Cryptocurrency Markets Dipping – Is This The End of the Rally?! Breaking Bitcoin Market Update!



hey what's going on everybody thank you so much for joining me for another episode of breaking Bitcoin market update of course today is a lovely lovely day guys we've got a good show for you today we've got a lot to talk about of course it's Tuesday April the 9th 2019 faliure Lord hope you're doing fantastic wherever you happen to be tuning in from whether it's East Coast West Coast it don't matter we're all in this together guys so let's get right into it anything to go over in the morning let's see I don't think so man let's do the let's do the shoutouts man because I see some people in there I'm trying out the restream chat to see all to see all the to see all the chats so hopefully that works well if I happen to miss a comment or if I happen to miss something that you say it's not my fault it's technology's fault it's my fault that's probably a it's by the way that's always a good that's always a good standard to ride on is if anything goes wrong it's typically your fault personal responsibility is the new counterculture as we are keen to say rod legato blockchain gains user s 8x excuse me X what's going on turd Ferguson College trash what's going on on Twitch good to see you there turd Ferguson says is that the smell of continuation in the air done turn it on William asks do you guys think price will rally higher in the short term intraday I do think that the trade is to the upside Bernardo Patricia oh good to see a Steven Hyatt and zur moon asks what's up with Nano I think if you have zerp and your title you're only allowed to ask about ZURB but I could be wrong let's see here I'm just playing guys I'm just playing yes it is my fault Scott but a member derik Asiya WebDAV newly House moon boots been taken off i I have I have I have updated the polishing on the moon boots and I have tentatively slipped one boot off and it rests on the floor I've slipped one boot off it rests on the floor gypsy all good to see a free man script a verse good to see him in Darren Gersh let's talk about the best discounts today all right guys let's get right over here into the live scene let me pull open this alright cool and here we are here we are okay let me pull open my actually no that's not okay cool I see it down there all right about what I posted out this morning so the first thing that stands out to me and I'm going to start over here we're gonna start with Bitcoin boost BTC USD I wanted to see us DT so the the big thing that we were talking about yesterday kind of the important thing that we were talking about yesterday was the daily sell signal from time transformation now that did not end up occurring and we are seeing another are you teasing with us time transformation are you giving us the sell signal what's going on we need to know we need this valuable information and data but the daily is again flashing a time transformation sell signal which again if you will recall on the on the tether pairing we did not receive since back here the last three sell signals that we got on BTC USD t1 was back in July 2018 which was the very top of that kind of short-lived rally we had a rally for about a week and a half and that brought us down about 25% back down to the floor at 6,000 we had two more on the crawl from 6000 to our lower high around 7400 we got one actually on the close of this candle around 7000 and another one around 70 300 so a bit of a divergence especially if you were trading on the leverage pairs but it was signaling to you hey look out man we're looking for a dip now the market conditions were different back then but perhaps not so different but we shall see because as you can see a lot of people have made a similarity between the inversion of 6000 in the and the inversion of 4000 so they're saying well 4000 was acting as resistance just like 6000 was acting as support then we broke through just keep in mind all you're really explaining all you're really elucidating there is is is that is the difference is the differential behavior between a descending triangle and an ascending triangle it's not it would do you better I think to not look at it as a fractal and to look for some sort of similarity between how price broke down you're just you would just be indicating the optimum conditions for when you do see a triangle perform its function right so when an ascending triangle does break to the upside and when a descending triangle does break to the downside you know again one of the big things I do want to point out is the time is the length of accumulation or excuse me consolidation it was actually distribution that went into Bitcoin breaking down from 6,000 down to 3,000 and we can see that that lasted for about four months we broke down from six thousandth all the 3,000 and accumulated between 3000 and 4000 for about four months so just keep that in mind I still do nothing has really changed in my opinion but the maneuver that we're seeing right now regardless of how high it goes and again I'm very interested for how high a does go does represent a bull trap on the macro timeframe I do not think that we've seen the end of three to four thousand I do think that we will go back down there you have to be and again you know forgive me for not being just overly you know irrationally optimistic and keep in mind that I want to qualify this with the fact that I am sitting in BTC as far as spot goes I don't have in each other anymore most likely will not have in each other moving into the future unless it's related to protect to potentially an altcoin trade if I'm just looking to manage my money and that particular thing Top Ramen is on sale five for one dollar at the dollar tree you can get them cheaper at Walmart they only five for a dollar get the heck out of here anyways all right cool everything is broadcasting well oh just for fun guys if we want to get real serious with the if we want to get real serious with stuff I have added I have added this when we want to get real serious and we want to talk real deep closely intimately about trading strategy we can do that but for right now we'll just do this guy's so just a little bit of fun anyways daily sell signal right now looking to confirm again on the daily chart we do have to wait for the daily to confirm we have to wait for the candle body close and again something that I that I did I teach quite frequently and that I will let you guys know is that if you're looking to take a daily signal I you can be aggressive and take a signal that will generate on the open of a candle for example for example if you but but likely that that would not have you would have not seen the daily flashing of the cell signal off the at the open of this candle you most likely would have had to wait a little bit as we can see the daily did chelo today excuse me the daily low is right now 50 76 68 on the tether chart and you can see that we've rebounded from there quite nicely trying to form yet another consolidation candle at the top of an uptrend and if you look at the lower timeframe so we can just see the sideways action of price yesterday during yesterday's show I had said that the trade was to the downside it that didn't that did end up being correct so if you were intraday trading yesterday looking for long trades was not the opportunity looking for trades to the downside was the profitable intraday opportunity I feel differently today I think that the trade intraday right now is to the upside as current things stand will go down to the lower timeframes and we'll break that down really what I'm looking for here I actually do have the lower timeframes pulled up over here I've been waiting for the hourly candle to close above the tankinson resistance because right now we are consolidating after bouncing off the hourly cloud we are consolidating between the key June and the tinkin on the hourly chart the 15-minute chart would have given you an early signal to potentially go along but that has not played out very well yet we did close above the key June and the tinkin saw in about 45 minutes ago and on the last 15-minute candle did close above the 15-minute kuhmo cloud however we are now retracing back to the tinkin so again that's that could be a bullish sign if you are looking to trade that method I need to see the hourly close above the tinkin is really the sign that I'm looking for however if we do bounce off the top of the cloud here again on the 15-minute chart that would probably be my initiation for a long scalp for today I do have a doctor's appointment later on this afternoon so I won't be able to trade through the afternoon session as I normally do so probably will not put on that trade to be quite honest I probably will not put that trade on I opened up a position earlier not on Bitcoin not on aetherium but on another altcoin that I'm that I'm playing so that'll be that's a positional trade so I'll wait for that to germinate I'll wait for that to play out I do have I do actually have limits slightly higher so I'm looking to enter that at a higher price as well so I'll scale into that over the afternoon I hope to come home and see that fully filled and I'll let that ride over the next couple of days should everything go to plan okay so let me pull up on my notes okay so again the first thing that did stand out to me was the daily cell signal yesterday that did not that did not confirm a daily cell signal and today is looking to print that same behavior we'll see if the daily closes and what I was alluding to earlier the little tip and trick that I want to throw out there is if you're looking to take a daily signal what you want to do is you want to look at the chart so the daily candle closes around 7 p.m. my time so what you want to do is typically look at the daily chart from 6 to 7 p.m. so if you are a daily timeframe trader you don't want to trade after the daily candle closes and you don't want to trade halfway through the day you typically don't want to do that the reason why is because lots of things can happen intraday that are going to affect the way that the daily candle prints and that's going to affect any and all indicators that you're looking at on the daily timeframe so if you are a technical trader that relies on indicators with your technical analysis what you want to do is you want to look at the daily candle about an hour before it closes there's a lot of volatility that precedes the daily candle close you don't want to get caught up in that what you want to do is you want to look the half of the the half hour prior to the daily candle close is best but within an hour is okay as well it's I mean it's 99% better than trading at any other time during the day if you are trying to trade the daily timeframe so you're trading daily candle closes but you want to look at the chart about an hour before the daily candle closes if you are using Average True Range this will be very helpful why because you're going to have almost all of the data from that daily candle close compiled into all of your indicators into your Average True Range so that you can identify your stop and targets for whatever trade you're going to be entering your oscillators your indicators your overlay indicators whatever they might be they're going to be accurate if you look at it within that span of time because if you don't look at it within that span of time if you look at it directly afterwards so let me let me qualify this by pointing out the flaws of looking at it the hour within an hour or so if you look at the the fresh daily candle open your Average True Range is going to be thrown off your indicator is going to be thrown off because most indicators unless you have an indicator that's sourced to ache that is that is set to a source that is not close which is going to be a minority of indicators if you don't understand what I'm talking about there are in tradingview there in an alternative software actually there are multiple sources that you can set a technical indicator to where it's going to pull its price data right the most common by far is closing price right so in trading view closing price is represented by current price and the actual close of the candle right so if a candle is not closed the current price that is displaying as close is going to be the latest price the last price if you hover over a candle that has been completed or that has been closed so for example if you have a Chelsea data up here at the top of your trading view screen which you can get by right-clicking and going to settings where is it in background yeah Oh a Chelsea value is in background right here so the background tab Oh a Chelsea value so if you click that you will have the ohlc data displayed at the top I recommend that that's the only that's the only option that I have clicked I don't really like seeing the indicator arguments of the indicator statements that's what the data window is for if I want to look at the data for my indicators otherwise I just want to be looking at price action so if we scroll over a candle that's closed we can see that the close is 52 36 and 90 that was the close of that daily candle so this is important information to incorporate into your strategy again if you are trading the daily timeframe which is one of the better timeframes right my humble opinion moving on so we are getting that daily cell signal today again on tether we have to wait until it confirms because it negated yesterday what is interesting is that we do see bit Mex catching up so if we do go to the X BT USD chart and go to the daily timeframe we're going to have to disable it jamoke just a brief second sorry baby but we can see here that the daily sell signal is now flashing on x bt USD now what are some other qualifiers that I would want to see to take this more seriously and keep in mind that I do take the signal seriously if we go back here on the xB to USD chart we've only gotten the last let's see we've gotten three daily sell signals we got one here on the 7th of July on the close of that daily candle that would have set us up for a nice about 8 to 10 percent short and then we got one right here a closing price of 81 77 that set us up for a very nice trade to the downside this one right here I'll be honest with you this this daily sell signal was most likely a loser if we correspond that with what happened on the BTC USD T chart if you do recall I just showed you the daily sell signals so on the BTC USD teacher we actually got a daily sell signal up here that correspond with that so the it gave the the the strategy the overbought oversold strategy for time transformation would have given us back a winner didn't really give us back the winner here on the xbt USD chart again you can always adjust the settings that's one of the beautiful things about time transformation is that it's adjustable to any time frame I mean there are multiple multiple levels of adjustments on the indicator that I've created so if we do let's sorry I didn't need that click here just for funsies let's see if calculating in advance price action no that wouldn't give us any better but we could have adjusted the cycling that most likely would daily so moving back into current price so sorry for that aside I just wanted to break that down and talk about that what are some things that I do want to be seeing here to help correspond with us well I would like to see us close below this daily ascending trend line that I've drawn I'd also like to see us trade below I'd really like to see us close below some critical levels here so we'll get in and break those down getting over one thing that I do want to point out right before we go any further is this is the Bitcoin global market depth or the historical market depth ratio right here the MDR and it is quite bearish it is quite bearish today it's actually been quite bearish since April 5th to be quite honest with you with brief spikes to the episode so within oh cool thanks guy so within within 5% of price within 2.5% of price within 1% of price whichever value you want to calculate it is quite bearish which would indicate that anything within anything really within 5% of price the limit sell orders are attempting to exit on any on any rally right now that's what the MDR would be telling you of course you can't I would caution you against just using this blindly as an indicator because again even though I think that this does add weight to the bearish scenario we can see that I mean even with the rally we can see the disbelief we can see the sentiment of the market because while you're hearing incredibly incredibly incredibly bullish news stories and while I'm sure some of your friends from college that stopped trading Bitcoin once it collapsed from 2000 now you know once it collapsed from 19,000 you know they're all like oh yeah man we broke 5,000 we're going to the moon you know don't get me wrong I would make my job a lot easier if I could just come on here and sing a single note tune like a man it's just that easy to do we're just going straight up it's not and my job's not that easy and my life's not that easy I've tried to make my trading strategy as simple as possible to make my life as enjoyable as possible so that I have the time and freedom to spend time with my family to spend time with my daughter but it's still uh it's still just not as simple as hey man we're just going straight up so so and even though the MDR is actually bearish for the day I still tend to think that the trait what it's not that I tend to think I do feel strongly that the intraday trade is to the upside so for Bitcoin not so much for aetherium aetherium actually does look worse across all time frames but if you do zoom out a little bit you can o see overall consolidation so let's get back into this I want to start with the I want to start with the weekly level here and for this of course we are going to be going to a bit snip chart so let's go to the bit stamp chart and do some longer-term analysis today so we will start off on the weekly and we're gonna look at something we've been focusing a lot on the Ichimoku levels that taken in the keygen especially with a three-day and obviously you guys know that those are levels and numbers that I trade off of a lot I put a lot of weight on higher time frame HMO COO levels however I also do put weight on higher timeframe exponential moving average levels so let's bust out see see EEMA and talk about some things so here we are on the weekly timeframe for btc-e us deep now let's see here what did I want to start with here so something we do need to keep our eye on here are these weekly exponential moving average levels which I do put weight on as well price has been unable to close above the weekly 100 exponential moving average and we've actually seen that the weekly 55 exponential moving average which if you guys have been following the show for quite a while typically the only emails you will normally hear me talk about are the 21 and the 55 because those are the ones that I look at for tradable tradable data but when we are looking at higher time frames we can if you're looking for where should I set limit orders to be a passive seller if you're not looking to be a momentum trader and market enter into an aggressive buy signal which you're gonna almost always have to do on intraday trades if you're looking to be a more passive setup positional trader you want to be looking at higher timeframe levels whether they be of support and resistance whether they be of the Ichimoku ki-june tank and kuhmo cloud levels sink respond a and b or exponential moving averages those are those are my chart overlays of choice I don't use any other chart overlays besides the volume profile another good one would be the volume profile as well I typically don't look at the levels of the volume profile the trade off of I use the volume profile more to identify areas where price is likely to zoom through where price is likely to move quickly through the through the order books like a hot knife through butter or areas where price is likely to enter into consolidation or face resistance okay I don't typically use the levels of the volume profile for direct like target systems like and the reason why is because there's a lot of vagueness in the DPD are although it's an extremely powerful tool it's not gonna pinpoint levels for you as accurately as something like a moving average because you know the volume profile if you open it up in the data window you know you've got your value area up you've got your value area down for example you've got your HIV ends but each one of these represents an area where you could potentially identify a target whereas with an exponential in the average I think that if you find the right settings for the right time frame and the right asset that you're trading all you have to do is open up your data window and you can see those levels right here so I digress for right now on that but you can see that we have been unable to close above the weekly 100 exponential moving average and the 55 has acted as true-true high basis so closing basis the resistance is the 100 exponential moving average on the weekly chart our true high basis so the actual resistance of the true price has been the 55 exponential moving average just for reference sake those numbers are currently coming in at excuse me at 5250 $1.29 for the 100 exponential moving average and 5325 dollars and 63 cents for the 55 exponential moving average let's hear so it would be my analysis that those levels especially that 55 exponential moving average would be a good area to have limit sell orders to sell into any rally conversely we do have our weekly 200 exponential moving average obviously we talked about that at length when it was really the dominating factor suppressing price you know we talked about the weekly 200 symbol we talked about the weekly 200 exponential that level is on the bitstamp chart down at 4127 now there is a good argument to make and I know I don't really feel strongly about either side of this camp I'll point out the the pros and cons of both approaches some people will not directly extrapolate the prices on bitstamp or coinbase Pro or whatever to fit max and they would prefer to try and trade the levels on bit max honestly I find that that you're talking about levels of precision so I think that for example we have the weekly 200 200 exponential moving average on the bitstamp chart coming in at 41 27 I think that you would be ok with setting that as a limit order on xB TUSD because when price does enter that area regardless of whether in the long term we crash through it again it depends on what time frame you want to trade that is a critical level that I would expect to see a intraday scalp bounce from so if that's you know if you are not looking to be a positional trader and you're looking to trade shorter tighter ranges or a shorter time frame so for example I know look at your it especially with leverage trading a lot of people a lot of people really how do I put this a lot of people think it's just a tea and this is Captain hindsight stuff guys a lot of people retail traders you know are gonna see tweets and posts and no offense but from people like me you know from people who are like hey man you know you know we're closing our short that we had from 6,000 you know you know price is currently I like 3500 so we're gonna close that long term short that we held open for weeks blah blah blah blah blah you know or you know hey guys we shorted ripple all the way from the top all the way down a lot of retail traders are going to see tweets and posts and charts like that and sometimes that'll be true sometimes you do have and again like I said it is it was true for us for a lot of the trades that we put on for example but why I'm trying to qualify this without like I know I just sent made that sound like really glamorous and it is it is it can be especially if you have the courage and the bravery and the know-how and the discipline and the money management skills to hold that trade open until proven otherwise by the market however if you do want to be a day trader right which is not I'm not necessarily recommending that you be a day trader but you can you cannot be obsessed with that because that's not the only profitable way to trade because for example let me point out the cons of that right say you have the mindset that you're going to enter into a long term positional trade well generally if you're a retail trader you're probably not going to have the capital to scale into the correct position and you're probably not going to have the the patience which is the problem I'm not saying that the that you should devise a strategy to work against your lack of patience you should develop more patience but I'm just pointing out the struggles that you are most likely going to run into as a beginner trader or you know that you're going to see other people struggle with if you're a little bit more experienced you know Bitcoin and cryptocurrency can move very volatile e over the night all right so say you have the mindset that you're gonna enter I'm entering into a positional trade you know I'm gonna hold this trade open for weeks and then price moves against you for a couple days I mean you know do you hold that trade open you know that comes down to your technical analysis in your money management skills but I'm just pointing out that I do know individuals that for example trade crypto like they would traditionally trade a regular market you know they wake up they trade the New York open and typically 9:00 to 11:00 a.m. Central Time my time anyways or Eastern Standard Time depending there's an hour differential there is gonna be one of the most volatile times in crypto make of that what you will but it is a fact sorry something just came up my scanner nothing nothing crib I mean it's just I keep the volume the volume scanners continue to give somewhat mixed signals on aetherium and Bitcoin because on lower timeframe do you have an ascending triangle so for example on the hourly we can clearly see an ascending triangle on the on the for our some people are making the argument that it's a rising wedge you know and which is a baracy if you polish in the bearish so a lot of people are just scared and waiting for waiting for clear direction to take a position again I don't really like I don't really like that the way that that's worded because that's typically like ah you know we don't know and sometimes that's fine you know it is fine to be humble and accept you know what you know about the marketer you know if you don't feel comfortable taking a trade of your strategies and giving you a trade then don't take a trade because then you'll just be bad language oh but anyway sorry I wax loquacious Li sometimes so long-term moving averages like these the ones that I've been pointing out the 55 weekly the 100 weekly the 200 weekly they can almost always be used for limit entries whether that trade is a scalp or a positional trade so again the thing that I was referring to is you know you can keep an eye if you don't want to be entering long-term positional trades because you don't want to accrue that risk or that's just not congruent with your style of trading if you want to be able to go to bed at night and know that you don't have to wake up to like a sea of red because you're not in position right I know a lot of traders to do trade that way and that's kind of the difference between stocks and Forex and cryptocurrency because it's a 24/7 market and you have to sleep with an inherently volatile asset overnight right and this is you know you see the memes you know I think Alex one of our analysts he just posted you know it was shared with me a while back in it and it tickled my tickle my fancy it said you know it's the meme of a guy like laying down and it's brain stock no man his brains like he trying to sleep but he's like yes he's like okay you haven't checked the price of your corn in ten minutes in its eyes pop open you know he's all scared oh and you know I'm sure that a lot of you and most of you are familiar with the heck you know I know I have been myself anyways so let's see here okay staying on the bitstamp chart here I did want to point out in addition to the moving averages so let's say that these do get taken out above us we do have those same levels 57 57 80 and 61 53 right here this area right here so these represent the true low of the previous ceiling of the $6000 consolidation and resistance or excuse me support now current resistance and then the true the true low close of that consolidation range as well so again those levels are fifty seven eighty and sixty 153 those areas represent the pocket of resistance and the zone that I ideally would want to be short from should we get another bullish reaction from this market both of these levels you represent resistance in and of themselves and they can be used on the bait our for the basis of setting limit orders let's see and then I do want to point out some of these lower levels and I'll start walking through them so the levels below us as well that would be interesting the first level to be short from excuse me so targets for short positions or again as I talked about earlier these are important levels on higher time frames that you would expect a bullish reactionary from so if you're looking to take scalps and set limit orders and catch wigs for example 49 79 4606 and 44 30 there is an interesting confluence here of the weekly moving averages so the 21 the 8 and the 13 I typically to have the 13 disabled but I put it on there just so I could point it out because it is another level of confluence there and we will take the Ichimoku off because I'm trying to keep the chart uncluttered we did have a weekly crossover of the 8 and the 13 back here that actually occurred on the on the pump candle and we are now looking to restitute to receive a cross over the eight above the 21 keep in mind whenever we do get crosses that individuals are gonna want to take trades based off of we typically do see a retracement to that moving average or to that cross for a confirmed support and resistance flip in this case that level is actually 44 30 so if you look for the 21 weekly exponential moving average is coming in and what we're about to get that 8 over the 21 cross over they are sitting at 40 for 30 definitely an area to keep in mind let's go to these three-day chart and let's throw back on the HMO cloud in conjunction with our moving averages as well so we can see here kind of the similar thing on the weekly basis we can see how the 100 exponential moving average was acting as closing resistance and the 55 exponential moving average was acting as true high resistance similarly here on the 3-day chart we can see how the kuhmo cloud is acting as closing resistance and the 203 day exponential moving average is acting as true high resistance so and then I kind of jump here sorry this is just what I wrote this morning but closing our three-day below our ki-joon here which just for reference is coming in at 49 39 closing the three-day below the key June is kind of your no questions asked I need to be in a positional short we're looking to at least retest 4600 if not that 44 30 area if not 4240 100 which would be a true pullback so a true way but that you know that would be how do I put it that would be your moonshot target I would say for your short position right you I did want to point out a little bit of the difference between that 4600 we do have the 8 we do have the 8 on the the three-day expenditure movie I lost heart let's go back to that daily no ok so it is the daily pardon so we do have that we do have again you guys normally hear me talk about the 21 and the 55 exponential moving average so we do have the 55 EEMA on the three-day chart coming in at 44 54 that is a bit of a stretch from the support resistance level that I do have here at 4606 and our daily 200 exponential coming in at 4600 so if we go over here and look at the daily 200 exponential moving average we can actually see that that's coming in around 4600 it's actually coming in a little bit above 4600 so the area that I actually plotted out is gonna be like 46 10 that would be congruent with the top of the daily kuhmo cloud as well so basically looking for closing support after daily kuhmo cloud with the potential wick down so 46 10 is an area that I would be targeting for a short it'd also be an area where I'd be targeting if you wanted to set a limit by order and catch a wick for a potential scalp movement that would be an area where you want to be placing a limit by as well yeah basically just what I said here as well I'm more inclined to go with later with the later numbers so not the not be 3 day 55 exponential moving average which I said again it's coming in at 44 54 so that's about a 150 dollar divergence away from that 4,600 a level which i think is more critical and there's more confluence coming in with a 4,600 ollar as well so anyways what does all this mean so intraday intraday as I said this morning to the group intraday I am looking for trades to the upside so now that we've done the bitstamp long term analysis let's go back to the xpt used chart so I can keep my eye on that again not in a position right now at this moment we'll also take the emos off and we'll take VP PRF as well because for the purposes of intraday trading I'm only looking at these indicators hu moku time transformation and what a tarp sorry so all right so intraday I am looking for a bullish trade to the upside we can see our first test of breaking about the 15-minute Ichimoku cloud right there we did get a 15-minute TK crossover right here and again entering on that confirmed crossover would have been right here on the top of this candle that would not have been a good entry just you can see that in retrospect waiting for the pullback to the key June would have been a good entry so I did not enter on that TK crossover the reason why is because on the hourly if we look at the hourly we can see that price hadn't closed above the tinkin red we weren't really in blue sky zone yet we can see price consult I mean just really getting squeezed here in the early chart we have the tenkan overhead acting as resistance we have the key June acting as support you know common logic would say a while you know whichever one breaks you take it that direction no I really do want to see although there is a good argument to make because again there's that ascending trendline that I've actually drawn on the daily chart and we can see where the key June is resting just above that on the hourly chart so breaking below that level a lot of individuals I think are going to momentum short it's my personal opinion that they'd actually be punished for doing so I do think that the intraday trade is to the upside so on the lower timeframes for the afternoon session which again I'm not going to be able to trade the afternoon session today I would be looking for a long scalp injuries so personally I'll be looking for any retests of the above the $5,300 area which we talked about the 200 exponential moving average and so the three day kuhmo cloud the weekly weekly 100 exponential moving average of the weekly 55 exponential moving average any of those areas anything above that area I'll be looking to target for a limit buy or excuse me a limit sell short at this point in time because I think that anybody that attempts to short the bottom right now is most likely get punished especially when we're seeing in this consolidation happen to keep in mind that when you have pronounced consolidation like we have here because this isn't always true people are always like well whatever you know you always gonna get a stop loss on you're always gonna be it you're always going to get a liquidity grab before the market moves significantly that's not always true that is true when you've had a period of pronounced consolidation you're typically gonna see Long's and shorts both shaking out you're gonna see stop-loss on the upside stop-loss on to the downside price is going to continue consolidating and then you're gonna see in a final stop-loss not in price moves in that direction but you still you're taking Gamble's for positional trades if you see if you see consolidation and you see a violent move to the downside nine out of ten times you're going to be well served by buying it if you have a level of consolidation and price moves violent to the upside nine out of ten times you're gonna be well served by selling into it the reason why is because you only break out of a range once and with proper money management you're gonna protect yourself from that breakout trade I don't like to take breakout trades the only time I like to take breakout trades are as if they've confirmed so if we have a B PC a break pullback continuation that's the only time I'll take a breakout trade the rest of the time I look to fade breakouts and buy breakdowns um let's see here so midterm again looking for short entries about 5300 initial targets to the downside 49:39 46:10 and 4460 congruent with those higher time frame moving averages and levels with the Ichimoku ki-june and tank and are coming in as well and then long-term I'll keep this in mind so very long term right so we're talking on the monthly timeframe you know potentially yearly time frame here still looking to accumulate Bitcoin in and around these prices I talked about how I still have a little bit of fiat to move into Bitcoin for a long term holding I'm going to be waiting for a retest at the three to four thousand dollar range because I firmly believe that would be the last time that we trade within the three to four thousand dollar range and then if you do not buy Bitcoin in the three to four thousand dollar range the next time we get down into the three to four thousand dollar range you will not have the opportunity to buy Bitcoin at those levels in the future so at that point I will be fully positioned I will most likely be in a not most likely but I will be in a long term leverage long and I just trade all coins pretty much for the most part I will always everyday look at the BTC USD charts potentially I was right on another exchange if I want to trade intraday just for the purposes of mentorship and teaching and educating individuals but because again there's it's always a good test ground BTC USD is always going to be a good test ground for learning how to trade right and that's what I'm trying to do with the show and what I've made you know that's what I've made the dedication of my life is becoming better as a trader becoming better as an investor so that I can be prepared or my future you got four BTC today guys yeah so with that said I didn't really have the chat open or anything because I wanted to focus on that and not get overly distracted so let me scroll up to the chat and say what's up it does look like the restream compilation is working so that's awesome let me make sure I didn't miss anything over here I did miss some stuff sorry alright let's get over here i abraham thank you so much for the subscription on YouTube Eli back man I'm sorry that I missed you thank you so much for your five-dollar super chat we will look at verge right away my good friend we will look at xvg let me pull open this and modify the schedule interesting so we can actually keep that the same we might even take a look at all those three again because I did want to point out Nano ah anger MD a bull kasym chic thanks so much for the sub on YouTube men highly appreciated alright let's scroll up here a little bit and look at some of these comments Andrew so currently I have a I have a premium webinar on time transformation a quad rego ATR which is my stop and target system multiple videos on how to manage risk multiple videos on how to utilize the bit Mex platform the next video that I'm going to be making is going to be on HMO COO a more advanced nuanced version of how to make it but really what I'm concerned with so I'm actually shooting to series right now one is going to be on how how to design your own if this than that strategy all the technical indicators that I think or types of technical indicators that I think you would want to be looking for there's gonna be practice courses there's going to be tools to utilize as well and then the other me other course that I'm working on finishing which I've actually been working on for quite a while is the money management strategy which which the majority of the information is already available in the webinars that are available the premium members but I really want to get more nuanced and more specific like what do you do down to the dollar with your capital Ron legato says my wife says everything is my fault probably as man I'm just kidding Donny Don Matthew Justin we had a great run can we have our final capitulation and get on with some healthy growth to the proverbial bull run cha-ching I really hope so man looking forward to it Adam collect the records good evening from the UK what's going on man good afternoon from the u.s. cracking crypto oh thanks man Scott thanks for pointing that out guys I would be remiss if I didn't point that out again if you guys do want to support the show or you guys just want to bust some merch around if you guys go over to cracking cryptocurrency com forward slash merch this is the last day that there is 15% off everything in the store if you want to get yourself a coffee mug if you want to get yourself a t-shirt again our scientists have said the drinking your morning coffee out of the crack and cryptocurrency Auto mug we'll make your trading 80% more effective and your person will attract them this 90% more more on fleek I think that's what the kids say on fleek yeah anyway so I'd appreciate that if you guys my you know again we get a small kickback from the sell the merge helps keep the lights on but again see your web dev new he says like the smash but like the smash buy start saying that William Khaled says I really appreciate your TA currently I am looking to accumulate some crypto any suggestions aetherium seems like a very good investment looking at development of fundamentals me and Scott just had a me and Scott at an interesting argument about this last night not an argument we had a good conversation about this last night because we're looking at we're looking at adding another miner and we were you know kind of talking about what do we want to mine and you know the natural thing to go to just profitability wise is ETH but we're looking at you know projections what do we think has more potential for growth etc etc etc and this is where me and Scott differ Scott is really bullish on aetherium Scott really believes deeply in aetherium fundamentals I do not I do not really care for theory I'm too much as a like it's great to trade its wits it's my preferred asset to trade sometimes even over Bitcoin in fact most of the time over Bitcoin because it has more volatility but as far as the project goes I'm not a big fan of aetherium I think that it has some significance I think it has some significant issues to overcome I think it has some fundamental underlying flaws that it is never addressed it doesn't have any plans to address now if they do address some of those underlying flaws then then I think it's great because what they want to do is be the world supercomputer which i think is you know amazing and awesome and I think that is a very noble goal in fact we had gabriel from x42 protocol on here the other day who is attempting to do the exact same thing so but I think that I don't think that aetherium is gonna be the one to do it so so maybe I'm not the guy to ask that's just my own personal bias I do hold some aetherium because why not you know what I mean but it's not by any stretch one of the largest portions of my portfolio you fatherly advice camp you listen guys you know you've been taking too much risk and the reason I called you here today but I can just tell you that if you're not using a disciplined systematic stop and target system you're going to have problems you French fry when you should pizza you're gonna have a bad time all right and we're back never go full ripple son Elliott count for me and I stopped reading the comment what do I think about – like ta wise or or or fundamentally wise fundamentally wise i I don't again it kind of fall it's not even that's not it's nowhere near the same realm as as a theorem for me it's different fundamentally I don't really like – either for different reasons I think that go bqx you you also bouncing back guys uh Donny Don Matthew says nano making some good moves day traded and got some good great returns do you think nano has legs to go even further we'll take a look at nano qnt please my review Kwon Network now we take a look at qnz you it's gonna be about time for coffee here in a few minutes I had another good workout this morning guys I had to like adjust my heavy bag a little bit I actually had to hang it a little bit higher and I really like my heavy bag it's got it's got the hand grips and it's got the padded bottom so that you can do you can do jujitsu knee strikes and things like that so it was a good one this morning man it's been about did about I did about a 25 minute session on the heavy bag did about 80 clean and presses with 115 feel pretty good and then I did some of those I don't know what they're called I used to know what they're called I think that's like our biddies or our LDS or something like that but they're basically where you you you stand straight up with a dumbbell and then you dip forward and you kick one leg back and one one arm forward and it's kind of like a it's kind of like a hamstring and lower back workout anyways they're helpful especially when you got a young child you got to stoop down and pick up all the time you Andreea garth allah says hey Justin desert Bitcoin Long's chart on Phenix is in comprehend so let me help me out man yeah sure you you you Zor ptc longs you before we go any further is there a soppy word let's see her trying to think of a good one your bird stuck you Schwarz idiot says tomorrow Bitcoin will give it one more try to get above and close at fifty three fifty this will be its third attempt if it fails it will fall hard this is based on many indicators previously outlining this happening good man Jasper what's going on man you litecoin got pumped by Charlie Lee I see X used yep that's probably gonna be my last request for the day because I do want to give these the time that they need smooth operator says I'm ha dling I'm haughtily in spot to burrow P Escobar says what are the best times to tray usually 9:00 to 11:00 a.m. Central Standard Time or Eastern Standard Time statistically you you're missing your hair bro nah man I like it you I changed my mind and put my five dollars in my colon you guys are funny you DIY guy get all the Scot man cuz he's the he's the mining guy he's always looking to try and enhance his enhances or you know just maximize the efficiency of our operation you was that a crypto intervention that I just saw what do I think about Bitcoin gold pretty useless you you I do wanna respond mister ether I don't want to be I want to say yes but III don't want to be a liar so let me think about it I mean that's my that's where my head is leaning and I would like to give a definitive answer but there's other people besides me that that question depends on as well got wood carry water spring sprung hell yeah man nice up there dude okay mining is always profitable if you do it dodgy well here's the thing man we're pretty relit we're pretty legit man blockchain gain says you're joining the tam and I or Browns crypto cave bull run yacht party does he have any yacht party yeah I'll come in I'm fun at a party that's got I do magic tricks huh all right it is 1258 guy so I'll tell you what let me go grab a cup of coffee we've got our schedule you we've got our schedule right here for what we want to go over we're gonna look at that schedules all over the place we're gonna look at Bitcoin or excuse me we're gonna look at Virg we're gonna look at SERP news we're gonna look at Nano we're gonna look at qnt we're gonna look at the Bitcoin longs on BitFenix we're gonna look at IC x USD T as well as continue to answer any questions in the chat guys so while you're waiting again there's 15% off in the merch store if you guys want to go pick yourself up a hoodie or something you could do that we'd really appreciate it if you guys go over to top G crack and cryptocurrency calm I'd say server ranking if you guys give us a little bit of a nope it's free – you don't game we got a register you just click vote for us right here pushes it up and server rankings we highly appreciate that man thank you so much guys we'd appreciate it if you do that if not that's cool man ah and I'll be back in just a couple minutes guys keep the conversation going in the chat hey guys thanks for sticking with me man we're back we're here we're going to do this okay thanks to anybody who went over to top GI cracking cryptocurrency comm gave us an upvote over there highly appreciated let's get into mein charting diversified here's a trade we just took this morning actually bqx not too bad nice little pop off their intraday pop off ooh and alright about uh sorry what's that from the top about a six point six one percent from low to high not bad at all okay let's see at the end of the movement though okay oh you know maybe I'll talk about this tomorrow but I did notice that we're talking again I'm one of the few people that I know that's watching Bitcoin dominance really closely and tether dominance so let's just look closely at those on lower timeframes so here's Bitcoin dominance and as you can see if we do take that if we do take a longer look a macro look epic win dominance right here we had talked about okay so we had talked about the reason why alts have been slumping over the past couple of days is because and again I saw this I saw Twitter posts I saw it I got DM z– that are like man it's you know see of red for alts you know sell sell sell sell sell and what happens as soon as people start saying that they all start waking back up get out of here dude you need to if you want to and I know this is tricky man but you have to predict what's gonna happen next not react like way later to something that's already happened when the markets about to take a turn so anyways here's Bitcoin dominance on the daily and I had said so we got fifty two point ninety one all right is the level of support on the chart right and we have this descending trend line of resistance for Bitcoin dominance if Bitcoin breaks the resistance then that's going to be very very bad for all the coins most all coins are going to drop down to their secondary level of support so there's a primary level of support on higher time frames whether we're talking about the daily exponential moving averages or you know I'm talking about the ones that that have had some nice price expansion over the last week over the last really the month over the last month if Bitcoin breaks that dominance at closing the daily above that descending trendline I think that would be very bad for all coins in the short-term and by all coins I mean all of them write everything on bit mechs everything on Finance there's going to be your random ones that get pumped and dumped why because there's always gonna be those coins that whales move into to protect them and then those those coins get pumped and they've got their pump and dump groups and blah blah blah it's always going to happen and to find those kind of coins you really need insider information so and it's not for those of you who don't want to break the law and for those of you who don't want to be assholes there's really not because keep in mind that stuff is destructive overall for the crooks are in a pile just for my French but before the cryptocurrency space yeah then my point was then that's not really a profitable way to trade right or or look for right because you again you need to kind of have insider information click you need to be in the clique of scumbags which I try firmly not to be in USD T dominance on the other hand does seem to have reached a local bottom now us DT dominance I would be a little so I'm kind of I'm still bullish on alts but it's it's kind of coming to a decision point where it's like man okay look out like because now we're getting a nice little warm-up back from the alts right after everybody just like freaked out in panic soul this morning and what happens as soon as people panic cell things move up so always be looking out for those opportunities man when others are crying you should be buying us DT dominance dropping bullish for alt we do see a little bit of a local bottom over the last two days a little bit of price expansion especially today on a closing basis so we're still well underneath the the daily cloud for us TT dominance and we do have overhead resistance up here I wouldn't be fully out of altcoins I wouldn't be looking for positional shorts until we break above or break back into the cloud then I'd be looking for an edge-to-edge trade on us DT dominance and I would expect tether to continue rising up here but nothing to be done right now nothing to be done right now yet let's go to but again the Bitcoin dominant same thing dropping below that support at 50 to 91 extremely extremely bullish for all Quinn so we'll wait and see how the shakes out sparked a Canuck we're gonna see a couple days of price expansion here on the alts again and really depending on where the tether dominance goes seeing outside the dominance goes when price is rising on all coins I think we'll be able to see clearly okay do we take this opportunity we do we take this rally to sell it a good price and prepare ourselves for a nice movement to the downside or do we do we continue to buy dips right now dip surfer body so let's get into the requests guys and we will start with xvg for my good friend Eli back thank you so much good all right so the last time we talked about verge yesterday right I believe I published the chart yeah I don't think anything really changed from my chart man let's talk here let's go to the weekly yeah unable to close the weekly yet above that that Tankian resistance the weekly tinkin so you can see that that weekly tanking has just been suppressing price gorgeously we did have a nice little pop up higher than normal but again you had a nice pop up here above the tank and right here a nice pop right here yesterday pretty much today giving it all back to the market again kind of a sea of red for the markets that was you know that I was hearing as soon as I woke up this morning until about the noon hours and now we're seeing a little bit of a price resurgence across most of the board as you can see it's probably I'm gonna show because that's change from the last anyway it doesn't matter let's go to the three day like we talked about also okay so that Weekly Tankian congruent with the three day ki-joon as well and able to close above it currently we started below on this three day candle which is going to close tonight we started the three day below the tinkin we're looking to close it above the tinkin that's kind of your first okay this is kind of bullish looking a good sign we did talk about what i wanted to see which is basically the three day kuhmo cloud getting burst into if the three day kuhmo cloud does get broken into then I'd be pretty gosh-darn bullish about verge really the area of interest for me we can see this just long-term period of accumulation ma'am I mean just long I mean price has just been absolutely flattened sideways the next run should be putting us up to eight eight or nine hundred SATs ma'am which is quite high I mean we're talking about a 300% valuation of price so that's gonna be next to bull run status but would not would not be surprised to see that happen don't count Burge out man doesn't mean it's gonna happen doesn't mean that's gonna happen again I do want to see that that three-day cloud be traded into and closed with them so far we can see just as we were talking about with Bitcoin earlier we're looking at closing resistance 3aq and weekly tanking true high resistance the three-day kuhmo cloud let's see if we're getting any tighter responses here from her IAM as none the three day not in the house not with a mouse not in a box not with the fox 2 hundred daily exponential moving average as well did act as strong resistance to price that was a actually a beautiful area to sell word where are we at right now so price has pulled all the way back to the daily kuhmo clap so the daily tinkin and the daily ki-joon right if we hold this level i would be looking for consolidate as basically as long as we're above the cloud I mean price is bullish the future cloud is bearish on the daily right here so something you do want to be aware of something that you do want to be a little concerned about but I would say this looks good for buying dips until you close the daily down here below the ki-joon and then I'd be out of the trade typically I mean obviously just just naturally whenever you close a blow to kuhmo cloud price price is flipped bearish that's your earliest warning indicator let's go look intraday see if there's anything intraday what was your warning signal we did plot out this descending we did plot out this falling wedge here we did break to the upside if you were watching closely we clothed we found support on the 15-minute cloud this is basically I believe what we were talking about yesterday now this is a little bit later but you know so we were over here and we plotted out this falling wedge price bounced off the cloud price was unable to go below the cloud found support continually on the cloud bounce for the last time off the cloud and closed right here we closed above the the tenkan that was pretty much a good tray that was a good 4% scallop you could have taken to the upside and even if you didn't take profit you wouldn't have been potentially it would been stopped out right here with a 1.5 percent loss because you do close below the ki-joon but you immediately pop right back up so something that you would have been wanting to keep your eye on potentially you didn't take a loss there even though you do close technically blow the key gene right there which I've talked about is sometimes good sometimes mostly bad sometimes good mostly bad using that entering on a close above the kuhmo cloud but the stop-loss below the ki-joon I don't think that's a good strategy most of the time anyways I digress but we did close above that that falling wedge right there and immediately had su this is this is the stuff I'm looking for man when I'm looking for breakout trades I need to see a B PC look what happens here multiple levels of confluence you get a bearish TK cross right here on the 15-minute chart from 1315 to 1330 ah price is trading in this following wedge pattern you close above the falling wedge above the TK on the exact next candle you get a confirmed bullish TK cross you're waiting for a pullback what happens price pulls down all the way to the key June gives you a beautiful entry on this candle right here and confirms you could also weights you know entering here would have been fine really entering anywhere here would have been okay but I'm just talking about maximizing your precision you do have that nice bpc pullback whether you're talking about to the actual line of the flowing wedge or whether you're talking about to the tenkan and price runs up I mean damn well six percent I mean that's a great intraday trades a beautiful intro nature it one of those a day keeps the doctor away man one of those a day keeps the debt collector way and then what was your warning sign to be out of trade price closes below the cloud right here price closes below the cloud you do not pull back for a bpc but just your early warning sign even out a warning sign right here you close below the ki-joon and you pull back and back test it as resistance right closing below the ki-joon pulling back and back testing the keygen as resistance if you weren't sure yet you fall inside the cloud find support reject the top of the cloud and then close below the cloud so you're just talking about multiple layers of rejection right you close bloated tenkan equal let's blow the key June reject from the key June closing the cloud reject from the top layer the cent coupon a and then you close below the cloud you didn't back test and pull but you did have the opportunity here if you just would've waited right you did pull back and test the kuhmo cloud has resistance and this would've told you to be out of the trade and you would have saved yourself seven percent downside currently price is being suppressed by the 15-minute tankenson you're bearish on the lower timeframes let's see where this falling wedge is actually gonna give you a little bit of support and we'll try to line that up with a horizontal you interesting nice consolidation around that top you so this would be my knife catching area right here talking about 178 to 180 SATs potentially 182 just this is the area that I would be watching pretty closely I would also be watching to see if price can get above the 15 minute tank and that would be kind of an early warning sign as well you could be aggressive on that where would my stop-loss be if I were to enter from right here let's go to a higher time frame you find something use and I'm just I'm making this for the argument of those of you who aren't subscribers and you don't understand my typical stop and target system so I'm just trying to put this in trying to make this fairly congruent so here we have an eight-hour cloud that would act as a good risk management strategy it's below previous to support as well I think work is a good level 174 so looking at a max drawdown of about 3% looking for an eight-hour close below that level although you can be conservative develop your own you develop your own stop and target system whether that be an hourly close but I think that that error 8-hour key gene works pretty well hmm sorry that eight-hour kuhmo Club yeah but getting back to that daily I mean as long as we're as long as we are and we're not technically above the daily cloud right now so potentially you could even wait till the daylit closes if you wanted to trade the daily timeframe but you know in this in this vicinity it's still representing an opportunity to buy a pullback especially after a high one men's move like that cryptic tobias thanks so much for the sub on youtube and i'm probably ignoring events let me check here man yeah corruptive tobias thanks for the sub man and okay cool I didn't miss much so hopefully that's helpful my good man what time of the day would you say is a trading rush hour generally the hour directly after the daily candle close or 9:00 to 11:00 a.m. could make the argument that it's actually 9:00 to 11:00 Eastern Standard Time eebee maas says sorry what does the treaty beef symbol for tether dominance I believe it is it's us DTD so to pull it up actually the way that I found it is do M I believe and then you go to index or dominance yeah so type in dominance and then you can see here we have all stocks futures Forex CFD cryptocurrency index go to index and you can see the Bitcoin market cap dominance the others USD t a theory observed litecoin eos card a neo finance bucks loominatee right there bitcoin trash you know treks blah blah blah blah blah whatever fake Toshi right here i pretty much the only ones i look at our bitcoin dominance and tether dominance you know i I've I've done some charting I've done some charting on the other dominance but you know like how much how much influence it has on price action or tradable tradability I do find and know that bitcoin dominance and USD T dominance are really good leading indicators for the overall market best place to learn how to properly calculate position size I'd be biased if I said the the cracking cryptocurrency premium trading group I talked about it in the general discord a lot to you man it's so the the best the best way I think initially until you learn a nuance it a little bit is to use a calculator and so what you want to do is you want to determine what your account risk is for your account right how much of your account are you willing to lose on a trip I would say that that magical number is between one and three percent right so you could split the baby and say two I change that portray depending on volatility all right depending on volatility and based on based on which way our dog is currently barking if the dog is barking toward the west then it's gonna be 1% if the dog is barking toward the east that's a little bit more bullish that's three but I'm just kidding but know between 1 and 3% I think is that right pocket of risk so that is how much of your account you're gonna lose of your stop-loss hits right or if your stop-loss qualifications cause you to manually close trade again as you guys will know I'm not a big fan of hard stop losses because they will get you rekt and cryptocurrency so anyways you take your risk amount and then you determine what that actual number is of your account so say your say your risk amount is 3% right you have a $5,000 portfolio 3% of 5,000 is 150 dollars right so you have $150 that's number one alright or number excuse me number one is in primary but and then you need to determine what the distance to your stop is in decimal places so if the distance to your stop is 3% that's point zero three so you take 150 divided by zero point three that's your position size in USD you can change that so instead of 150 you could use Bitcoin you know if you're trading on bit max for example so say you have a two Bitcoin account you know what is you know what's three percent of two BTC I'm not a mathematician off the top of my head but again pull out a calculator you be able to figure it out and there you go you Blackson yeah yeah why I says please don't leave I hate this part of the show okay so we did verge let's pull open we'll get into SERP but take a look at you know what actually I'm gonna post that because we're int because who are actively in SERP let me let me save that for what I'll post this evening and then the members like guys don't panic let's see her nano when I when I point out the Nano chart I feel like I'm gonna be Tooting my own horn man but so this was the Nano chart that I did yesterday okay I don't know what to tell you man I talked about the I talked about the good entry zone and I talked about the stop-loss and this thing did good I didn't yeah I didn't personally take this trade in retrospect I wish I would I kind of did the chart live and then I kind of forgot about it but then I saw it on my scanner when I woke up this morning you know that it was up quite a bit and I wouldn't take a look at it and I was like oh crap look at that it's pretty good so congratulated a so I hope I hope somebody took advantage of that I should have published that man but I did not anyways let's go look at the let's go look at the weekly and we'll just try to work our way down weekly getting above the weekly getting above the weekly tenkan as well pretty big runs so we kind of be looking for something like a reversion to the mean here let's see if we got anything no nothing really with our Amos here as well I think I did point out the higher take profit target at triple zero 36 or thirty six thousand twenty one SATs we didn't quite hit that we missed it by about about two percent but you know hey two out of three ain't bad nice twenty three point four nine percent run-up currently on closing basis so great great great initiation three day for Nano we're about to have that three day bullish TK cross so basically nano now is you know by pullbacks mode right now as long as that as long as we get a nice actualization remember whenever you get across you really want to see a pullback to some kind of significant level of support excuse me to verify the cross we have that fifty-five daily our three day exponential moving average coming in as well you can see how that 55 acted as perfect resistance first on true high basis and then as closing basis for nine days and then we broke through and we broke through so beautiful trade right there we do have you know this is actually probably good now now we can actually probably put this we've got our 100 exponential moving average coming in on the three day right there so let's put a take profit level right there let's front run it just a little bit and we'll actually put some text right there that's going to be three day 100 EEMA so that level is coming in at a 9090 in a hope thirty eight thousand three hundred seventy five SATs I'm gonna set this at thirty eight thousand sets yeah 38,000 SATs I'm gonna front run it just a little bit ah nothing more critical on the daily except for our support zone right here which I will not draw which I will now draw out all right so here we have our you have our dip zone which is gonna be congruent with our 55 exponential moving average in our three-day tank and in ki-joon looking for that three-day tank and ki-joon cross we did have a level of horizontal support and resistance here coming in at two twenty nine thousand two hundred and eighty sets so this would be a nice consolidation zone looking for dips down to that zone to basically pick up let's pop a call out here so that's that TK cross let's get let's get real tight and zoomed in on that baby are you crossing yeah oh yeah it's crossing so that will confirm tonight so looking for that looking looking for that to confirm tonight at the daily candle close and will potentially be but not potentially will be buying pullbacks that would be a good let's see here let's go to the down to the daily trying to find a more logical level of dip okay so the daily 200 exponential moving average was coming in there but that was the buy end zone we did break above the daily 200 exponential moving average classically that's an extremely bullish sign by zone down here basically would be 27700 stats let's call it twenty seven thousand seven hundred and twenty eight thousand seven hundred I think that makes a lot easier oh about a thousand Sat range 27,000 28,000 hundred and 7,000 there we go makes it a little bit easier you could make a good argument that the pullback to the two hundred daily exponential moving average would be good as well let's put that stop-loss in there you do have some confluence here between the daily tinkin and that horizontal support that the horizontal level of support and resistance that I have plotted out let's put the first level of support on there first though so we do have the daily 200 coming in at thirty thousand two hundred twenty sets okay let's put that on there and let's put support beak so that's gonna be our daily 200 so that would be the first level that I'd be interested in looking for a pullback to accumulate 30,000 or yeah 30,000 320 SATs failing that and again you want to look for a bullish reaction from that level or consolidation right you don't just want to probably at this point you don't want to probably put limit orders there but again I leave that to you that's not how I'm gonna do it I'm gonna wait for a bullish reaction alternatively what would I want to see well let's go down to the lower timeframe so we can actually capture movement let's go to the lower timeframes and see if we can't figure something out lower timeframes we do have to get the emos off there I don't like trading hemas on the lower timeframes we're about to have a bearish TK cross and if we do end up closing below the the 15 minute cloud right here I don't think that we're gonna move right up I think that we're gonna pull back to a significant level of support oh all out that's English 1b and I think we're about to have a bearish TK cross right here as well but you could make some you could make some decent bullish arguments for this again moving into consolidation after a pretty volatile moving to the upside you're putting in a nice consolidation pattern right here you guys know I feel about char patterns but I'll put them on the chart because you know seven out of ten times they can be tradable you can make an argument that this looks like a bullish penat man so what would I want to see I want to see a nice 15 minute close above this level right here and you could potentially take on momentum trade to the upside you thirty four thousand two hundred nineteen 15-minute open and close above that level ideally a break pullback continuation trade which again is really the only way that I'll ever take breakout trades you're again you you would have another early warning signs should price close above the 15 minutes Hank and right here could be good man we are tightening up and looking for a break man as you can see prices consolidating into a tire pattern we're reaching the apex of this of this pennant so it's gonna resolve one way or the other I would say that getting down to the downside most likely we do end up moving down here to retest the daily 200 exponential moving average but again I'll make the bullish scenario there for you guys let's go to some higher time frames eight hour time transformation is not yet over BOTS where's the three hour coming in at three are not overbought either and in fact three hour looks nice and penalty too a Daly's nots overbought either in fact the daily just put in a continuation cross the daily will be a confirmed continuation cross to the upside look at this I'll be able to make more bullish arguments let's look for three our targets 35000 123 you that's your first three our target based off volatility you've got another level coming in at 36,000 oh I had a bunch of targets on here okay pursuant to I must have done the 8-hour so thirty five thousand one hundred twenty three thirty six thousand twenty one and then about thirty eight thousand it would I would be front-running that level of resistance that I do have coming in at thirty eight thousand two hundred and thirty one so quite a quite a bullish potential in a trader man maybe another seven to twelve percent if this thing does break to the upside I kind of like it I kind of like it again holding the 15-minute cloud if we get that nice break above the the bullish pennant man and this actualizes let's go baby otherwise but be cautious man because again volatile moving to the upside Far Away level of support we'll see I'll play that you're gonna it's good to see you brother Brian home thank you so much man Wendy says where would you put your cell on EOS USD T on the daily just real quick for you JT thank you for explaining position size was having problem I was having trouble that example explains all Thank You Man oh that does help and I'd love to see you in there man if you need any help man feel free to DM me in the discord uh you ah yes mr. Aussie Aussie USD T on the daily you I don't really have significant resistant six dollars and sixty eight cents but it's looking it's looking weak man looking real weak let's go to the three day first three day purple doubt of death had a lot of weakly purple dots of death in this bad boy so I'll just give you the daily I'll give you the daily this is not gonna be a full analysis and I apologize Wendy but I do you know we're I want to get to the other charts and give them enough time if I have time I'll retreat back to this but just going over just looking at quit rego it's a $5.90 your first take profit you five dollars and ninety cents right there and then you have additional take profit targets at 625 and 660 which conveniently front-run those levels of resisted there but yeah this is looking strong I'll tell you that falling volume sending channel typically these break to the downside you Thank You Donnie I appreciate that bro Tobias s thoughts on exponential moving averages versus moving averages I like moving I like exponential moving averages I've played around with halls I've played around with teemo's I've played around with you know every kind of moving average you know RMA is a player of all of them I think exponential moving averages are the most tradable right for a now for analytical purposes you know you can make arguments about different types of them is but for trading I think that they give the best levels to trade-off them it's just my personal preference there are times where I look at something like so if you look at my if you look at my moving averages script you can see that I can actually plot the 100 in the 200s MA that's pretty much the only simple moving averages that I look at on any time frame are gonna be the 100 the 200 but I kind of I'll click those on and just get an idea for a level and though maybe I'll make a line at that level so I just know that that's an area to be watching for that that's likely where people who are trading mas are likely to have limit orders in the books slightly above so below but you are special Mundi you all right let's you let me pull up and abs again qnt cannot is this one trading I guess it is I we'll look at it on metrics bad was that isn't that what I don't know somebody was saying that joke I think well what's his what's his faces at crown says that doesn't look good man I mean your yeah you're closing lower than you've ever closed there's times when it's like okay look we're oversold and there's times where it's like see at zero you know the rest of the market has been pumping and pumping and pumping and this thing is just hanging down here at zero this falls into the category of like I will see you when you break one level of resistance I'm sorry I don't mean to be like oh really negative I can see that I've done something on this before so I've clearly looked at this chart before there's a couple boxes here that I've drawn they seem to have done pretty well and or lies in that area would have been good for scalps let's see if I can find you some intra-day man trues you you but I've could really with your family folks okay my daddy's like you done with your show I'm like no I'm like right now he's like come by let's here you you ah man and I short this I'm trying to find I'm trying to like pick the one positive speck out of the corn of poop right here man maybe if I draw it like this I got nothing man I'm sorry I mean you know maybe this is consolidation maybe this is accumulation maybe this is finally the moment you know the whales have had since February of 2019 to come in and step up I mean this just looks like what is this this guy listed in January was this like an ieo or something pumped and it dumped so I don't know anything about this was this an ILO you you guys so okay I won't leave you with nothing though future clouds very bearish but you know if we can if we can close above it you know then maybe we can have it intraday scalp so you know fifty-nine thousand six hundred and seventy eight SATs let me just call it 60,000 to be safe has 60,000 SATs if we can get above 60,000 SATs which you're like 15 minute ATR you nano go go go go go man I did break out oh my god did it hit that target 35000 123 now justify 23 SATs all right so now we're basically looking for that BBC we're looking for that to not be a stoploss on tour liquidity grab we're looking for price to close above thirty four thousand two hundred and nineteen here for nano so twenty two minutes and 45 seconds for that to hold if you enter on a momentum trade your stop-loss has to be down here you're at stop-loss has to be like hard at thirty three thousand four hundred seventy seven so just keep in mind whenever you're entering in areas like these these are sharp they're sharks in these waters right a lot of times they end up being candles look like this so just because but we got that 36,000 overhead 36,000 21 and 38,000 should everything work out nicely I will for the sake of the audience watching do something like movements yes No so an equilibrium swing would have us going to 37 thousand eight hundred and a stoploss would be 2495 who at that TV one go baby go you Dona no birthday on as quadriga cxas exchange token all right we've got two more requests on here sir Bitcoin longs on Phenix as exciting as it is to just watch chart go up and up and up there BTC long necks okay you you foolish man Long's are really high price is really low that's that's a good leading indicator normally I would say that if lungs are high and prices up or you have a big explosion of lungs when price has been going up that likely price is likely to have reached a local top or reverse especially if you see a large volume spike in the underlying asset but in the case of ZURB man I'm bullish on sir means people are kind of seeing what I'm seeing they're seeing that the price of they're seeing that the price of zerp is very low you know top top 100 top five you know whatever 10 and attempting to grab it up on the cheap or trying to enter into long positions on the cheap because they think it's going to 9,000 oh wait 9000 wouldn't be that far I guess that'd be a good trade if we did go to 9,000 five percent right you you so we'll see some time on the beer on did you have any specific questions about that long chart man or Chadd if you do was icx you know I see ex-us DT is one of those charts that I was interested in as well so hit the take profit target that I had kind of denoted here and pulled back as you can see I had an alert set for this so pulled back and actually wycked up nice about four three percent on that movement three to four percent on that movement we did get quite beautifully here the daily sell signal right here at the top with also with the bearish bearish candle to kind of go right along with that three days of pullback now so far finding support off our first level of horizontal support and resistance right here this this did represent it by the dip opportunity I don't want to see the daily close below that level that's a 39 that our 39 cents yeah 39 point 15 cents I don't want to see price close the daily below that otherwise I think the rally is over let's get let's get our Ichimoku zone here yeah we pull back right to the top of the cloud and and bounced right off of it so price is still bullish above the cloud and this could even represent a BPC this all depends on this all depends on tether dominance but yeah man when everybody starts panic selling dude it's a good opportunity to buy I mean the argument would be that you know as long as prices about the daily key tankinson as well which is coming in at 37.85 cents that it looks pretty good represents areas for dips otherwise getting below again but for me for me that levels gonna be the same as what I just said man thirty nine fifteen thirty nine point three nine one five USD team I wouldn't to be in the trade below that and yeah I mean we had to take profit basically just front-running that edge-to-edge trade right there price broken on the cloud and did an edge-to-edge trade quite beautifully so we'll see what is in store for icx in the future let's go to the weekly Hank can let's throw our Imazon there finding rejection and the vicinity of the key June of the three-day key June as you guys know I put a lot of weight on to that don't have enough market data to have a cloud yet or is it yeah here's our cloud that's just far away um not a whole lot of data here on the three day here's our three-day a June you play there I'm sorry I'm support here's our three you you that's good okay so if price breaks below this I would be looking for that pullback to about 34 cents 34 to 35 cents the vicinity to three-day t'ankin also previous resistance right here I think a good spot to buy in daily we have that three-day ki-joon coming in right with our daily 200 exponential moving average I do like that again we talked about that daily tinkin look where the daily key June's coming in as well as our three-day tenkan I mean we've got all this confluence done there your 100 daily exponential moving average your daily ki-joon your daily 55 is crossing your daily hundred looks good man a lot of zones down there for a possible pickup but in the in the macro in the macro right now price above price above 39 cents looks pretty good and they might have another run back up here to 46 cents the daily closing below this level getting back in the cloud I don't really like it and the next area that I look to pick back up on a scalp trade for a minute you never know what it's going to be a scalp trader with our long-term trade it's 34 35 cents sewn right here where could we go or would be my first tech profit on an entry right here if you're seeing the support bounce 43 81 you point four three eight one and then revisiting that local hi that's 0.465 five and then we have to re-evaluate if we do get about the daily 200 exponential moving average the three-day ki-joon you I would say I'm kind of lukewarm on it honestly you you life is beautiful says nobody in the USA or anywhere know why bitcoin is rising that fast I know exactly why yeah a lot of people bought it all right thanks Donnie I appreciate that man senators of Algeria government are stealing money they sending stolen money from the country through Bitcoin that way nobody scenes and you will see a big pump on Bitcoin soon and a big dump also interesting well I think we are gonna see a drop in the price of Bitcoin but that's some interesting speculation anybody want to look into that let's investigate the government of Algeria hey Trump I got something for you dude he's on it don't worry man but think No thank you man I'm not trying to not trying to like obviously that's something that we gotta like you know point out but that is interesting thank you for your speculation I don't know anything about the money laundering activities of Algeria I missed that part during my formal education you no but if anybody wants to look into that a little bit more I'd be interested to see anything that they can come up with and mr. mr. or mrs. life if you want to DM me in the discord with maybe some documents or evidence or I don't know anything I will get you in contact with name on the website WikiLeaks WikiLeaks good one should put that on with you okay let's see here all right now have a conversation guys you he has no rules want to be a successful trader important thing you can do pop yourself doing some okay a lot of excitement right now I think that we're going to see an uptick in the alts next 24 to 48 hours and what happens with Bitcoin and tether dominance is going to determine whether we sell into that rally in Exeter altcoin position or whether we continue to huddle alright I think that bitcoin is going to have a drop I'm lukewarm on whether we go to 56 5,800 first they're gonna pointed out what I'm looking for intraday looking for trades to the upside mid term but what I'm looking for multiple days I am looking for a trace mints to that $5,300 level to be short from all right I need to see a convincing break of that 200 exponential moving average those levels that I talked about during the beginning of the show or I'm comfortable taking a scalp long to the upside you do want to be watching the lower timeframes though I'm looking at Bitcoin and aetherium right now on my on my day trading setup and again price still consolidating between the hourly ki-joon and the tinkin on xbt USD as well as aetherium USD you know I hate saying it this way because it's one of the lamest things I've ever heard you can basically take the pic take the trade in the direction that the trade goes just make sure that you manage your risk well and be willing to positions a trade aetherium other or Bitcoin otherwise I think that you're going to be well served looking for those positions towards at those higher levels but all I got let's switch back to the main scene all right guys thank you so much for joining me today this has been another episode of breaking Bitcoin market update I of course am your host Justin Weis just to mention there is a this is the last day of all the merchandise in the store being 15% off so if you guys want to go get yourself a coffee mug could go get yourself a hoodie if you guys want to support the show does help keep the lights on we do get a small kickback from the sale the merch not that much to be quite honest with you man pennies on the freaking dollar but does help keep the lights on man we appreciate the support that's cracking cryptocurrency comm forward slash merch again we do highly appreciate them if you have any questions comments thoughts concerns sarcastic remarks and/or death threats please leave them in the comments section down below I will respond to all comments within 24 hours I always do if I don't respond to your comment that either means that you can call me out on that or that you were on some black noodle stuff let's see here um again if you guys come into the show early I do try to respond to all requests not all of them but I try to take the the the first requests that come in guys so the early bird gets the worm again I'm gonna have a doctor's appointment with my daughter here in a couple hours and it's like a 45-minute Drive so I'm not going to be able to trade the afternoon session for the guys in the group I will be back early or late this afternoon early this evening to give you guys the evening update and let you guys know how the positions shook out that we took on make sure to trade safe keep in mind everything that we've been learning and working with together guys and until tomorrow man we will be cracking cryptocurrency and I hope you guys trade safely

9 thoughts on “Cryptocurrency Markets Dipping – Is This The End of the Rally?! Breaking Bitcoin Market Update!”

  1. Thanks for another great video. However, I've seen a few people ask for Quant on multiple Youtube channels lately and unfortunately Bittrex doesn't paint the full picture. You have to look at the Quant chart on an exchange it has been listed on for longer (IDEX or Hotbit). Quant is up literally 10x from when it was listed in Aug 2018. This is its second major pullback on the way up.

  2. Thanks for your analysis on XRP BTC LONGS Justin, I could not watch it live. I think XRP is going to break out shortly and you said that your are bullish on it; I got my answer. Thanks bro, master TA as always!

  3. I was able to earn very good profit investing with the right trading platform by turning 0.3 btc to 1.5 btc. If you are having troubles on how to trade and start earning profit I can guide you on the right steps to follow to becoming a successful bitcoin trader! [email protected]

  4. Timestamps! Please let me know that you use them by hitting the like, thanks!
    0:06:02, Intro
    0:08:32, Analysis on Bitcoin, is that a sell signal?
    0:21:27, Bitcoin market depth ratio
    1:04:53, Bitcoin and tether dominance
    1:09:14, Analysis on Verge
    1:23:11, Analysis on Nano
    1:33:04, Quick look at EOS
    1:35:57, Quick look at Quant (QNT)
    1:43:05, XRP-BTC longs
    1:45:20, Analysis on Icon (ICX)
    1:50:38, Best explanation on why Bitcoin went up so fast
    1:52:30, Serious talk!
    1:54:12, Wrapping up
    Thanks for smashing the like!
    If you would like to give something back, you can! Bitcoin: 17UaxHa3Su7fiqXYGzcYgZWZG3Ljp8jwjX

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