a 15-minute buy signal there from time transformation that is a good counter reversal signal not I mean obviously that is a that is a buy signal to be going long and that would have been in retrospect a good entry you hat would have had a little bit of drawdown had you entered so you would have had let's throw open the tool here make sure I'm on the right page – all right cool you would have had about two percent maybe one let's see err ultimately about two percent drawdown and right now you'd be up about three percent so not too bad again your stop might have been triggered I'm not exactly sure what stopping target system you would be using on the 15-minute chart obviously I've talked quite profusely about my stop and target system but generally we're training the 8-hour chart but I do find that with this enhanced volatility we can actually look at these lower timeframes and get actionable material from them so anyways what do we see now we see price crossing above the tinkin crossing above the ki-joon pulling back testing the tank and s support we get a bullish TK crossover here around 11 o'clock at night right here and we do see price coming up currently being rejected from that previous level where I still do have my stop-loss on my ex BT USD short I right around that 50 36 50 60 level I do want to see a 15 minute close I wanted to see a 15 minute close above that cloud that level is gonna remain the same for me I'm not gonna do anything different and neither am I gonna enter into a long even though I'm looking at price and I do think that it's bullish the reason why I won't be taking along on xpt is that I've already hedged in my position with aetherium so was watching aetherium pretty closely last night and I saw some some obviously dramatic things that make me want to enter into the long we'll go down to the 15-minute chart and we'll talk about that it was actually this moment in time so we're gonna have to go back and we're gonna have to do a little bit of chart replay we're gonna have to clear that bar out good okay so this is basically what I saw here on the 15 minute chart for aetherium this was my signal last night so if you guys are premium members hey Ron legato thanks so much for the $10 donation my good friend highly appreciated dude you're one of the good ones so we were chilling out in the members lounge last night we were I was updating my positions updating my trades and this is what I saw on a theory of my alert went off we did enter into the cloud as you can see kind of the same situation here for aetherium after reaching that local top and we talked about this we talked about this yesterday how people were asking was that the blow-off top you saw and I said well look at what ATAR I mean look at that look here's the top right let's look at the top right here's the top of aetherium price action right here look at water that's our this indicator is designed to measure momentum and volatility right look look at the look at these size and the girth enos of these green bars right so I mean it's it's not overly impressed over at this blow-off top didn't have a whole lot of volume behind it honestly even if we go in and look at regular volume I mean there wasn't whole lot of impressive volume here you know just look at that I mean that's not a blow-off top what do we see here we see a very high volume sell-off to the downside and you don't need to even look at volume I mean most of the time you see I don't even have volume on I just look at water because it does that and measure some momentum for me but look at the look at the massive sell-off so that would actually and again it's not always this way it's not always just clear and dry like oh if you see massive buying prices gonna move down if you see massive selling price is gonna move up in general yes it can that doesn't necessarily mean that it's gonna be a profitable trip right and doesn't necessarily mean that it's gonna be a long-term maneuver right you might see a massive sell-off and yes set yourself up for a nice 3 to 5% short-term scalp depending on the average true range depending on the volatility of the market or the asset that you're trading but that doesn't necessarily mean that you're entering into a long term position so that's a common mistake that I'm gonna see a lot of newer traders make especially when they're getting really really really interested in price action and volume and things of that nature is that often sometimes they're able to make profitable trades and sometimes they're able to take that information and make good decisions but depending on how quickly you can react to those sell ups like for example let's go down to the let's look at the sell-off on aetherium how long would you have had scroll back in time here a little bit April we're on the 1-minute chart sorry I'm gonna have to scroll back a little bit more here okay here we go and let's take it you moko off so let's see okay not too bad you would have actually had pretty on this example you would have had some pretty ample time to react here on the 1-minute chart you can see you have about and you know buying anywhere around here you had about one two three four maybe five minutes to buy this opportunity I still there get a one-minute buy signal there these two were not good trades but anyways that would have set you up for a nice seven percent maneuver had you been able to buy that bottom the reality is that most people are not going to be able to respond that quickly and if they are I mean congratulations man I mean fact you even set yourself up for probably more than a seven percent rate maybe a ten percent trade let's just assume you bought an average of around here okay now about a 7% trade so not too bad though not too bad but a lot of people will think okay well what timeframe do I trade this on I see a lot of selling activity I see a lot of unnatural buying activity should I buy setting should I be sending myself self up for a daily trade is this really a trend reversal it's just a short-term scalp so I would I would caution you to to use that data and use that information spare not sparingly but but very be very cautious with overly relying on it make sure that you make sure that it is an enhancement to your strategy and not the only part of your strategy you do want to have something that that is if this then that because that is gonna take the guesswork out of trading and if you don't have a strategy where the guesswork is taken out of your trading you're not gonna have confidence you're never gonna know the worst thing that can happen to you in trading psychologically is asking yourself well did I use this right drawing tool at the right time is this level actually the right level that I draw this fib right you know did I okay did I use did I do all this stuff right any kind of stuff like that any any any tool that makes you question yourself like that is going to be more damaging psychologically than helpful technically in my in my humble opinion and again there this is not this is not a um I know again because I use horizontal support resistance and unfortunately horizontal support resistance falls into this category of subjectivity right they're a lot better than trend lines there are a lot better than Fibonacci in my humble opinion and the reason why and listen I know that there are people who use trend lines and I know that there are people who use Fibonacci and have amazing success most people don't most people are not able to use drawing tools and have success and I try to make videos or the large majority of traders I know a lot of you are beginner traders I know a lot of you are fairly new to cryptocurrency so I want to help you develop your own system and strategy that takes the guesswork out and allows you to actually win in this marketplace when we know that the failure rate in cryptocurrency and forex in trading in general is extremely extremely extremely high so if the majority of traders use trend lines in Fibonacci and the majority of traders lose money you know are we gonna pretend that there's not a connection there all right all I'm trying to say now horizontal support and resistance falls into that basket of subjectivity now you know that I use horizontal support and resistance I really like horizontal support resistance I find that the way that I have interpreted horizontal support and resistance as I've learned to interpret it over the years of using it does help my efficiency in trading and help me identify key critical turning levels in the market I understand the inherent risk of that though because what I've done is I've identified hot spots where institutional order flow is likely to occur right and you never know in advance which way institutional order flow is going to take the market because they have an edge that we don't a lot of people want to trade like a market maker and they don't understand that you can't you cannot trade like a market maker if you're not a market maker you cannot trade like a whale if you're not a whale because you don't know whether a whale is going to reverse price at a horizontal support and resistance level or push price through a horizontal support and resistance level it's going to be whatever is in the whales best interest because they haven't they have an edge that we do not and that is that they can typically see and because exchanges fall into this basket too because remember especially with all future future DEQ's changes they're taking the opposite side of the trade with you bit max I bet Dara bit maan FEX all of them their dealer desk exchanges they take the opposite side of your trade if you don't think that that's true you don't understand trading when you go long on bed max bet max is going short against you they're taking the other side of the trade and they profit if you lose right exchanges don't like winning traders there they're annoying so just keep that in mind them we're here to bit max maan facts by the bit flyer for all of them they're not here to BitFenix they're not here to make they're not here to give you money they're here to take your money their exchanges they make their money off of fees and by taking the opposite side of the trade from you because they know that the majority of traders lose money so we have to do our best to develop a system that takes all that into account so just keep that in mind I use horizontal support resistance and I'm aware of it's I'm aware of its strengths I'm or its draw downs and I've devised my strategy around easy but again it works it works really well but you always have to be very humble when using a drawing tool because if you're able to identify a level on the chart I guarantee you the Wales and institutional order flow can – and those are levels at which they are going to react if it's in their best interest and you don't know which way it's gonna react you don't know if a reversal is gonna occur at horizontal support resistance level and you don't know if a breakouts gonna happen because it's all in whatever is in order flows best interest right it's all in it's all about liquidity and you do not have the tools to see that information you don't the exchanges can they can look and see how many people are on one side of the trade how many people are on the other and they're gonna take it in the side they're gonna take it in the opposite side so if a lot of individuals are short at a particular level typically the typically the typically order flow is gonna take the take the trade long and they're gonna clear out that liquidity they're gonna stop a lot of traders out before either continuing long or before reversing the market in the other direction so just be aware of all that man I don't think I talked about that enough you okay Jurgen says I'm such a dad Jake reso says clean your damn room the world the world a better place starts with a better internet provider yeah so after the show I am gonna call I'm gonna call some I'm gonna call some alternative ISP services and see if I can't get some fiber ran your man cuz I can't I can't keep dealing with this man this is really I mean you know this I take this seriously I'm here everyday for you guys to the best of my ability I can you know I consider this just as seriously as I consider my job as I can you know this is this is part of my job now you know doing these shows for you guys every day you know it started off being enjoyable for me but you guys show up every day for me I'm gonna show up every day for you just like I shot I show up every day for the guys in the premium group I do my best to give them my best analysis the best signals the best setups the best education that I possibly can I work very hard to devise the best strategies and indicators yeah I mean I work hard I take this seriously so I would like my ISP to take it seriously as well yeah if you guys want to spam at Mediacom Cable on Twitter that would not telling you to do that but I'm not saying that I wouldn't like it ah let's see here let me scroll down through the comments smoke that says hey Justin if I joined your group can I use your custom indicators with a free trading view account yeah with a free trading view account you can use them but you do need an account because I need an account to share access to the indicators to Yemen yeah again sorry I should we put up maybe this will help let me add next okay you okay where'd that go oh shoot I wanted to do sir guys or should I put this right here – is that too obtrusive all right hopefully that's good guys ah Schwartz says I feel like we test 8k like crypto Twitter and YouTube says interesting medical crypto what's going on on Twitch man I see over there sorry my bad dude they throw some emojis into the twitch the twitch there we go oh I do we need to give a shout-out I saw I'm sorry guys I'm just trying to stay on track with everything um there was it man it's not showing up over here for some reason but be Stiles 5:17 thank you so much before the follow on twitch and there was there's I know I'm missing somebody that's gonna be tookie-tookie 69 and crypto meister thanks so much for the subs on twitch man highly appreciate a man okay let's get back into I guess so yeah aetherium and an Bitcoin both actually look pretty good right now looking a little bullish in on the lower timeframes here as I said if we look right here let's actually get rid of it you moku so this red line here was delineating a key level of resistance actually let's go out to the higher time frames to talk about that so here we go right there that red that red line denoting a significant point of horizontal resistance in my personal opinion as we can see it was a liquidity zone right here and here often when strong resistance whenever you approach resistance or support on high momentum often that is a key sign that a reversal is likely to occur so based on that situation we can see that price did close a little bit above that resistance line keep in mind whenever we're talking about a horizontal level we are talking about a zone price did close slightly above that level put in a huge Darth Maul candle just as xbt did and then close the next daily below it I'll be pulled back down to the daily Timken song so let's throw h mo qu back on that's actually where we pulled down to we pulled down to the daily tenkan on the Ichimoku and we bounced right off of it now trading nicely above that horizontal level of resistance and we are we formed a higher high than our previous daily candle we have a fully bullish engulfing candle on the daily here for aetherium it looks good it looks I mean there's nothing to say it looks good man it doesn't mean that we're gonna shoot right up here to 181 or 200 right away but it just does mean that there's a lot of buyers left in the market I mean this is good I mean there's not this is good this is good if this was gonna plummet I would have probably plummeted off of this and I mean we already had a beautiful short trade opportunity we took about short trade on X PT and yeah I mean came right back down to our daily tinkin that's our first level of critical support here it looks good there's not a whole lot to say but it does look good it looks good right now let's go down to that 8 hour time frame the last data I mean just just trudging up there really nicely man 8 hours are closing above that level of resistance we actually pulled down to the eighth hour ki-joon that's actually where we pulled down which is which is a confluent with our daily tinkin son now let's go back down to the 15 minute now that we have a good idea of where we're going in the long term let's go back down to the 15 minute chart and figure out where aetherium might be going on the short term so we made a nice attempt here a nice rally at trying to get a back above just as I talked about with with xpt actually I'm making a nice attempt to get above the bearish kuhmo cloud we weren't able to do that until the cloud actually twisted down as you can see right here we trade sideways out of the cloud and a nice ascending ascending support structure right there the future cloud twists and turns bullish and now the cloud is turned into support so as long as we're long as we're trading nicely I would say above the 162 to 164 level price looks good I would be ok with a pull back down here to test 162 45 that would be ok that's where the current beneath cloud is and also where the 15-minute ki-joon that's also where the critical level of support resistance is you can see how this level acted as a resistance here and then turn into support here twice now one thing that we do want to look at here and I think is important is as we know the more times that we test support and resistance the weaker they become so as we can see over here we test the resistance once twice made a lower high which actually brought us down to our recent low so a theory I'm not having as quite a volatile move as Bitcoin but anyways popping right back up off of that a little bit more sluggishly than Bitcoin Bitcoin the bottoms a little bit more dramatically in my in my humble opinion put in some consolidation at higher level above that low and then had a nice bullish reaction this is actually where we went long from had an average entry of about 160 20 we were actually as I talked about when I did the when I did the chart replay let's do the chart sorry let's do the chart replay and knock out that candle again this is what I was looking at I saw a price trade into the cloud closed nicely above the tenkan in the keys you and I also saw the 15-minute bullish TK cross and I said it's good risk to reward man because that means we're likely going for an edge-to-edge trade 165 60 was my take profit target with a stop-loss down right here at 150 690 I do believe 150 680 I do believe actually start because we've already we've already taken out we've had already had a nice liquidity grab because we have support here and we have support here and then what is priced do as we trade into the cloud it grabs liquidity by clearing out the stops blow those levels of support and then puts in a nice bullish candle closing above resistance back into the cloud and I'm looking for that edge-to-edge trick and I took that took the gamble man I was looking for price to actually pull back down a little bit more so price actually started running and I had to market enter these things happen I was actually hoping for a pullback down to retest that support level but price I immediately shot up in him I take profit level immediately took 50% of profit now I'm comfortably hanging around my break even on my stop-loss so we're pretty good man we're pretty good on that and just just really looking to play these lower timeframes man until we get a significant break I mean we already had a nice nice move up here we're just seeing consolidation and we have the volatility to actually play inside of the range and things look bullish right now things look pretty good for aetherium as i said i'm gonna i'm going to hedge that by not closing out of my my bitcoin shirt there's no reason to no matter what happens i've taken 50% of profit and the worst possible thing that can happen is I get stopped out and I make less money than I had originally wanted to whoa okay who cares average entry 45230 and I'll take that $200 trade from 50 to 30 to 5 to about 5,000 so still get about three and a half four percent off of that trade that'll be good trip and then yeah and if things end up going quite nicely for me if aetherium and Bitcoin suddenly have a nice violent spike down and break support and Walden I'm already I'm already good and my and my ex BT short I've already taken 50% of profit from aetherium that could stop at a profit and it's off to the races with xpt and I'm probably looking to scale in haven't added to my positions at all yet I'm still waiting for these levels of consolidation to change just mostly playing the ranges right now things are looking good Ben um beer YouTube can't catch up with Justin Eli back hey what's going on man can I look at go chain yeah for sure man let's look at go chain you Newton says hey Justin at the market levels where we are what would make the market pull back to last week's level so you're talking like four thousand forty two hundred so let's go okay let's go over to the let's go to the longer-term analysis here let's I've no idea like I imagine I have apparently angered the machine oh if we have angered the bit could we have a gourd the trading beaut trading software anyways okay here we go let's go out to that daily timeframe and let's take a longer-term picture what we're looking at obviously still still broadly looking for that pullback I would really like to see that pullback if we are gonna reach up and touch that 5456 57:43 level which is my next selling target obviously I've been very consistent about this I think that that represents the last area that I would be interested in selling in would be willing to hold on to small portion of my position because again you never know quite high how price is gonna go but I would be scaling out of any long position that I'm in at that current point in time and looking to be looking to be short on the market in the vicinity anywhere between fifty seven forty three and sixty one fifty which I think will be in hindsight a good entry into a short position because I do think that we do I don't think that this is the beginning of the bull market I do think that broadly this is a bull trap depends on you know it doesn't mean it's gonna resolve immediately in fact I would be surprised if it resolved itself immediately what you have to remember is that we we had a thousand dollar movement you know in a couple hours so that's gonna take some time to work out man it's gonna take some time to distribute it's gonna take some time to fall back down but I don't think that we've seen our last I think that we will trade back in the three thousand the four thousand dollar range sooner than most people think and I would be very very skeptical that we actually end up closing anything significant above sixty one fifty now that's my opinion that's my analysis that's based on everything that I have available for me and I've been charting this i've been charting these assets for the last almost three years now if we are but again like I said when you have a critical level of horizontal support and resistance you don't know which way the institutional order flow is going to take it so should we break through 6150 and close convincingly above that level and pull back and reclaim that level have to have the BPC then I will be pretty confident that you know all that woo woo is gone we're in a fairly strong bull market and then I pretty much just enter into long-term leverage long positions and I Hottel and then I really worry about I really worry about my old coin positions in trading all coins because I'm comfortable in Bitcoin I don't worry about taking shorts in a bull market I just look for opportunities to add more to a long position similarly I'm you know when when Bitcoin was really on the decline I wasn't really concerned about putting on long positions either mostly concerned and focused on areas to react to my short position I mean you don't generally want to trade against the trend now in Bitcoin reached that 3,000 to 4,000 consolidation level II we were trading in for about the last four months that was a little different you're playing the range so you're shorting resistance you're longing support etc etcetera etcetera and you're looking for overbought oversold opportunities in the market generally on higher time frames is gonna be your good key to success there but anyways yeah so we overhead on the higher term analysis here we have 54 56 to 57 43 which is the area that I'm keeping my eye on that's the area that I think price could push up to I'd be more confident about it would price finally would price be nice and pull back to 56 50 50 56 our suits are excuse me 46 50 46 24 is the level that I have on my chart that represents our nice bian box right here that is congruent with the daily tankenson on the Ichimoku if we go to the three-day chart it's not really congruent with the whole lot as far as Ichimoku goes we are having rejection right now from the three-day key zoom we do have our three-day tinkin saw and all the way down here around 43 50 so I will be attempting to catch a knife here should everything work well but just keep those higher time frame issues in mind because they are pretty bang on going to the weekly level as well the only thing that we can really say here is that we are above the weekly tinkin saw but looking at kind of how it's pointed down we can see that it has acted as beautiful resistance but honestly it the the weekly the weekly on bit Mex has not been tradable in any really way shape or form as far as the Jamil ku is concerned the three-day has been really good the three days been really good you have that nice resistance here that break above and that BPC that reclamation before we pushed off into the long position could potentially be looking at the same thing here because the three day is trying to close above the key June we've got another day and a half for that to play out though so nothing really indicative to say about that as far as oh it's bullish because it's closing above it's bearish because it's closing below we won't know anything until the Campbell closes all we can say with certainty right now is that the three day the previous three day candle got rejected really really hard from the three day kuhmo on on a on the true high basis and from the ki-joon on the closing basis now we'll see if we respect that on a higher my friend and do pull back to something like a 4624 or even to the key to the tankenson here around 43 46 where is that level actually coming in on the three day it's 43 39 so let's go ahead and add that level to our chart I think that we would be we would be remiss if we didn't add back because I do need to be keeping my eye on that 43-39 I should add that level on my chart already I'm support it's doing it to me again they must have made some change training you must have made some change where where if I if I use a template box it deletes the line it's like now we don't like you man we're not getting down with any of that ah that's the three day and and and uh in the arms of Satoshi we're sorry so that's actually 49 69 where do I have this drawn 49 54 let's go ahead and put that at 49 69 because up a little bit gonna be our initiation level so pretty much below that level we'd be looking for shorts down to our cyan blue box territory potentially even down to the three-day tenkan depending on how far we have to go to catch a knife again we'd be having a fairly tight stop-loss once we reach this area because again I don't want to be catching a knife and holding it all the way to down here not not the way that I pursue things I would much rather take a small loss and wait for a better reentry opportunity let's see and to really avoid that what you do is you don't worry about catching a knife you worry about you worry about seeing a bullish reaction off in that area and you look for a nice kick off so you wait for a nice bullish candle to close you wait for some bullish reaction you wait for price to start moving up and above breaking resistance whatever whatever when it comes to higher critical levels you know like your like your key June's or your three-decade rooms or your daily key June's or ten cans or kuhmo clouds those are areas where you can set kind of psychic or you know predictive limit by orders and why does it work because most I don't think most people are really paying attention to to hire time frame in chimo goose you if price reached $5,200 again would I enter another short why would I enter another short No No so the answer that's no I don't scale I don't scale into losing positions um so I already had a nice entry at 5230 so if Christ returned to 5200 I would already be out of my short position okay now I understand what you're saying so let me actually let me rephrase that so if Christ returned to 5200 I would already be out of my current short it would depend on what it would depend on price action at that point in time if price were to were to return to 5200 there's nothing really critical that I'm seeing there on really anytime for him that would make me one a short from that area in fact should price return to 5,200 that would actually be pretty bullish to me so no I probably would not short unless I saw some some significant bearish rejection yeah but where would i re-enter into a short I would reinsure a short on a close now below 49 69 because that's that three-day ki-joon that's also that critical level of support that I've actually moved up just a little bit and that's obviously the initiation level on my chart so that would be waiting for confirmation that would be the area where you could scale into a winning position dominus Pinay says what advice would you give to someone looking for a long-term entry by Bitcoin like just by it you know a good press you hey thanks guys I appreciate the love man you little drip 1976 says greetings from Norway can you explain the difference between a healthy pullback and a bear flag well a healthy pullback in a bear flag looked different so healthy pullback is is price pulling back to a critical level whether that's whether you're using moving averages or whether you're using something like itchy moku whether using something like ssl Bollinger Bands it's whatever you want to use those are all going to be overlays or whether you're using something like horizontal support and resistance or a trendline you know a pullback to a to a good level of consolidation either a previous level of resistance or critical level on the chart typically have horizontal support and resistance a bear flag is typically something that looks like bear flag is typically something that looks like kind of like this at the top of an uptrend also known you know bear flags are ascending channels really at the top of an utterance so let's try and find a good example of that I don't really see one here let's see if we can go down to the lower timeframes it's been a day it's hurry boo today sorry that's not a really good example of it man you know something like you know they typically look like this to be honest with you man you know you have you have a you have a volatile movement to the downside and then price kind of just floats up weekly on low volume and then closes below and then just drops its continuation pattern because it's showing consolidation and what it's showing really what's important is this right it's it's kind of similar to what I try to talk about a lot you want to see what side of the market the buyers are the sellers because remember the market only moves on aggressive market sells or busts like how how far are they able to push price and how quickly are they able to push price in their direction right so if you're an aggressive buyer and the markets very aggressive and they're able to push price up this far in this short of a period of time and I know like here's the thing like cryptocurrency is one of those weird things where we've been in a bear market and every dump has been a followed by a pump right that's like an odd that's an odd that's an odd market place like normally markets don't work that way typically when you when you see consolidation and then a really bullish spike yeah you get a pullback but that's bullish right like that's a lot of buying it means there's a lot of interested buyers right generally in real life markets are pumps are not always followed by dumps and I know that like that's tragically like seep that's like warped people's brains and crypto they're like oh every dump you know as a pump you know like all a lot and for some coins and for a long time it has been but market cycles change and things change so typically when you see the buyers able to aggressively push price up really fast and then so so the way to differentiate I guess between a pump and dump and also to touch on your question is so buyers are able to aggressively push price up very quickly and then you see that sellers are not able to push price down very convincingly you know like here's a good example right like okay you have a you have a big blow off right and you have a natural pullback okay but then after that natural pullback right what are this what are the sellers able to do like they're not really able to push price down here below a level of support they're just not and what happens like because the sellers are weak you know the buyers just pick in and continue on they continue running so you know kind of similarly I because you know if we saw something this isn't a this isn't a good bull flag or anything like that like I don't really see a good bull flag around here but what what a what a bear flag denotes is that generally I so say you saw this this this kind of pattern right here sorry let me take that that down here okay so if you saw this kind of pattern right here so if we just like transpose this crap right here and put it over here then that would be a that would typically be a bear flag because it's showing you that you had a high momentum sell-off move that the sellers were extremely strong and pushed price down very very far very quickly and then the buyers step in and the buyers are just kind of like weak and anemic and you know eventually you typically reach a level where the buyers run out of momentum and you crash back down below not really what we see here what we see is a pretty big sell-off move and then we see equilibrium between the Bears and the Bulls right here you do see this this is a fake-out move because again it could go either way I you know people are gonna look at that as a liquidity grab or conversely you can look at that as no this is the Bears pushing price lower that's the danger of using price action man and only in thinking that you're gonna be a price action guru dude like I know a lot of people like just love the price action stuff and we talk about it because it's good for analytical purposes and it is good to trade off of but I also rely pretty heavily on my strategy that I've built over time and I'll back tested at five years into the past and future test of it and current tested it and it works really really good you know and it I know what to do I don't have to there's no guesswork in my trading typically it's all laid out for me and if I take a loss cool if I take your string losses cool it's part of the strategy it's part of the system I know that at the end of the year I'm gonna have more equity than when I started the earth it's that simple I mean while just most of the people that I know that get really obsessed with this price action stuff are sitting there and they you know they're they're really smug too like they're like oh man naked charts are the only way to trade bra all you need all you need is a candle and a volume bar and it's like well okay yeah but have fun with that like 99% of you guys lose money well you know I don't understand like where you're coming from with your smug stuff you know like show me your f show me your account statement and that's not to say the price action isn't good I know some some great I know that I know there's an encrypted there's some really really really good tools that can help you be a good trader but typically people most of the individuals that go down that rabbit hole of just staring at naked charts because that's what like some really cool people on Twitter tell you to do right in there you know most that's it that's a losing battle man you know there's gonna be a small percentage of you out there who are gonna be able to you know have the right you know mentality and be able to just have that kind of you know rain

5 thoughts on “Breaking Bitcoin Market Update – Live Technical Analysis & Requests!”

  1. You really are one of the good ones I only have four that I have found in two years in this space that are good at trading and are here as good people for good reasons

  2. Thank you for the book recommendation – went and looked for an audible but only saw a couple summaries with bad reviews so it looks like I have to actually READ

  3. I'm looking at a penned up bull. It ain't the size of the bull or how fast I think it will run. When I walked around back and checked him he had a pair of testes that looked like two cantelopes in a wet gym sock. Beware.

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