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BITCOIN CANDLES ARE TIGHT!! BE READY!! BREAK IS COMING SOON!

VIDEO TRANSCRIPT

What’s going on to Chris here? Want to bring an update to the Bitcoin right now, we’re seeing the six thousand seven hundred twenty-seven dollars. We’re down 0.2, 1 percent. And what I want to share with you today. This is going to be out of my book Chart Patterns by Thomas POCHOWSKI. And I did this last night with my Litecoin group of people and they really seemed to like it. So what I wanted to do was go down through this and actually break down this ascending triangle on the four-hour time frame for Bitcoin. We want to see if we can identify this is an ascending triangle and also the odds of it breaking to the upside as well as the downside. So we’re gonna get into all this, guys. You like me covering this stuff like subscribe hit that notification. Bill, appreciate you all being here with me today. So, number one, when we’re looking for ascending triangles, look for peaks that top out near the same price. So we want a horizontal top and that’s gonna be right here around that seventh thousand-dollar area. Can see we had a wick here. We had several rights in this area where we consolidated sideways for quite a few days. And we also had it again up in this area where we actually had a false breakout and we went up to almost seventy-four hundred dollars before coming back down. That was one of those long leg D-O-G candles or ritual candles, whereas just really tight fight action back and forth between the bulls and the bears. You can see it really spanned a large distance here from about seventy-three hundred dollars all the way down to about sixty-seven hundred dollars. So that was a lot of fight between the bulls and the bears going back and forth there. But we would definitely identify, number one, as being a checkmark. We’re just going to go through these number to find prices that make higher valleys. Prices should touch an up sloping trend line drawn beneath the valley. So that’s what we have right here. We have about three to four touches right in this range here. We could even adjust this a little bit more to get that touch. So we have a touch here. We have a touch here. We have a touch here, then closed up here. So we at least have three. So we’re good in that area. So we’re two for two. The next thing to be price much, touch each trend line at least twice. So what we have down here, we have our three touches here. So that’s no problem than our upper horizontal line here, which we have. We have at least three touches up there. So so far everything’s working perfectly. The next one, it says prices must cross the chart pattern from side to side, leaving little white space within the body of the pattern. So that’s this chart back and forth. And here we don’t want big gaps of white spaces or in my case here, it would be black because I use a black background. But we don’t want a lot of huge spaces. This one that we got a little bit of a spot in here, a little bit up here, but for the most part, we have kind of chopped back and forth in this. So I definitely would qualify this as hitting that criterion as well. The next ones, the two trend lines converge at the Triangle Apex. So right now you can see we’re getting to the apex right here. So it’s just a matter of time before Bitcoin decides, are the whales going to step in and break it to the upside or we’re going to start breaking to the downside. The next one, volume trends downward 77 percent of the time from pattern start to the day before the breakout. So what you can see here, we had that really high volume, that climax volume that we had down here when we had buyers after the climax did that capitulation. So now volume has been trending down as the price has been going up and you can see how low the volume is now. So that’s why we’re waiting for this break. We’re anticipating this move, the move either to the upside or the downside. And I’m also to put in alert’s force as well. And then it says a breakout occurs when price closes outside the trend line boundary and upward breakout occurs 70 percent of the time in a downward breakout is going to happen 30 percent the time. So 70 percent of the time you’re gonna make a nice, strong move to the upside and then 30 percent the time you’re gonna drop to the downside. So that’s where we still have to prepare. You guys remember chart patterns are not confirmed until you actually have that breakout. A lot of guys will start buying once we break up through this upper horizontal line here to go long and then to go short or to exit your position. If you’re in a position, they will sell out at the break of this white trend line, the slower trend line right here. So now we’re just really getting the squeezing effect in. The candles are extremely tight here and we’re waiting for that next move either to the upside or the downside. And that’s what we have to be very aware of, guys. And what you also have to realize is that 57 percent the time, if we do have a breakout to the upside, we’re actually going to have what’s called a throwback and we’ll come back. Fifty-seven percent of the time and actually backtest this horizontal line before we continue to move farther. And then about forty-nine percent, the time we have what’s called a pullback to where it says in my book here that we’ll actually break down through this wide trend line, will pull back on to this trend line or at least touch it again and then drop even farther. So that’s definitely something that we want to pay attention to as well. It says that tall patterns perform better than short ones. Tall means taller than ten-point one, three percent. So we’re gonna check this out force overall. So what we’ll do, we get our price range here. We’ll go from the bottom of that wick all the way up. This is definitely what they would consider a tall pattern. So this is a taller pattern for us. And then it also talks about here that when we do have breakout tall patterns, for example, have prices that. Rice. Forty-four percent post breaks out versus 30 percent for a short pattern. So if we do get an upside break out here and say we were to go 44 percent, what we’re gonna do here is go from basically the area where we would break out from. We’ll go up 44 percent and that would roughly put us guys right at this top here, right in this area of $10000 if we do get a nice, strong breakout from this ascending triangle. And then to the downside here, what we would look for is about a 37 percent to the downside. So we’ll also take a look at this. We’ll turn this green forests. See if that helps you guys. Let’s get that green. And if you get some from this, guys like subscribe hit that notification, Bill. Really appreciate you all being here with me today on a Saturday. And this is a type of stuff that I’ll do on my own and I’ll go through and I’ll say, hey, is this going to be an ascending triangle? And if it isn’t ascending triangle, what am I going to do with it? If it breaks to the upside, what am I going to do with it if it breaks to the downside where you always have to have a plan? So now we’re going to go down 37 percent and that would make us the right to the bottom of this pattern. So that would be correct as well as right at the start of this. We’ll turn this one red. Just like that. So if we break to the downside, we could be looking at, you know, forty-five hundred dollars or so, if we break to the upside, we could be looking at ten thousand dollars. So that’s why this ascending triangle is so important for us to give a nice, strong move, in my opinion, to the upside so we can get out of this. Guys, if we zoom out here and take a look at this, we’ve just been in a wicked downtrend for quite a while now. Ever since we got up to about that $14000 that blow-off top that we’ve had, we’ve basically just been having a downtrend since then, guys. It’s just been pretty nasty. You can see the volume, how low it was down in this area as we were having those lower highs coming in and lower lows coming in. Volume was low. And as you can see, when we’re in an uptrend, you’re going to have those bigger swells of volume. You’re gonna have a big push up on volume. Then the volume will dry up and you’ll have the next big push volume will dry up. So it’s just different working a bear market. But for us, we definitely need an upside break and it may take even more time. We may even consolidate sideways for a few more days. But in my opinion, the break will be coming. I can’t tell you yet if it’s gonna be to the upside of the downside. We have a 70 percent chance of a break into the upside of 30 percent to the downside. You also have to factor in the throwbacks, the pullbacks, broken patterns or busted pattern. Sometimes you can actually have a strong move to the upside and then you break down through where you can have a break to the downside, then you break back up. So there are all different types of scenarios that we need to pay attention to. So next, what I want to do here for us, I’m going to get that off here, guys, and we’re going to put in our alerts now. Want to put these in for us. So to the upside, my alerts can be right on this horizontal line. You see here. So we’re gonna add on horizontal line right there and we’re gonna create that and that’s gonna be a six thousand nine hundred ninety-seven dollars and then to the downside. I want to be alerted if we break this higher low here. So it’s gonna be at six thousand one hundred one dollars right down in this area. So we’re gonna have our two alerts up in here. OK. So those are the ones we’re gonna be looking at, about $7000 to the upside to the downside. We’re gonna be looking at six thousand one hundred and one dollars. So those are the alerts. And then I also want to take you out to trading view here and show you what trading vs doing in terms of calculating all this. So on the one-day time frame right now, you can see our just a little more neutral. We’re just waiting. It’s just that waiting time. So we have a ten first sell. We have a nine for a neutral, nine for a by oscillators to sell a neutral one by moving averages. Eight sells, one neutral, eight buys. So you can see in the shorter term here we’re throwing buy signals. In the longer term, we have to sell signals. Then we have a lot of mixture between neutral here, a lot more neutral than some buy and sell in here. So for me, this is just an area where you really need to be patient. I think patience is the number one thing to pay attention to right now. And we have to wait for that confirmation to either the upside or the downside in terms of the breakout. So I want to bring in a quick one today here, guys, on Saturday. Let me know if you like this, how I break it down. This is out of my book Getting Started and chart pattern by Thomas Ballcap POCHOWSKI. It’s roughly about three hundred pages. This is really good. This is a smaller version of my encyclopedia of Chart Patterns by Thomas POCHOWSKI that I like to use, but this is one that I’ll actually carry around with me if I go somewhere and I want to do some study that’s a little easier than the big encyclopedia and it still has a lot of great stuff in it. So I would definitely suggest that you guys. But let me know if you like me, use that stuff. We break it down. So far, guys, this is definitely an ascending triangle, 70 percent. The time we break to the upside, 30 percent of the time, we will break to the downside. The candles are getting tight. So anticipate that break. The volume is getting low. It’s coming soon, guys, to be ready. God bless you all. Take care. Like, subscribe if you get some out of this. Appreciate you all being here with me today. Have a wonderful Saturday, guys. Ticker.

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