Reading Level 2 Technical Analysis – Episode 09 with Live Trade – Bitcoin BTC

hi guys how's it going today it's now February the 22nd about 6 p.m. Central Standard Time and I'm making a little bit of a level-two action video here so earlier I didn't catch it on time but 1900 was attempting to be shattered a lot of people were dumping their what I always do whenever I see walls attempting to be shattered is I joined the party does that make sense so if you see walls attempting to be shattered where it says ran red red or the other way around where it's green just enjoyed the party you guys really join the party and just tank the market with them in short because it's almost guaranteed you can say right like this just happened a few minutes ago guys really it just happened literally just a few minutes ago here like three minutes ago now it's much lower and my fees are really low so I'm already very up right now right so we've clearly broken out of some key resistance areas I'm just gonna pull up this one right here my charts a little bit messy right now so where is this gonna go to most likely most likely to about 9500 okay so now we're in the 9750 ranges already okay so you guys need to really make sure you understand that it's very important for us to make note that this is now a very relevant resistance this is not the right count I was just pointing out somebody drawing it completely wrong there so notice I'm $60 up already this is most likely an ABC like that okay this could have been a B but I don't see more so it's an X right here it's an X because it's five waves going up okay this right here is most likely a be seen here as well a V and I think we're gonna get a small C coming down you guys take a look on here right now there's only how many waves one two where's the third one where's the fourth one where's the fifth one so now we have to wait so joining in on level two is actually when you see that level to go down like that it's a very good way to profit right so I'm just gonna take some quick quick quick quick profit guys cuz I just want to make a very quick video and I also have to go out to get some food right now as well okay so I'm gonna make my of an easy $75 profit would you guys agree something like that right so we're definitely breaking some resistances it's just a matter of holding now and forever we're getting to this low point right here do you guys think that this is gonna hold right here like we're at this low point on the wick I don't think so the volume is really really heavy right now it's most likely just gonna end up down trending it's my dog do you guys hear her she's barking I could have caught the lower end of the whip but then of course you never know right you simply just never know one minute charts probably pretty low right now I'm guessing yeah that's pretty low I'm not too concerned with it at all though look at that people are still selling count the seconds right seconds if you just kind of try to count the seconds when you see it flash every second that's where you know it's getting heavy right flash flash flash no no flash so always kind of count the seconds right if they're stalls here that's where you know that the market is either slowing down but if you're seeing flash flash flash flash flash in seconds right at a time and there's big market orders and walls of red then that's how you know that the market is extremely interested in dumping right so flash this just looking like think of it like that right every second okay every second my clock on here to show you guys but think of a second like a clock if you see flash flash flash flash flash like that and it's lots of red right lots of red that's how you know that there's a lot of algorithms and people in general that are just trying to dump the market when you see things like that but if you see green right and it's going flash flash flash and it changes every flew every second we're talking about right every second not every 2 3 4 or 5 seconds then that's how you know as well that it's gonna go up so here we're breaking it right 42 this is not really holding we're taking a look at the 97 40 ranges right here as well I'm not really too interested in closing my position right now to be quite honest 1 2 3 4 there's one more probably small little wave down this is actually the only trade that I've entered today which is very very surprising because usually I entered a lot but I'm just kind of relaxing today guys I'm shopping this is kind of I don't know some Amazons killing time a little bit today well things settle down so we take a look at my technical analysis here um then we can see clearly where the support zone is would you guys agree with me right this channel right here okay this channel is a beautiful thing right now hmm so I really recommend for people to be extremely extremely patient right now we can treat this as a level two we can treat this as an afternoon update as well okay no problem we can treat this as an afternoon update um these guys are amazed I don't know what they're doing exactly let's try to have a look here so how is my BTC shorts might be to see vlogs are actually going up right now which is crazy BTC shorts it's probably going up too so I'm just right there I you know are you guys gonna be happy with literally a super quick trade here I think I'll be pretty happy that's that's actually not mine I don't know why this screwed up like that okay I obviously wasn't I obviously entered more trade since then there's one right there right so it doesn't even show right here if you guys noticed look where's the one we're short at that price yeah it doesn't show um anyways let's see if i refresh the page if it shows here well you guys just saw me make like $75 right does really really fast $75 it doesn't even show here still see there we know it doesn't show isn't that weird do you guys see what I'm talking about it doesn't show me floating it it shows me shorting it here at $98 right so 9800 I'm gonna close it here's my $75 profit that I just made in front of you guys see it only shows me closing one position where's the rest of the one this is how BitFenix can really screw up sometimes it doesn't actually show you all of your orders a little frustrating sometimes there we go now that you've refreshed it a few times now it shows that okay which was pretty funny so yeah so take a look right there I actually shorted actually let's take a look at there see what's going on first anyways so if you see right here I shorted it at ninety hundred right and I mean $100 or seventy five dollars in literally six minutes super fast trade so where do we stand right now for a Bitcoin but you know what I'm not gonna do with Tina on it I'm gonna do a tea on it later tonight I just want to show you guys how I mean seventy five dollars in six minutes so yeah so I just want to go over level two and explain to you guys how we join a party and that's really important to understand because that's how we bought we go long on breakout and we also short on breakout down breakout doesn't always mean going up guys okay oh there's a breakout it doesn't always mean it's going up a break oh could also mean that it's going down okay and here we saw a break I'll attempt to go down and what I did was I shorted it with the market execution right shorted it with the market execution no problem at all actually did I yeah I did I shorted with the market execution join the party and I closed it about six minutes later so yeah level two guys it's really important for you guys to understand okay this is a level two action right here this refers to the order book that shows all the buys and sells this right here is the order book that shows the market depth the market depth right here can you zoom in and out okay the market depth you can zoom in and out and you think of it like this with the market depth decide with a bigger amount of walls it's a side that wants to devour the little side right there okay and the bigger side over here if it was bigger if there is more red okay let's say this side had more red they would want to devour the smaller side over here so here we clearly see the bigger wall with a hundred holding and that's why it starts to spike up see did you guys notice that I closed my position at ninety seven twenty right ninety seven twenty and now we're back up over fifty dollars we just literally rebounded right here it doesn't mean it won't go down again it just means that this is what a scalping position is so it's really important to take a look at the level to action and this if you guys have noticed in my live training videos it's actually when I stare at all day and all night I don't really look at a lot of candlestick analysis during intense moments and this is the screen right here that I'm looking at the most I'm just looking at numbers flash numbers flash and it gives me a gauge of the market sentiment and it also indicates momentum right so if I didn't close my position there I would actually be just waiting now I'd be just simply waiting to see what's gonna go on and if we take a look at here further right we see a lot of people attempting to break this right here look at this this these guys are attempting to break it there's 95 ok do you guys see that there's 95 is it holding right we try to count it every second like flash flash flash flash flash flash flash flash flash do you guys get what I'm saying does this make sense to you guys okay every second right now this flash flash flash they're just flashing it right lots of people are making market executions and these are all computers guys it's all computers that are doing this and you know there's the odd people that are doing as well but the majority of this is all ran by algorithms right so look now they're trying to hold that 97 50 97 50 97 50 is it gonna work is it gonna hold right here we're just gonna keep reading the level to order book a little bit more is the volume getting interested are people getting interested look over here okay on the 5-minute chart no they're not are they still flashing take a look 41 42 43 okay 43 now 44 45 46 47 48 nope there's no parade 59 50 sorry 52 53 54 55 56 57 58 59 right it just keeps going that's how you know that there's an immense amount of people that are selling right now so this is how I gauge level to order books okay make sure you guys understand this concept you have to understand level 2 to become a better trader it is the best if not the best okay momentum indicator out there not momentum indicator but it is the absolute 100% best to gain age of momentum if you guys know how to read momentum this can really change your game it allows you to see in real time what is going on in the market candles guys don't really show that much right candles only show a general general market sentiment over a specified period of time right the one-minute chart right here gives you real time analysis as well okay if you guys look out the one-minute chart and then you combine it with here right you can get real live time a gauge of momentum changes that can change really quickly that is how I am able to short very well from the top and that's how I'm also able to catch the bottom well because I'm looking at all these indicators combined so anyways I just want to give you guys a little tidbit of how I trade then what I do combine it with um you know live trade and and just reading level 2 so by now I forgot to say if you guys enjoy these videos please please upload it on Steam it it's your small way of appreciating me because I appreciate you guys and I know we love each other not in that make sure you like subscribe and share the material as well bye baby whales love you

30 thoughts on “Reading Level 2 Technical Analysis – Episode 09 with Live Trade – Bitcoin BTC”

  1. I'd appreciate your support with an upvote. If you think I've helped you tremendously, donate crypto to my dog's tequila / vodka problem.

  2. Phil, can you speak more about reading the Level 2 information? It was really interesting, and i feel there is probably alot more to what indicators you're looking at when watching during a flash sell. Thanks for everything!

  3. You are different than a crowd of people in the world & you are changing so many lives, you hav no idea…. genuine thanks to you Mama Whale 🙂

  4. Philakone, you're awesome! Your TA is spot on. hope you keep up your humor too as it makes the videos more interesting. I'm in a completely different youtube space, but I can appreciate how much effort it takes to post regularly. Keep up the great work!

  5. great video, the only question I have is why when you shorted 1 bitcoin, you then purchased 0.99 bitcoin, why not 1 bitcoin? Sorry i'm learning so just trying to understand this

  6. HI philakone. appreciate for all your updates. what does ''total and count'' means on bitfinex chart for btc

  7. Another video! yay! What would I do without you! lol and your sub count is going up, you're almost at 50K subs!

  8. I'm actually considering signing up for twitter…something I've been adamantly avoiding for 7 years…to follow you!!
    Thanks for all your sharing! Hey, I just found out our country is number 1 for crypto mining! I guess its because of all our "solar" power eh ;-0

  9. by far and away my favorite EDUCATIONAL video! cant keeep up….yet! i love how many videos you make…i cant let you know how much that helps….im down for now but i will help out your pup when i get er turned around~!! thanks again

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