EMERGENCY LIVE STREAM $BTC #Bitcoin 6/7/22
all right all right enough of that fooling around here folks enough enough fooling around this is serious this is serious it's an emergency it is an emergency it is tuesday june 7 2022 i want to say thank you i appreciate each and every one of you joining me here for this live stream you're joining me from all around the world that's what i love about this i love that i can just hit a few buttons and uh have the ability to uh speak with you folks talk to you um i did a spaces earlier on twitter kind of an ask me anything's um segment definitely encourage you to check that out that was a lot of fun i did do an up um update last night here as well on youtube so i might do like just take more questions today uh from everybody i'm just gonna check in with the chat room uh and see how everyone's doing um you know it's like a worldwide thing people are here from all around the world which is really cool so let's just check in everybody chad's bringing the beats we're just having fun uh folks dude you make me want to dance that's great um you when something when a topic is difficult um challenging uh frustrating if you can find a way to make it fun um it takes a little bit of that little bit of that tension off and that makes uh learning a little bit easier so let's just get right into it i am on twitter i'm at big chats um if you go to twitter and you type from big chad's packet look for this tweet type from colon big chad's packet um you'll get to this tweet you've got my study material the textbooks i recommend often people ask me what to look for look for that and then i'm pointing you to youtube on my youtube i've got a free version of my book i am the author of trading wisdom 50 lessons every trader should know i do have that available for you in four formats kindle audiobook hardcover and paperbook excellent reviews i'm proud of that fact um but you know what i've got a free version on youtube i'm doing every i will do the whole book for free all right i've done 14 lesson 13 lessons of 14. i'll do lesson 15 next week uh let me get that off comment off the screen um i'll do that one next week so check that out but if you really want to like where do i start to learn um you know for trading for technical analysis check out the tutorials educational live stream playlist these videos are going to teach you uh what's a moving average how do i use volume how do i use candlesticks um you're really gonna understand uh what's going on check out the quick market updates that's what this is i'm also a founding analyst at bitcoin live the best in class educational platform for crypto i'm part of an unbelievable like unbelievable world class team and we have a fourth anniversary sale right now all right um for for four years literally i've been posting twice a week full market updates and i'm just one guy right we have a great team if you join you get access you can go watch you know 500 videos of me um check that out we've got a half off a quarterly quarterly membership if you're not sure you're kind of like what is that on my pin tweet on uh you on twitter you have a link to the may 4th video it's a 45 minute video is my update for bitcoin live the whole thing is free like check it out watch that even if you don't care about signing up watch that video it's as good as the tutorials these these um live streams on in my tutorial playlist these are master classes that are free you have you have to watch these no matter what you do and that includes this may 4th update and it's free so definitely check that out all right so we got that out of the way you know um i definitely want to check with the chat room and kind of see what people are thinking i want to answer some questions there's not a ton that's changed in the technical picture uh since the last update we're really waiting to see that ema 34 close i think that's going to kind of suggest weakening bear momentum you know given the fact that we are going sideways the moving averages uh have flattened out it wouldn't surprise me to see it here in the near future um i'd like to see that i like i'd like to see a recapture of that like 32 5 you know area to kind of can show a little bit of momentum and so it's really just kind of what i've talked about before um but until that happens you have a bear bias because trends tend to continue we have a move down that brought us to this consolidation range and trends tend to continue so uh let's move into the chat room i do have a bunch of tweets but i mean i did a lot of that yesterday how we got here and like you know whatever there was only a couple interesting ones there was a trade on ethereum that i tweeted out and i do want to go over that but i'll check it out later i want to see kind of what's up with the chat room uh long beach hong kong thank you that appreciate that thank you for that comment thank you so much uh you like the book so let's see give me some questions i want to look for some interesting questions here from the chat room 292 of you i'd love to kind of hear hear some thoughts let's just kind of jump right in there and you know if i find something that i'm interested in um i will address that topic if it's something we can you know that we can talk about that i think is of value um and will help people we'll definitely check that out with some up from guatemala so what's going on folks let's see what people have to say here um this is an interesting one so chad's any thoughts on waves waves is interesting um i actually so i had a trade on waves recently and this is right about uh right around this time if you kind of see here like you get this is a really interesting chart but it's not like a chart you've never seen before you understand you often get these kind of slow cascade down and you get that volume climax you know we talk about the most volume at the top and bottom of a chart you get that green this is a maribozu okay right pretty much shaving top and shaving bottom basically no wick strong volume and then the follow-up follow-up candle even more volume but you started to see this progression of the upper shadows right start to see that upper shadow you know maybe half the candle and then you hear you get the high wave spinning top okay you already thinking okay you know even if it's a bullish consolidation we'll see a pennant maybe a flag um some type of a correction which you know means you have a decent chance to revert back to like daily ema eight minimum so basically it's a set up for a short right it's a downtrend that just popped it's putting in candle weakness at the upper bollinger band um let's see here we go and i tweeted it out here i said right here this is june 3rd i said waves looks tired note the candle progression and what do i mean by that you can see it right here you get the high wave spinning top and then another spinning top and then kind of like a you know a gravestone doji it's not you've got the lower shadow but that's what it most closely represents at that point you know halfway through that candle daily candle 11 minutes to um completion but it's candle weakness it's candle weakness at the ema 34 and the upper bollinger band you get the ma50 uh overhead so you kind of see that and you kind of you should recognize this uh by this point if you've been if you've been trading for a while you've studied candlesticks like this is what you need to be looking for because it shows it's a visual showing that the the compression of the force and that's what those candles are doing in this case the force is being compressed and then you often get a reversal um or you get some type of an inside bars where they where it gets even tighter and then you can get a signal based on how that range breaks but in any case i said it looks tired i mean uh it looks tired at that point and uh what was that right around 964 and from that point that's a pretty good play you drop down to 760. so this is the thing where you don't have to trade every day you don't have to play every trade you can sit and wait for a really good opportunity this is one this is otherwise a chart you're not touching this is otherwise a chart that you're just not going to do anything with because it's a downtrend it's pretty ugly looking it's in capitulation it's in slow capitulation mode and then boom volume right the doji the hammer boom right and that's interesting some volume comes in you pay attention but you're not really looking too long right my instinct is when i see this i'm looking for a short i'm looking to fade the move you have to put into context you're the price action you see in front of you in front of you and you have to see this as a bounce in a downtrend which means which means look for the weakness and then take advantage of it and there it is candle weakness right looks tired so that's waves uh jake let's see i did want to talk about ethereum that so i had um kind of highlighted this one here eth daily chart is foreboding it means basically it's scary it looks it looks kind of scary april 21st um let's take a look at that pardon me quickly april 21st and by the way thank you for watching um everybody in the chat room tons of um tons of comments i won't get to most of them uh april 21st where are we at boom boom boom okay we're right here right around here okay all right so right around there um okay and right i see it right right after the ma20 rejection so i'm basically saying like this thing looks hey this thing looks like it's in danger i mean we've got more or less kind of a bear flag type of price structure and then you have the price now starting to reject off the moving average ma20 you kind of understand that's kind of that mid channel um you you can understand that that can start to move down right because that you get the lower bollinger to middle bollinger moves or upper bollinger to middle bollinger moves when the price is trending you kind of can understand that especially after um you've kind of got this false breakout you should get a false breakout that just happened right so it's like the context you understand okay here all right we're we're underside tagging the ma20 after the up thrust right we broke above the february 8th high failed to hold it came back oops just deleted what i was looking for which is awesome uh let's go back let's go from colon big chad foreboding all right that's awesome live streaming folks vth chart there it is eth daily chart is for see i misspelled it which is which is great um but that's how you search for big chad's packet or big chad's textbook or the stuff you're looking for so it's foreboding i'm like all right look at this that's a pretty ugly candle this red candle here you know still seven uh six or seven hours to go at that point all right on this date it ended up with an even uglier candle right um it's foreboding just rejected off to ma20 right and there it is you see that and you see almost like this has this still has a good amount of of move still left to unwind still left to unwind right you can see all this price structure here load load you know 22 2300 range so the chart like these charts are giving us a warning these charts are giving us some type of a warning ahead of time right daily chart looks for boating and you just see it it's right as the ma200 is threatening to roll over the trend is threatening to roll over um so let's get checking the chat room uh first of all hey bitcoin live what's up good to see you uh thank you glad good to see you here ocean okay let's check it out i mean it's a you know most alts look pretty terrible right now um this one doesn't look especially terrible you've got decent uh price proximity to the ma200 uh there many of these other ones would have been trading down in this range which means you know this has some relative strength but it doesn't look great i you know i wouldn't be interested myself until minimal minimally you start to flip this level back into support um and then but then you've got the ma200 right there so i'd probably wait okay i'll wait till it's back above the ma200 um and that's kind of how i would see it and you've got you've got all these obstacles ahead of it as well right the prior support now lost ma50 right so you've got a decent move that's already happened you're now looking to see if the chart can start to build itself kind of stair step and kind of make this that higher low area around 024025 well that's what i would say uh you're welcome what's going on you're welcome appreciate that uh let's see who requested ocean oh okay someone didn't like that uh let's see what everyone else has to say thoughts in the btc daily candle closed it's interesting definitely an interesting candle you know we're seeing high jinks we're seeing volatility where where um people are getting shaked out uh of leveraged positions and you often see that happening before a big move we're in a position i talked about it last night and you know prior updates you know the bollingers are pretty tight here on the daily um and we we do not normally stay uh in this type of situation with the bollinger that tight for that long on the daily it doesn't happen that often you can kind of go back and look at the history i did a little bit of that before so we probably have two days uh two three days max before we break out of this range if i just had to if you kind of i've had to just throw it out there um that would be my my instinct um it favors bears until you close above the ema 34 i mean we can force sideways uh that's what we did back here we forced sideways and when we did that we started to close above the ema 34 so you've got kind of an early signal bounce set a high come back find support bounce set a high come back right break out fake out you know we've talked about it a million times um you know bottom will take time to form if that's what's happening so you're going to start by forcing sideways we're still waiting for that to happen ema 34. um and that would be my kind of my commentary on that yeah it's good to see you
it's um i don't do this a lot because i do twice a week bitcoin live and it takes a lot out of me because i really kind of get into it um but it's a sale this week and i want to get the word out and when we do it it's like once twice a year i i get out there and i love to stream um but i'm gonna it's gonna take me time to recover from like a week of streaming um it just is what it is but but i put it out there i have fun and i definitely definitely appreciate connecting with you folks um let's see what's going on so what do we think about soul and its recent problems i don't like the pro what does that mean the problems don't factor in i don't care about problems um it doesn't mean anything to me it's just price and it's just price in relation to support it's momentum it's what's the price doing i guess i drew a descending triangle which would make sense um i really think this is going to go to like the low 20s 20 to 25 dollars i really see no reason why not um you know what's interesting you ask about the problems i guess the network was down or whatever that doesn't mean anything to me but the benefit of what i do is i just ignore all that i just really watch the chart i want to see the price do something i want to see it recover a lost level you know i want to see it do a false a false breakdown or a false breakout i want to see it do something that allows me to take advantage of that of that opportunity and that's what it is uh and just you're gonna lose most of your money kind of stepping out before the trend is set trend has settled down um you have to respect what the price appears to be doing it's not about like what you want it to do it's about what the price appears to be doing all right so i think strength soul is probably going lower um that's the bottom line i mean i'm ready to be wrong and you'll see indications of that look you haven't even tagged you haven't even touched the daily ma20 since april so you'll see things evidence of weakening of weakening bear trend until then it's likely to continue doing what it's doing okay um let's see i rsr i literally have no idea what rsr is i think i've charted before you know i'm not bullish on anything long term other than uh bitcoin honestly i'm gonna if i could just be honest any ethereum definitely as well or probably as well um but like i you know everything else take it you know take it or leave it because you have you know the idea that each cycle it's different alts that really do well and you know the older coins usually do okay but like it's the new ones each cycle that really have those parabolic gains so when you're looking at stuff like long term you're buying a story i think that's the lies like all these ones people think it's going to be the next whatever the next this the next that i'm just skeptical on that i think you need to stick with what's most likely to survive and what is showing relative strength um most of these alts are probably terrible but let's look at the chart maybe i'll be i'm surprised it's okay it's okay but look what happened here you bounced and you got rejected you see what you needed to to kind of um you know recapture and it was unable to do that the lows there of early february so you still have a chance to do that now you watch to see if the price can can continue with the higher low structure um and kind of go from there i think ideally for me if i was looking you know at the health of the chart i'd want to see it hold there right around that double o 838 level all right let's check with the uh chat room a couple more times everybody let's see appreciate all the comments all right let's see here all right let's see to i'll do one more there's an interesting trade that came up uh on ethereum right here all right eth1 h ethereum one eight what does this mean so like i do tweets and people say what do you mean and i can't like every tweet explain what the bollinger band is um i could tweet literally every time with a a link and a picture and i'd still get the question so it's okay i get it you know and so that's the whole thing it's like i try to do it in such a way that the people who are really interested in learning and doing well will take that initiative they'll google something they'll click on a link they'll watch a video they'll help themselves right there's a there's a some people aren't you can't help them because they won't help themselves so that kind of is what that is um you know i'm not really being vague here um i'm pretty much saying this one hour chart is telling me that it's tempting to take a trade against the move right that you're seeing that you know you think you want to fade a move you mean something you know it means you feel like what's going on right now is gonna unwind or unravel and what was i looking at here we go all right right there right at the top right around there right around 1855. i put out the tweet i said it's tempting to fade the move because ethereum has had relative weakness to bitcoin all right so we know that and then you just had the lower to upper bollinger band move in a corrective state in a downtrend and then you get the candle weakness right the upper shadow in this candle and then this candle is coming in and starting to show weakness and you're thinking all right boom at a minimum revert back to the moving average the eight ema primary support in this case tagged the ma20 and uh you know right in that area where you had prior demand you know 1770 1780 that's a pretty nice little trade right tempting to fade i'm looking at this and i'm saying like this is pretty tempting like this looks like a like a move that's going to revert because in a down trend lower to upper bollinger band move i'm telling you in the one hour in these corrective states i mean everything is context everything is time and place but um and then there it is who could have seen that coming and then boom right so it's kind of fun it's kind of fun when you when you it's kind of fun when you do these things and you see it play out which is why i really enjoy doing what i do so i'll remind you i'm on twitter i'm at big chats i appreciate uh appreciate you checking that out check out this tweet from big chad's packet and it will show you study material if you search for study and twitter i have all these let's just do it let's see study let's check it out i haven't done this in a while so i've tagged all these little interesting things over time textbook recommendations different things about candlesticks dealing with buying the fear textbook recommendations tr how to deal with trend lines i mean it goes back a while selections from you know different textbooks on eastern and western technical analysis this was one i talked about candle progression this is like what i was talking about with waves um that's a good example of that so just check that out um check that out if you're interested and that's the point is uh you have to help yourself right master class tutorials this will take you to my youtube channel at chad's trading i have the playlist tutorials educational live streams um i think you're going to really enjoy these will help you understand my setup it's going to help you understand basics and volume and trend analysis check out the free version of the book it's trading wisdom trading wisdom is available on amazon um kindle audiobook hardcover and paperback i am the author i'm proud of that it's been a fun it's fun to write i still i still read it it's fun i made the audio book that was pretty cool um the reviews are great people enjoy it and so thank you so much for that but if you don't want to pay for it free version on youtube i'll eventually have the whole book for you for free all right so folks please do check that out i'm a founding analyst at bitcoin live for four years i've been doing twice a week full market updates and i don't skip a video if i'm on vacation i'm sick no matter what's going on i do these videos because they're important to me it helps keep me uh improving right you have to keep practice keep practicing and that's my practice so um i encourage you to check that out our analysis has been on fire and we have an unbelievable team like i somehow i'm part of this unbel unbelievable team um we have an amazing deal right now you get half off a quarterly membership for the first three months check it out you know you're not sure go to my twitter account check out my pin tweet the entire may 4th video is free it's a 45 minute master class it will it will probably blow your mind if you haven't seen it it's really good stuff and it's important that you take advantage of whatever free alpha is out there there's a lot of free alpha out there and that's the whole thing i keep saying um you know you have to want to help yourself right so um you know thank you so much thank you for for indulging me and allowing me to talk about that stuff thank you for allowing me to talk about uh crypto and just kind of uh you know run my mouth here for a little bit um wherever you are in the world i hope you're doing well i mean life will present us many challenges i think we all have we can all relate to that in one way or another i guess i would just hope that you um can stay strong uh find your patience find your strength and i just wish you good fortune and that's all i can really do um is a heartfelt thank you for watching tonight i hope you are well i hope you stay well and i look forward to seeing you around the next time let's finish it off with a dance party as always you
2022-06-10 08:27
