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Bitcoin In A RAISING WEDGE!!! COTI BULLISH? Oil, DJI, GOLD all ready to move!

VIDEO TRANSCRIPT

Hello and welcome back to Aucoin buzz. It’s me, Jimbo. Back for another market update. In today’s video, we’re going to be recapping what Bitcoin technical analysis we will be rattling through oil. The Dow Jones index and gold because there are huge things playing out on those charts and I think you need to be aware of. To conclude today’s technical analysis we will be charting Kochi which looks like it’s ready to absolutely melt faces. But I’ll let you be the judge by the end of the video if you’d like to continue supporting the channel. Please leave a like on this video. I’d love to see this one pushed by 300. And if you want a chance to win the crypto tag zoo starter kit make sure to subscribe to the channel if you’re not already and leave a comment down below and we’ll announce the winner on Saturday. We’re gonna start right here on the bitcoin weekly chart as we normally do. We’re currently trading just above our support line that we have here supports flash resistance line at six thousand five hundred a tournament recording we’re trading at six thousand six hundred and forty-three dollars whatever you want to point out to you today or on the weekly chart. It’s this area of interest on the RSI. You can see I’ve got it highlighted here with this grey box. Now take a look back at our 2018 and 2019 low. This is the last time we traded outside of this box on the downside. What I want to show you guys here is just how powerful our move was once we broke into this box. See here we broke in. We established ourselves above the previous resistance. Once again we broke through the resistance and found support on it. And once we did we really moved really quickly. We even bounced down and tested this box of support before pushing up for any further moves. So I think it’s really interesting to see that we’re currently coming back into this box. Remember that the RSI is a lagging indicator. So there is still a chance that if we saw a sharp rejection on this weekly candle we would still see a rejection from this potential resistance area. So I think it’s really important to keep an eye on this once we come back for an update on Saturday we’ll be able to see more clearly how we’re going to likely close the weekly candle. But just something to watch an area of interest to focus on. Let’s dive down on a daily chart and see if we can find anything else in there of interest let’s start on the daily by analyzing our exponential moving average riven which we identified on Monday and as you can see here on Mondays and candle we will currently seeing and rejection we hadn’t quite broken into this band yesterday’s candle Tuesday’s candle has seen us close above the twenty exponential moving average in this ribbon which is great to see and as you can see we’re seeing quite a lot of volatility on today’s candle whether or not we’re going to close above or below. If you’re watching this and it’s Thursday have a look on your chart. Go to the daily overlay the exponential moving average Rubin. Here it is. And see did Wednesday’s candle closed above this 20 exponential moving averages bottom line or not. Because if we do close above it and we see support that may suggest to us that we’re likely to see a little bit more upturn and we’re going to go on to challenge some more of these exponential moving averages. If we close below it then that might be more of an indication that we’re likely to see some downside action ahead. But what we’re going to do now is we’re going to go back to some of our more classic indicators and see what they’re reflecting and now put our trend lines back in view. And I’ve got a couple of indicators for us to look at. So obviously we’re still trending below our key resistance points here our purple previous support line from the uptrend. And our big resistance here is 7300. And I think if we break all of these things it’s going to coincide all at the same time a 50 exponential moving average break. And these two resistances that’s going to be really powerful move if we do break those and close above them. I think that would really trigger something nice so that’s worth keeping an eye on as the days go on. We are currently seeing this red candle forming of course. Let’s see how are indicators down here at the bottom reflected the current year of our Mac days still in the uptrend coming from very low lows because of how long this selloff continued for all the way down at minus one thousand here which is really really low. So it’s good to see us in the uptrend but we are coming from a very low place. Obviously our best position to be in is to be seeing the green markers and be above the zero point for quite a long way away from that at the moment. But we are on the way up. I just want to point something out here on the TDY as well the trader‘s dynamic index let’s go full screen on that. Now, this looks like a noisy indicator but what I just want to point out to you without going into too much detail is how these blue bands that you see on the outside these are formed of the Bollinger bands okay. We don’t often see the TDY spend a huge amount of time out of these Bollinger Bands. And if we do it sees increased volatility so you can see once we’re out and once we break out you see the big movements. OK. So usually a lot of volatility which takes us outside of the volunteer bounds. The reason that I am talking about this is because we are very fastly approaching our upper limit Bollinger band here on the TDY our moving averages are keep creeping closer towards which would suggest that we have got a move in coming whether it’s going to be a rejection of the Bollinger Band which is the most common and most common thing to happen when we hit these Bollinger Bands or if we’re going to see a really big push up and see this green spike. So with that Bollinger Band resistance approaching on the daily on our TDY I just wanted to point out a few things on the four hour to see if we can see some positions of interest of which is going to indicate to us whether we’re going to break out or down. OK. So just have a look at the yellow lines. Pay attention to the yellow lines primarily. This could be determined as a rising wedge. And if you scroll up a bit further you could put a flag pole on this and say that it could be continuation of a bear flag pattern. But the flag is a bit long for that but it could be and we could also say that we’ve already broken out potentially of an ascending triangle but I’m not seeing the volume too much that we haven’t seen any confirmation with the volume. We’re clearly still on a downtrend since the sell off. So until we see any clear break of the volume you know there’s no confirmation breakout. I’d put this yellow line in here because I think if we spring above this is about 6 9. If we get above this and get some for our closes above that then things are starting to look a bit more bullish. And then, of course, we’ve got that all important line at the 7 3 7 4 area which we’ve highlighted there on the daily chart. The for our Mac deal does look dangerously close to crossing down. But we do often see this reject and bounce back up. However with only 29 minutes of the four hour candle remaining the candle certainly isn’t looking very strong at the moment. So it’s going to be very important which way this closes. And as I said there’s likelihood that you’re seeing this a little bit later than when I’m recording. So go and have a look at the chart data for our Mac D cross. And if it did we break this bottom support line. That’s certainly worth watching on the 4:00 hour. And that would probably coincide with a rejection of our Bollinger Band on the daily again. Likewise, if we break up through these lines then we’re going to be seeing that extra volatility to the upside as we break out of the Bollinger Bands on the daily TDY. So just worth putting these timeframes together and just using all the analysis that we have at our disposal to get a best picture of where we’re at. So there’s a couple more charts that I just want to bring to your attention today. Not all strictly crypto so I’m going to try and rattle through them as quick as possible but I think they certainly are of interest. So this is first up a CFD on crude oil. Have a look at this. Would you be buying this pattern. This could be either a springboard test to see oil retest these 50 levels or it could be the biggest death it’s the longest played out death pattern that I have seen probably ever. And if we have a look at our weekly chart zoom out a little bit further you can see we found some support here on this long term trend. Water. What a position entry this could be if we are to see oil to start recovering now. I’m just going to highlight this to you because I really think it’s interesting. This is clearly worked as a support. The question is are we likely to see oil recover from here or are we going to see this long term support line break. I think that’s really interesting. I just wanted to bring that to your attention. We’ve still got our Mark D flying to the downside but with such a huge move that’s that’s hardly that’s hardly out of the ordinary. But yeah I just want to bring that to your attention. Huge pain on oil that this is going back all the way to 2008. If this breaks this support line well we could see it may never recover to any of these prices again after that unless we see some massive geopolitical event which changes it. But as you can see even oil fairly well respects its support and resistance lines you can see as clear as day that this is playing out and supporting resistance line even over such a huge period of time we formed their support like this resistance line here and we respected it almost perfectly. We formed this support line here in 2016 and yet again it looks like we are on our way to respecting it. Let’s see how the week plays out for oil. This could be really interesting. Next up the DJI and I just can’t do a video without focusing on this at the moment just because it’s been so crazy. Another massively volatile day in the U.S. stock markets yesterday being celebrated it within the top five best performing days of the stock market. But there’s some hidden things that aren’t really being displayed in those news articles and that is that the other four times that are within that top five biggest moves on the daily for the stock markets were all during or around the time of the Great Depression. So yes it’s good to see it pumping back up. It’s great to see us seeing some support especially and we’re seeing this 15 18 five eighteen thousand five hundred area being respected that we’ve had highlighted for a couple of weeks now we’ve clearly seen support from there and a break back above. But just bear in mind that this big move all the steam the government‘s stimulus is that being put into place and that the other four day the other four days that make that top five biggest stock market moves were all in and around the Great Depression. It is good to see us get back above this 21000 support line support resistance line very quickly and we have obviously got the much more significant one here still at 23000 to go. And I just want to rehire if you’ve been watching my videos over the last couple of weeks you know that I’ve been saying about this an exponential moving average ribbon on the DJI and how we tested it so many times during the 2008 2009 recession. I wonder if this move may coincide with the test of this ribbon over the next couple of weeks. But because we’re seeing such huge volatility all ribbon is still absolutely miles away. So realistically we might even pump all the way up to 25000 and still get rejected from this ribbon and break back down. So crazy times in the DJI. I just want to point out keep your eyes on twenty three thousand three hundred as the week goes on. I’d be very surprised if it gets all the way up there and this week as we’ve only got two more trading days left than the DJI. Not a problem that bitcoin has. But anyway that was definitely a area to watch. Take a look at CFD on gold. Have a look at what happened here. This is the weekly chart we’ve had this big selloff obviously which coincides with the rest of the markets tumbling. But look at this briefly below our exponential moving average and came all the way back up and closed within it and a huge pump. Now back up this if this isn’t looking like a bullish interview and I don’t know what you’re looking at. We’ve currently seen the VIX begin to drop and quite often when the VIX drops we do also see gold increasing and I wonder if that’s going to follow free to Bitcoin as that is now considered or will be considered a digital gold perhaps and by many of you. And so it would be interesting to see if we do see Bitcoin catch up with gold. But really interesting to see that it’s pumped so hard and so quickly and recovered and really well respected this exponential moving average driven. I think this is a really good indication of how this works you can see we’ve tested it all the way down but respected it pumped back up close within and then boom gone really moved up really good to see to conclude the T.A. for today’s video we are going to analyze Coty bitcoin and this is on the four-hour chart. I think this may be ready to absolutely melt faces just as it has done in previous run-ups for Coty the last time we saw it. Absolutely monumental raise. And I wonder if we’re about to see that once again. I’m just drawing a couple of support and resistance place which I see as quite important and we’ve clearly broken out of that pattern and we’re respecting that only one minute left of this for our candle. Really well respecting those trend lines we’ve broken out. We look like we’re about to establish an uptrend. And just to give that a little bit more extra weighting let’s pull up our old friend the exponential moving average ribbon. We’ve absolutely smashed through it. We’ve come down with tested and we are well above it’s clear as day we’re going to close above. Now with only one minute left of this for our candle, I would revisit this chart on Saturday to see just how well Kochi has performed currently at two hundred and forty-two stages. I wouldn’t be surprised if we go on to test 280 at the minimum possibly. We go all the way up here to 300 Satoshi is whether or not that will happen before Saturday we’ll be yet to be seen but at the moment this is looking really bullish. Remember I’m not a financial advisor that’s just me having a look at this old coin shop and just telling you how house. I remember as well if Bitcoin does something terrible and drops a big red candle on us or even a big green candle on us this chart can change very quickly so it’s important to always keep an eye on bitcoin whilst we’re trend trading these ELTs as well. If that’s what you choose to do sadly that’s going to conclude today’s video but if you’re hungry for more coin buzz news come over here to open bars the IO of all things crypto. Great great place to come and get your cryptocurrency news I highly recommend it if you would please do me a favor of slapping me like on this video. That’ll be great. Can help us get content to more people. And if you want a chance to win that crypto tags to start it. Remember to leave a comment down below and be subscribe to the channel if you’re not already. I’ll be back on Saturday for another update. Take care out there guys. Remember to keep your general hygiene and all those sort of things up do the social distancing. And this is a really good time to use your time to learn. Don’t just sit and do nothing. This is a great time to be productive. I’ll see you on Saturday guys. Take care. Bye.

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