Daily Cryptocurrency Technical Analysis & Learning
Back we're back in action. It's. A nice little Monday. Morning over here in Helsinki Finland I hope that everyone's doing beautifully. Wherever you might be in this world and. I'm just gonna give people a second here to kind of shuffle on in and as we are getting ready for, the. Good old show as they, say let me just get my own links out here so we can get some some, people some some nice viewers going on and down in the in. The good old chats and let me just get on over here make sure everything, is working. As intended because, you never know you. Never know you never know what might happen on stream it's live so so. It we'll do it live as they say all right, just get in this link out over here okay, okay just, making, sure this is good, all right hype doing crypto come on get over here there we go there we go hosting myself so that's also good as well and we're live yes, indeed, okay, it's looking nice all, right I got my link I'm gonna post it over here to all my good friends if you're over here pay attention it's about to start it's about to go down okay. Speaking of going down hey, what's up Paul Jarris how you doing man not related to Paul generis he's not going down he's going up he's going he's, going up and respect because god damn it Paul generis is a is it is a damn good human being let, me just post this over here on the on hyped on kryptos channel, as that, would be that would be nice to, do just, get some more people in there all right that looks good to me getting. My chats ready over here making sure that, my, charts, look all well and good hey what's up electric bird how you doing my friend how you doing good to have you in here and again guys please do please, do let me know if anything needs to be you, know moved. Around or, you, know adjusted. You know if I don't know if you can't see someone well just please do let me know I'm always here, always, looking for feedback and, and. Until that I'll just keep on talking just keep on moving my goddamn mouth what's up see Jackie how you doing mr. Jack over there and Poland what's up man all right so I'm. Just gonna briefly start going on over this Oh first things first I should probably disclose, my current.
Position I am in a little bit of a long right here I entered, at about 63, 49, and a half, essentially, just kind of a risk/reward play I do feel like we have a little bit of upside here as. We do kind of crawl our way along, this what. I'm looking at as a bear flag right here sorry, this does not look right let's go over here - uh nope no wrong chart yet over here - Finex there we go that's what I'm looking for yeah, still still kind of crawling around our way in this in, this bear flag we do have that yellow 21, exponential coming in around 60, or 64, 30 ish area on on. Phenix so that might be where I close this position. Essentially. I'll be managing risk in, this lower timeframe right below, I'm pretty much right at my entry again this is this is just one of those trades that I think is quite easy on the sole it's, a very easy risk reward trade. Where you know I'm buying on support right around here as you, could imagine that this is some sort of but you know what do you want to call this a. Falling. Wedge you know of consolidation. What the you wanna call it doesn't matter it doesn't matter what you call the, the important part is that we have a well-defined support and a well-defined resistance, and anytime that we have something like that well, there's typically a decent, trade setup to be made. With. That in mind though keep in mind that this is an extremely low time for extremely, low it's an hourly it's not that low but-but-but-but. It is a lower timeframe and these things can can, fall apart quite easily on a lower timeframe so I just want to talk about and be open and honest about the the limitations, with looking at something like this let, me just make sure that my chasse is going on over here see, Jackie nice emoji I like it love it, take trading, back above this purple, 200 exponential, right here if you're on if you're on the other night you did we did kind of identify, this this. Divergence, right here and you're also it is going on and since then we, did kind of consult it a little bit lower so again anytime that you do have divergence, doesn't necessarily mean a full-on reversal, but it can signal as. Soon as we get to this neutral zone right here it looks like we are starting to find support so I am leaning towards this being broken out to the upside here and again. Our next big resistance is somewhere around 64, 20 ish and above. There is 65. 50 which is where I really want to get this thing let's. Go check out the weekly by the way let's go check out the weekly and the weekly. With.
With. This weekly dildo with dilly right here apologies. Sorry. Guys I have a little bit of a potty mouth over here I apologize, about that but. You know the with this with this weekly candlestick. We. Essentially we've essentially done nothing, and and. By nothing nothing. Isn't the right term we've essentially had a consolidation. Week as, we do kind of tighten up this range after a little bit of a reactionary, bounce down here, now things, in the shorter timeframes do you look like we have a little bit of upside to me down. Below here I was just speaking with my good friend over on over on the over, on discord. That this kind of looks that this was kind of signals of a little bit of key accumulation, going on down here and again very very very very very short time frame so I don't want to you know make, this sound like we're going onwards and upwards again I'm extremely bearish in the, more longer, run however. In probably, for this next week it does look like we have a little bit of up to go. Again. You, know these if you want to call these bull wicks below this area you know you can call it that you can call whatever the you want in this blue box area is your support we've been kind of respecting, that as we move along here but, again I always want to have the the. Context. Of this price action with in mind because as long as we're within that, are long as we're trading under this resistance, and above, this support, you, know this is just a Bear Flag rising channel consolidation. Period and to, me to. Me that means I just want to be trading ranges you know being in and out quickly and also, have the idea in the back of my mind that if, we know in a, rising channel to they typically breakout to the downside more often than not so, yes, they can breakout to the upside it does happen I've seen it I've certainly seen it happen before not, very often but but. As long as we're within this I really you know I want to be extremely cautious with, with. The way that I'm taking. Trades and kind of positioning myself as these things can get sold on to quite easily we've, already been living in this rising channel for about over. Three weeks now starting, over here on this nice big fat girthy, red. Candlestick. Right. Here on, the 22nd, of June. And we've been yeah and we're actually on the 16th, of July. Right now so quite sometime we can certainly stay in it for quite some more time again, when you do have a rising channel you really don't have like an apex, like you would with any sort of triangular consolidation.
Formation, So, consolidation. Formation great great rhyming crown, cod am I probably sound like such a meme right now anyways. My point with that is is that you, know there's no sort of way. To gauge time on how, long you're gonna be or, could be stuck within this range as opposed, to something like this where you know you have a very large area. Of consolidation, let me just kind get my green trial triangles, out and flying around right, here but you can see you, know as it. Does get more and more full it gets more and more likely to break but you, would have been forced to choose the direction right here at the apex is what is called around, August. 11th, so again. Just just. Kind of random stuff to be aware of and, the immediate term timeframes, you know I know, a lot of people are calling this an invert in inverted, head and shoulders but it's, really not man you can't have your right shoulder trading below the low of your left shoulder on. Both your wicks and your and, your daily bodies over there really, really um you know one of those main things that I think a lot of people are getting wrong right now again I don't want to be you know calling anyone out god dammit Tony's just. Kidding tone bass probably has a right I don't really listen to anymore to be honest with you, but. But, but but but a lot of people are getting kind of like blindly bullish right here and while I do think we have some upside the the. Big point of this stream and the big point of what I'm probably gonna be saying for the next week is that we ain't out of the woods until we get above this area right here especially, this blue box area I mean if we did kind of crawl back into this green triangle area right here then, yes we would have by definition or change behavior, now, now. I'm sure you know a lot of people might be a little bit more aggressive in saying that the 6750. Area or 68-hundred, area is kind, of it's kind of where you'd be been making that decision yeah I mean you could make a little bit of a short-term decision there we did have a lot of short a lot. Of a lot of liquidity being hunted right here on this red Delian this powerful this, powerful wick as well so. Again you. Know it's it's always it's always a new moms perception, is is, what's best to have so, let me just kind of explain why, this is, my moniker. For a change, in market direction, so to say and that essentially is is that you. Know yet we have market faces going on here and up and I apologize, fine if you feel like I'm always repeating myself but I feel like this is really really important because again it's, a higher time frames it's the macro, market cycles and some macro trends where the real money is made you know I can scout these ranges all day long but, I can also just make you easy for myself and in.
Trade With the trend they're trying to be a friend if you let it be just, let it be your friend don't fight it don't make it your friend of me because then it'll you, sorry. Bad language anyway. So starting over here we. Have about a three year bull run and again, we're going over all the market faces right here and in. He and here's her bull face just blind this is where by the dip is great this is where Hottel is great this is I mean it's, okay but, but but this is where reddit is saying guys don't. Sell just by just, by and you'll be fine guys don't, worry about this this. Magic internet money it's not like any other trading asset you can do whatever the you want you just sit on your ass, masturbate all day sorry bad language but I know you, do it okay and you. Can make all the kind all kinds of money now, with that said you, know yes in this sort of market phase that is where it sort of lulls you into that false sense of security and and. Where I see a lot of people with get kind of get you know lazy. Lazy, sorts of mindsets and lazy sort of trading strategies being adopted myself, I actually did I kind, of fell into my own sort of my, own sort of trouble I'm, gonna say troubles right around here but I'll certainly, it. Wasn't until we had that bull trap about about, 16,500. Where I said okay we're. Not going to moon anymore it's time to not be long so, again, here's. A bull phase right here then you're then this is your topping phase slash reversal, phase right here if you're, wondering where I kind of got my my. Tip off that this was no longer a bullish market again, just kind of reiterate so, you can so you can reproduce yourself, in the future what is right here on this on this break of 1650, once we once we started closing big, fat red dillies below there I said, up it's time to get the out, until. That time we actually really didn't even have a change of behavior I know that sounds crazy because we did have about 50% down from 20,000, to 10,000 right here but, but we were having crazy moves like that all the way through in. Fact but you but when you look at these Exponential's, you can very easily see that oh it's uh it, really wasn't that I mean, while, it was aggressive it wasn't. Market, shifting, type. Behavior, as it wasn't until over here where we really started trading below these Exponential's, and and. Doing something different so you have your reversal phase right here so I'm getting all sorts of trial sidetracked, and then you consolidated.
Between 6,000 and 12,000 right here this green triangle triangle, area and that's also marked off by your by, your very orderly, fall-off. In volume right here another. Typical sign of consolidation, and then more importantly, when. We broke this consolidation to the downside with this with this red Dilley poking through you see that you see your first spike in volume coming back into the market this tells this is telling me that there's that there's, agreement within, this market sphere and. People are ready to live below or. People. Are ready to live or carry. Out a more prolonged bearish, trend so again that's why I look at this area right here this blue box area as like the tipping point for the market as long as we're below here I don't, see any reason, at all whatsoever to be you know bullish to. Seem like all-time highs by, the same token if we did started closing daily, Dilly's above here then yeah I do think that we have a change of behavior I definitely go neutral on the market maybe even bullish at that time we'd have to kind of you, know assess it while we get there now let me kind of talk about why I also, think we might have a little bit of upside here and just, put this chart into your mind's eye and sorry, about this guys I'm I'm. Over. Here on the chats I am paying attention but just, always be aware that on the chats sometimes. You know I can't. Always see, comments I can't, sorry what I should explain this better when. When the comments, disappear. From visual front, front front from the visual visible, view on the, stream on. The live stream then I actually can't see them anymore so so if I do miss your comment please just add it again at the bottom I'm happy to interact with anyone answer anything I'll talk about anything just a hi say hello, say, how are you or say, you just regale me in the comments. It's also good as well alright, so back now over here I'm back. Now over here put this in put this chart in your mind's eye as we. Have the this, by definition is you know your market cycle and it is and is something that I want to kind of present here and right, here looking at our exponential is that cyan line is your 100 exponential and that purple line is your 200 exponential, very powerful Exponential's, and now, look how price action has reacted, off of off.
Of This cross right here this is a very rare cross you really don't see it too often in trading spheres and it, can be a it. Can be a big, big big big big. Tip-off. On what the bots and algorithms are doing again I know a lot of people who are skeptical of technical analysis are gonna say something like crown what the are these magical lines you think that they can tell what the markets doing well of course not it's not just it's not that simple and technical analysis is nowhere near crystal, ball as some people might have you believe if huge if you're doing Elliot waves over there shame on you just kidding of course you can do what the you want. But but, that's kind of my problem with Elliot waves is that you know technical analysis isn't about telling the future it's about it's, about coming up with different scenarios and in. There trigger points and then, making good probabilistic, trades based off that that's all it is it's just no it's no more magical than that okay so packing over here before I ramble on any longer god damn a crown can't you just say, focus his, uh it, is right here so you have to cross right here and again, the the reason why this is important, is because it's telling us what the bots and the algorithms, are switching, on their programs to do we had your traditional death cross right here with your green fifty-five crossing the downside of your of, your purple, two hundred which is a very powerful cross, and this is this is the exact kind of death cross that you're looking for where it kind of pulls it into the price action then spits it out telling, you that the bots are on the sell side that. The algorithms, have switched to selling, and and. Over here the relevance, of this is that it's basically intensified, they're selling as though as those movement averages do do. You start to slow up a little bit more aggressively okay, so get. On with a crown so, so. We have this initial dump in price action right here dump. Down consolidate, right here pump back up to your yellow 21 then dump back down just a little bit lower and then pump backup pump, back up above your yellow 21 reach for your green 55 and then dump back down your low 21 okay memorize, that putting your mind side and we're gonna go into the goddamn time machine alright let's go do this back into time 1969. Good, old awesome powers is right over here with. Crown. What the you saying but. Uh but here is the only other time that this cross has ever happened in bitcoins almost 10-year history let, me repeat that Bitcoin. Has been around for almost ten years to the date and this. Is the only other time that we have seen these exponential moving averages, cross within, within, the whole lifetime, with a lot within the whole life of a Bitcoin itself, okay. So, what is the relevance of this well again, it tells us what the bots are doing what the algorithms are doing and their programming, does have carryover and that is what and that is how you can kind of look at historical price action you know not only you know human psychology of course but also but, also the way that these things are our, program just just by nature and and. We have very similar action, you know it's it's not one-to-one as some people would have you believe it's certainly not but, we do have this major dump consolidate.
Pump Backup tester yellow 21 dump back down a little bit lower and more, aggressively here to be fair a lot. More aggressively pump, back up above your yellow 21 reach for that green 55 dump, back down reach that kind of secondary, low right here. Right and then, pump back up putting in the bull trap of, death and decay because, soon after that well we get the red Dilley party all the way down destroying all sorts of bullish potholes right there sorry dere yours right. There so. Again I also want to point out this remember, how we're in a little bit of a of. A rising channel bear flag in the current price, action of Bitcoin well, look at this look. At this we we, do actually have a bear flag broad anymore the you want to call it again it doesn't matter what you what, English word you you refer to this or used to refer this but, what but what matters is is the support of resistance and very clearly we break this you know the. This, rising, channel type formation to the downside, very, similar, to what we have going on in the current price action so, so, keep in mind that, we actually do find resistance right around the right, around the 100 exponential that cyan line right there which, guess what you'd imagine that if we do extrapolate. This a little bit further and if we in and we're making an assumption here making a major assumption, that whoops. Whoops sorry about that that, we would you know it would start to kind of come down into here under the blue box territory and that's likely where we do find resistance if this, move does play out like that so again I don't want to make this sound like it is it's. A done deal I'm just offering up ideas and I want to be very thorough in the way that I explain this as its. As it's certainly possible is, what I want to get out get, get on over here as as. You. Know I always want to be aware of all, the situations, present now it goes without saying that we dump on on down onwards. And downwards pretty, pretty damn aggressively, after that to our all-time low if we are gonna follow that sort of 2014, area so, where would that equate to in in. Bitcoins, current trajectory well, I'm glad you asked crown. If. I am I losing my mind that much but. But fair enough okay, so with this with this sort of bear flag rising channel formation right here we actually can make a measure move off that and if, we just take the bottom of our flagpole to the top and we apply that to the perspective down or. Breakdown. Area right around here again we're making an assumption here making a major major assumptions, being made I want, to be clear about that but if we did break this down and confirm down well where does this measure move take us Oh beautiful, right into that blue box territory right there a nice horizontal level kind of a green with that but hey is there anything else that points in that direction or is it that of course of course there is my thought I asked myself again, oh. My. God I should stop drinking coffee jesus. Christ so, over here over. Here when we do pull it out when in doubt pull it out it doesn't just work for sex but it also works for charting and and. We can see an inverted cup and handle right here a very very well-defined one as well as we, do have the right volunteer to assist we do have the right shape we do have the right side so smells like one it's taste like when it smells like or I don't know it acts like when what's, the other word, then. It probably is one and, and. More importantly whenever I'm going over these formations I'm always looking for ways, that could not be true just. Like this inverted head and shoulders over here was kind of denied with, this with. This move right here that, liquidity run right, there I'm. Always looking for why. Things would likely be denied and with, this measure move it would take us down. If, we do apply it right making, sure doing. All my good drawings and, look at that it takes us right back into that blue buck territory as well okay, crown that's that's kind of cool but, I'm not convinced yet what, else do we have pointing down there well you don't need to be convinced goddammit stop arguing with myself but, you got your seven eight six Fibonacci retracement, coming in there as well okay, what else can we find alright. I'm. Getting more and more retarded by the second Jesus Christ okay so over here on our on. Our bit stamp chart we have we, have bit stamp the longest-running, Bitcoin exchange all going all the way back to the Genesis block of good old Bitcoin and in. This is almost 10 years of price action and price history and what. Do we have over here on the logarithmic time scale well we do have a, trend line that has been valid, ever since the inception of Bitcoin this dotted trend line right here and. It's never been broken in the UH again the almost 10 year history of Bitcoin very, cool now, what is why am I talking about this well you'd.
Imagine That if we do extrapolate, this forwards here then, it would very likely it. Would very likely intersect. With, this horizontal area right here again that 4400, level that we just talked about we know with all those all, those measure, moves kind of pointing towards and it also point towards you know that 786 naught retracement, also, your your purple 200 exponential does come around there as well so just another thing but but, on to this point about this this logarithmic trendline well in 2014 this market cycle over here we did bottom, along this along, this trendline but more importantly we we bottomed along the intersection, of this. Log method trend line from, the initial, consolidation. Phase over here to, our horizontal. Area right here from the past market cycle now, if we do kind of extrapolate this forwards. Over here we can see that this all intersects, again at that 4400, region more, importantly, or maybe less importantly this is more like that this is more like tinfoil, hatchet right here so please do take this with like five billion grains of salt go to the beach or. Sand I don't even know. Goddamn. The crown to even make sense but, over here we can actually look at the time frame of of when this could happen and again time analysis, is not something that I'm truly comfortable with but, this is quite interesting as we do have the, good old Bitcoin, ETF, being announced on perhaps the August, August attempt, and by the way that's a little bit misleading because because. If you actually do look into that paper it doesn't necessarily, indicate, that it's gonna be decided, for sure on August, 10th in fact it says it could take another you know 40 or 45 days whatever it might be anyways, the, what, I'm trying to get out over here is that we actually do have all this all all these things converging, at that 4,400 level around right, there on the date at the bottom you can see on 8 on 8 6 & 8 & 8 13 in between 8 6 & 8 13, because this is a weekly dildo chart weekly, daily chart and. Goddammit. And and. And, that would likely be right around that August 10th date so, again I'm just I'm not saying this is gonna happen one to one I'm not saying that it's gonna happen at all I'm just saying that we do have some technical analysis ways bringing us down there and I do think that is a little bit interesting with the way that it kind of formulates, around those around, those those. Dates that that everyone seems to have their eyes on now I do think that we actually could very very easily go lower in fact I mean I mean this this is why I have to be bearish overall is that is that I just looked at the monthly right here and like holy man is, there anything bullish about this chart well you got a pair of tweezers top Dilly's right there consolidation, right there and then breaking the consolidation, to the downside and it's, pretty damn I mean, it's. Hard it's really hard to argue against this you know as a technical analyst it's hard to argue against this I'm not saying it's gonna happen but, it's certainly possible that we that you know it's. Just. Just by traditional metrics, it's it's really not that crazy, to think that it could come all the way back down here around 1200, 1300 credit. To Jen colada for always pointing that out although, actually do you think a little bit lower so. Again, you know be be aware of these sorts of things our human brains our human minds have a very difficult time with interpreting.
You Know big ranges, but when we put into a historical, perspective you can see very easily that you, know this is you, know it's, always it's on the table as so, to say it's on the table alright okay. Let me let me get back on over to the lower timeframes, put back on these these, nice little um these. Nice little trend lines over here and maybe I'm gonna be getting a shake, shaking out of this position pretty damn soon it looks like we are sewing down as this hourly Dilli does does. Kind, of get put into place we got another seven, seconds, flat six seconds five seconds let's see what bit Mex is doing then like sewing a little bit harder actually in fact you can see right here on. This red Dilley kind of rejecting. This. The this price section from this resistance, right here is, you, know I mean it's not huge it's certainly not huge but it is you know it's consolidation, volume it is it. Is kind of telling us we're not we're not quite ready just yet also putting us right back below that that 200 exponential right there in fact, I think it's time for me to get out of this damn position because, well well. Now I'll just let it hit my stop again I do have a stoploss about a few bucks away I'm not really interested in taking a loss on this trade I mean, who is it's say, say something new crown god damn it but yeah at the end of the day it's. Kind of what I'm looking at, this is kind of what I'm looking at over here all right okay. Great it's making sure my phone is going absolutely crazy at all hours of the day I apologize, about that okay guys back over here to the to the good old comments let's see LBX, says hey crown interesting. Chart for et Cie on by Nance I don't even own each see but I'm interested in in your read on it alright yeah let's go check it out man I'm not gonna look at my nose because. That exchange man oh sorry, it's just I. Don't. Like - man it's, not very Safa in my opinion anyways, over, here on on on a theorem classic on fin X we. Can see very clearly that yes, we're doing some sort of a some. Sort of a you know rising, channel rising blood for the you want to call it doesn't really matter to me again I don't care what English word you used to identify this I care about the supporting resistance and it, does look like we do have the right the, right volume character was in the right shape of yeah. I guess would be concerned. To a rising, wedge in the way that it's formulated right now as, long as we're holding this port right here it is actually, do you think it's okay. Sixteen, dollars and thirty cents in ceará to hold if I do if I were taking a trade right here and have a stop-loss right around there like sixteen dollars and 20 cents sixteen dollars ten cents whatever the it might be and.
Then You do have your truant at exponential coming right around here so if I was taking this trade I'll be looking somewhere right around here yes you do have resistance, right here at about seventeen, and a half bucks but. Eighteen dollars and seventy four cents about is is kind of it's kind of the next big area of resistance as you do see that that daily 200 exponential starting to line up with this with, this nice horizontal level as well again. You know a theorem classic Inc I can't get too excited about this thing until, we get above this area right here until, we get above 23, bucks and 32. Cents and a half or whatever, might be. Can't. Get too excited about it from from a technical analysis standpoint in fact I really can't get too excited about this thing in general because this looks like a ton of distribution, going on right here a little, bit of a throwback going on in this area right here then another another. You know it's, just it's just as bullish news being thrown into the it, being thrown to the gauntlet into, the gauntlet in. A bearish market so, so, while we might have a little bit of upside I want to be extremely cautious and, always want to keep it keep one eye on bit cone over there if big cone stars start start selling down it's like that etherium classic well as well if bitcoin does does play out this week you know true, the upside light like we think you know it might. It, looks like it's certainly possible, then. Then. Then. Then then a, theorem plastic likely will as well so yeah man that's what I have to say about that again watch those levels because that's, kind of where I see. That's. Kind of where I see the the interest in that thing all right back no over here to the to, to the finnex 15-minute. Guy sorry, about this guys I don't want it I don't represent myself as saying that you know you. Should be trading lower timeframes, I'm just kind of just kind of want to look at something on screen oh sorry but okay, great all right back on over here to the comments electric, Burt says caffeine and do psychosis, don't stick your dilly and cray-cray oh you. You just went there by. The way guys by, the way guys if your comment does disappear from visible view it's, not that I want to skip it or anything like that I want to read everyone's comments it's just it's just I can't see it anymore so please do just add it again and I'm happy to to get to it all right Derek M what's up man how you doing crowns back on the Fein how are you, I am actually I am, feels good man I feel of FGM, bro but yeah you know it's uh I, feel like it's just kind of necessary right now been doing a lot of it a lot of work so I I can eat that that extra that extra little boost of um of. Energy, over here Eli, says hey what's up what's up Eli how you doing man hey ground maybe maybe, just showing off my inexperience here but with, the bots trading, Bitcoin have been advanced.
In 2014, as they are these days um well. I mean no. No. Because people are always getting better and better over time right but I can tell you that yes they were pretty good in 2014, as well again I was trading equity options at that time I can tell you in that realm they are extremely. Extremely sophisticated in, fact they are the. Things that they can do would. What. What what would really what. Would really what's. It called. What, Jesus, Christ I just lost my space would really would, really blow your mind man would really blow your mind at the end of the day man these things are these. Things are are, programmed, in. Part, by some of the best of the best of the best programmers in the world the best of the developers. In fact I can tell you from experience that, you know the what, what prop shops and what big firms really want nowadays are not trade I mean they do want some traders to give like the logic but what they really want are are programmers, so if you know your in that in that way then, goddamn, man good, all right back, now over here um so yeah you know again Eli you know everyone's, known about the Exponential's for you know thirty years man it's since, they were calculated, by hand you know back in the day and like the seventies or sixties so, again it's it's not like this is new information over, here and those inputs, are very you know very very, very very very common, so that's why I believe that they do have relevance, over time and then also again man you know when we are talking about long term price action like this right here you know we're not really looking at a chart of Bitcoin we're, looking at a chart of human emotions man this is human emotions you know we're right here we're charting fear, of missing out greed, exuberant, irrationality, and then right here we're charting you know fear uncertainty doubt, that kind of so, again man you got to be careful with that you got you got to be careful with that and and. And, just keep that in mind at all times you know I've found that market cycles are pretty consistent amongst, any amongst, most trading. Sphere so to say, meaning, that you know even even in equity options and commodities, and magic, and. Forex, you know these these things do have a lot, of wait to be played out over time all, right back there over here to the comments let's see uh Derek. Are you able to make it to Ottawa meet up in xx oh yeah definitely go check out DJ meet popsicles uh DJ, Pete particles meet up over there by the way what's up DJ meet I did, not Johnny I was in Vancouver a couple weeks ago buy at Monty's party. For. Maximum financial opportunity, you know what's crazy Alfred you know it's crazy man you know Alfred, Alfred you're gonna understand this and I don't want to scare other people in here but you know but but but I just want to speak specifically, to Alfred right now I mean if you do want to listen if you're hard lured just turn your ears away turn your eyes away and. I'll spare you this and I'll spare you this right now but, hey you know we're actually you. Know what Alfred you know it's funny about this is that we're actually not even in a bear market by definition over here if you look at the monthly it, wouldn't be until we start trading like below here below below well below a thousand, that we actually enter bear market territory just, by definition because, right here is I mean the way that you can look at this from a longer term perspective is is it's a big correction, now, yes the percentages, are really, really really really aggressive but.
But, By definition you don't have a bear trend until you have like a prolonged, downtrend. You know past, past your former market cycle right here so if you really did start you know violating, this area right here which, again I disagree with you man I believe that strong that strong monthly support is actually 1150, right here. It's. Not until you go below there that, that that you would actually enter enter. That that's phase so again I'm just kind of using these words as you know more people are gonna be comfortable with calling this as a bear turn right here but you know if you really do pull things out and get the full you know 10-year perspective, it's, actually it's actually not so simple now is it okay, back, no over here Derek M says yeah I didn't I didn't even know about, it or I probably would have checked it out well fair enough speaking, of tinfoil hats it looks like the six of the month mark month, market reversal is over this, is Eli well let's go check it out man let's go check it out so we had the 6th of July. Right here or sorry the 6th of July right here which, essentially did kind of put us back to the downside so I mean. No not. Quite yes yet we, do I mean we have basically if we are gonna play out the sixth meme of the month which again I'm not sure that I do believe it do, believe in it although it has been playing out for the last six months, that, uh that, that that would imply that we very likely do not get back above sixty seven fifty area. Again you know just just just, be aware of that if that is gonna be if that is gonna play out but again I you know that. That sort of thing more more tinfoil hat than anything I wouldn't really put too much weight on it overall all right back now over here to the to the comments and let's see DJ, meet says crown I'll paste my chart in the cave again for the one hour candles, with, my magic, curved. Line again the price bounces off my magical, line all, right let's get that lad that magical line out and flying around I'm gonna see that right now DJ, meat let's. See, ok. So DJ meats got it right over here I'm gonna bring it into into, visual view look at that guy's DJ, meat pop school has done it once again there. There is a line and it is respecting, the line which line is it well it's probably I'm guessing you're talking about this one right here so yeah man you know I've the same thing drawn in there as well and I do agree with it on the shorter timeframes so you know fair enough fair enough. I'm, gonna get back over here and take this off just in case it's just in case if anything anything. Anything embarrassing, pops up over that over there but hey thank you for sharing that mr. DJ, meat as as. As. You know you I mean you are right by definition right now and I mean, I see it myself I I do agree with that I mean essentially what you're plotting out and what essentially agrees with you as well as your Exponential's right here just coming in line with. That area so whoops. There we go let, me get back over here to to Phenix and get let me get back over here to the comments as, there.
It Is all right there we go okay. Funds are to Sabu on Finance it's scary it, it. Sounds extremely scary hey hey bitcoin is cent how you doing how you doing rocky bitstamp. Data doesn't go back to the Genesis block the Genesis block was January 3rd 2009, Bitcoin didn't even didn't have a price until May 22nd. 2010 but, bitstamp okay so okay, my ok I apologize, about that Rocky I did get the I did get the the, the definitions, wrong right there it doesn't go back to the Genesis block but, as as soon as we actually have price data for it price history then, yes that dent, then yes it looks like bitstamp does start to pick it up alright so you're saying you're saying the 2011, let's, let's go verify that really quickly, 2011. So we're right over here yeah you're right oh it is 2011 so yeah it started about a year later after that but fair enough you know still again most. Of the price action um you, know represented, within there and that's kind of what I want to be having my eyes on so if so fair enough rocky as always men as always a goddamn pleasure for for, for setting me straight because, crown is not being thorough right now okay. Let's, see DJ me says beat. Bitcoin pizza day woot. Age. Of the age, of the geek baby that's right baby, what's. Up Lando how you how you doing by the way Lando how you doing man good talking with you earlier, Krypton venture says what's the main difference between exponential. Moving averages and just regular moving averages okay, so this is a question that I get a lot and the, and the very basic answer is that exponential. Moving averages, put more weight on the recent price action and, regular. Moving averages are quite are quite literally just you know just a calculation, over time whereas, again Exponential's. Put more weight on the recent price action so so I like to use Exponential's, I just feel like I feel, more comfortable with them that's what I you know grew up learning grew up learning but, you know again coming from my sort of background as a. As. A market maker and equity options when I was when I was around those sorts of fears when I was around those sorts of people the, big thing that that, that that, that people were using over there and that I was taught and what I have the most experience in is Exponential's. All right, back on over here to the to the comments and let's see, um. DJ, meet says crown you keep moving your lines yet my magical, line has never moved since I placed it over one and a half months ago I know it's I know it's got no TA to it actually back it up but it is Harleen, well fair enough man yeah I mean well do I really move do I really keep on moving my lines we, do have this one right here we.
Do Have this one right here which is kind of what I'll be going off of but, yeah man that's why use Exponential's, they're gonna be they're gonna be kind of be taking that care of that for me you can see right here that they do they, are starting to line up with your area right there and again it just it looks like we had a little bit of accumulation going on right here and now we're gonna see if we're gonna play. Play, it out right right here so again you. Know always always be always be aware of that guys always be aware of that as as, as. You know your trend lines trend. Lines were made to be broken so, you know you, know the. Reason why we use them is because it gives us good you. Know good good. Historical relevance to, maybe not that historical relevance but you know good good, price action relevance to kind of make good probabilistic. Trades made off of them all right uh, okay. Oh right okay. Let's. See all. Right electric bird set hey what's up electro bird how you doing man crown your thoughts on mate on mainly trading mate major trend reversals pullbacks trading range reversals, and breakouts. I think, you know if you don't have that much time if you don't if you just want to make this easy for yourself and yeah that's that's really the best way to do it again you know I kind of do that do it the same way myself actually in that, you, know for full disclosure again, like I stated at the beginning of this of. This stream you, know I I pretty much took out about 75%. Of my trading of, my trading account right here when. I realized, that we were likely reversing, and not doing this this moonshot, business anymore so right around here you know so so yes I do believe that there is the. There is a lot to be said about that because at the end of the day you, know trade it you can make trading easy for your cell phone or hard on yourself and it's already pretty, hard so um so, again man yeah and. Especially like if you don't have that much time to devote to learning the sorts of stuff or just that that much time to devote to actually like you know trading, it trading things and managing them well, well. Then that's that then, that is kind of like that or or at least that would be my, my. Sort of main main, you, know route of attack if you will all right back now over here to the to, the to, the more recent price action. Okay. All. Right Sharon says what, are we trying to see what these EMA's well we're essentially looking at moving, averages and and. And the and the real relevance, of EMA's is essentially. The way that BOTS and algorithms are programmed off of and a lot of them are programmed with these sorts of things in mind yes of course they do take into, consideration.
Other Other elements, and other data points of course, but. Exponential, moving averages are the way that you can kind of understand. With the bots and what the algorithms are doing all there and thereby its auto and they sell are they on the sell side where they're defending where they where they attacking, you know this sorts of these sorts of things all have, great relevance and over, time it really does help smooth out price action. Okay. Zorin Jovic says what is your timeline are reaching that that Bitcoin bottom I hear here, even summer 20 and 2019 I kind. Of covered that earlier but, but just to reiterate well, we, would you know okay if again. Major major, assumption, being made here if this. 4400. Region was going to be the bottom then. Then. It would likely happen actually next month next. Month, you know mid, mid August to to, early October at, the latest again. Right around here is where I'd be looking. And. And. We do have a lot of data points can along, that area as well so so. Yeah man that's what I'd be thinking on that however however, if we did play out the more bare scenarios, down to this area right here then, now it imply you know, late. Late 2018 about you know mid-november, to, 2, to, late December area. Right around here so. Yeah you know again it's it's gonna depend on what we actually do right, now this is obviously the first the first and most in, the most convincing point, to me however it doesn't mean that we can't move lower and we do have things pointing lower down here and obviously the monthly as well. The monthly, as well would likely take if. We are if we are gonna get all the way down to you know 1,100. 1,200 if that did even happen then yes it would happen most, likely next year in, like the I'd like the end of the first quarter as you can see is sometime in like late April would make sense again I'm not saying that's gonna happen I'm just saying that you know if we did get there and if that was still kind of the trajectory of the market that's where I'd be looking, as. Always, guys you have to take the market one leg at a time and, and. In, the way that I see this right now is that is, that you know that 4400 region has a lot of things pointing towards it 29. To 2500, also has a lot of things pointing towards it but obviously you know one step at a time of course so, yeah that's what I'm looking at right now okay back onto the current, price action and let's. See what we got going on these comments over here okay, DJ meat says Zorin if you believe that Twitter and YouTube justify, the market you're very young into crypto I think whoops. Okay alright I think, I think I miss some some, some. Comments alright there we are hey 0 1 2 8 cents why are we gaining Schwartz off practically no price action well, this is what makes me think that we probably do have a little bit of upside right here we've been gaining a ton of shorts in the last sorry. A crap ton of shorts in the last in, the last Oh what is it about 10 hours oh god, damn it now I'm about, to get was shaking out in my position. Since. Ride around here at around yesterday. Yesterday starting around 12 a.m. my time which. Would be, right. Here so. A lot of people were shorting right around here. Indicating. That a lot of you know a lot of these shorts are actually already underwater by a little bit they probably do have stop losses somewhere right around here I'd imagine around 6400. So. You know always keep that in mind with that said with, that said I do want to I do, want to say that you know when, when people that, when people do you. Know put you. Know put put, put, a lot of short UPS shorts, up right out right out support it typically does lead to a nice little shake out as you know it's it's a lot easier to shake out shorts over-aggressive, shorter, than it is to shake out over-aggressive Long's and we are still maintaining this this sideways and perhaps.perhaps, bullish. Consolidation, right here so yeah that's one of you think about that looks like I did just get shaken out of my position oh no, it's over goddamn it I thought that position was gonna make me rich but now I'm poor now I'm eating, noodles over here sorry about that anyways, back on over here to the comments, let's. See Richard Richard, Perot says, oh wait, uh Sorensen's, bottom is in or sorry DJ meat says bottom isn't well well. Yeah, that's, right guys we don't need pitch elation anymore we can just move onwards and upwards, DJ, me pops go here to save the day Zoran. Says no it's not lol, Richard, Perot says hey what's up Richard how you doing man good to meet you how's it going mate I know TRX is. Coin but can you do some tea on it please yeah man of course man of course and you know and, again guys when, it comes to discussing the underlying fundamentals and, and. Charting, they're two completely different things in my in my opinion, too sometimes they will they will reflect each other but but.
At The end of the day if you're gonna be a trader you can't care about what name, is over here the name doesn't matter all that matters in is price volume and time and the, way that I look at this is that is, that Tron actually is having a little bit of a pick-me-up over here if, you will and in, fact if I do man, this is why I hate Doug this is why I hate diagonal, trend lines but if I do look at it like that then, maybe we are in some sort of a falling wedge consolidation, right here and we did just break it out to the upside however, however. You can see right here that's your purple 200 exponential, and we are we're, kind of we're kind of struggling around it so I really can't get too excited as long as we're closing Dilly's below this area right here if we can close a daily dilly above, what, is this 550, then yeah I think that we got a nice little run to this next resistance somewhere, right around 600. Area, but, until that happens until, that happens I'd be very very careful with this now I do like the by volume going on down here it shows that people are getting starting to get interested and it looks like we are kind of you know stair stepping our way upwards and onwards so I do like that as well this you know this doesn't. Look too bad so. Yeah man yeah, again you know your big areas is right here is what is what I'd be looking at right here as long as we're below here I don't wanna get too excited about it but if we do start closing daily doles Dilly's above there then yeah I think you got a nice little move all the way up to about 600 ish and, maybe, we even do reverse it I mean overall it, does look like are, you like is this okay I mean, it's. Not it's, not it's not a beautiful consolidation, but it's it's it, works I suppose but again that that purple line is going to be the big area of your. Next battle if so so to say alright back now over here to the comments and let's see, DJ. Says love you crown wish we had bee bees together Oh goddamn. It how beautiful would they be GG maybe popsicle and what would we nee them and goddamnit are they gonna be Bitcoin ATMs or I, don't know I don't know what what what kind of monstrous. Monstrosity, I would produce big, sigh, rocky. Says when pimping my sister out to me. Rocky. God dammit this is a family-friendly channel you're, talking about pimping out your sister. Was. She good I'm bad. Comments. To make crown bad comments to make but rocky you should know this information if you're gonna be a pimp, soren. Says we, are in delusion delusion. Of phase of bubbles just look at Twitter and YouTube all you see is moon videos that shows we are far from the bottom yeah, I would, agree with that I would agree with that there's way too much, ignorant. Bullishness going, on right now a lot of people have become Wyckoff effort experts recently saying that this whole face has been accumulation, it's not at all whatsoever in fact, it's it would be it'd be quite literally suggesting the opposite if you do know your Wyckoff theory and. And. Again I always want to be as balanced as possible and I'm always looking for ways. To show me of upside but really the best thing I can do right now is that is that big bowl trap of 2014, that's the best I can come, up with and you know what all the Twitter people all the YouTube people and all the training few people are gonna be extremely excited by that I can tell you that right now or I mean they probably will right you know as everyone gets excited anytime we have a $100, dildo dilly dilly. Then. Then. You know you do, get that you do get you get you get those people kind of coming out the Woodworks over there oh let me make sure that my that my mic is working well okay yeah it's it's working over here great alright and all and as always guys please please you guys be the ones to let me know um you know if anything's. Not working for you over here I'm always happy to adjust, things in, and, yeah make it better for everyone of course of course, all right back on in the comments yeah let's see who do we got over here um um. Um. DJ meat says Orin if you believe that Twitter and YouTube justify, the market you're very young into crypto I think I could be wrong I'd be open to discussing this further with you in private I, like this private discussion let me get in Sorensen's, please do you elaborate why you think this is the bottom I'm.
Guessing You're talking to DJ meat I believe it due to previous bottoms we had three, times well fair enough I I don't quite see it myself I don't quite see myself. Lol. Every time we dipped under 6000 finnex printed finished Phenix printed tether um I. Don't. Really know too much about that to be honest with you there are other reasons that you could argue our, personal reasons just the same as I argue reasons are personal so I guess you could say that I don't have much proof but I already the same to you yeah fair enough at the end of the day man at the end the day we're all just sharing points. Of view over here and it's in it's good for discussion to have to spent dissenting, opinions when we get together as a community and discuss these sorts of things and discuss you know you know maybe maybe, a fallacies. With what we're thinking or also you know you, know good things about what we're thinking then we can all come together to, gain, a better understanding that's, really the benefit of being in a community like this alright, um, um. Let's. See. Nightbot telling us to drink, some water drink, some goddamn water guys. Richard, says thanks mate all good men all good hotdogs dem Tilly's doh, you. Like that hyped on crypto don't show DJ. Meat says we would name our son Thor, and our daughter hey you know. We name our daughter abortion No oh my god crowned bad we'd. Not name her that we would name her beautiful. Angel angel. Hair. Sorry. It's. Not intended to offend okay. Oh. God. I love it man gotta love it okay. Let's. See let's see, okay. And by the way guys yeah I'm always I'm always happy to talk about dissenting, opinions here as always man that's what this that's what this stream is for you know I'm gonna be wrong at times too I mean maybe I'm wrong all the time but I, just. Want to finish that sense you know don't you be arrogant over here alright uh let's see patrick says what, do you think of is the future of all coins i think most of them are probably gonna die in the in, the proceed not the foreseeable, future but it probably in the next couple couple, two or two or three years here's the problem guys here's the problem is that, Bitcoin, Bitcoin has plenty of downside to play out if it wants to again. We've been talking about the you know 4400. At the very least I mean you know it, could turn around here I mean again at you know it could be that we start closing daily doings above this area right here about 7400 if we did that then then yeah this could be the bottom. But. You know it but but again there's a lot more things pointing lower you know again forty four hundred you, know twenty twenty-five twenty-six hundred and then and then 1,100, 1,200, and, if that did happen you have to wonder to yourself where, would these alts go where do they have to go I mean always bring up this one right here good old end cash the, future of Bitcoin right and in, cash I mean this thing has just been making new lows afternoon, loaves this is your definition of a coin right here at. The end of the day man at the end of the day you, know there's there's no there's no limit to how low these things can go it's just like sex you know it's always lower than you think and in. The way that I look at this is that you know I have. To as I have to ask myself okay Bitcoin if Bitcoin. Plays out this the this, majorly bearish scenario where the is this thing gonna go it's already you know it's already blasted through every goddamn support, it's ever had, it's. I mean zero isn't, that far away I suppose but uh but yeah at. The end of the day you know there there is a lot of charts that look like this let's go look at another one another another former, crowd favorite from front, from a few months ago and nano just low after low and again I want to take a second to talk about this as. You know it's a common fallacy that. That I've had myself when I first came into trading that I see a lot perpetuated. A lot as well in that, you think hey it's gone so goddamn low it can't go any lower guys it's it's, gone low enough already there's nothing else to it no. No, no no no that is 100%. The wrong way to be thinking about at least in my experience that's led to a lot of pain a lot of hurt in my experience and let me tell you why there's. A saying that we had on the floor of new exchange arca and that was that, the we get weaker and the strong get stronger in something like this in most all coins that look like this are weak and when Bitcoin shows weakly weakness they will likely get weaker, and when, big quiz show strength well they barely even they barely even rally with it which is which is also a sign of weakness so again man, a lot.
Of Things look like this and, the one that we just previously, looked at and that's why I don't want to be you. Know you, know I'm really not looking forward to money of these things now, with that said there's, probably gonna be a handful of altcoins that are gonna be extremely successful over, time do, I know what those are no I don't know but, but, I can tell you you know you can't you can't just use blanket stains statements, for everything right of course there's gonna be exceptions, of course there's gonna be you know you know random, things that happen in, this fear of course, you always have to have an open mind maybe you know it's, always possible it's, probably not probable, must, probably not probably it's not probable but but. It is possible you know someone comes along and they make something better than Bitcoin but you know then again it's like Bitcoin has the most history it has some o it has the best developers, it has the most activity all this great stuff and you. Have to be really be wanting to yourself well well. All. Right. Well they got a lot of work to do I'll put it that way they got a lot, of work to do but you always have to you always do have to keep an open mind okay. All. Right let's. See Zoran says are you familiar with tawny Bay's He is calling 1300, bottom since January yeah man I am familiar with them, I don't really tune into him too much because I hate his voice hi, guys he sees tone days and we have the td9 here, and everything, is, coin besides, be it's coin but, now we go to the bottom floor now. Yeah man he uh he's. Interesting guy I think. I think he's one of the few guys who's been pretty damn bearish along with me however. I would say this you know any tin and again this is not this, is not a directed. Remark, at him but in general, whenever, I see someone who's who's talking about analysis on YouTube or Twitter or whatever, social venue it might be and they, don't trade themselves, or verify, themselves, trading then that is a big, big big big big red flag in my experience so I just kind of want to offer that up again I'm not saying that that that.
At Any one in particular but you, know but you know you always do have to wonder right so. Again so. Yeah I am familiar with them and yeah I do see that man I do, see that is it is possible, and you know he is right you know it's it's not it's certainly not another question man just, by your traditional dilly dilly, formations, monthly. Is pretty damn clear it's saying you know, usually. You do come back down and revisit this area right here so, yeah man yeah all. Right. Fair enough all. Right back no over here to the to. The lower timeframes, and back over here to the comments all right, uh let's. See let's. Uh hey. Z Rex what's up man how you doing mr. Z Rex good to have you back in here check out CF, CF, CF, I yeah Mon so let's go check it out what is this futures again see, if I. Know. Oh sorry that's VF I'm sorry about that can't type I can't, do much actually oh you're is it your own ex is is this what you're looking at or do you want to look at CF I on the dollar please do let me know man I'm over here at the bottom the comments I'm gonna guess you want to look at this one or, this does not even trade so I'm guessing you want to look at the other one man. Maybe. It's CF 5 bcc simply. Oh yeah cuff found it I think I heard about this one not too long ago it sounds sounds legit it barely, trait look at this man this is an hourly and you have gaps every goddamn which way this, thing barely trades man this thing poetry it's it's way too new to do any sort of analysis. On maybe, the other exchange has better better. Price history let's, go over here to treks and do. We yeah we do okay so we can we can chart this yeah this, has this has enough this, has enough history right here and okay. So we, what, did we do over here ah, Wow indeed. So we did have a throw over around here brought, it back up then sold off right back down Jesus, Christ just brutal man just brutal these. Moves on some of these all coins they're just so nasty so. Nasty it, does look like to me that, it. Does look like to me that we're actually under pretty pretty damn big pressure right here as. Long as we're below five thirty sat it. Looks kind, of nasty to me man I mean I'm sure people are looking at this and saying guys, it's a it's, a falling wedge consolidation. And you, know let's. Just kind of let's just kind of dissect this if. It's even possible and, we got this right here and this right here this, this would kind of indicate that we've already broken out of it but this is why I don't like falling wedges they they they, typically don't do w