$BTC #ALTS #Crypto #bitcoin – Chonis Trading Daily Update



hello everybody good morning good afternoon good evening and good night this is big chonus here we're coming to you on February 14th happy Valentine's Day to everybody I want to check in on Bitcoin and friends and see if we can get a sense of what's going on here there's some interesting indicators that I want to go over and talk about as we get very tight here in our continued consolidation pattern after our breakout we had almost a week ago and been ranging in this area ever since now different all coins are presenting different patterns in this consolidation some are more aggressive looking bull flags some were more triangle wedges and then some don't even have those kind of patterns more like a rollover pad like we're seeing currently in litecoin here basically flirting with that previous stop and reverse area as support so I wanted to start with Bitcoin obviously it's the one that we really need to focus on here because what it does next is going to determine you know across the board what these all coin setups if they're kind of see some favorable bullish expansion if Bitcoin can do the same now a couple things here our volume remains I call it consistent it's not the greatest not the worst but it's definitely consistent here as we're chugging along here I'm a 4-hour chart and notably I was awoken like 4 a.m. this morning by a couple alerts going off breaking through interesting areas of support that we were trying to hold in bitcoins price action now I'm kind of moved my current line of support make that green here you know down a little lower to this 35:35 area where we're currently finding that support noticed that corresponds with the lower end of our 3,500 Olive ranging area we had towards the end of January before that failed to hold support when we broke through a broke above and now we're back testing this area of one strong support turn resistance and now acting as support once again I'm not going to call it strong yet because we really don't know how strong it is here it was tested numerous times and held until it didn't this is only our first test of this current area as we've put in a lower low in our falling wedge still in our price action of Bitcoin now I'm calling this a wedge for now it's good be flagging but I'm kind of keep with this wedge theory going on and we can see how our wedge couldn't actually take us you know through the end of the month and fear or at least at least another week potentially of this tightening ranger of consolidation personally I don't think we're gonna have to wait that long and there's a couple indicators I want to discuss that kind of gives me that sense so before we end of that I just want to go a brief overview of kind of where we are here I wanna start my daily chart it's gonna hide all my little artwork here and just we can get a sense of what our candle structures are looking like over the past three days we keep having these these I don't want to come high way but we're definitely finding you know we break low we come back we break high we come back and we're finding these wicks on the upper and the lower areas we're fighting the bulls and bears are fighting for leverage for dominance to try and assert which one is stronger than the other we see as I mentioned our volume of them pretty moderate here even though these are red candle bars here higher than normal volume profile it remains consistent now as I mentioned we are finding that current support and the lower end of our previous range and it's kind of a a must hold area until we get intentionally a little lower because after this failure to hold the 34 84 which was our top off here on a February second before we went that next leg lower is literally our last area of of a support before we're like oh we're just gonna give back this entire you know green candle price action we had here on February 8th so for now this is a very important here in a hole above 3500 we you have one more area potentially to go down to and find that bounce support on 3486 area here you know we're still only talking about you know seventy eighty dollars in the price action with Bitcoin just a small little move there but could mean so much to hold bullish Lee into these key areas here now I do talk about my RSI how important is for me to keep above fifty we do see triple rejection here here and here has been main consistent every time we get up here on the RSI they get their hand slapped and we lose that moment of push here we are at o fifty-one and just holding above fifty there so that's good and that's still a bullish sense I like to continue to hold until proven otherwise I really don't want to get below or 50 area once again our daily stochastic here now we are ranged completely to the top of our leading indicator our trailer never quite got that high red and now we're kind of consolidating here now we're still at a bullish stance this is not necessarily the need of a reset in our stochastic here we're still you know in this seventy high seventies eighty area with both of our indicators showing that there is still strength in this current market until proven otherwise we see our MACD here and the kind of profile we're looking for is to put in another hump of our histogram we have that going higher here coming back we're trying to build another histogram mountain here it's definitely taking some time the last one did take some time before we really have that breakout notice we are flirting right there with our zero line of our leading indicator MACD still spread out here and our trailer is still a little bit of a ways to go we have yet to get our trailing indicator above our zero line since September and our leading indicator we did have one pop above in January and ninth before we came back down so still a bullish histogram although we are losing that momentum still bullish lis ankles on our indicators although we are still below or a zero line a line that has shown previous resistance time and time again when it is hit now there's nothing good about this OBB oscillator you know you talk about that move we had on January 8th to push February 8th the push higher here we were able to begin to climb a mountain and then we just fell through there so we lost that momentum carrying us higher here and this OBB oscillator tell me you know the people aren't really holding Bitcoin right now the lot is kind of on the side situational ISM here now this is my TDI GT TDI GM and basically this is moving averages amongst a Bollinger Band a couple things of note here when our Green gets a little too hyper extended above our upper bollinger we see here we see here we see here it tends to get rejected and come back down and these also tend to signify the tops we have our red trailing indicator above currently our upper Bollinger we see we right there barely you know we really it's so rare to have our red above our upper Bollinger and the past times it has been above these has been widening expanses of our Bollinger so and whenever we do get up there we tend to get rejected so it's rare to see our red bullish lis above our upper Bollinger here and our blunders are very tight on this indicator here so we still have Running Room in both directions cmf chalk and money flow once again we're flirting with that zero line kind of area where you really want to hold we did find support when it was back tested previously and now we're basically ranging in that area once again failure to hold this area would be very bad because we see we get this bull cents in the market coming into us when we are above this zero line failing to hold eight once again would not be good and then look at this is our on balance volume this is coinciding with our OBB oscillator and how we're kind of on this double tap almost putting in a lower low in our price action here with our on balance volume showing the weakness still in this bounce you know we bounced right and we've given all of that back in terms of the the coin held in our on balance volume so you know we do have a slight higher high in our price action we're putting in almost a equal high to a lower or to a lower low in the obv and this is a bearish sign for me you know you want to see the unbalanced volume rising when the price action is stable and of course rising when the price action is higher this is a big pullback here as people took a lot of coin off the table here and the thing I really want to focus on is what's going on with our lungs and our shorts we have this decoupling once again where our lungs are continuing to rise above 33,000 contracts and our shorts they've done it they have touched our line of volatility so I have this comparison chart here from bitcoins price action and what happens normally with our shorts and so we have our April 11th top off here May April 11th and we have our price action rising as our shorts dropped because this was a bullish expanse here now we have our shorts getting to our bottom around May 14th or so and coinciding with oh we're actually losing our bullish momentum here shorts are beginning to rise now they hit a stop here and then came all the way back down in the early part of August and we see that coincides with this topping off area in our price action rejection so shorts rose sharply after this bullish rejection in the end of July we have another example early November where we were on the cusp beginning to break through that 6k area that is held our price action is so strong support and once again our shorts rose very high here with a very defined tweezer top around December you know 7th or 8th which was just a couple days before we actually had this very nice pop obviously in our price action so where are we now once again and I'm gonna pull up the shorts chart big boom there is our line of volatility we hit it here we hit it here we hit it here and now we're breaking through it's we are breaking through it now when we have hit this line we get bearish price action beginning in the price action of Bitcoin this can go lower you know but I'm just looking at this I'm thinking of myself while the shorts have so much running room right now and the lungs the lungs are kind of running out of running room and that's how I see it so let's take a look here there we go this is our shorts let's pull up our Long's here and Bitcoin Long's and you see after let's go to the daily here we had a little pullback from yesterday's price action the little shooting star here but they're still climbing again they want to climb high so we have our Long's racing higher and also themselves getting close to this all-time high high but these areas where they get very frothy before they get slapped down here here here and once again we're getting close to this area where Long's attend to get rejected so we have our shorts getting very low we Everlong is continuing to range very high and what is this catalyst has kind of really start to raise the shorts up is it kind of be the next push in bitcoins price action just go a little bit higher and then the shorts really start to load up or we'll be bearish price action in Bitcoin saying oh we have rejected once again this line and we're going down because there's no buyers coming in after this last pump we had in our price action so I'm very curious to see what happens with our shorts here as we are once again hitting and breaking through our line of volatility let's go back here to Bitcoin and actually let's go back to we go our four charts here and you know I'm trying to find because litecoin clearly was the big winner of the past couple of weeks and clearly was leading and trending the market higher so we're looking for you know is that kind of a flip was like coin the one that brought us higher is etherium going to now take that mantle of bullishness and basically pull the market up with it the way that litecoin had been doing the past couple weeks and had its biggest advance our one of the bigger advancers of these coins here so we're watching a theorem with a little bit stronger bullishness remember the fork is still once again scheduled for two weeks from now so we had a bullish narrative going up to it kind of fizzled and now we're gonna see if this once again this news driven event that's kind of pushed aetherium a little higher in its flag you know pattern here still it's notable to see that this is a much stronger bullish looking flag here in eath than what we're seeing a Bitcoin be cash and lay coin as well so let's go back to Bitcoin here but a couple other things look at a couple of counts here I'm gonna hide my aren't working on my TD or see cuz anything notable in our t d counts so daily we are on a read 3 1 1 2 3 4 and we gotta get above 36 52 flip that from a read count to a green count today remember a two day was bleeding combo 13 for three days and three two day candles so almost a week here before we had our nice move here here's our four-day consolidation here our sorry our four candle two day consolidation and note where our nine found support right around 3500 this is our trendline this is our current nine trend line support that we really want to see hold if it gets down there a corresponding or these overall areas of support the three-day candle as well um we are still on a green cap you're still on the green three excuse me one two three four and we have Running Room as long as we keep closing above the 3470 area what kind of call weekly we are still in a green – pattern here one two three four and as long as we continue to hold above 35 36 or close above it on the weekly and we're still halfway through a week we can still continue this green pattern as well and of course we all remember a monthly still in this red seven with Running Room to go look a little shorter term timeframes and see if we can find any exhaustion now we do have a red 8 on our 12 hour which is notable because this contention tell us of a selling exhaustion here after 8 TD candles in a row that have determined that we're getting closer to or 9 here as well as our 6:00 hour we're on a red 5 I'll go as low as a 4 hour here we're on a red 3 so our 12-hour is our closest timeframe that is suggesting potential seller exhaustion but all other timeframes are still early to mid counts so we'll keep an eye if we can get a 9 here with 6 hours to go B 1 2 3 4 as long as we open below 35 70 we will be in a 9 on the 12 hour I haven't talked I eat jamilka cloud in a while here and there was a couple interesting developments on several time frames since I had my 12 hour up I'll give it a start here we see a consistent resistance resistance our 12 our bottom cloud resistance continues to hold note how tight our cloud is when we were so wide here after being so bearish when we broke from 6 K to 3 K tighten that sucker up quite a bit still no kuhmo bullish twists here on the 12-hour also looking at our daily here we have once again regained support of our tankenson which can still take us a little bit lower you know 35 20 or so and actually touch it to the tee overall we're seeing our cloud we never got to it you know I have a little redefined cloud setting that we never got to this lower cloud resistance here on our daily so that as close as we got to it here several hundred dollars off and once again this is still around the $3,800 air you know that does correspond check this out here with our upper resistance line that we hit three times here about four K and that fourth hit could be around $3,800 corresponding with our cloud on our daily as well as our resistance line that we're expecting if we hit it to continue to be very strong resistance as it was here as it was here and as it was here lower term timeframe clouds were basically kind of in the middle here we are in the cloud on the six hour kind of going around here and we do have a bullish kuhmo twist happening very faintly later on in the next couple days here we'll see if we can hold that a little more defined one on the lower timeframe for our chart and again we see this confluence of support right around $3,500 the area failing to hold that we have one more area to hold but about 30 480 before getting a little treacherous here and I want to hug my class I want to bring in my Bollinger's it's one kind of finish this little show here on our Bollinger's we're very tight on a four-hour notice we broke through it found support once again came back up found that middle Bollinger for our resistance holding six our lower Bollinger support holding haven't even touched the middle guy yeah 12 our still extremely tight sorry extremely wide and our for our Bollinger looking we haven't even touched our middle BB at three five two five and rising and our daily we must be still very wide as well so this move here in price action did very little to actually change any kind of direction or expand much our daily Bollinger's and because of that you know still targeting middle Bollinger has support right under $3,500 okay is a key area because we see how strong middle Bollinger resistance resistance and now we could be testing it as support if we get down there still a little bit of waste to go there one two three four five six we are in day six and a half of a consolidation here and the longer we go in this flat consolidation the less I'm feeling that this is a bullish flag we've seen several circumstances where we have this last little pop of gorgeous book Bitcoin bullish price action only to have that candle itself mark the top of that key area so this is a better looking move just because the way we're consolidating but we see what happens when we can just fall off a cliff very quickly here when the Bulls capitulate because they feel that they're not going to be able to get above that resistance as well as upper Bollinger resistance you know here here and here continues to remain so to sum everything up a couple things I'll be watching for in today's price action we can go back to our for chart here is to see if we're getting any leading momentum coming from alts other than Bitcoin showing that maybe you know etherium or litecoin finding that stability can potentially lead us a little higher our volume overall is still suspect and the shorts having deleverage to where they are while the lungs are still rising is something that's telling me we're getting closer to a more volatile move in our price action here will it take a couple hundred dollars move higher in Bitcoin to get those all those shorts to rise higher okay and get those Long's to basically say okay I'm done or are we kind of have that bearish moving price action that's gonna really induce those long those shorts Bitcoin shorts to load up we're still watching these coins here to see if there's any kind of a bullish divergence that can kind of you know take the market over over although we're still seeing Bitcoin ranging and of course when Bitcoin is able to range we have the potential for you know bullish price action to continue in all coins as they're using bitcoins relative stability to continue moving higher so we have Running Room to 3,800 we have Running Room bearishly to at least our middle Bollinger and then after that we're talking about our lower line of our rising support here 31 50 here 33 50 and we can touch it once again still around 3,400 all are still putting on a higher low on the bottom but a lower high obviously on top which is an area and consistently that had just has not changed yet I want to get a couple more things I'm gonna wrap things up here I want to bring up my triple ma indicators here ma 50 100 and 200 now notice how strong ma 50 resistance resistance resistance continues to be we were able to break above it after initially testing it here as resistance broke through and got rejected and rejected so ma 50 on the daily a very strong existence now if we can break it look how close our ma 100 is a little bit below 4,000 and right in that area or a little bit above $3,800 where we could expect to see if we can get up there that next major resistance level potentially for bitcoins price action note the MA 200 still way above 5000 and continuing to fall I do want to pull up my 4-hour chart here because you know I like to also note where my four-hour ma is we have it as resistance we have it as support support support and we actually have this little bull cross going on right here over ma 50 going up into our ma 200 after rising through our ma 100 as well so we have low term MA supports and we have little higher term range moving average resistance overall and I keep stressing our volume here about you know we I just I really want a better volume profile in what we're seeing here and ever since you know we've come all the way down our volume was low we had our booming volume which was bearish we had our very gorgeous bullish volume of candles here and then ever since then we just have lower highs lower highs our bullish moves our bearish moves still putting in lower volume profile as we're slowly you know trickling sideways so I'll be keeping an eye on this through the rest of the day we know what our resistance lines are we know what our support lines are and kind of everything in between is just kind of noise until proven otherwise I'm kind of keep an eye on my shorts here to see if they can rise once again and what is that thing that's kind of induced them to rise will it be a little bit higher price action than Bitcoin or will it be just the floor just completely cascading below and in the shorts beginning to rise because right now they're not leveraged at all to make profit on a bearish Bitcoin Long's are leveraged to make profit on a bullish Bitcoin and normally the market doesn't allow that ease to make that money that's why I'm still looking for it overall bearish scenario here until proven otherwise we have consistent resistance areas with just a little bit higher to go and we're talking about the necessity for any kind of a larger bullish momentum to really be achieved we got to get above 4000 we have to get above 4000 we see where it is currently on our daily chart and how it corresponds with our MA 100 line of resistance we see our ma 100 was hit here hit here hit here hit here consistent ma 100 can't get above it haven't been above it since August okay so there's a narrative to get up to 3,800 or even 4k but the higher we go because of where the shorts are leveraged right now and how the Long's are leveraged it's like every step up is like more force more force that I can potentially bring us down a lot quicker it's going into real tight timeframe price action here you know don't try and like if you kind of be long you know be long keep a stoploss see how it goes if you want to step away and just kind of be in the sidelines there's nothing wrong with that this is a very confusing confluence of price action right here in Bitcoin overall this looks like it's bullish we're flagging bullish ly but we're going so many days here on this consolidation here with our volume you know remaining consistent but we were really looking for that continuation of this move we had on February 8 to not be taking sold so long here and this begins to put that down here in the market can one more dip allow us to rip what's the catalyst that's kind of allow us to basically move higher we had so much sideways price action here all the way through the into January the first far to pepper and the first part of February everything was tightening up we would do for some ball we got the volatility remember our volatility index was showing us that we were at the lower end of our volatility looking to find Daly here looking to find when we touched this zone to get that volatility coming back in the market we had it and now we're once again slowing up our volatility keep an eye on this as well if we get back into this purple zone here which volatility can be induced that could be a sign that our next pop bullish or bearish is incoming so with that aspect on is here thank you guys for watching and following remember to give me a thumbs up if you enjoy this and please reach out to me if you've interested in my online mentoring I am signing up new students here for the rest of February and hopefully we'll be doing so into March until then speak chonus you guys stay safe we'll talk to you soon peace out

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