My Crypto Paradise – Bitcoin Analysis – Bitcoin mooning to 50k this year ?!




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Video Transcription

[Applause]hey guys this is John from my cryptoparadise and today we’re going to take alook at Bitcoin u.s. dollar just havinga look here we’ll be standing off at theweekly and we’re drilling down from toptop to the lower the top down from thehigher time frames to the lower onesyou’ll get a good understanding of someconcepts of how to chart this thiscryptocurrency and have it take tradesin future well like I said starting offon the weekly time frame we can see herethat we’ve got these two big red linesI’ll just draw in a triangle for you tosee it in the short term so as you cansee there make it in purplethat’s our send symmetrical trianglethis is a a neutral pattern it’s notbullish or or a bearish and we’ll belooking at this in the long term so wecan see as we move towards theresistance that we’ve got this line hereand it’s currently moving in an uptrendon the lot of time frames but will willmove the arm quite quickly from methat’s all we need to see on the weeklyjust to know that there is someresistance nearby and if it does manageto break you out from that then it couldpush a lot higher all right so I’ll justremove this triangle and we’ll go downto our daily timeframes okay so as youcan see I’ve drawn these two parallellines descending parallel channel andthis is what the price is beingcontained in at the moment we can seethat has been tested on numerousoccasions and been respected and andjust recently we’ve had a pop without apop through the line through through andthis is called our breakout candle we donot trade this breakout candle you candepending on your risk appetitemore conservative people will wait forthe break and wait for the next candleto exceed past that breakpoint thatdepends on the strategy that you’retaking on the lower timeframes whichwill go down to now we can I’ll show youthat this trade should already have beentaken let’s have a look so we’ll just godown to the foot we’ll come back to thedaily go down to the four-hour chart asyou can see here we were in this yellowbox as a consolidation area and we’vehad a break yard candle on the fourhours and then the next candle hasconfirmed the breakout candle this tellsus that the trade should have been takenat eight thousand four hundred andninety six ish and this trade should beactive at at this moment it’s stillprobably not too late to enter on the4-hour chart and your stop wouldprobably be sitting about 8436 that’swhen you want to exit the trade becauseit’s it’s no longer viable to be in italso you could let it drop the unto testbut of course you’re risking more so itall depends on your risk appetite andhow much of your main account thatyou’re risking generally you don’t wantto be risking more than 2% if you are inyour a high-risk trader okay so I’lljust well while we’re going down theTriumph Reimswe’ll just drill the answer that onehour let’s have a look okay so againthis is why depending on your time frameand you risk ever – and how much youwant to sit in front of the PC itdepends on your trading strategy on the1-hourat the breaker candle the breakout wasconfirmed could have entered at eightthree three three and you would havebeen riding this all the way upbum-bum-bum and you’d be making a tidyprofit let’s have a look how much you’dbe up if you did ante you would be upabout 3 percent to 3 percent this isn’ton the hourly chart not bad to make youknow 2 percent on say a 10 grand 10grand trade that would equalsnappy 200 bucks not bad for an hour’swork some people can work all day forthat all right so there’s our chart as Ispoke with was a consolidation area onthe one er we’ve broken out to the topand it’s active it’s nice this should bean active long trade let’s go back up toour daily this is a more conservativeoutlook as I said down trending channelhowever now we’ve broken out as you cansee up here it’s done that in the paston this particular channel on number ofoccasions so depending on what thiscandle does is what you should dotomorrow based on this is let’s see ifthere’s a retrace what I can do is I canclone this can this line put that rightthere and maybe there and say that willbe our soft resistance just as and thenas you can see that’s we’re a cityfinding our charts work isn’t it andthat’s where it’s finding thatresistance at the moment let’s see howit goes if we can get to the if the nextcandle would definitely be an entrycandle because we’ve had a differentconsolidation on a daily let’s look atsome tools while we write while we’re atit I’m going to look at the Fibonacciretracement very good tool very powerfultop to the bottom this is the bottomhere and I’ll just move it out so thatwe can read it a little easier and wecan see that we we had a retracement Iwent down and we’ve retraced to the 23.6and it’s tended to struggle there for alittle bit I know it looks a bit funnywith a black screen but you can see thatit struggled at that point and once itdid break out it just ran so let’s seewhat does with the next candle but inall likelihood most retracements and ageneral rule of thumb is that the pricewill always retrace 238 between 38.2 and61 point eight and tends to pause aroundthe 50% so we could see a move go updown up to the 50% pause for a littlebit push up to the 61 point eight andthen from there that may top it out youwill reanalyze the the chart you’ll lookat the candles you look at the volumeyou’ll see that the you know people aretrying to get out of the markets and youwould act accordingly all right so we’vegone through few very trace mints nexti’m going to look at is our Gant Gantfan this is a tool that not many peopleare familiar with top to bottom I’lljust make that a little bit more visibleand as you can see that that line hasbeen respected here and here and here weall likelihood we’ve seen this breakoutand it does continue I mean might go toour long term weekly symmetricaltriangle and we’ll watch that we’llwatch for that and it could go up to thenineteen ninety nine thousand and ninetydollars could be our next level ofresistance let’s have a look see there’sany other points of interest on thischart there isn’t let’s remove this scanfan and what I’ll do is I’ll draw someresistance lines in level resistance andsupport lines let’s choose a color ofwhite and I’ll probably put one here andyou can see that that’s that line isacted as a as a resistance here probablyfind another one I’ll justI’ll clone this one but here this lookslike another point that my and yes it isso that level which is nine thousand andsixty two has acted as a support supportit was brokenconfirmed pushed back through acted as asupport again and it might act as aresistance so 1962 to 1990 is reallywell I would anticipate the price to bemoving in the short term I don’t like toanticipate and when you do take yourtrades make sure you put your stoplosses in there’s no gaps in this chartto mention there’s no real candlepatterns that I can identify we’ve gotour risk reward risk reward let’s let’sthrow a long position here and we couldhave entered we will put our stop we’llput our stop here and we’ll see that theratio is a one to one not the greatesthowever you probably risk less money andyou can have a one to one-and-a-halfrisk reward ratio and if you did want tolet it run to that top resistance lineyou’ll have a two to one that’s not badand one that you should let run if youdo decide to pull you stopped in thatshort okay that’s all we’ve got for nowwe’ve had a look at the weekly the dailythe four-hour and one hour and I’llleave you with it happy tradinggood luck and see you next time[Applause]

COMMENTS (1)

  • comment-avatar

    Hi rich bro