Breaking Bitcoin – Thursday Morning Update – Live Cryptocurrency Technical Analysis



all right good morning guys thank you so much for joining me today for another episode of breaking Bitcoin market update of course it is Thursday March the 7th 2019 FAL year of our Lord thank you so much for joining me guys hope you're doing fantastic wherever you happen to be tuning in from and it seems that the gods have blessed me with good upstream today so let us just let us just take a moment and appreciate the glory the fifth that is consistent kbps up now I shouldn't have said that out loud because as soon as I say that we're gonna take a hit man we're gonna take it I want to say hello to the chat what's going on yo-yo going crazy in the chat Eli good to see you this morning bad Andy who else do we got we got Lindy we got mr. Heron we got 18 Mile Creek says hi to all first time and you're good to see it for your first time man Red five golf gonna good to see a man Vincent YAG says can you please check mr. B Cash ABC verse BT see on the old bit Mexico we will take a gander at that let me add that to my finger thing BCH h19 is what it would actually be all right gipsy Hill C and b5 good to see ya and DMD says my truck was found the guy was driving with no tags people are crazy people are crazy people are crazy well I'm good to see you got your truck back man hopefully it is in full operating condition alright so morning stuff guys beginning of stream stuff just do some housecleaning right here real quick okay so if you guys are new to the show if you guys if this is your first time here obviously I'm Justin wise I'm the lead analyst of cracking cryptocurrency comm we do do the show every day noon to 2:00 Central Standard Time on weekend's 5:00 to 7:00 in the evening appreciated if you guys hit that thumbs up button really appreciate the support guys if you want to come watch us over on twitch twitch TV forward slash crack and crypto of course as always if you want to trade along with us the link is at the top of the screen premium cracking cryptocurrency comm if you like to get access to our indicator signals and strategies guys okay with that being said I do want to give a shout out again to the winners of the x42 master notes I've been we've we've so far confirmed three out of five of the winners well actually we've confirmed all five of the winners three out of five have given us their deposit addresses and their x42 has been sent out to them the the second two were just sent out this morning and the last two I still need you guys to get me your expert eetu wallet address so I've been talking with you guys in the email so just just wait make that address guys it's waiting to get that address all right but congratulations to you guys we are going to be doing a giveaway over the weekend again we're not starting another coin giveaway until Monday we'll be giving away MMO another proud supporter of the show mm Aucoin so we'll be starting that on Monday same same thing doing gleam but we're gonna be doing we're gonna be giving away a cracking cryptocurrency t-shirt guys so if you guys would like to grab a little bit of free merch we're gonna be having that competition over the weekend we'll get that started tomorrow I believe tomorrow or Saturday I got to talk to Scott with exactly how we're gonna do that okay that's about it that's about all I got make sure that you guys let's start over here guys let's head on over here make sure that you guys head on over to the cracking cryptocurrency comm blog we do got a new article up there by Joe as Twitter CEO Jack Dorsey buying $10,000 worth of Bitcoin a week so make sure you guys go check out that article always as always great work from that individual alright let's check the chat beautiful world hey what's going on Thank You mr. rap stream to celebrate this can you maybe talk a bit about the Fisher transform that I would the key points to understand about this indicator sure we will talk about the Fisher transform I did have I did have on my schedule I wanted to talk about a very good indicator that I have used in the past and is not the current confirmation indicator that I use but in the interest of giving you guys the tools that you need to be successful I will be talking about a good indicator today so if I finish through that and we don't have a lot to talk about later on in the show we can talk about the Fisher transform ok let's go ahead and do as we normally do let's go take a look at some underlying data metrics for Bitcoin going over to coin farm that online currently for the last 24 hours pretty much 50/50 now I've heard some posts somewhere that Long's are on the rise Long's are on the rise and while lungs are still superior to shorts at this point in time even on fin X they're actually very very close to 5050 the market is absolutely very close to net neutral which is interesting which is interesting so keeping a few things in mind when we're talking about just the analysis of the market it again obviously this is going to be different from initiating trades but when we talk about the analysis of the general market we've got a lot of we've got a lot of different things to talk about so let me pull up my let me pull up my earlier post from this morning all right so and we'll get into this I guess actually when we go look at the what when we go look at the chart so let's just note that for example for right now the last 24 hours not a lot of volume in the last 24 hours not a lot of volume right now so pretty lazy day to be quite honest with you men a lot of indecision in the market and if we just take a look here at the last 30 minutes I mean the most significant spike was about 325,000 to the sell side and about two hundred eight thousand to the buy side alright so those are market buys market sells and if we take a look at the last 24 hours I mean we're talking 23 million 21 million this is nothing this is this is nothing nothing nothing to move a market man so it's times like this and this is very important guys because it's times like this that differentiate in my opinion a profitable trader from an unprofitable trader okay because as we get into the chart we're gonna see a lot of conflicting signals right and depending on how your trading whether you're trading price action analysis whether you have a basket of indicators five hundred twenty six thousand to the sell side you know whichever way that you guys are looking to trade I would highly recommend that you guys take times like this when you take indecisive times in the market or in general indecisive times in the market in general whatever market that you're trading whatever coin that you're trading don't throw your money don't throw your hard-earned money back into the exchange because that's often what individuals would do so when there's a lot of volume and when there's a lot of volatility individuals will tend to do quite well individuals will tend to do quite well and they're able to they're able to successfully profit and they're able to catch good trends they're able to catch good trades and they make they make a decent amount of money because it's not difficult to be on the right side of the market when the market is trending very strongly alright unless you're suicidal and you're addicted to reversal trading when the market is clearly trending but when the market is not clearly trending and you don't have a well-defined reversal strategy which i think is kind of the crux that most people are looking at and that's what I've gone at length to develop with things like time transformation and other indicators in mine most individuals just end up at times like this in the market throwing their money back in on the market so you know I'm seeing what people are saying on Twitter for example even though I don't pay a whole lot of attention to that I'm seeing what people are posting on trading view and people are very confident the price is going to go up people are very confident the price is going to go down and it doesn't seem that most individuals are waiting for any kind of confirmation to give them to give them confluence between their technical analysis and their bias or their indicators to be able to take a trade to the upside of the downside so analysis is one thing taking a trade is something very different because once you click that button and you're in the market you can't take it back you either gonna have to exit at a loss or a small game and again we've talked about five things that can happen when you enter in the market you can have a big loss you can have a small loss you can have a big win you can have a small win or you can break even so all we need to do as traders the first step is removing that one element from the equation taking a big loss in the way that we remove that element is by proper risk management proper position sizing and proper stop loss placement okay also in my humble opinion not using static stop losses and being able to set up a system and suck in some way that you are alerted to when prices coming close to your stop loss level in waiting for confirmation especially in ranges like this if you are trading if you're trying to range trade Bitcoin or aetherium or whatever and you are using hard stop losses in predictable stop-loss areas you're gonna get hunted and you're gonna lose money over and over and over again and this is why I do not use static stop losses and that's not just because I have the luxury to trade a full time that I don't have I do have the luxury to sit and and be near my computer all day long that is part of the that's one of the points of trading for a living but the reality is is that I do my analysis in the morning I make my trades I adjust my trades throughout the day I generally don't spend 24 hours staring at charts all day and that's because I'm confident in my analysis I'm confident in my trades and I prefer to spend my time working on developing new strategies working on programming algos I prefer to spend my time shooting videos for the members which is something I've been I've been doing lately I'm getting the getting the next round getting the next round of my webinar course all fleshed out and done I do like to take my time and make the videos very prefer and very comprehensive so that's what I like to do with my time and then obviously talk with partners and spend time enjoy my family and that should be the goal of trading you know there's there's two ways to look at this you know the guy who works 40 hour you know 20 or 30 hours a week for a minimum wage obviously he's broke but the individual who makes six figures and works you know 80 to 100 hours a week he's broke to just in a different way so trading is one of those rare things where you can find that balance between income and time if you're able to do it successfully over a period of time so always keep that in mind guys there's nothing wrong with day trading again I I day trade it very very frequently and still do at certain points in time but it's about automating certain things it's about learning a strategy and setting your entire system up so that you don't have to be there physically to where you can just come when there's a moment of interest so I have trading view alerts and they go off quite frequently and I'll be doing something I'll come I'll look at the charts I'll do my analysis I'll say okay is XY and Z true if so maybe I'll take a trade is X Y & Z not true then I'm not doing anything even if even if this might look juicy so so I just want to caution you guys against that so it's times like this in the market when people are very very confident that we're gonna go up people are very very confident we're gonna go down this is when most individuals end up this is when most individuals end up blowing up their accounts because gonna take they're gonna take a trade to the upside with no real reason take it trade to the upside they're gonna take a trade to the downside with no real reason to take a trade to the downside because you know there's a there I would say there's a 95% probability that before the market moves in either direction when you see a period of flat consolidation like this you're gonna see a significant candle one way or the other right and it depends on how that candle closes if it's a strong candle body close with convincing volume then price is likely to continue in that direction there's your confirmation you can all there's also other indicators and strategies that you can use to give you further confirmation to give you further confidence that you're entering into a good trade or it could end on a fairly significant wick with a larger wick than the candle body on high volume rejecting from an area of liquidity and price is likely to go the opposite direction and a lot of people are gonna be obsessed with catching those movements and don't get me wrong we do do that occasionally so for example when we talk about litecoin last we took two trades last night in the group we took litecoin to the upside and we had our first take profit target booked 50% profit at about three percent or excuse me uh what was that three percent most of the downside excuse me sells probably one and a half percent excuse me on average to the upside price pulled back stopped out at our break-even point we took the trade to the downside we're able to make three percent to the downside alright so there are ways to catch trades like that right there are strategies that allow you to catch volatile movements like that but the idea is setting up for a longer-term trade as well that's where the majority of the profit is going to be made so right now overall don't see a lot of confirmation for which way to go in the market okay so and we'll get into that when we go when we get into the charts looking at the VFC that I owe and I want to clearly point out some different things right here right so we are looking at the nearest five percent of price and instead of just just glancing at what the overall MDR is okay I'm gonna try to dispel I'm gonna try to pierce some leaves or pull some leaves back over a lot of the manipulation that's going on in the different exchanges right here so let's take a look at let's take a look at the actual individual exchanges all right shall we let's look at bit finex right within 5% of price we have about seven point seven million to the buy side and only four point four nine five million to the sell side okay bullish bitstamp three point five seven million to the buy side three point four three four million to the sell side neutral Krakken three million to the buy-side one point five million of the sell side bullish finance one point six three million to the buy-side one point six five four million to the sell side neutral gtx 610,000 of the by side two hundred twenty three thousand of the sell side bullish oak x five hundred nineteen thousand of the buy side two point four million to the sell side manipulation this exchange I have no other words like literally this exchange sorry bit Rick's 462,000 the buy side three hundred ten thousand of the sell side Polonia –xx 439,000 to the buy side three or five thousand of the sell side and just so on and so on and so on and so on right so all the major exchanges do show within five percent of price more buying and selling okay now likely we're gonna see a liquidity grab before price moves strongly in that direction doesn't mean it has to happen we don't have to have a sharp sharp spike down before we move up we could have already seen that right and in general would seem to indicate that it would like to go higher all right we are steadily grinding slower up there is not a whole lot of volume right so generally when you see price and moving in a general direction and not a whole lot of volume there's no indication that that trend is going to change okay and you really do need to wait for volume to confirm that price is going to continue in the direction or reverse strongly right you do need to see volume and volatility to confirm the next direction of price but remember without a significant change in volume or sentiment the trend is unlikely to change so when you actually see falling volume coming toward resistance most people will tell you that that's bearish in my indication that's that's generally that that is by definition neutral but it leans more toward bullish it leans more toward the strength of the underlying trend okay because it's going to take volume and volatility excuse me it's significant volume to reverse that trend all right to come in and reverse the direction of the trend because as long as there is a clear trend in one direction or the other aggressive market participants are going to generally buy on the side of the trend which means that price is likely to continue in that direction until you get a significant number of sellers to come in and dump on the market in which case the sentiment of the market changes and the aggression of the market will shift to the downside okay so blockchain gains asks how do I combine the two chats magic magic as you guys can see with the UH with the coffee mug for today sorry I don't have the crackin crypto-currency coffee mug I was up very very late last night and woke up late today so I was working on some stuff last night and I do okay so I do want to give I do need to give a shout out guys so this might not this might not affect you but we do have a we do have a partner Spectre security coin now they are listed on some different exchanges right and they're fantastic team fantastic community guys and I just received a message earlier there is an exchange out there this is a smaller exchange and generally not not this is generally not what we talk about because we typically when when we're talking about trading and what I do personally for a living we're generally talking about larger exchanges again I only trade on Finance and Mex but there is an exchange out there called Lian bit okay if any of you are familiar with Lian bit they have apparently exit scammed okay their exchanges offline their Twitter has been deleted Spectre team has been kicked from their discord a lot of their coins are dumping in value so if you guys are online but make sure to check your exchanges and your funds this is not a it's not a test of the public announcement system this is a genuine warning so if you guys are experienced with with line but or have exchanges or excuse me have funds on this exchange make sure to double check that because most likely you are screwed so and I'm sorry to hear about that guys but just remember this is a this is a you know this is one of the dangers when dealing with smaller exchanges there's good arbitrage new opportunities but you do have to be careful man like honestly and and this is coming from a this is coming from a strong supporter of cryptocurrency right and a strong supporter of the crypto community there's a lot of issues with these smaller exchanges okay so be very very very safe I still think that the risk to reward the the reward does not outweigh the risk trading on trading on smaller exchanges okay I feel I feel comfortable with my with the capital that I have on deposit on the exchanges that I have it on I I like the use of margin I like the use of leverage that I don't have to keep as much of my money on the exchange isn't necessary this is the purpose of leverage okay so making sure and again it depends on your trading strategy but if you are willing to increase your and if your position sizing properly should not be much of an issue making sure that the use of leverage on things like Max or DARAB it allows you or Kraken allows you to not have to put all your funds on in exchange than you have to and this is and this is the same this goes for traditional equity markets as well this goes for any kind of exchange this goes for Forex as well the use of leverage allows you to reduce your personal counterparty risk by having to deposit less money on the exchange and being able to trade a larger amount okay leverage is not about jacking up your gains that's that's misleading and that's completely wrong it's completely false leverage allows you to use less margin to take on the correct position size if you are abusing leverage and you're blowing out your trading account it's because you don't understand the purpose of leverage you think that leverage is there so I can just get so I can just jack up my account man I got ten bucks in this mofo and I'm gonna trade a thousand dollars rest in peace sir or ma'am and you are you you don't you don't respect trading you don't respect you don't respect risk management and you're going to lose all your money and you deserve to lose all your money the purpose of leverage is there so that you can properly position size and take on the correct amount of risk okay if you're abusing your leverage and you're taking on larger position sizes then you can afford to take I don't know what to tell you all right if you think that think back to the 2008 financial crisis the reason we had such a steep decline is because investment banks and and prop firms were leveraged to the hilt and they blew up their accounts and literally they blew up their accounts in it and it tore a massive hole in the economy of the United States and the world if you think that it's gonna work out differently for you then you're wrong you're just wrong you cannot take on excessive leverage you can't take on excessive risk and when consistently it's just not gonna happen guys it's not gonna happen this is a long game trading is a long game and if you're in here to think that you're gonna you're gonna come in you're gonna 100x long a you know a ten percent movement and be rich I'm sorry dude you're you're crazy and you're gonna lose all your money eventually it's that's not how this game works this game is about slow patient developing a strategy sticking to that strategy and earning consistent profit over a long period of time if price were to pump twenty percent right now and I wasn't in a long position the wrong attitude is all my god we're gonna what do we do like it's never gonna come again forget that dude there's always gonna be another trade there's always gonna be another movement you don't always have to be in position you know you know like that's and come you know coming from a public personality coming from somebody who does this for a while and I'm sorry I've been stuck on the screen for awhile but I just want to like talk about these stuff the you know a lot of people like come on to the show and that's totally fine like I get it man you guys are here for support and guidance tonight and I try to I try to provide that to you but a lot of people come in and they're like hey man you're a traitor you do a trading show so if you don't know which way price is gonna go right now and you don't know anything don't know which way price is gonna go because I don't have a crystal ball and nobody does and if you guys think that the fact that I earn a living as a trader and that I'm able to live a lifestyle that I'm very very happy with and I'm able to you know you know mentor people and you know work on automation and just all all this stuff that a lot of people aspire to do it's taken a lot of work man it's taken a lot of work a lot of patience and I didn't like triple-double you know I didn't like triple my account in 48 hours you know when I started trading I blew out two trading accounts you know many many years ago so you know I've been through I've been through options I've been through Forex I'm now in cryptocurrency I've been actively trading cryptocurrencies since 2016 and I've had to have a lot of potholes on the road to get where I am today and it's about the long game it really is and it's not about knowing which way price is gonna go it's about knowing what you're going to do if this happens so what is your plan if price breaks resistance will you enter along how will you enter along where will you manage your risk where will you take profit off the table if price breaks support will you enter into a short how will you enter into a short well you're where were your stop-loss B will be your position size be wherever you look to take profit these are the questions that you need to know in advance and these are this is why you need to be keeping a trading journal it's not about predicting the future that's nobody can do that we can make a good probability about what price is likely to do but and I think that's why most people like tune into these shows but I think that if you're watching the show and if you continue to watch the show I think that what you'll learn with me and what I'm here to do for you guys and gals is is really to help you guys develop your own strategy and learn how to navigate these markets not spoon feed you hey man go long I think that you guys are gonna have increased success doing that and I would be very cautious of any other channel that you tuned into where they're like yeah man I am the crypto Oracle and prices going to the moon man be very careful about that okay guys let's go through the chat man free man script over it's good to see a man blockchain gain says round of a hand for your hard work and magic thank you so much man Ronald Vig says pornography so porno graffitti was actually a pretty good album I think by extreme – I think that was by extra does pretty good album back in bed try refreshing the page oke X has changed okay X so X must a bit much – been watching yeah so look at that look at that the manipulation has died off you bein BB and BB and BB and BB and BB and B just talk about be it'd be okay so yeah that didn't really affect things a whole lot seems like that overall VC def definitely wants to tell us that there are more okay so hold on nearest five percent seems like price definitely want to tell us that there's a- MDR but when i look at individual exchanges in general things don't look too bad actually we just flipped bearish got to love those buy and sell laws popping up man really really really got to like them so we had a huge amount of buys just fall off the table okay cool awesome be careful when you're looking at the VC depth auto it's not just oak axe that I want to be mad at it's everything else okay so we're gonna ignore that for right now so we talked about coin farm don't look at that very little movement and let's get on over to the actual charts guys oh okay gotta flip this yeah they must be watching okay so let's look at the schedule all right so BTC fundamentals let's consider that talked about alright so we'll do let us let us commence with our analysis of Bitcoin and first I wanted to actually look at some more fundamentals here so let's look at this is BTC USD shorts on the rise 24,000 peter and seventy three shorts let's look at BTC Long's on the rise twenty eight thousand eight hundred eighty two longs alright so rising open interest that's good to see good to see for volatility I would like to see volume rising to meet that we go over and look at tether not a whole lot of price action honestly coming in just yet but what how do we want to how do we want to qualify this alright so we do see the ratio of Long's to shorts skewed to the long side still which most people tell you is like not a good indication but generally when I see that there's a difference between being at the top of the market cycle seeing a volume spike in a significant increase in lungs and there's a difference between being and consults consolidation and being on the verge of a breakout and seeing an increase in Long's seeing an increase in Long's and then seeing an increase in genuine buying pressure is generally bullish and when we look at coin farms out online the market is not overly aggressive to the long side right now and if we look at Long's in shorts the market is not overly aggressive to the long side right now on BitFenix on positions on position logs the market is generally neutral if we look at sentiment generally neutral if we look at volume not very impressive if we look at general price action pretty neutral all right so be be careful all right so we want to look at the total crypto market cap you are dive down the fundamentals this is the stuff that I look at every morning guys so I want to see where the market cap is all right we'll go to the 24-hour market cap that's like looking at the Bitcoin sure all right so what do we see here same thing man the total market cap seems indecisive but just in general man we do seem to be in an uptrend all right we had a pretty significant spike of volume to the downside and we have a almost larger spike of volume to the upside right here and consolidating above previous resistance falling volume does not indicate a weakness following volume does not indicate an imminent reversal it is actually genuine generally an indication of strength right so we do need to wait for a pretty significant volume spike one way or the other right you see a volume spike convincing candle body close that is your that is your generally your initiation to be in a long position you see a volume spike and a convincing candle bloody clothes generally your indication to be entering into a short position however we did hold this support down here around 120 billion as you can see right here so just in general all this is doing is confirming for me the price action of Bitcoin which I'm genuinely looking for to try to give me some inclination of which position I should likely be but when we look at so let's let's be frank okay let's be frank as I said this morning you know like two days of low volatility and to quote a famous rapper that's that I don't like you know price is slowly grinding its way up to try and close the daily above local resistance you know falling volume is not an indication of strength in an uptrend but without a volume spike that closes above resistance for a convincing closing excuse me without a significant spike in volume and it convinced and closed above resistance it's very hard to say that yes we're gonna fly we're gonna fly past resistance and nothing has really changed man we've just had a few days of consolidation so if we actually go to long before I get that I do want to go over some of these fundamentals first so we looked at total market cap we talked about the fact that Long's are actually superior to the shorts if we go look at Long's on the daily timeframe we actually do have time transformation give me some buy signal anybody that tells you that you can't do technical analysis on sentiment analysis on sentiment data is dumb I don't to say they're dumb they're just it's just : Alice's in general is is mathematical analysis or probability it's probability analysis of human sentiment right human actions in the marketplace so this has been actually a very good indicator so if you correlate this with price so just this is going back to October so we had a buy signal in October and we had a sell signal pretty much toward the beginning of January so this would have put us in both four good trades and actually this is the first time we've gotten a buy signal from the Long's interestingly enough though interestingly enough though the shorts also bottom doubt so be cautious man the reason why is because it's when you're looking at just raw sentiment analysis I think we're entering into a I think we're entering into a place where trying to base okay how do I put this I think we're entering into an area of the market where nobody really knows what the hell's going on you know people are cheering for a breakout above resistance people are cheering for a continued downside and a retest of your Lilo's and although I think the latter scenario is likely its it doesn't take any kind of ego or humbleness or humility to just admit that look guys the markets gonna tell us which way it's gonna go all we got to do is be patient and try not to give our try not to just flush our money down the toilet right now when things are pretty frickin indecisive man because things are pretty freaking indecisive right now so probably the best situation is to not penetrate because if we break to the upside we've got a lot of reward above us man if we break to the downside we've got a lot of reward to the downside so just chill guys just chill but Long's and shorts are still both bottom down man and we're just gonna see which side of the market takes supremacy you know just if I had to look at this if I had to look at this as like a liquidity grab I'd say man shorts are really really low and on the rise and more significantly if I had to take a look at this Long's like yeah we still got like liquidity grab into you right so that's just in general technical analysis total market cam seems like it is slowly grinding its way up after pretty much giving it all back to the market so bottom Don support had a nice little rebound off of that on high volume we'll wait to see how that does looking at the BLX index on the daily timeframe now the BLX index interestingly enough could could actually positive bearish activity all right just based on horizontal support and resistance not horizontal partners and sorry diagonal or supporting resistance because we do have this symmetrical pattern right here we do have the symmetrical pattern when generally which generally is a continuation pattern to the downside so we have three tests we have generally three tests on that the fourth test is a fake breakout to the upside generally we see that on the third or fourth test of a trendline it will attempt to break to the upside and if it doesn't confirm it's a fake out and what do we see right now we actually see the BLX index coming back to retest this as resistance so this is a chart to definitely be keeping your eyes on as well I think that if the B lxn desk rejects from this area or if or if it closes convincingly above it then you have pretty strong indication of which direction that we're going I think a lot of individuals are ignoring indications like this or ignoring charts like this too their own peril should we close I mean and if you want to be very conservative you've got that level of 4129 which we have not had a daily close above since back in November toward the end of November when we initially had that rebound after the significant movement down and then we've just been overall in this period of consolidation so breaking above 4120 now at this point in time I think would be a pretty bullish sign but if you just want to look at this in a more general way higher low higher excuse me low higher low higher low that's generally bullish men let's go take a look at the seamy features and let's go look at the hourly all right see my future's pretty much going back to successfully fill this gap ma'am we could go as high as 39 29 and still look at this as liquidity grab to the downside however we're right in that zone that I had talked about pretty much I think the last time I looked at this chart was like a week ago almost a week ago now and I had laid out this area right here where we were likely to go and grab for liquidity and I laid out this level right here of 3841 as an initiation level I said hey guys if we're above this level then we're looking pretty darn bullish we gapped down here you see we can we successfully filled that pullback to retest it and then continued on to the upside so we've got a lot of area here that we can continue to see ascending movements there's a lot of stuff that does look bullish man there's a lot of stuff that does look bullish I'm not going to argue against that G PTC gpgc almost successfully filling that initial gap that we saw actually necessary this is going back a little bit ago so no sorry that is correct yep so G PTC has almost successfully has actually in all honesty successfully filled that gap that we were talking about this is the CM e gap this was the beginning of that extensive decline down that we saw with that big dump from the rejection from the top right here so G PTC right here has successfully filled the gap I would say forming a bullish pennant or excuse me forming a bullish fly you guys know how I feel about chart patterns cuz they they're only right 50% of the time but this I would argue does look bullish as well consolidation near resistance higher high and not a significant decline down so let's take a look we'll keep our eye on that okay so we've gone over some of the fundamentals let's go back in and look at the charts guys and let me pull up in the chat J constant asks which desktop wallet is the best so I think armory man I think armory is the best thing electrum is good too though Mac SMC says or man I know how to save your name bro masse CMC ask CMC I think that's better man usually when you see a huge wall prices gonna move in the opposite direction they are propping price to fill their positions in general that can be true you will see huge cell wall I mean but again that's not right a hundred percent of the time you will see huge cell walls apparently and and huge by walls sometimes and price will continue move in that direction so that's another one of those things that's only right like 50 percent of the time generally what you want to be watching if you're an order flow trader is you're gonna be watching what's happening directly before the large wall because yeah you're right generally that large wall is there to scare away traders and to keep price suppressed so that's so that's accumulation it up and but it can also be there to genuinely reject price so you know you can be using that as a trade like if there's a huge sell wall there and it's not blasted through you don't know that that's always gonna be lifted the area to watch is the area directly in front or you know so if it's a cell wall directly underneath if it's a bio wall directly above if there's a lot of liquidity coming in and in front running that wall then yes then you are correct if there's not then it's it's it's it's then it's a genuine movement in that direction okay what do I think of neo don't have a lot of you sorry I got distracted there for a second I don't have a strong opinion on neo we can take a look at the chart all right so I'll just talk about basically what I talked about this morning so when we look at the daily time frame there's a couple bullish things men again consolidation above support falling volume which again most people would have you believe that that is an indication of weakness it's generally not it's generally an indication that there's not an indication that the trend is going to reverse so current daily trend is to the upside so generally you don't trade against the trend we don't have a strong indication of a reversal not a big volume spike and we still have this area of liquidity above us guys now I have updated this just a little bit to be more confluent so I moved my initiation level up because there's really there was really no reason to plot that level as an initiation level really that initiation level would have been resistant so and similarly why we have taken I guess that's not super important for the live stream but anyway so we do have this area of trap liquidity right here where there are still are a lot of trap buyers I still think this is going to be this is this still represents a sell on the first pass there technically speaking the correct setup is to look to sell this region now what I blind sell this region especially when you could have a lot of liquidity to wick to the upside ft broadcasting thanks so much for the sub room you no no dr. faz you actually have that oppositely so if you SOS Allah mean so if there is if there's a large by wall and there's a lot of buying going on directly above that by wall that is or that is a sign that that wall is fake and that price is going to move to the upside if there's a bi wall and it's not getting eaten into then it's a trap and price is likely to plummet to the downside now again that's just my personal no that's just my personal inference from watching order flow and and observing order flow analysis it's kind of one of those things that 60% of the time it works every time so you definitely want to be basing your trading off of other aspects as well so that's just a tool in the tool belt to be aware of so that's something that I have noticed but again I do want to caution you guys that be careful of those be careful of only one indication be careful of that sixty percent of the time it works every time stuff which is like chart patterns that's why I don't really trade chart patterns because 60% of the time they work every time that's just not good enough people might take a look at icon I'll throw a neon icon on here man okay let's talk about potentially bullish things all right let's talk about potentially a bullish things on the daily timeframe so yesterday we wycked up to grab liquidity alright so we made a higher high over the local range high okay so this is our range we have a local trading range alright we have a local area of consolidation and this would seem to indicate that we are breaking above that range and attempting to continue to the upside we have what if could what now generally when you see this individuals want to go short they're saying oh look at that it was a liquidity grab to the upside price should you know we just liquidated a lot of shorts and price should move violently down from here which it did which it did do but then we just completely reverse that man it just gets bought up into and on the daily timeframe look we do wick down and hold resistance as support so that's actually a pretty bullish assignment I'm not gonna lie I still think that the way up our excuse me the way forward is up alright so this is the next target right I until we see a liquidity grab here and violent rejection I don't see I don't necessarily seeing us strongly rejecting from this area I don't think that stuff like this I mean generally you don't see nice candles like this or like this without seeing something like this without seeing a nice liquidity grab to the upside so if you guys I mean if you guys will just recall like back when we were back when we were talking about this and I entered into my short a lot of people were screaming to continue going up and up and up and up and up but it's just one of those things where you got to just just hold your just hold firm to your analysis man so I don't think that if we are gonna see a continuation pattern like this if we are going to start going violently down and again I talked about this man if this fails that this level breaks we've got some significant downside you if this level breaks then we've completely invalidated this this attempt at an uptrend and I think that we're gonna test your Lilo's so if you're being very very very conservative you could technically wait until the break of 35 90 I'll call it sorry that's not that's not quite correct 3650 all right so 36 50 I think is the last potential area for liquidity on the chart but I don't see how that area is likely to hold I don't really see how that area is likely to hold we've already held support and we've already held support at this level at that 36 50 level I don't think that that's gonna hold again it was bought up here it was bought up here it was bought up here it's been bought up twice here weak area not gonna hold and really I would be pretty I would be pretty aggressive at this point in time we've already grabbed liquidity down here all this liquidity has been grabbed with 3,800 brakes on that I'm gonna be in a positional short it's just that simple man if we break 3,800 to the downside and close below it I'm in a positional short if we close above 30 970 pretty convincingly then I'm gonna be looking for upside targets guys so I do have short-term upside targets right here and this is just based off the buy signal the time transformation would have given you right here so the daily did close pushing the the Fisher above the zero line right here that is a trending buy signal we can look at on their indications that don't necessarily confirm it but if you were going to take that long signal that would actually have your stop-loss right now at 3672 upside targets of 39 88 41 14 and 42 40 but for me potentially should we break should we close about 39 70 I'll be in a position along and I will be targeting 4500 4600 guys it's just that simple man and I'll be waiting and I'll be trend trading it so I'll be waiting for I'll be I'll be using my trending indicators to to be out of the market as well as price action analysis so right now really not a strong indication to take a trade if I was going to take a trade it would be to the long side I would not be trying to fight against the trade I would not be banking that price rejects from here but in general just an area where you want to be cautious man and not not really not really a reason to be in a trade it's not really reason to be in a trade to be quite honest with you you yeah you got that right man maths EMC only encrypt oh man what is the dark over shadow on the volume indicator this is just this is just a moving average and it's just area though go to volume here volume moving average and you know we can set this to line we can set this to histogram we can set this to area which is kind of what I like no significant rhyme or reason for it men to be quite honest with you take a look at litecoin throw that on there man if we get some time all right so I think nothing's really changed guys we've been pretty much saying the same thing I've been pretty much saying the same thing about Bitcoin for a while let's look at let's look at some other stuff we'll look at it jamoke ooh which is a fantastic indicator looking at a chi moku it's tentatively bullish we are still inside the cloud typically when we get inside the cloud guys we expect to see an edge-to-edge trade right which right now would be putting us all the way up to 50 54 40 or 49:39 depending on how we're moving this forward right and the future cloud continues to get a little less bearish man as we continue to go the cloud is starting to twist a little bit very very slowly but I have a very conservative very conservative cloud settings let's get rid of the lines so we can just look at this daily timeframe we are technically holding the queue Jensen as resist excuse me as support we didn't break outside of the cloud so if you're looking at this from a trending perspective you're really not looking for a short until price closes outside of the cloud we're running into the tinkin saw on the conversion line right now as resistance we'll see if we can break above that all right so looking at it you moku it's not it's telling you to be an along it's looking at our exponential moving averages again pretty bullish man holding the 55 exponential moving average which is the momentum indicator for me the 21 is above the 55 the eight is above the 55 holding the 8 as support after that recent down thrust for liquidity so when you are reversal trading when you're experiencing high high periods of momentum and doing liquidity grabs things like Ichimoku things like emails are not going to help you out but when you're trending they're not bad indicators they're actually pretty darn good indicators that's about it man that's about it in general price action Alice would seem to posit a bullish continued bullish momentum upwards which I do think is the most likely scenario again we do have that level of liquidity above us which I think we're gonna have to test before we know what's going to happen if we if we clear this area and close convincingly above it it's strong indication to be in a long position if we reject from this area with a fairly large wick and high volume then it's a pretty strong indication to be looking for a reversal short if you're waiting for confirmation to enter into a trending short you're waiting for a close below 3,800 if you're waiting for strong indications to be entering into a trending long again it's that close about 30 970 I'm in your opinion any strong evidence that the bottom is in alts are popping more aggressively now you mmm I would say no because and here's why because the only indications that the bottom is in are going to be from reversal indicators now I am a reversal trader on shorter timeframes okay but when you're talking about longer time frames the weekly the monthly you're gonna get a lot of false signals generally I I don't think that I could be wrong and I'd like to be wrong I'd like to believe I don't think that we've seen enough accumulation to begin a bullish run okay so is the bottom in potentially it doesn't really it doesn't and from a law from a macro perspective it's from my perspective it doesn't really matter what matters to me is the market gonna start trending upwards and the market can't really start trending upwards until we conventionally close above resistance so local resistance I mean even then even then I'll be wary I'll be on the lookout for a bull trap at forty five hundred forty six hundred just being realistic man on the bottom will be in and I know this like this is gonna tick people off but the bottom will be convincingly in when we close above significant resistance and we start entering into a bull trend but there's always the risk man as long as we're below 6,000 there's always a risk of a bull trap and rejection man to be quite honest man now I think that as we start getting closer to 6,000 the idea that we're gonna make lower lows becomes very very very unrealistic because at that point you've probably got too many people that have bought up the bottom and are unwilling to exit their positions that that's significant of a loss so I think that if we can get above like if we can get about forty six hundred five thousand I'm most likely the bottom sim now that doesn't mean that we're gonna go on full bullish a full bullish run yet but I do think that it means we'll probably will likely consolidate at a higher level but below 4,000 man really below 4500 it's sigh it's risky man and I wish I had a better answer for that but that's in general how I look at it and well in general here's another thing too is that it doesn't really matter like I've talked about this at length on the show like if you're obsessed with catching the bottom you're likely never gonna buy I I talked about I'm pretty comfortable with accumulating Bitcoin at these levels looking at the spot purchasing price and I think most individuals should be too if we just look at historical price action and volatility I mean people were begging to be able to be able to people were begging people were wishing that they could just afford to buy like one Bitcoin back when price was sixteen thousand and now price is down around 3,000 4,000 and people are saying that it's not cheap enough so I matter prospective man if price isn't cheap enough for you right now I don't know what to tell you man don't know what to tell you we've seen to 50 percent drops to 50 percent drops could we drop another 50 percent good yeah it's totally possible does that make the current price unattractive no no it really doesn't you got that right doctor fast no because hyper wave shut it down then okay so that's BTC USD T now I want to talk about Olin let me see here Ganesh siobhan can you comment on the correlation of like wins price to Bitcoin yeah like wins on a tear man the light coin is definitely on a tear you you like coins on a tear pretty undecisive man whether I want to continue well again we took a trade to the upside we took a trade to the downside out of position now so pretty uncertain about which direction I want to take this bad boy right here I'll let this consolidate a little bit of a higher level and see if I do see distribution this is again there is volume divergence right there is volume divergence and significant spikes in volume so significant spikes in volume and volume divergence is kind of one of those nuanced things where you're like ok so the uptrend is kind of running out of steam but there's still big volume spike so any of these big volume spikes can be a reversal indication because they are making higher highs but in general this is not starting to look fantastic I I don't think that there's enough gas in the tank to continue growing exponentially but I've said that about B and B so again I've been wrong before been wrong before I would like to see some consolidation right I'd like to see some consolidation but yeah LTC is on a tear bitcoin is mostly flat it happens man this is script up so people if you guys like for example go look at Doge man if you guys would have put your money into Doge at the at the beginning of the downturn in November you'd be up 60% in Bitcoin value what are my thoughts on the so-called second bear market or the 2-dimensional bear market price consolidating now just like it was above 6k similar break would bring us to low to K or even below ah fractals no I think it's significantly different I would argue that that price action is significantly different I mean here you just have lower high after low or high after lower I after low or high and equi distant lows and here you have here you have lower highs higher lows and now and now a higher high to be quite honest it's completely different this is not this is not a descending triangle anymore so anybody who's drawing this as a descending triangle or or whatever like get out of here you Thank You Ricky Thompson yeah yeah I don't put a lot of stock or faith in in I pray if I think it's BS all right guys I gotta go grab some water I'll be back in just a couple minutes guys and we're gonna look at a very very powerful indicator that I think you guys if you're not using if you don't have a good volume confirmation indicator or if you're not familiar with using volume or volatility to confirm a trade especially if you're looking for an attending indication entry I'm gonna give you guys four for free whatever I'm gonna I'm gonna point you guys in the direction of a very powerful indicator that you should probably be using if you don't have a better alternative to it it's not the best but it's pretty goddamn good we're gonna look at Neil we're gonna look at ICON and we're gonna look at litecoin okay hello from Bucharest what's going on we're gonna take a again I'm gonna take a quick two-minute break guys while I'm gone why don't you guys head on over it's the website guys and it's a it's not a I don't think you guys can read it in the time that I'll be gone but go over to the cracking cryptocurrency comm ford slash blog and you guys can check out Joseph's new addition to the blog guys this Twitter CEO Jack Dorsey buying ten thousand dollars with a Bitcoin a week guys and don't forget while I'm gone keep the conversation going if you guys have anything you'd like me to look at when I get back we will look at that guys I'll be back in just a couple minutes don't go anywhere guys guys thanks so much for sticking in there man and joining me again always as always want to give a big shout out to all the viewers and subscribers and Watchers man let me take a brief shout out to thank ITM 39 thanks so much for the follow on twitch and let me make sure for some reason I think I need to fix my my stream labs here but I want to thank the broadcasting and Pablo so much for the subscriptions man thank you so much on the grilled youtubers right back over to the editor oh I do want to put this in the schedule so if anybody sees that they can they can say oh we did that we did that we did that you okay alright so let's go over an indicator guys let's go over an indicator okay restream da Dai o is the magic yes blockchain gains a new stream M ah okay let's look at let's take the lines off the charts and I'm going to throw this one to you guys so let me let me qualify this first so if you are and this is going to be controversial alright so hold on here now this is a controversial topic let me just let me just get into that let me just get into that in general there are and which whatever I say are people are gonna say oh you're totally wrong so I'd like to make a nuanced shots should allow it to donate in crypto that's when we know we are mainstream yeah for sure man if you if you or if you over to twitch twitch is a little bit more setup for you know for giving us like kind of a warm and welcome crypto community you can't actually donate in crypto on Twitch right on man well happy – happy to support again I think I haven't watched a lot of his videos but he does enjoy I hear good things about him so definitely again one of the things that I've always tried to do from the outset is that you have a lot of I don't know like crypto so small man and there's a lot of people out there who just like my way is the way it's my way or the highway everybody else sucks not really my not really my my bag man I think I think kryptos small and struggling man I think we all need to try and support each other Ed McCracken says trying to learn to be a trader not a Hodler this has been very helpful thanks for your hard work thank you so much man I highly appreciate that okay so here we go let's get into the controversy price action traders are gonna say that indicators suck okay and indicator traders are gonna say the price action sucks alright you're gonna hear the same thing from either camp alright so price action trader is gonna say look man that right there that was the liquidity grab – a liquidity pool alright and I know your indicator is telling you that you should be going along but this is clearly a stoploss on and we're going lower okay that's what price action traders are gonna tell you price action traders gonna tell you well look man look look at the length of this candle body right here and I've done this XYZ analysis right here that lets me know the if price makes three descending candles and then V bottoms up we're gonna go up one candle and then down six that's how it's going okay so that's that's like price action analysis for you guys and again keep this in mind I do a lot I do a lot I do a lot of price action analysis okay and they're gonna say that look man all your indicators lag their garbage dude if you're using a single indicator under churn you're an absolute novice man it's taken me a while like I was like that for a while and it's taken me a while it's taken me a while to kind of nuance my opinion in my view and indicator traders gonna be like look bro your price action trading it's right six 60 percent of the time it's right every time so I can't trust off that how do you know that was a stoploss huh cuz it could just be a test pump man that wasn't a stoploss not that was a test pump prices going higher so you know like it's it's trading is one of those things right where you never know for sure man where you never know for sure so it my personal strategy so I've developed time transformation and I'm actually working on if you guys want to see I'll give you guys a test peak check this out so this right here this bad boy right here is actually my is actually the experimental version of time transformation that I'm working on so I've done a few things I've run it through a super smoother algorithm to try to smooth it out and get less signals I've actually been experimenting with a lot of different ways and I've been doing this for a long time but just recently um as my proficiency and Pyne increases I've begun to get better at this so there's a lot of different things that I'm looking to do let me guys let me give you I'll give you throw out a lot of just like really banger free advice right now if you have an indicator that in general sucks so I don't know let's look at example like ATX in general as a trending indicator sucks okay but the way that you would typically trade and again I know that a lot of people use ATX differently some people would say well below 25 you're consolidating you're looking to buy above 25 you're you're breaking out or you're trending the the traditional way that you do you do you use ATX is above and below zero line crossing alright that's the that's the traditional way the ATX is used when ATX crosses above the zero line that's a trending indication to go long way ATX crosses below the zero line that's a trending indication to go short etc etc alright and DMI and general sucks so just just my personal opinion there I think there's a lot of better indicators now maybe you can find that magical setting that makes it work really really well but ATX has never really worked for me too well java TV what's going on man but there's a lot of stuff that I'm doing with time transformation so I've added the histogram I've added it to do color changes and I've super smooth out the Fisher now I think that I can actually make it better because time transformation works fantastic as a reversal indicator right now and actually super smoothing it out actually gets you into moves a little bit later than the traditional time transformation so this isn't fully released I'm still working on tweaking it a lot and making some small additions some small adjustments to the Fischer algo itself alright so a lot of fun a lot of fun a lot of fun but I think the histogram is going to be very important because this can be used as an early out signal so I'm always looking for things that are going to allow me to catch the top as much as possible and I'm always looking for things to improve it I will notice I will note that super smoothing it does allow you to does allow you to catch divergence very very well so I'll keep you guys updated on this again this is not this version but but the main version of time transformation is obviously available to subscribers to the group so but we're going to talk about we're going to talk about using we're going to talk about using a strategy like the Fisher transform so this is a this is a souped up version and I guess the point I wanted to make is the Fisher transform combines lots of different strategies from different indicators that I've used over over the years and combines them into one powerful tool I think this is for me this is the best tool that I have for manually trading if you know how to properly use it and I have a full almost an hour-long webinar on how to use the time transformation I will be actually making another webinar for the purposes of using it to trade a trend so it combines a lot of different elements you edie says do you ever take into consideration news and rumors when making trades yeah yes sometimes in general I prefer to stick to straight ta because because of risk to reward ratio right because chasing news and chasing rumors takes a lot of time right using my using a strategy that I've built over a long period of time that I know is profitable does not take me a lot of time so again it's about finding as a trader it's about finding that nice balance between work and and and leisure activity right so I can continue to work and improve my strategy spend time with the members in the group spend time with my family shoot videos write new strategies you know I need time to do all that stuff and if I'm constantly watching the news or listening for rumors or or trying to you know scan telegram groups like that will help you catch a few good trades but I think I would make the argument that taking the time like just removing just excise that from your life okay just just take that off the table like what you know what we don't care what telegram says we don't care what tradingview says we don't care what Twitter says like just take all that time and energy that I see like consume so many people in their daily activities just take that time just cut it out just just throw it in the trash and use that time to develop a better technical strategy a simple if this than that strategy now whether that's price action analysis or a basket of indicators or a combination of the two or you know looking at sentiment analysis whatever it is take the time to develop a strategy to where you can look at the charts you can look at your tools and you can just say price doing this this and this okay I'm gonna go in a trade it's price not doing this this and this no and I think you're gonna find a lot more freedom that way so again there's lots of different ways to trade and I personally don't want to be a slave to the market I would prefer to come in check my position enter a trade if the co if the conditions are met and that's it I don't really mess with my position I don't really you know constantly monitor so a lot of things a lot of things can be profitable but you have to you have to look at it from the lens of being a flesh-and-blood human everything that you do additionally is going to consume time and energy how much time and energy do you have it's not an infinite resource so I would I would recommend that you put your time and energy into something that's that's very very worth it the TAM price action is king in general I agree with you however 60% of the time it's right every time so I would caution individuals to always have a least well to have some other confirmation confirmation analysis whether that's an indicator or whether that's volume volume is generally always what you want to be looking at for volume for volume and volatility so some there are some indicators that I think you should oh there's one indicator that I think everybody should have on their chart at all points in time period no questions asked and that's average true range I think average true range is probably and again you always see you guys don't always see it but it's always down here at the bottom of the chart average true range is always I'm at the bottom of my screen it's always there this is quad Rico Average True Range this is my personal interpretation of Average True Range and it's a very simple man you guys can't see you guys can't see very well because of the way that I have the screen crop so you can see what I'm doing but quadriga ATR tells you where your stop-loss should be tells you where you take profit 1 2 & 3 should be tells you where your short stop loss should be it shows you where your short take profit 1 2 & 3 should be and then it's very simplement and this is just you know it's it's consistent its repeatable and then as you can see I also have Average True Range on there so Average True Range is gonna let you know how much should I risk on this trade which in general worse than my stop-loss be where should my take profit be what is is the market worth entering into right now is there enough volatility now I prefer to use I prefer to use volume to confirm entering to a trade but there's nothing wrong with using volatility because one could make the argument that the same thing they're not quite but anyway so with all that said let's look at let's look an indicator that I want to show you guys and this is gonna be so if you're in trading view we're just gonna go here and we are gonna search for W adda H alright the indicator is called whadda ATAR explosion and the version that I'm gonna be using is by lazy bear so shoutout to lazy bear he's got some amazing he's done I mean this dude does humans work on trading me right and he releases his code you can go in here and edit this and mess with this if you want to but the way that this works and I'm going to I'm going to do something here whoops so I'm going to this up I'm going to move this up and I'm going to move this up okay so there we go now we've got time transformation and water explosion if you guys haven't heard of this I just showed you how to get it add it to your favorites it's a very powerful tool man and this is going to be used for confirmation so whenever you get a trending indication you want to have some kind of and you don't have to I'm just this is just a recommendation especially if you're just starting out with trading or if you're looking for confirmation you're gonna get a lot of signals any strategy that you use is if it's responsive enough to be able to trade crypto currency because crypto moves fast man so again I've made the argument that that all right so let's let's refine this a little bit so for X okay for X moves slower than crypto equities move slower than crypto when you trade Forex and equity I don't recommend you trading reversals generally trading reversals and equity and Forex is for suckers trending trading trends in Forex and inequities is the winning strategy that's the personal strategy that I use in forex that's a personal strategy that I used in equity so but when you're talking about crypto I the argument to be said is well you never know when the markets ranging or trending man yeah you do encrypt though you do because you you you either you're either trending strong or you're sideways you're either trending strong or you're sideways man plenty plenty plenty of time plenty of time too plenty of time to see when things change man um so when we're looking or when we're looking for trending confirmations for example let's talk about the Fisher transform so the way that the Fisher transform you can use this with you can use a time transformation when the Fisher crosses below the zero line it's the zero line cross when the Fisher crosses below the zero line that is an indication to go short so when we're looking at the daily time frame the Fisher would have had you in a short position right here okay however we look down at what our explosion we don't see that things are bearish the way this works is if things are very bearish this is this is this is measuring volume and volatility is price is the volatility is volume above the moving average if it is trading this via reversal strategy because at this point in time the market is sideways so potentially you're in a short right here you don't get a strong sell signal because price did not go over baht but that's how you can utilize this but we get an indication to go short right here okay great we don't were not really we're not really sure about it because what ATAR is not confirming the trade so but once we get over here on this candle right here now we look more like oh man all right what ATAR is confirming that we have some strong downside momentum and although the Fisher transform is below the zero line okay this is a strong indication the VN is giving you on the daily basis and again we can adjust the settings on time transformation we can go in here and we can adjust the cycle length we can we can calculate advance price action to give us better things I'm just using the default that I use on most all most assets so but pretty powerful tool you can also look at indications like waxing and waning so for example what I had you in here so you're in a short again kind of like a histogram it goes it goes orange instead of red meaning that maybe the momentum is starting to die off so maybe you exit your trade there or you take profit and move your stop to break-even which is what I would recommend and then you get a stronger indication to be in here so maybe you double up here you're in for a while you're taking some profit right here get a strong indication you're scaling in taking some profit you're scaling in taking some profit example etc etc etc and depending on how you look at this if you would have entered into a short you could just use this as well so once water goes red and starts trading above the moving average okay pretty good pretty good pretty good you're probably out on this candle why because wada is below the moving average now meaning the volume is starting to die off but if you would have stayed in until wada actually flip the bullish you would have been in a short here and you would have been out of a short here so a nice 40% tray and does does time transformation pretty much confirm that yes we're staying below the zero line we actually get a we actually get a continuation signal on this candle right here so very similar to the MACD but this is just more responsive we have a cross below zero so on the close of this daily candle time transformation is telling us that we should potentially stay in now what is not necessarily confirming that because we're below the moving average but just just just different strategies and indications as you can use but in general just using water itself would have had you in a short trade right here and would have had you out right there now this is not a strategy that's going to work on a percent of the time but it is a good this is a really good indicator on any timeframe to confirm any kind of trending trade all right to confirm any kind of trending trade so for example we get we get a bullish crossover right here on this candle right here all right time transformation gives you a bullish cross right on this candle right on this candle actually excuse me and wada confirms it on the very next candle telling you to be in a long entry and you have I mean 21% profit potential so again I don't know where you're taking profit on the daily timeframe or where you're adjusting your stop-loss or anything like that but yeah put you in for a good trade map put you in for a good trip and actually it doesn't even tell you to be out of the long trade yet alright so what has not flipped bearish right so when we look at something like this okay time transformation gives you regular bullish divergence on this candle right here it tells you to be in a trade right here by giving you a nice bullish crossover but we're still not above the zero line so we actually cross above the zero line on this candle right here and wadda confirms so this would have had you in a long trade all right putting you in for about 13 almost almost 18 percent profit on that actually if you would enter it on this candle close this candle yeah you would add about sorry about 15 percent profit potential to the upset so if you're unsure if you're unsure about trading because to be honest with you price action analysis takes a long time to learn and it's still subjective man price action is still one of those things that's subjective so if you just are looking for something that on average is going to be successful and it's not going to is not going to give you the massive massive returns that that's something like I would argue that that very accurate and OnPoint price action analysis can generate for you but is reliable consistent and is going to give you that nice between trading profitability and freedom of time something like wada ATAR explosion combined with a trending indicator is going to do that for you okay you can use this for reversals as well so for example say you're trading a reversal so let's go look at the let's go look at the three hour time frame or the eight hour time frame all right let's actually look at the e let's look at the eight hour time frame okay if you're looking for trending trades again alright so what about our explosion is so okay let me take that back you can use water tower explosion to scale into positions so here we are on the eight hour time frame where I find time transformation works very well for Bitcoin and aetherium so we get by signals right here at very good times to in turn to buy signals all right you can use crossovers or you can use a trailing stop I think to be able to maximize your profits but for example we get to buy a signal here we get a buy signal here we probably would have had to take profit up here or breakeven on the trade whatever but we get a buy signal here and then on this candle right here okay on this candle right here we get another crossover potentially you could wait until this candle right here to be quite honest with you because this is where the eight hour Fisher does go above the zero line on this candle right here which is this candle right here and whadda ATAR confirms so you entered on a reversal you're gonna set your stop loss and at this point in time you can either take 50 percent of your profit off the table or you could potentially pyram it into a longer position you could you could pyramid it into a longer to a to a fuller long position okay scale into a position now in general my personal trading preference is not to scale into a winning position I have done it in the past and I will occasionally do it but in general I take 50 percent of my profit off the table and I wait for for my exit indicators to confirm or for price action to confirm that I should be out of a trade take my profit off the table but scaling into a position is something that I teach in my webinar series and it is an alternative if you want to go down that route a lot of successful traders use that a lot of successful traders don't use that so it's just one of those things that's personal preference personally when you're dealing with something that's as volatile as cryptocurrency that doesn't typically trend as strong lately and is very pretty clear to identify range trading I you you can scale into position so for example when things go on a tear and you're pretty it's pretty easy to identify when things are going on on a tear in cryptocurrency so yeah so okay hopefully I've explained that very well I think this is a really good indicator it's not the best in the world but it's but it's pretty good man out of the gate with making no adjustments to it if you're looking to enter into a trend this is gonna be one of your best thing so look for volume to confirm whether there is enough volume whether there's enough gas in the tank to make entering into a long trade worth while and use ATR to manage your risk that's three indicators that you can put on your chart so entry count entry indicator for trending volume confirmation or volatility confirmation and ATR to manage risk and help you set profit targets and stop-loss if you wanted to really go all out I would recommend having a second entry confirmation so let's again I'm gonna throw you show you something that is not the best but isn't bad so let's look at something like MACD okay so we get an indication to go potentially long here on time transformation and price action confirms and let's look at MACD on that candle okay depending on how you want to do this you can say at that on that candle zoom in here on that candle the MACD was above the zero line okay so that's a trending indicator the histogram was good so MACD is not the best man that's not the best but that you can use a secondary entry con for a secondary indicator to confirm your entry if you are going to go down the route of indicators which if you're a beginner I do recommend you to you're gonna get a lot of there's gonna be a lot of noise on this man people going to tell you to stay away from indicators if you are just starting out in trading and you want to find something that is that nice balance between time energy and profitability don't listen to them don't listen to them with using indicators there's nothing wrong with using indicators there's nothing wrong with not using indicators but there's nothing wrong with using indicators and anybody that tells you that indicators are for plebs is being a snob and probably spends a lot of excessive time staring at charts and obsessing over price action it's not to say that I don't or haven't or that I'm not good at it it does form a significant part of my analysis but it's about finding that nice balance between time and energy you bad Andy says what settings the best for that water all I've got is a flat red line so you're gonna have trouble using water that's our explosion on altcoins it's gonna work good on USD pairs so that is a good question I'll have to go and actually you know what I think I can probably fix that right off the gate so let's let's find it you I figured that would fix it if I set the precision ape let's refresh you yeah so we're gonna have to zoom in on this and this is a common problem with all coins so if you if you zoom in it'll work if you zoom in it'll work so I fixed this with I fixed this with this was this was an initial issue with time transformation so I'll tell you what it is there the issue here is this blue line so plots yeah dead zone all right so dead zone right here so we just need to disable this so copy new blank indicator script and disable that credit goes to lazy bear all I'm doing is editing one line of the code save and the chart there we go fixed so here's what I'll do man I will publish that publish that script you you volume and volatility tags so we'll just do crypto cryptocurrency Bitcoin altcoins Volume mullet ility alright publish new script water tower explosion lazy bear modified for altcoins full credit goes to lazy bear for designing this indicator all I've done is removed a line of code that impaired its resolution reviewing all coin to Bitcoin pairings and publish script alright there you guys go I'll throw the link in the description boom there's a link in the description guys all I did was remove that line of code that gave it some issues you cool and if you search for a cracking cryptocurrency on trading view as well you'll be able to find me as well oh just got a trading view and just search people I've been cracking crypto-currency SS right there click do stuff do stuff alright maybe if we search for water at our explosion and search for scripts search showing up I think it's going to take a while to propagate across the network to search for water it takes some time to show up man you anyways you guys can use that link you yeah all I can say as lazy bear is not lazy does that do does yeoman's work on a daily basis you you niall idea I kind of want to get back into my like one short made some nice profit off that last night but anyway so there's uh okay so that's why that's our explosion so go play with that guys and you know I'd like to know come back feel free to reference this video man um and feel free to come back and tell me like how it works out for you and come in the discord man post some charts guys I'd love to hear it now listen unfortunately it's 154 and I have to go at 2 so I'm not gonna have time to look at neo icx are really litecoin unfortunately I apologize man I kind of waxed too long about water tower explosion which I think was good though and I think we talked about a lot of important stuff guys so play around with that let me know what you think what's your strategy around it is there's all different kinds of ways to try different settings and hopefully you find that hopefully you find out modification that I made useful I will post the link in the description copy link address and I will actually that in the description of the video right now more trading opportunities from small market movements open and it shut up don't care about Nasdaq binary options yeah for for trending for trending doctor fast yep for sure that's so so okay what ATAR is is good I'm working on something that I think is a little bit more responsive to crypto and that's going to be included as either an add-on I'm working on incorporating into the same thing because when you start putting too much in one indicator panel it starts getting it starts getting a little clunky but it's either going to be an add-on the volume confirmation indicator for 4/4 time transformation trending as you can see right there that's I and I published it now because that was on the the panel right here but this is the sneak peek of the next version of time transformation so when I publish that it's going to have its going to add volume confirmation in there as well okay so um you there we go okay there's the link was that okay cool I added that to the description and my description is too long delete this is the issue that I kind of have when we put the time stamps in oh yeah Jasper I think is on vacation so no time stamps today I don't think if anybody what should I should have asked that at the beginning man all right you yeah at our explosion measures volume and volatility Norbert Chung says shouldn't these utility tokens have a set value a fixed price isn't it madness that we trade utility tokens like their equities or stocks no not necessarily because essentially all you're doing is speculating on whether when you're speculating on the native token of a platform or whatever service you're inherently speculating on the underlying value of that of that platform security or see not service but of that platform or service so it's since you can't since you can't speculate on on you know I think STS are going to be the next big thing but that will allow you to directly speculate on the value of a stock but not of stock but of a of a project or service that a project provides but yeah man tokens are just speculation and we're kind of an a in a new market cycle where it's manipulation is on the rise and again that's why I think reversal trading is your best bet but I digress but no I don't think they should have a set value it probably make life easy but life is not easy alright guys so it's 159 I gotta go man I apologize guys hopefully you guys have enjoyed the show let me do the regular end of stuff let me do the regular yeah lazy Berra has a description of how to use that and again Google's your friend guys wanna eat our explosion okay end of show guys all right I do want to thank you guys so so much for joining me for another episode of breaking Bitcoin hopefully I've helped crack some cryptocurrency for you guys hopefully I've helped peel some scales back hopefully you guys have learned and benefited from the show today I do got to get running I've got to I've got kind of an important thing to do today I do want to give a shout out to the partners and supporters of the show FML coins Specter security coin x42 project and and your crypto daily make sure you guys could go check them out proud supporters of the show again another congratulations to the 5 individuals who won a masternode worth of x42 i've sent three out so far I just need to get the wallet addresses from the last two so just waiting on you guys I'll email you guys again the day we're gonna be giving away a free t-shirt so over the weekend so we'll probably give that away on Sunday evening or Monday morning and we're gonna start the next coin giveaway on Monday we're gonna give away we're gonna give away a bunch of MMO which is another proof of state coin it's actually got tear proof of stake so we'll talk about that a little bit we'll talk about that a little bit on that day if you guys have any graphic writing or videography skills we're still looking for people to help support us so if you guys would like to be involved and be a member of our community feel free to hit us up at contact at cracking cryptocurrency comm or send us send me or any of the admins or mods in the discord to DM we would like you guys to hop on over in the discord crackin cryptocurrency calm and keep the conversation going because it's as much about the community as it is about the show guys so kind of the question of the day is do you guys have any experiences with volume or volatility oscillators or confirmation indicators what is that your preferred indicator of choice for confirming a trend or for confirming a trade or for scaling into a position how do you use it what's your personal strategy let's have a conversation to the discord about it guys or if you don't know or if you're not in the discord or don't feel like copying leave it in the comments section man I'd be happy to respond to you guys and hear about what you guys got going on them always interested to see new strategies new techniques because that's what it's all about man it's not about copy pasting it's not about copypasta trading it's about developing your own strategy and suite of indicators or analysis so that's the question man do you guys like water that's hard do you guys have a better indicator leave your answer in the comment or come on into the discord typical stuff at the end of the show if you guys would like to trade along with myself the other traders and analysts of cracking cryptocurrency you will get access to all our trade signals and setups you'll get access to my suite of indicators you'll get access to my webinar series designed to teach and enhance your trading skills as well as our database library our live trades tracker and your own trading journal you guys can check out premium cracking cryptocurrency comm if you would like to trade along with our group let's see I think that's about it make sure you guys hit that like button if you want to come on over to twitch.tv for its last cracking crypto give us some support I'll follow in a sub on there we highly appreciate the support guys so that's all for me again I hope I've helped crack some cryptocurrency for you guys and until tomorrow I will be back here at 12 p.m. Central Standard Time you guys make sure you trade safely and I'll see you tomorrow

3 thoughts on “Breaking Bitcoin – Thursday Morning Update – Live Cryptocurrency Technical Analysis”

  1. Do you guys have any experiences with volume of volatility oscillators or confirmation indicators? What is your preferred indicator of choice for confirming a trend/trade or scaling into a position? How do you use it and what’s your strategy?

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