Good afternoon everybody. It is one o’clock in the afternoon
1300 for military time people who love it if you’re in the military worked on the hospital it is
Get rid of that there we have a
wonderful Thursday
Unless you are living on the east coast of the US then
That is kind of an ugly ugly day that we’ve got going on there
Thoughts and prayers with all the folks out there dealing with something. That’s pretty catastrophic. So
All right, let’s get into it we’ve had a pretty nice pretty awesome
Drive in the let’s let’s say one is waiting. We should be live here
Hold on here
Okay now I think we’re good okay, so
Very nice moves this afternoon
Rather this like late evening and into the morning and this afternoon
We’re seeing a pretty nice move here. Really?
kind of a
Really not any different than what
We’ve been discussing. This is kind of the expected moving behavior that we’re looking at as we’re inching up and
We’re seeing
Prices be pretty consistent
Yeah with some really nice price action, especially looking at Ethereum, it’s up 14%
Some people are saying well that is stupid. No really, it’s not that’s a pretty it’s a pretty good
Pretty good rise and the kind of rise that we want to see if we want to see a short covering rally
Which will just add a whole lot of fuel and cause a pretty significant burst up in price
That’ll be a that’ll be an interesting. We’re already experiencing a lot of trader FOMO. I love I love
the
amateur
news sites when it comes to trading where
yesterday was all about how bearish the market is and how awful it is and then as
A shock today’s gonna be a big shock to them for some reason. I don’t I’ve
It’s unfortunate that, you know financial news can’t always be written by people who are traders themselves
I
mean
Yeah
Anyways, I know I’m bitching about it, but
Okay, so
When we were doing the Forex lens material this morning, we went over some gaen season seasonality
cycles and everything we’re I’m not going to do that today, but I just want to kind of go over our
Look at what we’ve got going on. What can we anticipate in the future?
Moving forward here. I was actually thinking that we might experience some type of pullback
because if we look at the lows of the 12th like at 2:00 in the morning on the 12th yesterday and then looking at
today we’ve gone from
167 area all the way up to
Testing that 212 so that’s a pretty that’s a pretty steep rise in
A short amount of time especially it’s a it’s a nice bull round here
short term
without a lot of tests, and we’re still technically in a in a bear move, but
We the fact that we broke above this channel very very positive. We held this line as support. That’s what we were talking about over
over the last couple days that this is the ultimate area of support that we want to look at and
What else what else what else? Yeah, that should be that so
Looking at
Where was that oh
I wanted to recommend a book
For all of you
if people are interested in Gann they want to know a good book to start off with there is
there’s there’s one called pattern price and
time
Using Gann theory and trading systems
And it’s by her Schick Oh, what is his name
Lemme get I’m gonna I’m gonna put the name in here. It is James a
Her chick
Yes, James a her chick that this is a I tell you like so his book is
pretty
Advanced as far as technical analysis goes. So if you’re unfamiliar with a lot of technical analysis then
This might be a little bit over the head especially if you’re unfamiliar with
Celestial phenomena, like planets and lunar cycles 30-day Sun cycles. Those are all
important components of Gans work
Also, if you think that automatically what I just said was
Silly or dumb or pointless, then the book probably isn’t for you either
but
It pattern price and time. He does a phenomenal job and it’s really he wrote. It’s I think originally one came out in
98 and then he updated it
in 2013
But it’s it’s it’s a phenomenal book it’s actually part of the Wiley trading series
They’re the Wiley
Trading
Wiley trading series books they are
Fantastic, I mean if somebody wants to get into trading if you want to understand technical analysis get into trading then these
Books are are really where you want to get started because all of these books
all of them or or
At least all the important ones they are part of the chartered market technicians material. These are constantly updated
You know if there’s anything to update, you know, if you’re an Elliott Titian, this is probably I love this book
this is one of the the best books on Elliott and
On Eliot
Visual guide – oh wait, that’s not it. It’s a vision. Where’s that?
It’s a visual guide a visual guide to Elliott Wave trading. This is a phenomenal book
It’s it’s longer it’s wider than it is tall. So it’s kind of a
Abnormal book but this is probably one of the best
This is probably the best Elliott book ever that I’ve read
Again like actually right here is what I was thinking is that they said they know that simple does not mean easy
but they they really make it less of a headache by kind of eliminating a lot of the
dogmatic approach that that Elie Eliot there’s a lot of Elliott ich ins who are who are like I
Don’t know
It’s like a religion to them it’s weird. But but if you’re interested in in Elliott Wave, this is a fantastic
book there’s I
Have no idea what this one there’s the art of trend trading animal spirits and your path props. I have no idea
What the hell that is about no idea. It sounds ridiculous
So that like this is why I want to actually pick this up and see what the hell is this about? I
Haven’t even read the thing, but that title is just threw me off but
Point figure chart if you like point for your charting, this is hands-down if you want a good resource for
Trading material
This is it
Okay, this is this is the the best that I’ve ever
That I’ve ever come across the most concise titles. I
Think you’ll really really
Find a lot of benefit here on the Ichimoku system. Yeah, that’s the weird one. So there’s a guy named Menashe Patel
He wrote a book on the Ichimoku system. It’s actually really
It’s a really really good. Actually, it’s two thousand knives when you wrote this book
It’s a really good
Book and it does a good job of going over that your mu KU system
But there’s a gal named Nicole Eliot and I think hers is a little bit more
Hers is better because she talks about how she she Ryan a
FX floor in Japan and and her employer sent her there and when she got there
She had no idea what all the Japanese floor traders were looking at cuz it was something that she was
Unfamiliar with with Japanese new everything new I mean they jammu Co systems of Japanese system. And so she had to learn it there and
I’m fairly certain that she’s one of the first experts that are that stuff. Anyways, kind of battling here. So
Taking a look at our market
Very awesome. Nice wonderful moves, you know anytime we’ve been getting a little bit of cell pressure
we’ve been getting quite a bit of buying we can see a lot of buying candles here and
You know the fact that we’ve traded up to 200 past 200. We’re holding above it. That is pretty bullish. I
Mean we should expect a little bit of a pullback
You know looking at this entire actually scroll it down
I think a return to this value area here to test it the 196. I
think I returned down to here a pullback is something that could definitely
be
Seen or just at least to this arc here. So a pull back down to here would be pretty healthy in the theorem and Bitcoin
Bitcoin Bitcoin Bitcoin, that’s a pretty nice breakout from the shoulder
Or from the inverse head-and-shoulders break out again, where we at?
We are right the 13th is where we’re sitting we have this
Pivot in time this red vertical bar here represents a pivot where we should observe some pretty
significant
Rises in prices from this area and it should happen very very fast. Very quick move higher
From where we’re sitting and again that should happen, you know
Give or take a few days before or after is when we should see that move
but certainly
You know, the the thing is is when things are trading inside the arc like Bitcoin right now
It prices do not like to stick around in these arcs they often have
Dramatic moves to exit them or to stay away from them
in fact, they’re kind of like
accelerants or
indications of some white lights wide volatility wide swings
And so the fact that we’re just kind of inching up towards the edge of this arc
One could have the fear that it would sell off quickly to retest the neckline or once it breaks out above it’ll move
Very very swiftly to the very swiftly higher. So that is something to
Take a look at and pay attention to
as we’re moving forward the altcoin market has had I mean, it’s had a pretty
Pretty nice Drive higher if we look at
Card on o
Card on o in fact is and I mean, I’m still I
Really like it at this price level still because we’re still below this. Oh it harmonic
This is like the I mean, there’s nothing that’s below
I mean things things flatten out and and disappear when they stick down here for too long
But it’s not uncommon for a new instrument to trade below here for a little while. But
Yeah, this is we should not observe cardano’s sitting below this
7921 line for very much longer, I’d be surprised what’s stayed down there?
before
into Monday
Basic attention token
That is a
That’s a wide distribution of price on the daily and the current daily as well
We’re seeing some higher movements Walton chain. Hadden has a has a bit of recovery here on the daily. Nice volume
It’s the highest volume traded on the daily in the past
three six days and
There’s still plenty of day left in in this market. So and
Then we have Nano that’s caught a pretty nice bit. This guy’s rocketing up. Its
bounced right off of this
harmonic right here and
Yeah, it’s a it’s a pretty pretty interesting
Move how how fast it it bounced off of that yesterday and then that’s really continued into today
and of course we see a little bit of profit-taking as we get up to the
39 39 this is actually the musical harmonic lines
When we get up to that line
Oops
Then we will experience
A breakout on a retest here if we look at it on a faster time frame
also
Though I’ll get to that later
xlm
Very bullish on xlm. Very nice
Action here. It’s just sitting right here on the bottom
We should expect to see that trade up a little higher one of the big ones that’s actually moving
it’s had quite a bit of
momentum behind it as
Osios has had a huge
Huge participation this morning. I was watching this guy just drive up higher and higher
and
I mean the thing is is that on iOS so there’s an hour and 45 minutes left on the close but on
iOS, and a lot of these pairs right now the
There’s only been a I mean
We’re just seeing like two hours worth of some pull back and and flag flag formula if we were go to 15-minute chart
where you would see pennants and flags forming off of these hourly inside these hourly candlesticks and
so there’s there’s a
high degree of of trade ability here because these are easy to trade they are their continuation patterns and
We can actually go to a 15-minute chart
and
Yeah, we can see. Well, here’s a pennant with the breakout and right here. We have a pennant as well
And so where’s the entry on a pennant? It’s
got to be
varies but I mean probably above this high right here, so
50/50 they’re 550 rather would be the safe entrance
XMR or Mon arrow has had a really nice. That’s a head and shoulders pattern
When arrows had a
pretty steep drive now, it’s had some profit taking really nothing screaming that this is going to
sell off or go down anywhere
It’s got a lot of a lot of pomp behind it. And what the hell is this?
My friends
Manero looks ok ZRX
Facing a little pressure here on the hourly where it looks like we’re maybe we’re gonna form a pennant or or
Just a flag or our consolidation zone before the next breakout, which is what actually we’d like to see here
We’ve had a had a really steep rise over the last
24 hours and
It’s been it’s been nice, but we don’t want to go crazy. Ok, we would like to see a pump up like this
followed by you know
8 to 8 hours to 24 hours of a pennant or a flag or a consolidation range and
just sort some continuation patterns to
To let it form some type of base and get some equilibrium before it makes the next move. We don’t want to go parabolic
ZRX
ripples actually had a pretty a pretty nice move this today to
steam
kind of
Underperforming that really impressive steam right now
q Tom
Facing some pressure there
populace
Same thing
Looks like it wants to try it’s been trying to breach a neckline and thus head and shoulders
But it’s it’s so far, but unable to do that OMG
Pretty nice structure. There’s just a series of more and more breakouts in a lot of these pairs that are stepping up
al liske
Yeah, I don’t I don’t like this one
And I owe to I actually had a pretty nice Drive so, you know, we’re just sitting in a range right now where the
where the
Moves are nice. They’re up here. It’s not a bad idea to peel off a little profit
you know as we’re going into the
lunch hour
Actually, we’re passing lunch hour. This is the time of day and trade like if all you’ve ever traded is crypto currencies
Then you’re then you’re not really familiar. Well, maybe you’re not familiar
Maybe you are but really after you know, 11:00 and noon
Central time so so 12:00 and 1:00 Eastern
There’s it’s pretty much
Markets are pretty much kind of done
There’s not, you know, barn any crazy news or random Black Swan event
There’s really not a lot of things that happen after that. So
You know the that we shot up in price
There’s there’s definite signs of some profit taking which is normal and healthy a pullback should be expected
But it doesn’t have to happen. I mean
The price actions is
displaying the kind of activity where
People have gotten used to the short idea and they’re shorting but then those dips are getting bought up. The structure here is holding
I want to take a look at all of these on the Ichimoku system because there’s a
quite a bit of
interesting
Things going on here
And if tomorrow I want to go through tomorrow is gonna be kind of a cool day because I’m gonna go over the Ichimoku
System, but I’m going to share a couple
a couple
Systems and trading methods within the system that you can try and use on your own
And they’re not my ideas. They’re actually from some of the authors that I’ve that I’ve just listed some Manoj Patel
Nik
Nicole Elliot and
What’s the other guy’s name or I forget but actually their research into Gucci Asada’s a
System they have shared in their work the the actual systems and I’ve shared
one of them here because that’s when I use but I want to share the the I think there’s three of them there that that
I think are a pretty appropriate for crypto. So tomorrow I really would like to go through that and
Yeah, the title today for our session is don’t be an idiot and short to market
Because there is a lot of I try to keep up with sentiment
in in
the trading via chat stock twits
Futures IO
in his reddit channels watch a couple other live streamers and
There’s a whole crap ton of people that are still
Wanting to go short now. I don’t I don’t I mean we talked about this yesterday, but I actually made a
Trade I did a trade idea
this morning
Called don’t be an idiot and short the crypto market
okay, and cuz because basically like the people advocating shorting at
The crypto market right now. They’re there. They’re one or more of three things
They’re new traders who decided that right now was the time?
to finally get into
Shorting this market probably because they’ve been in a painful long position or they’ve been unable to make money on Long’s and they just start
Finally, they’d like been beaten down so many times that they’re just like, okay. Alright, I’m done
I’m going I’m gonna short this market now
What we owe ya than that so sorry or they’re trolls or it’s just meant to be malicious
Regardless of which means fancy-shmancy theory you trade just just use some logic and think about this. Okay and
And I think you can wrap your head around this like I don’t think right now is a good time to be trying to day
Trade Kryptos. I mean I think right now is a good time to probably not what I mean day trade I mean
You you you could
think about
Oh
what am I trying to
say like I
am in like
I’m in like a holding position where I mean
I’m taking trades and then
setting some profit targets or if it looks like the markets kind of sputtering out at a certain area for travels too far away from
the baseline I’ll take some profit but I’m not actively trying to get out of a position because a
Lot of these positions that I have open at these levels are just ones that I’m fine sitting there
so really finding some entries on any deeper pullbacks is most important, but just just think about this first second on
Shorting this market right now just use some common sense
I don’t even know if you have to loot use logic but use some common sense doesn’t make sense to short a market that is
Already down eighty percent from its all-time high and that all-time high was also the calendar year high and now it’s trading below
Its year-over-year low so a year ago today
Market, it’s it’s trading below that
That’s not a good time to short
Does it make sense to short a market that has been in a consolidated
Accumulation pattern since late for citizens since a late February
No, no, it’s not. This is been going on for months and
The trading ranges have gotten tighter
they’ve constricted more and more that volume has started – the volume has dropped off all of the things that point that like
This would be on a technical analysis test
what are some signs at an accumulation period is ending and and and entering into a new bull market a
Constriction of the range and a drop in volume that is right there
Does it make sense to short a market? That is today?
Actually, it’s been going on since beginning in September
But today just beginning the seasonal bull phase now probably it’s not a good idea to short something during a season seasonal bull phase
Lastly doesn’t make sense a shorter market that has lost over
70% of its about he’s 13 times and it’s very short history only to rally exponentially higher each time
Now it’s very dangerous to short sharding in is inherently dangerous in
any market except for forex and futures
Because it’s as easy to go short as it is to go long there’s no penalty the for shorts
You don’t have to borrow shares or pay a premium to borrow for shorts
And
kryptos there I
Mean you could say that there’s it’s easy to do it, but it’s not and there is cost associated with it. So anyways
It does not make sense to short right now, it’s unless you’re like doing some scalping and you know, it’s
It’s it’s just a very very bad idea to to even shorten sand that’s horrible advice right now
You know we may get to a point but we may think about doing it around 7,500 just because that would be a technical
pullback to look for
You know that that would be an ideal area to look at a large profit taking and maybe taking some
shorts, but for right now, no way not a chance, uh
not gonna happen
All right
Take a look at the weekly charts quick
We take a look at the weekly chart of
Bitcoin kind of our gauge of the market
But I want to do it
All right, here we go
And let’s just take a look here
This is pretty flat
This is a pretty pretty flat
Bottoming zone that we’re in and on the weekly
we have a definite inside a candle forming here so far and
You can just see how
Much the distribution or the range has just been getting tighter and tighter and tighter
so
You know, you can you can go from a weekly to a daily and then see how tight it gets
but then eventually there’s going to be a point of equilibrium where
From the weekly all the way down to like a 1-minute chart
where that range has finally gotten so tight and coiled that it it cannot go anywhere and
It’s just going to generate a large move and we’re really right at that time
We’re sitting right there. I think that’s why
that that current time pivot
That we see in the the the square 52 why the 13th is such a important date to pay attention to?
Is because of that pivot this daily candlestick is very bullish very healthy
Really like a lot of these moves
Yeah, I mean it’s just getting it’s just there’s a pretty straight
It’s a pretty straight up angle. You you can kind of omit you can just imagine that angle there how straight that is
but all right, let’s do the Ichimoku on this so
Bitcoin
Oh
OneNote
If we have time tomorrow – I want to go over that book again the pattern price and time
It was actually I read the old well his original book. I read it a long time ago and
In it, he made the point that when you’re using Gans work, okay?
there’s a and it’s just something kind of figured out in my own when I first started using Gann but
How do you know which angle is a 45-degree angle and I’m all over the place today good they had too much coffee
How do you know in your software that an angle is a 45-degree angle that’s hard
It’s hard to it’s hard to tell so I call them terrestrial angles. That’s when you
take a
Compass in your hand physically and you look at it and you can tell what a 45-degree angle is or use a protractor
or whatever but
the author and this is I think something that
Everybody who wants to get yeah, who anybody anybody that that wants to do well with Gann I think you have to do this
There’s only a couple people that I’ve talked to
Personally who are big Gann enthusiasts and I don’t want to say what her name is
but she’s from Australia and she’s like a freakin wizard and and I got to pick her brain for like two hours once and
I took I took
her advice along with reading that book and I and I started doing what
What they all suggested is that you you will never get a more accurate
45-degree angle unless you do your charting by hand
Okay, I’m not saying chart charting by hand takes a while. I have a deep respect for those old
technical analysts the
The founding fathers of technical analysis who had to do everything by hand. Oh my gosh
I don’t I don’t know how they had the patience for it, but
That is what I do, but I don’t do it on daily. CH I do it on weekly charts
So I took up I took a picture on my phone. And and so this is a chart of bit
That I’ve done that I do and I can’t to it obviously have to add last week’s I’m here yet but this is
what Gann did and
there is no more accurate 45-degree angle than what you’re going to get if
You’re doing it yourself on graph paper and this paper is is eight square per inch paper this exists
This is the exact same kind of paper that
Gann used and
So that is good enough for me. This is also makes it very easy to square because here’s the issue with
Chart software as well. It’s awesome for so many many things. It’s there. There’s a
There’s an issue with
Logarithmic and and and things being
It’s it
Until you do things by hand you don’t get a real appreciation for
how
off some charts are
You know realistically if we want to treat if we want to look at a chart and and do it squared
so if I was looking at Bitcoin here and
Well, I can just don’t need to do that if we were going to square our chart
At like 100 or actually 10 probably be more accurate
Then this would be what our chart would look like this is how we would look at our chart
because this is kind of how it looks although very very
Squelched in is how it looks on your when you when you chart by hand on on a graph paper, so
This makes things a whole lot easier
for a ton of things but there’s III have seriously found no replacement that makes it as accurate as
The charting by hand
Plus it’s really cool. I
Don’t know. I’m a nerd. So that’s that’s alright with me
my wife can’t stand it though, cuz it takes up a lot of room and you’ll end up like I have a euro chart that
Takes up like a wall. I mean it’s so it’s so large it takes up a walk as you go from
Because the scale on its pretty big but damn it if it isn’t accurate
Okay
Looking at our charter. So this is Bitcoin and the Ichimoku system
Remember yesterday we were talking about actually we had some trade ideas yesterday on a number of trade ideas. So
Like we had xlm
The trade idea yesterday was a long at at 20 at one point 2:05
Obviously that did work one point two zero five is right here we were looking
For price to cross get get to get really to
Break, the prior high candle and the legging span to be above it and for price. Yeah, really?
We were just waiting for the leggings Bantam price to be above the prior high over here. So that has worked out pretty well
Nano
the
Wanted to go long it at o2 eight seven five
Pretty sure that one worked out so when we were talking yesterday Nana was trading
as soon as the twelfth and we were talking at
One o’clock my time right here. So we were looking to trade at
Or did we take that trade action? We take it right off the bat. We did didn’t we? Yeah, we did. You’re right. I’m right
Talk to myself
basic attention token
Wanted to go long at 2284 that’s worked out brought us above the cloud on the hourly
Manero
Mineiro on the daily is looking pretty awesome for a nice break
We’ve got this I was gonna talk about my hair here in a second
But we see this actually we’ve seen a number of these bullish flag
patterns show up and we now we’ve seen a breakout of that pattern and
So we should we should really expect to see that
breakout either
Continue or maybe retest the breakout and kind of come back to that channel a little bit
that would be pretty normal and okay, but
On the four-hour we have that breakout
The one-hour showing that we may have
It’s weird that it’s finding some support around here because there’s really nothing there. But
if
Yeah, there we go if you if you did get long in or if I can get long in Mon arrow
I have to remember to say me when I mean to say
me
If we have
price
trade back above
1755 so that’ll bring us back above the conversion line
Then I’m I I would be fine entering in on the I along there on the hourly. Otherwise on the four-hour
You know there, you know, if we remember that the legging span also responds to support resistance just like price does we see that?
There’s kind of a big zone here that’s facing a little bit of resistance
Horizontally, so there’s there’s a really thin cloud here which is which is great
But we don’t have the twist done we don’t see the cloud ahead green yet and we’re sitting right on
Right right at the bottom of the cloud here
And then the legging span is near the top of the clairaut cloud and the baseline
So once we get a breakout above both of those zones that were we’re pretty golden
But I’d wait to see if that happens
tonight
Maybe around the Sydney and Tokyo open certainly by the London open it. I think we would if we’re gonna have a bullish another bullish
Back-to-back bullish day in altcoins, then we should see this
Continuing to move higher, but what probably would not expect to see that this afternoon
Who knows good?
OMG, oh
My god neighbor’s dog
Okay, so we’ve got
oMG sitting here
The daily has got a beautiful bullish pivot forming here. If we do close as is its its it’s pretty awesome
We’ve got a really nice-looking
hammer candlestick yesterday
Followed by really we’re closing we could close
Near the high that would be fantastic for our chart. It’s pretty healthy that we’ve moved across the baseline
They didn’t sell off facing a little pressure up here. Now the data the daily, that’s pretty flat
Really thin cloud though easy to trade above it and below it
Shouldn’t face a lot of resistance here
With the lagging span. Why is this facing some selling pressures?
Because the leggings pants coming up against the bottom of the cloud. This is natural
the natural thing for
the easiest price likes to travel the past the least resistance and at least the easiest way for it to go is
Down to avoid the cloud. So legging span if it traded down
to here then what would happen is we get support off of these three zones here the top of the cloud the
Conversion and the baseline act is the support the this is a big support zone right here on the hourly, but oMG we went long
Oh
Five even so we’re just a little bit up on that trade

– – –
– well, we want to go long at one 7995 that worked out obviously very very nicely
We did yes, that’s right, okay
Looking at actually the hourly may pull back down to here
Daily sitting inside the cloud. So that’s
normal for us to
be indecisive and
Then cerium Ethereum we had a long idea on Ethereum
at an entry at
183 and
We know that that that’s Bitcoin shorts we know that that worked out just fine
Pth-tt aggh
Very very very bullish candlestick here forming on the daily. We still have
5 hours and 20 minutes left for this daily candlestick before it closes and the volume is pretty substantial
Where we’re almost at the all the day all on trading yesterday
But yesterday’s yesterday’s daily clothes. I don’t think you could find a more textbook
Bullish reversal candlestick than this hammer right here
All the conditions
You’re at a a
new or important swing low area the volume was rising as we got to this the the volume bar is
higher than the than the prior candlestick and then however many more higher that kind of adds to the bullishness and then just the
Shape of it itself is pretty significant. This is just a screaming bullish reversal candle here
And it would be very weird to see prices trade off down from this zone
So on the daily that is a gorgeous candlestick. In fact, you know daily traders would
probably wait for the last 15 minutes of the clothes and then you know take the trade if it’s trade they’re so
Ethereum on the for our not surprising that we are facing a little resistance here. Why?
Because price it did cross love the conversion line. But now we’re you know now we’re just above the price action
We’ve got the baseline as resistance and then the top of the cloud here is acting as resistance and this is a thick cloud
So that’s hard for price to pierce and get into and trade above a thick cloud but on the hourly
We have kind of a different story here
The hourly have a nice break out. It’s a thin cloud. It’s not
Not bullish or bearish the cloud is very weak
We do have the cloud ahead is Green, I mean this is so far the
Conversion line has acted as a pretty good
Pretty good support level initial support level. There are some Ichimoku traders that don’t
Give a lot of credence to the conversion line as far as a source of support resistance, they
only use the baseline as a pullback level but I mean because there are technically
four support levels, its
Conversion base top of the cloud and on the bottom of the cloud. Those are all of your support zones
And I don’t know if if I don’t know
I don’t remember through if the theory says that all four of them will be tests. So that doesn’t sound right though. It doesn’t
Doesn’t son right? So Ethereum looking pretty
Pretty nice bullish here. Not seeing a lot of
Urge to sell this off here
interesting chart to look at right now is
the short chart this is the
short positions the daily short interest for
BitFenix these are as
Prices gone up in Bitcoin and Ethereum the short interest has also risen and it’s at these
All-time highs. This is the all-time high for
Bitcoin the short so it’s
looking pretty
Pretty
interesting these
Positions up here could cause a big rally to the south
especially if Bitcoin continues to push higher
the last time we saw
This 51 percent rise was right before that big sell-off
Last week or two weeks ago
So but was that last week? I don’t remember
All right
What else I?
Mean, we’re just kind of waiting to see really it’s just to see what happens this evening in
Regards to not really bitcoins price action, but what?
What Ethereum was going to do?
I think it’s awesome that it’s had a lot of support to stay above 200
This art here should act to support
The volume point of control is sitting right at 196
You know, I I’d like to trade the Ethereum Bitcoin pair as my kind of my favorite trading pair
So any pullback down to the point of control, which is normal. It’s normal for prices to want to come back down here
But this would act as us as a support zone
Prices do pull back here. I’m a buyer there. I would buy on that pullback, but
Real quick, you know, we we’ve been talking about this, you know on September 11th
Talk about this trade idea where the the kind of the Alamo the battle thermopylae the final zone
Down that we that we can be trading at safely and comfortably
And and to assume that this is the actual bottom as this
1/8 or the 1/8 major harmonic of 181
$181 in the 38 cents and
Ethereum has tested it lower and firmly rejected and traded higher
And we should expect to see this level hold and then and just really see it continue to drive up here
If we get a series of one in for our candlesticks where there’s been clear pressure to try to push price down
But it just keeps getting bought up like it has been doing today
That is more than likely the behavior
that will continue until we surpass the last swing high so
Yeah, I’m actually pretty pumped and excited about this market and
I think it’s gonna be really really cool
Be interesting to see how deep of a pullback we get before the next
drive up, so
Or three even will be a pullback
because on that on the
The mirrored fold back pattern
I’m near fold back. We are sitting right on
top of
the area that would tell us that there’s a huge drive to the north or a
rocket ship to borrow the phrase
higher, so
Anyways, I hope you guys have had a good trading week so far
I hope you had a good rest of your trade day yesterday. Hope the day today has been going well for you
please don’t forget to Like and subscribe and give a thumbs up if you enjoyed the
video if you watched it live or if you’re watching the recording
Forex lens folks. I’ll see you tomorrow at 7:30 in the morning the rest of you
I’ll see you tomorrow afternoon. Same time at 1 o’clock
Hope you guys all have a great rest of your trade day, and I’ll talk to you later. Bye. Bye