What is going on snipers and I email a baby here, I hope all of you guys are having a wonderful day today
Let's go ahead and just dive right into our daily cryptocurrency analytics for today
Everyone's asking the question is Bitcoin going up or down
We're gonna be addressing that question today
using very simple technical
Analysis that might even teach some of you guys that are just now getting into TA as you can see here with bitcoins chart there
Is an inverse head and shoulder pattern forming here going from?
9300 to right around nine thousand US dollars
With the head finding its support right around six thousand and thirty four US dollars
If you guys don't know what a Head & Shoulders is we have a free resource that's open and available to all of you guys
I highly encourage you guys to get on our discord the link is in the description below
I was actually on the Bitcoin tab here looking at other people's charts here. It's really cool. You get real-time data here
It's pretty fun, and if you go to trading 101 up here. You can actually pull up the head and shoulders
You can see this is a head and shoulder top with the inverse right under that and the difference between the two is the neckline
In the inverse head and shoulder forms
Above the left shoulder the head in the right shoulder and what we're really looking for is this breakout trend reversal where the price
Movements actually head above the neckline which we have not seen just yet for Bitcoin
So we're gonna be using a little bit more technical analysis including the Fibonacci
Retracement to kind of look at where bitcoins price may be headed over the next couple of days
So let's go ahead and just dive right into it
So looking at this chart
This is another free resource the link is in the description below its trading view we're gonna right click
Insert indicator if you guys want yours to look like mine
I'm gonna be using the volume the three moving averages the relative strength index or the RSI today, and that's pretty much it
We're not going to use the Mac B or Bollinger Bands or anything of that nature and want to keep this very simple for you
Guys and this is gonna show you guys how to indicate where reversals could possibly occur so as you can see here
Let's pull up the Fibonacci retracement first and foremost
I think this might actually
Help a lot of you guys the Fibonacci retracement is on this left toolbar right on the third line if you right-click it Fibonacci
Retracement go from the highest point that you see on the graph that you're watching as you can see we're using the four-hour right now
And then go to the lowest point to get an accurate Fibonacci count and you can see here
There are different levels within Fibonacci to keep things simple for you guys
Just understand Fibonacci is a good way to look at support and potential resistance, so you can see here. How we bounced off of this
23 percent Fibonacci level here went back up into the 38 percent
Found resistance bounced back into this yellow
And I'm just gonna use the color indicators to talk about this so you can see in this yellow channel. We found clear
Support, and then we found a little bit of push back here dropped below down into this red channel
And then that's really where we saw price movements kind of just fall out where we had most of those weak hands kind of
Come out
And then now you can see we formed that inverse head and shoulder but prices that neckline is right on
That Fibonacci retracement to get to that next channel
So I think the biggest thing right now for Bitcoin is pretty simple here
You know we can draw Elliott waves out and we can do different counts here
But I think the most important thing to pay attention to right now is this Fibonacci
Retracement level as well as the neckline and where it's forming if we can break past this neckline then I can most definitely
See upward price momentum for Bitcoin being the fact that we had this ABC correction here and now that could count another
five-point count up
And that could be an impulse wave that could potentially break out of this neckline into the next Fibonacci zone here in yellow
Potentially in green, and then that's where we can see some further price action heading up, and that's gonna
actually translate overall in the market
So if we pull up the one day here
You guys can see very similar chart here where the Fibonacci retracement levels are acting as either support or resistance
So I think that's really the biggest thing to watch for right now
So when you guys are on your charts if we pull up the for our the price level in my opinion that we really want
To watch out for here is around ninety three ninety four hundred if we can push past that I think things can look very
positive for Bitcoin now
Here's what I'll tell you I'm definitely taking
Profits right now more than I've ever taken profits before being the fact that the biggest lesson
I learned as a trader being the patrícia no market for so long
I obviously knew that you have to have entry and exit points you have to have profit targets in place
But one thing that people don't realize in the cryptocurrency market is things are so much faster
I actually like to look at things in the crypto market
One two three times faster than traditional market so any way that you typically put this for Forex and traditional market traders that you
Typically play those markets you have to speed everything up in this type of market so you have to take profits earlier you have to
Set up earlier stop losses you have to be more more
proactive
Not being reactive but being proactive
Preparing your trades, and there's a lot more that goes into it
And I think it's just because it's as an emerging market
And we're seeing such
fluctuated volatile price movements compared to other markets like the Nasdaq
Which isn't doing so bright as well being that we've been on a nine year bull run
I mean, what could you expect right the Brady dollar says it's in this book every seven to ten years
There's typically a correction so looking at cryptocurrency in terms of total market cap here
You can see if we pull a BTC volume here stellar is absolutely killing it in terms of BTC Satoshi valuations
We're looking at the USD charts. You can see most coins right now either stabilized or a little bit in the red
Other than stellar of course if you guys are getting on trade alerts
You know we called out stellar
And we have that already and therefore you pull up our next chart here in Bitcoin
You can see this is the one-year chart in terms of price levels
You can see where we're starting to find a little bit more of that sideways price action
Which we haven't necessarily seen much of during this correction
We did see some sideways price action around this point in this point however it never formed an inverse head and shoulder you can see
Here we dropped right down forming a head never forming a left shoulder here
And then seeing that horizontal price movement story before we saw
Further decline and but then this time we did form that head and shoulder that inverse head and shoulders
So that's gonna be the at least one indicator of a possible bottom that was found
Typically when you're looking at Corrections you're looking for that double bottom
But in this case it ascends and shoulders could certainly act as the bottom as long as we can see price levels push past that
Neckline, which is what we're waiting for um so looking at total market capitalization in terms of dominance one thing
I want you guys to note if you pulled this up on coin market cap you can see how the others tab which is actually
All the way in the last portion of this little text box that pops up
It says seven point two three percent right now
I don't know if you see that or says others
But that's pretty much all the altcoins in the market outside of the top coins, and you can see how it goes from
7% this is an
the one year chart
Now heading towards over 20 percent in maintaining those levels what that shows me is more money's being brought in across the market being
Spread across the market, but that doesn't mean bitcoins price levels are not gonna increase people's might think that money's going to other coins
But I think the overall markets gonna see
Rejuvenation of more money coming into the market as institutional traders as more retail investors come into the market because there aren't that many
If you really think about it guys. We are a very small portion of the community. That's actually in this market participating in the cryptocurrency
Marketplace and trading and you guys know that if you guys are part of our discord you guys see that all the time
One other thing I do want to address guys if you guys are getting our trade alerts as you guys know if you guys are
on our patreon website
For you guys to read these trade alerts there are
Specific things that I want you guys to look for when actually opening up these trade alerts
So I'll go ahead and pull up drop percentage right now
But there's pretty much a buy zone a sell zone and a stop loss zone
Or I'm sorry a buy zone and stop-loss Zona to take profit zone
And I want you guys to be aware of how to utilize this because there are gonna be times where we post trade alerts
But it doesn't mean you want to buy it just yet, so I'll give you an example right now
We posted this XRP trade alert here, and as you can see we've had some pretty good results with our trade alerts
This is another one that we posted and if we pull this one up. You can see if
XRP does not head towards this buy zone. It doesn't mean that you should actually put in a trade here
It just means that it did not finish the pattern we didn't get confirmation is what we traders call it
confirmation that the trend is actually what we believe is going to happen so in this case once we saw this uptrend an RSI I
Assumed that if we were gonna hit this zone that it was gonna start to see further upside
But because we didn't go in there you shouldn't have purchased into this actual coin until actually went into the buy zone
So only buy in the buy zone and then for take profit you mean, you can really take profit anywhere here
But this is more of a calculated profit zone. That is
Potentially where things will head to like I'll give you another example here if you pull up our trading view chart
You can see one of our past price alerts, and how that actually played down with
Risk and this was just one example ample of our trade alert actually playing out
Exactly how it was supposed to which we've had much you know much success with other trades like quantum. Just actually broke out
And then Excel M. Just broke out stellar today, so we can actually pull up lists right here
If you pull up the list this was actually the trading alert
We posted you can see as soon as we posted that we actually pull this back. This is actual alert
That we posted and I want you guys to just kind of get an understanding of how to utilize these trade alerts
To the best of your advantage here, so if we pull up. This is a trading view account here
This was actually one of the trading alerts that we drew out for
Liske and you can see how we were in that buy zone and since we posted in the buy zone
It was okay to buy right there
And you can see how it eventually jumped up and now it's in that trade take profit
And we found out resistance right there because this is a calculated zone
That's why we found to support and resistance within this tape profit zone
But you can see prices even went further so if you held on to that trade you would have been fine um
Just to give you another quick example of some of the other trades that have just broken out excellent
I think took a little bit of time
But you can see it wasn't in the buy zone when we posted this trailer
So did it mean that you wanted to buy just yet, but once it entered the buy zone
You can see how as soon as we went into that buy zone BAM it shot up to that take profit zone
But this one just wasn't as beautiful. I guess you can say if we pull up the quantum
I know this one was very very well played here
you can see once we posted this one shot right it's that take profit once again found a little bit of support, so
Hopefully you guys are using these trading alerts properly, but other than that guys. Thank you so much
Sorry for the lack of a Content
We're working on the back end right now in terms of the website
Putting resources together because I want you guys to have all in one area you guys can actually have all these charts here as well
It's a lot more resources you want to add so just keep little you know keep trucking along
There's gonna be a lot more updates a lot more cool things coming for you guys and with that being said
Thank you so much for watching this video and like always
snipers out
You
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