Can BITCOIN continue moving up? Bitcoin live update

Can BITCOIN continue moving up? Bitcoin live update



what is going on guys I'm coming to you from Las Vegas as you could see by the background I don't know how well you could see that it is actually snowing today which is not I've never seen snow in Las Vegas but I'm here for a poker tournament but I wanted to give a Bitcoin update while I was here let me just see who is on the chat real quick Shh hey what's going on I met how are you actually let me pop out the chat there we go yeah I actually didn't announce that I was going live but hopefully this will be recorded and posted up on on YouTube after so I'm just gonna go ahead and start with the the Bitcoin update let me go to the the daily update so there's a couple of things that that I wanted to point out here let me just get rid of this all right so Bitcoin currently broke out of the the wedge that you see here and it broke to the upside now it doesn't necessarily mean that this is a break of the bearish trend as I said before bitcoin is just establishing a series of lower highs as you could see here sorry as you can see here denoted by these arrows this is just a series of lower highs here right and in order for us to buck this trend we essentially need to break above the previous lower highs so while breaking the wedge that we were currently in is you know I guess a good sign for the interim it's really not a reversal of the pattern unless we break this previous high and this is at around 6400 so we're currently seeing support on the 100 day moving average right but this is a tenuous level for Bitcoin as you could see going all the way back to May 2018 where we he went above the hundred day moving average but sorry this was August yeah where we went above the hundred day moving average but haven't really liked we spent a you know a few days here before falling back down and again in July over here but yeah I mean it's it's it's really showing that that it's a sign of resistance because it is not able to stay above for you know a long period of time and that might be the case here we did see some momentum that propelled us you know from going all the way from 3500 238 3900 but it doesn't mean that this is the end of the bear market I know it's easy to get excited and hyperbolic about these things but yeah so looking on the one-week chart now this is what I wanted to point out here this is the 50 day weekly average here right or sorry the 50 week moving average here in the orange and this is the hundred week moving average here in the yellow and it looks like we are just about to cross or might have just crossed between the 50 and 100 now as you know this is one of the death crosses not the death cross the death crosses when the 50 crosses the the 200 but this is a bearish sign right here right and this hasn't happened since if you go all the way back this is on bit stamps chart because it gives us a lot of data but if you go all the way back to May 2016 that was the last time that the 50 week was below the 100 week right so this right here we don't want this to happen now we are currently sitting firm above the 200 week which is this green line here and that is you know positive for the for the interim but if we break if the 50 falls below the hundred and we break below this 200 then we will see more bearish momentum and that might take us down to the 18 to 2500 levels definitely below 3000 is what I think also there is bearish divergence spotted here I was looking at the stochastic RSI because I was speaking with one of them members of our discord and he was saying wow the stochastic RSI it hasn't been this high since going all the way back to December 2017 and it's true however this is also a bearish sign because you could see the stochastic RSI between November and February making a higher high right but the price for the same period making a lower high that means that the saccadic RSI is moving up while the price is moving down this is negative momentum right so this is called hidden bearish divergence when the price makes a lower high and the stochastic RSI or any one of the momentum indicators makes a higher high so that is that's definitely not what we want to see but it is also sign that we could see bearish momentum coming up more bearish momentum coming up if you look at the market cap we're currently at let me refresh this actually but we're currently at around 132 bill and the reason or 133 bill the reason I refreshed it is because I know that you know in the last 24 hours we're seeing a sea of red now this isn't necessarily a bad thing if you look at at this this is you know these are just incremental percentage point declines right and this is just a continuation of the uptrend that we had recently as you know everything really has been rallying because bitcoin has been rallying in USD price that propels everything to rally in USD price as well so a couple of coins that we made large gains on litecoin was one of them we played the breakout multiple times of litecoin but specifically there was this level this key resistance level bit that we broke above and we played the breakout of this key resistance level we went all the way up to $51 and now we are seeing retracement and if your question is you know well how do I know when to to re-enter well this is why technical analysis is so important is because it gives us a guide to to making moves in the market instead of you know buying or selling blindly so for litecoin for instance you can enter and I posted this in the trade if you want access to the trade alerts link is in the description sign up for those we've also added stock trade alerts for the diamond traders are and above you get stocks and crypto alerts and if you need help with one-on-one technical analysis coaching or you're having trouble with your technical analysis or don't know where to start that that's the same link in the description as well and I only take up to ten students a month so the slots do fill up fast monthly and if you want access to those that link is in the description but hit me up and let me know that you want you know you're interested in one-on-one coaching and I'll let you know if I have spots available oh and we're also before I forget we're doing a drawing for point zero three Bitcoin on the first of March and that's around a little over a hundred and ten dollars right now maybe 115 dollars point zero three Bitcoin so we're doing that on the first of March a week from tomorrow but anyway so what I was saying was you can either wait for a break out of this key resistance level here as you see litecoin forming this rounding bottom right so you can either wait for a break out of this or a retracement back down to a certain level and we use the fib to you know identify retracement point so if you take swing low to swing high because we're measuring the trend down you'll see that you you know where that there is a key level between point three two and point two three six and so we'll wait for a retracement to between that level before re-entering litecoin in that case you know the pattern could form a potential cup and handle right going down to that level before breaking out again now we don't want to project patterns but you can plan them ahead of time in order to you know try to ascertain where the market is moving but you don't want to project patterns and say oh yeah it's going to form a cup and handle remember it's not a pattern until we get confirmation so just know that so that is litecoin b and b is another one that we made massive gains on I've actually been scaling it to being B since November but it's gain does over 90 percent and it is now seeing a retracement however the retracement is still it's still bouncing off of the one fib level I do expect B and B to to hit our fib extension points right just based on the volume and the momentum and it has been a good hedge against BTC actually so B&B continues to be a long-term hold in my portfolio but it is currently bouncing off of the the 1 fib level and hasn't really broken below it now if it does break below it again we look to the previous FIB retracement levels for potential re entries and I will send those out in the trade alerts I'm just giving you a glimpse of how you know how to play like if your stop element hit for profit for instance or you're looking for a reentry point on a coin that rallied and you don't want a FOMO this is how you would do it you're looking for either re-entry points or looking for a breakout like litecoin above key levels let me just go to the chat and see if there is if there are any questions Oh Alex Guerrero more nuts is BTC being up I don't know what that means hey made it hi Hey hey what's going on guys what's up Z greets from Holland what's up guys short term BTC target what's up Ian short term BTC target looking at BTC I mean the thing is lately I've been using BTC as more of a marker right so I use it I use its movements to trade other coins because it is still the the the dictator of the market and when BTC goes up in USD value you see most all coins or at least top all coins go up in USD value but my short-term target for BTC I mean it's really hard to say I do just based on presidents if we're gonna take technical analysis into account I do think that we will eventually fall below the hundred day moving average you could see them the volume start to wane again right like we did get some good volume that propelled the price up but you know especially back here last week and in the second week second or third week of February but we are seeing a slowdown of volume and you could see that here if you zoom in a little bit you could see the volume trailing off and that essentially is not a good sign if your try to establish some momentum that will get you out of the bear market or at least give you some breathing room in a bear market so because of that declining volume I and because of the fact that Bitcoin has struggled to stay above the 100 day I will say that we will fall back down again it looks like we're trading in this sideways pattern here so if it does fall back down I you know I don't think that we will be establishing lower lows unless what happens on the weekly what I was just talking about earlier what happens on the weekly comes to fruition which is that the the 50 falls below the hundred and or we fall below the 200 week moving average either way we're trading in this in this tight range otherwise right so my short-term target is that BTC will continue in in this range this thousand dollar range really between thirty thirty two hundred and forty two hundred and there isn't any reason to think otherwise unless we get a confirmation of a breakout in either direction but because the volume is waning I don't see us having any momentum that will propel us you know towards the 200-day moving average for instance so I hope that answers your question anyway I got a run the reason that I'm in Vegas I'm playing a a poker tournament here so it's about to start in a couple hours and I need to go get some coffee and prep myself for the poker tournament but stay tuned to the trade alerts again if you want access to those link is in the description I will be sending more trade alerts out as the day progresses and I'll be looking for re-entry points on some of the coins that we got stopped out on and and took profits on as well so yeah look out for those stay safe out there hope you guys are doing well peace

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