I Noticed These Things About Bitcoin Prices: Chart Reading and Technical Analysis

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I beg is welcome back through the cryptovest with me, your host, Chris Coney now needs to make a separate video about this to make sure everyone knows about it, but you can be the best to hear about this since you are joining into this episode now that biness is backup ruining. I can offer you this for free offer one hundred ninety nine dollars. It's my own line calls on how to trade cryptocurrencies entitled creek to exchange mastery can get it for free by completing a very simple twenty four hour challenge. And if you succeed, you get the calls for free forever if you fail. Well, you lose access to the course until you pay one hundred ninety nine dollars to bite. So click on the link in the show notes to send you to the page will tell you all about it for now, though. Let's get on with the show. Here's a question for you. Why is the point of content creators, putting out technical analysis videos? And there's I can question is was the point of anyone watching them will my answer to that. And the reason I make these kinds of. Ios is to make up survey shins about the charts that you may not have made the res every chance that I notice a critical detail that you miss now missing. The old key detail is a natural human thing since we can't concentrate with retail, all at once our brain has the filter, everything that's coming in through the senses and filter it down to just a fraction of the original input. So conscious mind doesn't get overwhelmed. Right. I'm no exception to this rule. So I watch in content created by a couple of select content creators to see if they have noticed anything that I've based in my analysis, 'cause I'm a supposed smart enough to know that I'm also a human being inherently have this floor of missing things being biased, whatever. So if once I recognize that having other human beings of do a Senate check for me by watching that content helps me a lot now something that they noticed. Might mean that the risk I thought I was about to take on the trade. He's actually a lot higher than I realized and trading is fundamentally a game of minimizing risk ole times. So with that now established as the primary peppis of my technical analysis videos, we can proceed to look at the price movements without any notion that I'm giving advice over recommending, any particular trait. The best thing to do is to watch a few different analysts in make sure you haven't missed anything obvious manage your risk. And then only trade the very best setups. So back to the point all charts, they start off blank. And then we start like layering lines and indicators on top of them, which that intend creates kind of a unique lens which each of us look at the markets through. So I'm not going to share what the Mockus looked like three mile. It's I'm going to do that, with the bitcoin, USD chop. So let's stop with I was used the coin base price feed nowadays, which is what I'm looking at here. So let's have a look and BTC USD on the daily job. The volume is rolling over. If you notice I mean, this, this zoom fair that he if you watch on the video version, the run-up prior to consensus from the from the ninth of may every day, the volume against bigger and bigger and bigger, and it peaks on the thirteenth of may when we had a great big day twelve percent gain on the day, and then as the price is so slow down his continued to rise. But it slowed down the volume day by day has dropped. So that's why cooled rolling religion if you draw a curve, like rolling over the top the price is beginning to rollover, but the volume is ahead, the volume lookalike is already rolled over and gone back down to reasonable levels. And now the price is looks like stolen so this happened as the price entered a consolidation zone at mocked, by the following support resistance levels, so I might knees out so that you can draw them on your own shot. And then just stare at them in urine time to see if. They have any validity whatsoever. So eight thousand two hundred is the top and seven thousand six hundred is the bottom. Now I'm in the trade is mindset, rather than the whole of the mindset right now. Right. So I ditched my bias, I don't attached to a particular market direction. I have to check actually, to see if I'm secretly willing the market to go one way or the other. If I'm if I'm secretly unconsciously like willing the market arise rise as soon as that happens else dot hallucinating, and I'll stop in I risk missing when the muck gives me signals to the contrary. So if I'm secretly willing the market to go up, and there's some, you know, some key details on the that says, well, it's probably going to go down my mind, my brain will literally delete that information from my awareness. So instead, I say, okay BTC, if you break above eight thousand two hundred and hold. You'll tell me we're probably going to go higher. Right. And then by contrast if we break down below seventy six hundred you'll telling me, the probabilities are going low it. So when people ask me in the comments or on Twitter, whether I think, we're going down. Well, you're asking the wrong passant, the only person who knows the answer to that is Mr. market, and he's talking to his every minute of every day. Now Mr. market, that's not a flippant thing, that's something that you will find an economics textbooks, and so on. So I didn't make that up Mr. market, the thing to know about Mr. market, though, is that, while he never showed soap his mood can change anytime. This is why it's not wise to take what he said yesterday, and it seems going to say the same thing today. You have to keep your ears open. You got to be like, well spoke to him yesterday. And he said this and I said, now can stop listening to him. I suppose that's another reason to make technology and technical analysis videos, there is every chance that the conclusions. We came to about the market direction based on what the jobs were telling his yesterday has to be completely revised based on price day to that came out since then, so back to the price action here, a breakout of. Eighty two hundred for me would be a good entry into a long position, which them be written up to the next level at ninety four eighty six. So let's switch over to the bit mix jot now. Because that's where I got my fifth levels. I find this pretty useful actually having BTC USD on my watch list from due two different exchanges allows me to display in a different different analysis on the same SS. Now someone's gonna post in the comments and say Chris, that's a feature trading view in his here. So if you can load in different analysis, eliminate you do that. But I've never Adesina way of it. I just use bit mix for my financial analysis. Mike spinach, curve here and coined base roll, my support assistance levels, and so on. So the point is that the the thirty eight the eight point two percent Fibonacci retracement level is at nine thousand four hundred eighty six dollars which is why Gould at from. So if we if we if we break above the eighty two hundred for me that's a good entry point. To go long bitcoin on a on a trade right up to the next level of eight nine thousand four hundred eighty six. Today's episode is supported by nuns and their referral scheme. If you sign him for abidance account using my referral link that'll help to support the show with a bit over feral commission. So Bines is one of the leading cryptocurrency exchanges in the crypto space, and you can check it out by going to the cryptovest dot show scrolling down to sponsors, and then clicking on the by nuns bene-, then any trading that you do will an asset them out trading fees that will help to support the cryptovest the reason why I live by nuns. Pistilli is the great selection of coins, and they've got a almost impeccable security history. They have their own wallets called the trust wallets and stable coins. I like to trade with as well. So that's why violence remains my most favorite crypto currency exchange, and they also have trading view chats built right into the interface. Said that, that will save you some money if you choose to use that as well. So go to the cryptovest dot show scroll down to sponsors, click on the binary banner. And sign up for account today. Thank you very much feasible. Which reason is a reasonable point, white met tan around. Right. And squeeze all of the all the juice out of that trait so far. If we look back at the hourly. Go back to the triple screen here. If I look at the hourly, let's do this full screen, and get rid of the volume now, sir. Thaad that would have that trade would have stopped out twice about break. Even so what I'm talking about here is beginning arrow for anyone watching the video the. That was an attempted breakout in a fail on the fourteenth of may eight AM our the candle closed outside eight thousand two hundred fell Beck inside again, so that would have been like go long when it broke out. And then when it came back on again, it would be like, stop out. And then similarly happened again, there was that the is the fifty the may seven PM GNC broke out, Phil biking, Zayda against that was the second time. And actually, this is dead. One. The third one is soon enough to that which was one AM only sixteenth of may, it would look like it was breaking out, and then it failed Beckham do once again so that would be three failed traits. And each of them would have got stopped out at either break even or at a small loss. So three minor losses in an attempt to get that show up to nine thousand four hundred ninety six so while that would have happened for me that trade still remains valid, right? So another. Another attempt can be made as far as, as far as I'm concerned, right? I'm still stalking that trade. Again, it just failed to hold outside of the top brains that I'm still I'm still stalking that trait given that was still setting high lose. You even when we fell back in the five AM KENDALL. And today, it's still a high low than than the alley chop from the fourteenth of may the nine pm Kendall's. So it's still pushing up. So that's that on the short side if we break down below the seventy six hundred level, which is you can see on the you're looking at it on the video vision for me. That would be an entry point for short trade, and outright that down to the next support level of go at sixty eight thirty. So if you're on the video, let's see, it would be breakout here. And then I'll write it down down that so that would be a move. I mean you go away bit because we're eight thousand dollars right now. So actually, my friend Simon was complaining about this trade setup or the. Way did this analysis. Oh, you're gonna wait for it to full of four hundred dollars before it breaks out. Why don't you if you get a now you'll be able to ride the extra four hundred dollars down? I'm like, Nope. I'm not doing that because until the Mr. mock it tells me that it's going down. I'm not doing it the risks to high. Right. I don't want to be in position until Mr. Mahaney gives me like confirmation. But so this is like a ten percent correction down from seven thousand six hundred to sixty eight thirty now at that point, as the price approaches sixty eight thirty when I start to do is out outside a titan of my stop-loss in case that was the bottom, if k sixty eight was the button, it would ten round, stop me out at profit if it continued to full right, then my next target would be six thousand and then again, I would as so I'm gonna join us again, if it continues falling to six thousand. I would as it approaches that of titan must doubles even more again. In case that's the bottom, and then the price hands around at six thousand and then stopped me. I even bigger profit now if that hold trade, best case scenario, we break, down seventy six hundred and then we come out as a twenty one percent gain. And if if we did a bit mixed job and leverage that hope that could be a good old even five times leverage, like a double, my money on that trade. So anyway. That would be about as much as I'm willing to plan this trade really until Mr. market, gives me more information. Six thousand. In fact, I'm just get released EROs six thousand hasn't been properly tested, as far as I can tell. So let's pull back to the triple screen. Yeah. Used the six hour for this one. So zooming the volume once again, it's six thousand hasn't really been tested since we came out of it. We came out of it, it just walked, right? Passed on the ninth of may. But we haven't been been down to test his support that sixty three has been tested within within a day of his breaking up, sixty eight thirty. We came back tested at intake off all the way up to eight thousand four hundred odd. So that one's them that one's gonna fool hotter breaks, but six thousand one quite sure if that's a good floor. Not only if we do revisit six thousand make sure I'm already in short trade by then, which I've just explained and for the record 'em. Just be dumb saying this just because too many people have said, the same thing this is a very different short trade setup than the one. I talked about in my recent video cold. Why I'm thinking about short in bitcoin right now? If you remember from that video, the criteria full entering that trade was when the price on the daily chart. Crossed the exponential curve, which has not happened yet. So Mike Spencer, curves back on the bit mixed price on the daily jot. So pull that back up for you video, which is. This gift from the volume once again do this. So it is what I'm looking at hair is an exponential curve ope, which the price is just is, is even pulling away from the exponential curve. He's, he's rising really steeply an only gonna just this parabolic curve to fit, because I drew it and not sitting there and the red arrow, if you looking is on the on the video version, is reminding me that when we cross this exponential curve. That's a good show entry point. And as you can see from this, that hasn't happened yet. So ain't going in. Right. So that's that intrigue for the trade. It's, it's not there. So it hasn't happened yet. So I haven't pulled Detroit on if the market conditions aunt, high reward low risk is better to just wait. Right. That's the hobbit quite frankly, especially when prices are moving fast when prices are moving fast in the mind starts thinking, oh, could be profiting from this move. And that creates like this compulsion to just. On any old trade. And that's why most people lose money trading. A lack of discipline. So we'll find a little reminder then now the by the by nuns is back. Open running. I can offer you this for free. Oh, four hundred nine dollars. It's my own line calls on how to trade cryptocurrencies is entitled crypto exchange mastery, featuring by months to get it for free. All you have to do is complete a very simple challenge within twenty four hours of signing up for the goals, which is just a name and an Email name an Email you get access to the coast for twenty four hours. If you complete the challenge, we've been twenty four hours, you get to keep the cost for free forever if you fail, you'll lose access to the course again until you pay the hundred nine nine dollars. So click the link in the show notes. He'll take you to the pages onscreen right now Atlanta hot trae cryptocurrencies explains. The steps forget in the close for free, which is just basically the anti union name and Email so you can get your log in details, and then off you go with the challenge other than that, I will be back with the next episode of the cryptovest, so until then it's me, Chris Coney saying bye for now.

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