$BTC #Bitcoin Quick Market Update 1/11/22
hello hello hello it's a wonderful day hello all right buddy it's big chats big chats big chats technical difficulties and all it's big chats coming live to you coming live to you friends my good friends thank you for taking some time out of your day i'm coming live to you on a tuesday it is the 11th day of january in the year 2022 i want to say a deep heartfelt thank you uh for coming it's a lot of fun i am big chad you can find me in a bunch of places let's let me just get through uh this basic spiel and we'll get to why you're here you want to hear about bitcoin you want to kind of uh see where we're at this is going to be a very quick market update i really just wanted to touch base with you folks of course you can find me on twitter at big chads i do a lot of academic observations about price uh trading psychology um you know free stuff let's go right to uh let's see if you go to the crypto banter youtube they have a playlist called trading wisdom of 13 great episodes uh please do check that out tons of free alpha in that if you go to my youtube and by the way please do consider hitting like and consider hitting subscribe if you go to playlists i really would recommend you start out with the tutorials educational live streams if you're new to trading you really really really need to start uh let's get rid of that you really really need to start out with the tutorials um they'll teach you moving averages they'll teach you basic terminology i do a lot of review in these i'm gonna probably do another one in a couple weeks i'll probably do like the whole 2021 year in review but those will get you started um you got to watch those and there's a lot of other great stuff so check out my um check out my youtube channel under trading wisdom 50 lessons i am the author of the book trading wisdom 50 lessons every trader should know i have a free version i've got 10 of the 50 uh right now i'll eventually get the whole book up on youtube for free if you can't afford it if you can't you know for whatever reason you can't buy it um i've got that version for you the book is available of course uh it is on amazon kindle paperback hardcover and audiobook the audible has been out for a little while it's doing really well so i appreciate that i want to thank everybody for the support that's still doing really well number one number one new release in that category which is which is really awesome um just as a reminder i am a founding analyst at bitcoin live bitcoin live is the best in class educational platform for crypto i do two long form market updates every week doesn't matter what i'm doing um i will not miss an update our members have been doing well with the volatility i'm really proud of that we have a wonderful team you can see here just uh just an amazing group of contributors you get access to everyone's content so let's see what's up everybody big chad's here with the family we've got 400 450 of you live here so uh i appreciate everything you've done for us i appreciate you folks you know when i got started out um people helped me out and i remembered that i'm trying to give that back i also enjoy doing what i do so uh your wisdom is always sound thank you khalid appreciate that i'm just quickly scanning the chat room here folks just to say hi to everybody um you know i usually will go back and read the chat room after the video but i'm going to miss your questions i'm sure you have some wonderful questions uh in the chat room i'm probably going to miss them so if i you know if i miss your comment i'm sorry but i want to say thank you i appreciate the feedback i appreciate you of course coming here so let's jump right in i have some thoughts on what's going on with bitcoin and to kind of lead into that i'm going to read from the book we're going to go to chapter 3 lesson 3 page 13. in many ways the difference between and by the way let me know if you can hear me all right uh let's see let me know if you folks can hear me okay i assume you can just reading from the chat room your book is great it's every mistake i made listen i've made all these mistakes and i keep making them and it's part of my penance as part of my journey is to try to help you not have to make all those mistakes so that's a good segue lesson three stay calm under pressure in many ways the difference between success and failure comes down to staying calm under pressure do not panic to be a profitable trader you must stay cool under pressure so that you can take advantage of bargain basement prices when they come around now here's the key when everyone else is panicking you are scaling into your position because your low ball bid filled i'm going to show you this in practice on the chart with the comfort of this excellent entry you are now watching the order flow to see if you want to add more or wait for a bit and see how it plays out it's nice to have options right lesson three staying calm under pressure why that's important why that is topical why that is um potent right now is we have a potential spring okay a spring is what is a spring i talked about it again you got to go to the tutorials they talk about springs throwbacks moving average crosses a spring is basically where you have a really well-defined level and what you do is you temporarily violate that level then you come back above it that essentially gives you a false false break a false bear move and often times the best entries come on a failed move in the other direction 604 of you live great to have you here so if we remember back if we go all in the way back machine all the way back to uh last summer um we had an 80-day rectangle with 80-day rectangle after we dropped down we had our head and shoulders top of the head and shoulders complex uh with the wide left or multiple shoulders and head and we did the measured move that broke down that took us to about you know 35k and we continued down to define you know this rectangle with the upper boundary around 41k 42k and lower boundary here you know right at about 30k so you know 30k was the key level right 30k was there was a big level it's a big psychological level everybody can say oh we're above 30 i feel good you know we're below 30 i feel bad you know you know we're we're emotional creatures we like to simplify things and this is incredibly critical so right here and there was a lot of debate actually in the community there's some videos going on uh where i actually had a really good debate with like uh with scott melker and burb around this time they were more bullish than i was but i was bearish because i kind of saw things going on and we broke down right but then we you know we quickly recovered it so you could say we were both right uh they were right in the long term i was i was right briefly right the point is we broke down we lost 30k and we had a day below it i remember we went down to 28.5 roughly 29.7 what is that 29.5 and then 29.2 i think on some other exchanges we were as low as 28.5 the point is we very
briefly violated that 30k area and then we came back up above it right that was a failed bear move all right making sure i checked the comments everybody could see me good that was a failed bear move we were unable to follow through on that signal what happened afterwards right we had the failed bear move and then all of a sudden you know we had signs here two days in a row holding that ema eight support i put out a tweet you know i was a little late on the bottom i didn't really start to mark the bottom until around 33k and then really i think i confirmed it with my own analysis around 3435k others were you know they were they hit it sooner so kudos to them for that but what we happened what we had was a false bear break we temporarily lost 30k recaptured that that ignited a move right ema eight you know and this is all in the educational live stream lower high break and then the big kahuna or the big deal was with closing above the orange line the m850 because just as a reminder we remember the first real um warning sign was april 19th when we closed below the ma50 and the daily for the first time so really that was that spring that false bear break uh led to that bounce it led to that bottoming so you know when you're in this type of a situation of you know you know this is all all review of course but the high the low i'm gonna be a little sloppy here i'm going quicker the high the lower high uh the higher low the boom boom boom boom boom right the breakout and we saw that and then we you know really well covered in my comments other people's comments were the rise into the etf and then of course we had the double top with the higher high called an up thrust so the up thrust right it's the opposite of a spring right what is a spring a spring is a false bear break well an up thrust is a false bull break so we had the you know there's the daily chart we had this we had the up thrust and then we had the outside bar on november 10th all those warning signs right and then the double top and then of course at the 60k you know um trough or the low the peak the trough the peak the trough the breakdown you know the measured move completed and then of course the uh often uh talked about failed head and shoulders that was violated or invalidated rather gave us a big-time sell signal at 55.5 i live tweeted it a lot of people did you really should have exited all your longs there right 55.5 the people who study classical charting they study technical analysis they sold there they understood that you know and then you know that was in the context of the breakdown and and then all we had these all these bounces to moving average resistance really all the way down right bounces to moving average resistance i put out a tweet a week ago or whatever this date was end of december i said curb your enthusiasm i am a fan of kirby enthusiasm by the way but i said curb your enthusiasm we haven't even closed above the ema 34 yellow line ema34 right and we continued down so we're in this we have been in this mode where we had a clear top and we've been having these mean reversion bounces right these are these are relief rallies and in order to change that momentum right that now the analogy i made on a prior video was that you know bulls need a turnover right bears have the edge right bears have the edge bulls need a turnover bulls are tired not bears bulls are tired need a turnover you get that turnover you get that momentum if you get a false break because it's one of the most powerful signals in all of technical analysis is where you have a false break and a run so in my analysis in bitcoin live other people have talked about this this isn't like genius level analysis but i basically told them hey if we dip below 40k and you know and we don't pretty much immediately recover it we're in major trouble but if we dip below 40k and we get back above it you want to buy it so right there 40k let's get a little bit lower so what happened we had the spring right we had the spring yesterday i've been taking some time off i'm still going to be tweeting less you know but i can do these videos i'm just trying to cut my my cut tweets down from 300 a day to 50 a day so bear with me but we had that false break right 744 of you live 755.
great to see you folks thanks for uh showing up and showing your support so we had that false break we had that that spring below 40k and what does that do that sets up a change in momentum now we need follow-through right so that was when i started the chap when i started this show out and it talked about lesson three staying calm under pressure like people who sold because it broke below 40k other people bought there as soon as it got back above it right that was a super key pivot and it's a very easy trade pivot because if you enter when the price gets back up above 40k you very easily defined your risk because you said okay if we get below 40k it can cut the trade so we have the spring right we had the spring at 40k the same spring we had at 30k now the 30k spring bought us brought us to 67 to 69k you know will the 40k spring you know uh get us right back on track for the weekly ascending triangle to 100k i don't know i really don't know but like low time frame we're going to keep watching these low time frame levels we need we need a throwback um and we're sort of trying to do that now right now right right now as we speak because you can see a very well-defined level here where you have the bottom of support that is broken turns into let's do actually this way let's be more precise you have the bottom the other support that becomes broken now it gets turned into resistance reaffirmed reaffirmed as resistance all through here temporarily we kind of peek peek our head above right it's in those um those those war movies where you know those uh you know war movies people are behind a wall they stick their head up to shoot and then some you know they get hit it's like you stuck your head up boom head shot back below okay still resistance and now we went back up above again again and you know in the context of this is coming now it's all about everything is context everything is context this attempt now right there is in the context of this spring it gives us a better chance to hold here on the throwback what are we four hours let's go like a one hour so here's the one hour we still have this key horizontal right and what we're attempting to do and what we failed to do back here yesterday the 11th two days ago we failed to essentially turn it into a support boom like that and i put out a tweet earlier today where i said you know flip 425k into support well how do you do it you know you don't just break it you haven't flipped it you have to flip it by confirming it on a retest that's what's called a throwback or a bullish retest and that's kind of what we're doing right here so bitcoin can hold serve if you can maintain the ball if you can you know keep getting first downs to use a football analogy uh you know ideally right above here right around 42 3 42 4. if it can do that then we can push higher right we had our first initial relief rally target met ema8 we understand from using moving averages and exponential moving averages ema right more sensitive to price movement if any of this is confusing you have to go to my tutorials i explain everything tutorials watch them so it's not unexpected to initially reject at ema8 look at that ema 8 ema 8 ema 8. what happened down here emi8 ema8 right all that those ema 8 rejections it's a powerful moving average and often will flip into resistance we need to turn it into support like we did back here what is this like we did back in june july august june really july rather where we had the spring and then look at that ema 8 was flipped into support if we start to do that we know we've got something cooking here we know we've got something going right 826 love to see you folks here thank you so much so that's the context um you know we still have to hold 40k you know we we just had a spring here and we're back up above it if we get back below 40k you know forget about it i think i think that really will that will give bears so much momentum we really don't want that i'm a bull long-term you know people always accuse me of being a bear but i just read the price action like if it's bullish i'll tell you all right all in here oh chad you're a bear i mean i'm just telling you what you need to hear not what you want to hear all right it's frustrating sometimes and it was interesting i started to get really tired it wasn't fun to make fun of bulls anymore you know starting like last week i'm like this isn't funny anymore i'm sick of being right i'm sick of making fun of the diagonal traders who are just sitting there trying to bump and run down to zero right i'm sick sick of these these people right i want to go up so you know this is a level where we can do it it's a super key level it's 40k theoretically the ascending triangle is still in play and we have the building blocks for a bounce but but but but and but if we cannot flip this horizontal back into support it's nothing's gonna happen so we have we have some nice elements here we have some nice elements we have the spring we have this horizontal we're trying to throw back i just explained that to you in a load time frame now now we have some things to watch right now we have an initial ema8 rejection okay now you can go long if you break up above that ema8 now if you're not in it you can go long above 43k and use that as your pivot level right every trade has to have a defined fail point this would be another potential fail point you know you could go above 43k if it goes long if it's back below you could get out stuff like that so those are kind of my thoughts hopefully that makes sense if it doesn't make sense you got to watch my tutorial on my tutorials all right i'm going to quickly check in with the chat room see how everybody is doing all right let's go uh let's see thank you i'm just a guy i'm having fun i happen to take technical analysis seriously which means read textbooks and you can do it too like it's not that hard read textbooks put in time and practice you will be fine trust me rely on yourself don't rely on other people love your twitter thank you greg i've been really too active i feel like and i'm trying to scale back and have balance i've been way too active i got really involved here too emotionally for november and december because like i saw the top coming i took a lot of heat and i ended up like i was going on people's like pages and commenting on their charts but what does that do nobody likes that guy who comes in and says you're wrong like i mean it doesn't matter i had it right but that's not the point like i'm gonna scale back i'm gonna do less is more fewer tweets but better quality that's my goal so just to keep that in mind um cmt is absolutely worth studying i have to tell you i did see mt1 and that really helped me write the book i mean that this book has all like the fundamentals of cmt in terms of like basic classical charting understanding momentum understanding trend analysis really helped me write a book i could be proud of and and know that it was in my opinion professional quality analysis so cmt has changed my game i would very much recommend it uh awesome thanks acid monkey ivan yeah i'm gonna do i'm gonna do a stream with um with my man ivan on tech next week by the way i also have a stream coming up with uh karoosh ak you folks may have heard of him i'm gonna do a a long form interview series uh with so i'm gonna do one with him next week or no actually i'm doing with him thursday with kurosh so that's something you folks can look forward to just checking in in the chat room uh what descending triangle i don't know what you're talking about i did mention an ascending triangle and that's been very well detailed both here watch my prior videos watch the last emergency live stream um and then just check my twitter out so all right all right all right listen i love you guys i love doing this um thank you for taking time out of whatever you're doing to stop in and listen to me rambling i am on twitter i'm at big chad's academic observations about price trading psychology uh you can find the book it's on amazon it's been it's been doing way better than i ever thought it would do so you know heartfelt thank you for that by the way i'm working on uh four new book projects the one that i'm closest that i'm really working on is a kind of a quotes book i'm taking the quotes from this book and adding a lot of my new quotes since then and other sayings and it's gonna be like a one quote a day type thing that should come out in the next six months and then i'm doing uh like a trading journal type of book trading wisdom with like a journal explaining you know what you need to do to put into a journal and how to fill it out and how to learn from it and then i'm planning on doing a poker and trading crossover book and then also kind of my big memorial ambitious project kind of a life wisdom book as well so that that should keep me busy for the next uh five or six years if you go to the crypto banter youtube i have a playlist trading wisdom with 13 great episodes this is just unbelievable free alpha the guests here are amazing don't pass it up check that out please do consider liking and subscribing my video subscribing to my channel and at least watching the videos you can decide later if you want to like them or not you know i'll leave that up to you start with the tutorials educational live streams if you want the book just watch the free version right trading wisdom 50 lessons every trader should know all right i do that again so you've got i've got 10 episodes up right now i'll get eventually all 50 please check that out if you are serious i mean you really want to learn how to trade you have to join bitcoin live i've been doing these for over three years you sign up now you can watch hundreds of my videos um we nailed it like i've been nailing it our team has been nailing it our members are usually not caught off guard because we are serious about what we do and i'm incredibly proud to be a founding analyst so check out bitcoin live that was a lot of fun i love doing these videos that was my little quick um quick market update so i'll tell you it's time to party and i'll talk to you folks soon all right take care everybody
2022-01-14 14:34
