Technical Analysis of Bitcoin and Major Altcoins

this video we do some technical analysis of Bitcoin and other major altcoins really important video to give you a sense of the market direction that we could see in the coming few weeks if you've been struggling the last few months you'll definitely want to watch this video if you've been enjoying the market updates don't forget to hit the like button subscribe if you're new as well going to start with Bitcoin now if you've been watching my videos I've obviously been warning you and I've been quite bearish the last 3 or 4 months however recently I've seen some very very good signs and this is why it's more important now to look for bullish setups remember the trend is still bearish we need to wait for the the tide to turn but it's a good time now to start looking in the other direction start with Bitcoin and this is a chart and as I discussed in previous videos it was this level we ideally needed to break so that we could reset and so that we could complete a full uh correction here and this is what we uh what you might call a uh complex correction you could call it a flat as well but it looks a little bit less like that but anyway it doesn't matter either way it's a correction that's been going now when you break those lows you give the opportunity for this and any other coin a chance to reset and then push higher and if you actually look back here only on the Bitcoin chart you'll be able to see periods where this has happened before for example this is a period where we had a sideways correction we have to break previous lows reset and then we can go from there and then we start with an impulsive move and then we hold the low so we have a higher low and that's the wave two and that's a one a small smaller one and then we often running and then the third tends to be a much stronger move so we've seen that before very very simple keep technical analysis simple always as much as possible nothing's obviously guaranteed we're just trading with probabilities here and that's what we're doing here now here we're wondering the same thing whether we've seen a significant low and if you have a look previously uh at alltime highs we saw back in 2021 you can see when we hit the high we were very impulsive uh on the move down very impulsive then correction upwards and impulsive again we don't want to see this three-wave move upwards we don't want to see that go up because that's corrective that's all we're watching out for even in this move on a smaller time frame if you get down to a 15 minute that's all you're watching out for basic technical analysis there we're watching to see if this forms a three-wave move or a complex correction which again you can see on a higher time frame in like a three wve move that's how it appears or is it something that started impulsive and we're getting a higher low so the way I've traded this is when I saw the higher low here I've assumed assume that we've bottomed even though it might not be the case because this move definitely isn't clear it could definitely still be corrective but if you assume it there there's two things that can happen there's two ways this can play out on bitcoin and altcoins and it's very simple either this is a smaller one two and we're now starting another uh even smaller one two and we're now going to start shooting off and get back over 60,000 and Beyond and if we do that all all coins will go crazy but it's the stronger ones you need to concentrate on and I'll share with you the stronger ones in this particular video you'll remember them from the end of the last video as well but I'll remind you here that's what we're going to assume and if you assume that you'll be in profit either way and then what might happen if you're trading this by the way on a swing trade another thing that could happen if it's all correction then what you are more likely to see I doubt that was the top of the correction so more likely what you see is a lot of overlapping movement and then we'll push up to here again just under 60,000 and we'll fail and then we'll move down and then we may attack these lows again and very likely if that does happen if you have a look at a lot of the altcoin charts is a very very likely even if that does happen that would be the last dump I know it's annoying because crypto just keeps on dumping every time we go up but that could be the last one but opportunity either way if it did get up to here and then struggle and this was all overlapping so it Flags like this in a corrective Channel and this is all basic technical analysis then I personally I would look for a short here and then short a lot of the uh weaker altcoins back down to the lows but if this is the low I'm already in in a long position so either way absolute worst case scenario is Break Even you you or you make a small profit and you move on but I don't want to miss this move and I know we've been correcting for a while now uh for Bitcoin here if you zoom out again and we're going to have have a look at Soul now and avax as well so Avalanche and salana but for Bitcoin basically we're talking from March so we've been going sideways for a while so April May June July four months so plenty of time given for this kind of fourth wave which is what I think is going on to play out let's have a look at Avalanche and then we'll have a look at salana so I've just shown you on bitcoin what we're looking for it's the same thing here on a higher time frame daily if I have a look at the Candlestick patterns here I can see a nice bullish Hammer here so has a good start uh like a pacing pattern here so so nothing wrong with that and then again are we forming a high or low so get back onto a 15-minute chart and then have a look now the argument here is it's not the cleanest move ever but the argument is if you click here on Elliot impulse wave we may have done a one two and then you can argue where the third wave ended fourth and fifth it's possible and if you check on the fav extensions which another way I like to check these kind of moves did we get to around um uh 2.23 6 or 1.618 to3 yes it's possible we did do an extended but I mean it's equally possible as corrective too it's not the cleanest looking one ever however we did hold a higher low here now I think we're probably doing a longer correction so in avax we might do a 3 three and then come back down here and then what I want to see is Fibonacci retracement I want to see on avax it hold usually around 618 to 786 around here why here because usually on a wave two it tends to be a deeper correction why deeper it's technical analysis because on a wave two basically what's happening when the trend's changing these are the normal five-wave moves two gets very deep because still the prevailing Trend and the strength is still kind of downwards so it really wants to push price down but it doesn't get all the way to the bottom it makes this higher low HL higher low that's why they are so deep but in wave four they tend to be shallow so you get a 382 FIB retracement by the way all of this technical analysis if you're interested in learning about this in a lot more detail first link in description that's my crypto trading Mastery course if you're interested but that's what I'm looking for on avax let's have a look on salana now interesting on here I'm wondering if that Wave 2 is already in again possible same five wve move we're looking up so if we click on Trend base FIB extension here we're thinking this could be a five way but the only problem is when when you click on this extension here the 2236 which is a very common one for a 5way to finish suggests that it could have been a five here and then a b so a and then another c-wave here so it could definitely still be three so you have to be a bit careful with that but again we're assuming things so if we assume that's a one and we saw a significant low and we assume that's a two again just assumptions then this could be the beginning one two of uh an X wave and usually you would expect this one two to be a little bit higher actually you would expect expect this High to be above here so I don't like that necessarily but then the other problem I'm seeing here is this doesn't look like a five it looks more like a three so these are the things that are bothering me but again you might get a double correction here where it pushes up higher anyway so I'm long salana because of this higher low so I'm still not convinced at all about avac salana and Bitcoin but I'm assuming it higher for now because the main main problem with salana is when you actually look back so with we're going to go on to a 4H hourly we're going to look back to 2021 cuz I want to show you something there this was May 2021 for salana so salana had gone on a good run and then it had been going Sideways from April all the way to July but have a look at the lows here it was a strange correction if you have a look at this you can see it Spike down then seemed to do almost what looked like a three-wave up Spike down slightly higher low and then very horrible looking move up Spike down again slightly high higher low and then it was Off to the Races so it's a very weird correction not a clean one like you might see on bitcoin or some of the other altcoins where we just go down break all of the lows reset and restart so actually the reset point in technically was this first low here what we really did was a leading diagonal here and then we came back for a two and then likely another leading diagonal and then a two and then we shot off so I'm just very careful with salana it doesn't tend to make very very clean moves when it finishes a a correction so I'm like not assuming my analysis is 100% perfect because it never will be nobody's analysis 100% perfect I'm assuming here when we're seeing these lows you seeing these spikes again so a little Spike there quickly got bought up on 13th of April at the 120 level same here quickly bought up same here bought up looks like maybe same here so they're all getting bought up so it's not clear whether it's going to do that or whether it's going to do a slightly bigger correction and then a dump to clear all of these get back to like 110 and then reset and go not clear at all but again I don't want to miss something like this because if you see this downwards trending uh uh sloping trend line as well we potentially could be very close to a very big breakout again that's why I don't want to miss that if I feel it's going lower you just cut take some profit small loss whatever it is and just wait patiently and then get back in again again if you're a Trader if you're just DCA dollar cost averaging and you you've been buying anywhere between 120 to 135 you'd be fine you're already in profit anyway you've not really had any losses to be concerned with so every time it dips a little bit you just buy easy so it's not difficult to do it that way if you're a longer term investor the other ones I've been mentioning on Twitter as well look for layer ones the the main bigger coins to maybe take the first move here so injective is another one looks like it broke those lows which I've been telling you all about that's why I was shorting injective from here where it did a clear three- wve up and it actually had a one to one correlation between wave a here and wave C and now it's finally broken those those lows now is it resetting go on a 15-minute chart have a look at the setup and see if it's worth trading again I'm just assuming that this may be a 1 2 3 4 5 CU I can see five clear swings again the the the connections in terms of FIB relationships are not great but what do you see here you see a nice potential wave two nice and deep and this first beginning of a smaller one and two it's possible and that one broke the top again it's not clear if you can make five waves out of this or not nice one but if it holds anywhere here it doesn't break this low here it doesn't break the low of 7076 holds anywhere in this region here starts pushing up I think it's very very bullish very bullish that's a third higher low and it means it's a smaller one too so it's very bullish in that point now again it's possible we just make a larger correction here to around the 2122 level and then we're just going to take that final uh dump that's absolutely possible but keep an eye on objective to other ones another one is chain link same scenario from the lows we're holding a higher low we've broken the previous High all of these signs are you you have to uh say they're a little bit more bullish but again are we just tracing out a larger correction either way it shouldn't matter if this low holds so this one here that we saw uh which is 1179 if that holds so it doesn't get broken if this gets broken then yeah very very good chance we going back to the lows uh if that's broken this was the only Annoying one this second move in all of the alts definitely look like a three rather than a five in a lot of them that's just the annoying annoying part if this was a nicer five wve swing and this one didn't come too deep then we could be on to something I mean it's possible you get leading diagonals here as well but price gets a little bit constricted but again the higher low will tell you so the next low if it stays higher and then we start attacking the highs again so if we go like this higher low here then we start attacking the highs again then it's very possible we are larger one two and and a smaller one to which then ends in quite an impulsive third wave move so again this is what the charts are showing me I don't care what else is going on around the world what foot there is out there what news there is out there I'm basing it on the chart a lot of altcoins have reset now so there's an argument that they could have their lows in obviously the alternative with all of this yes we potentially could reset but maybe we just need to push a little bit lower that's always possible so what I do is I don't do any kind of count like El W all the way from from the top all the way down I don't do that it's very unreliable I look to see if if we're moving off the lows in five uh first of all and then I'm seeing if there's any continuation of that or if it just turns into a bigger three correction and then if it turns into bigger three I just sell my long position and usually if it's worth it in terms of Roi back to the lows there's at least 20% to be gain there I'll short it and that usually goes very well because the trend over over prevailing trend is actually downwards so is actually a little bit easier to short generally because you can see all the impulsive moves have been down of recent times the AI ones I'm not touching quite yet um I was hoping things like uh uh fetch or the new coin GRT Etc um also Tower as well would be a little bit more bullish but still charts still not looking great like this is not a great looking chart off the lows at all um I'll just show you taao TAA here is at 227 so this move of the lows not the best but again if you go to if you drill down to smaller time frame when you're placing trades you should be on a 15 minute if you have a look at this move this is not the best at all um again possibly possibly did an ending diagonal there so you may argue it's a five swing definitely is a higher low there we know that this you could argue is a five and then a two so if if it's it's the lows are in if the lows are in this should be a three now so it should be impulsive the same way uh what's an impulsive wave look like so on the way down you see these middle parts where you get this extension these are threes you see where it kind of suddenly moves impulsively and then back down on the way up it does the same thing in a three that's why people could talk about wave three that's the strong part of a move so if this count is right you would expect strong movement here if you don't see that then it's not um bullish this is all just a larger correction flagging sideways that's going to break down and just test the lows again and like I said if we do test the low lows again I'm going to be extremely bullish only because the uh Trends we've broken lows already in a lot of them one or two maybe still have time to reset but the trend is slowly uh changing in my opinion and we're holding our decent support levels on a lot of the altcoins they needed to have a big correction like this is completely expected even on something like to because if you have a look and you scroll all the way out and this is on a log chart by the way all of this that I'm doing but if you have a look here you can see clear five wave moves up but then you you want to see some correction you don't want to see all of this move and just a Tiny correction like that you need to see a healthy correction back down to previous wave for support ideally so that's about where we are at with benser roughly so these are levels that you want to see other the kind of learning point I would share is don't be in too many coins like maybe only four or five that's all you need that's all I'm kind of looking at you don't need to be in 20 or 30 there's no so far in this bull market hasn't really shown that you're better off by diversifying too much because so many like 95% of them are going to do nothing even the older coins so it doesn't make sense you could even argue just be in one and just write it if you think maybe salana Avalanche chain link or uh to or one of the AI other AI coins you think it's just going to run you could argue just stay in one or two and put a larger bigger position in those because it just makes sense like we saw it in meem coins we saw Whi was doing really well and there's loads and loads of secondary coins on SL you thought hm they're going to really run and stuff like that they never did anywhere near what whiff did if you remember there were all kinds of coins like uh gently used Honda melon and all of these other ones that I thought potentially could do even like one tenth of what whiff did they didn't you just stuck stick with the strongest ones that seems to work really well this cycle so far so I'm going to do that do what works stick with the few stronger ones and just ignore everything else it's easier to trade as well because once you can just buy and hold or huddle um it's easier it's easier for me as well I'll have to trade less I could just literally call it an investment just hold and uh let them run up that's that's the easy part of trading in crypto I know we've not had that in the last few months you've had to have a bit of a Trader mindset but we should get back to that very soon another thing to keep an eye on like I keep mentioning on my videos is newer coins new new new new like anything that was released uh this cycle especially the last few months and one for example I'm looking at this is Jupiter so so it had uh the air drop and everything and then it bottoms a normal pattern after an air drop and then it had what looks like potentially an impulsive move from 44 cents all the way up to nearly uh $2 so had that move massive correction which again is not abnormal I he is getting a little bit low but it's not abnormal and I shorted this one a lot because it was just just made really nice clean moves to the downside and percentage wise they were big moves so worked out really well for me but now I'm looking at the opposite area because I'm looking at this range here and let me just add volume here you click on indicators here and just type in volume and you can see the trading volume um on this this happens to be a I think a Mexi chart and on here what ideally you want to see is um reducing volume so the volume is low anyway but it's reduced here and then you saw a massive Spike up in these two lows and you can see that at the bottom of the chart so you can clearly see a lot of volume going in here and have a look at this pattern we're in a trading range with spikes below this is bik off accumulation so if you have a look at this with the spring below and you wonder if this is that phase and we're going into the markup phase right now on some of these smaller coins so you can't ignore that so again what I would want to see here is higher low but it's still looking weak so if you go onto a 15-minute chart and you can do this for any new coin by the way these are the tight basically you're going to see very very similar setups here so you might see a move off the lows that again it's not very clean one but it could be a five wve move there uh like I said not the best we've got the higher low and this one again not clean like almost looks like a three doesn't look like a full five you wanted it to just kind of Swing once more to be clean but again it could be a tiny little kick up there that could be the fifth wave um or we may still get a fifth wave to round off here so this just might round off but either way you were looking for a higher low after that so then that will be three higher lows in a row and for this to push up and then we could be bullish smaller chance could be all part of a larger correction but larger chance if the move is very very impulsive and we still need start attacking this 90 uh uh Cent level very very quickly like almost in a a few candles like we just go wom like that just shoot up then you're thinking yeah this is impulsive and I bought here at a very very good level and this as a newer coin it could run and the minimum Target if this was going to run if that if this was a large one we don't know like but we assume things if we assume this is a one two and we're getting impulsive moves out out of this then this will go a lot higher than 2 cents it just has to because that's the structure of the the market here that's what we have here in terms of a potential setup and it's a higher low than the previous one we saw in February so everything would stack up there minimum if we were just doing a larger correction is to get near that uh $2 level anyway so it still be a really good run so for the small coins be interested in look for this but don't trade the small ones don't trade them until the larger ones have made their clear moves because these small ones will dump a lot more than the larger ones do every time we move down and also they move later because people say there's no rotation anymore I still think there's some rotation between the uh larger ones to the smaller ones because that's just normal flow of cash and liquidity so people are doing really well on bitcoin and salana and salana goes into the hundreds of dollars of course uh people will move that into related salana coins like Jupiter or related meme coins Etc I think that will definitely happen but the main thing with the small ones is they tend to make the biggest moves actually at the end uh of a cycle at the end of the cycle not in terms of percentage necessarily but the largest moves on paper in terms of dollar amounts uh tend to move at the end the larger ones tend to move earlier so just keep an eye on that as well thanks for listening

this video we do some technical analysis of Bitcoin and other major altcoins really important video to give you a sense of the market direction that we could see in the coming few weeks if you&#39;ve been struggling the last few months you&#39;ll definitely want to watch this video if you&#39;ve been enjoying the market updates don&#39;t forget to hit the like button subscribe if you&#39;re new as well going to start with Bitcoin now if you&#39;ve been watching my videos I&#39;ve obviously been warning you and I&#39;ve been quite bearish the last 3 or 4 months however recently I&#39;ve seen some very very good signs and this is why it&#39;s more important now to look for bullish setups remember the trend is still bearish we need to wait for the the tide to turn but it&#39;s a good time now to start looking in the other direction start with Bitcoin and this is a chart and as I discussed in previous videos it was this level we ideally needed to break so that we could reset and so that we could complete a full uh correction here and this is what we uh what you might call a uh complex correction you could call it a flat as well but it looks a little bit less like that but anyway it doesn&#39;t matter either way it&#39;s a correction that&#39;s been going now when you break those lows you give the opportunity for this and any other coin a chance to reset and then push higher and if you actually look back here only on the Bitcoin chart you&#39;ll be able to see periods where this has happened before for example this is a period where we had a sideways correction we have to break previous lows reset and then we can go from there and then we start with an impulsive move and then we hold the low so we have a higher low and that&#39;s the wave two and that&#39;s a one a small smaller one and then we often running and then the third tends to be a much stronger move so we&#39;ve seen that before very very simple keep technical analysis simple always as much as possible nothing&#39;s obviously guaranteed we&#39;re just trading with probabilities here and that&#39;s what we&#39;re doing here now here we&#39;re wondering the same thing whether we&#39;ve seen a significant low and if you have a look previously uh at alltime highs we saw back in 2021 you can see when we hit the high we were very impulsive uh on the move down very impulsive then correction upwards and impulsive again we don&#39;t want to see this three-wave move upwards we don&#39;t want to see that go up because that&#39;s corrective that&#39;s all we&#39;re watching out for even in this move on a smaller time frame if you get down to a 15 minute that&#39;s all you&#39;re watching out for basic technical analysis there we&#39;re watching to see if this forms a three-wave move or a complex correction which again you can see on a higher time frame in like a three wve move that&#39;s how it appears or is it something that started impulsive and we&#39;re getting a higher low so the way I&#39;ve traded this is when I saw the higher low here I&#39;ve assumed assume that we&#39;ve bottomed even though it might not be the case because this move definitely isn&#39;t clear it could definitely still be corrective but if you assume it there there&#39;s two things that can happen there&#39;s two ways this can play out on bitcoin and altcoins and it&#39;s very simple either this is a smaller one two and we&#39;re now starting another uh even smaller one two and we&#39;re now going to start shooting off and get back over 60,000 and Beyond and if we do that all all coins will go crazy but it&#39;s the stronger ones you need to concentrate on and I&#39;ll share with you the stronger ones in this particular video you&#39;ll remember them from the end of the last video as well but I&#39;ll remind you here that&#39;s what we&#39;re going to assume and if you assume that you&#39;ll be in profit either way and then what might happen if you&#39;re trading this by the way on a swing trade another thing that could happen if it&#39;s all correction then what you are more likely to see I doubt that was the top of the correction so more likely what you see is a lot of overlapping movement and then we&#39;ll push up to here again just under 60,000 and we&#39;ll fail and then we&#39;ll move down and then we may attack these lows again and very likely if that does happen if you have a look at a lot of the altcoin charts is a very very likely even if that does happen that would be the last dump I know it&#39;s annoying because crypto just keeps on dumping every time we go up but that could be the last one but opportunity either way if it did get up to here and then struggle and this was all overlapping so it Flags like this in a corrective Channel and this is all basic technical analysis then I personally I would look for a short here and then short a lot of the uh weaker altcoins back down to the lows but if this is the low I&#39;m already in in a long position so either way absolute worst case scenario is Break Even you you or you make a small profit and you move on but I don&#39;t want to miss this move and I know we&#39;ve been correcting for a while now uh for Bitcoin here if you zoom out again and we&#39;re going to have have a look at Soul now and avax as well so Avalanche and salana but for Bitcoin basically we&#39;re talking from March so we&#39;ve been going sideways for a while so April May June July four months so plenty of time given for this kind of fourth wave which is what I think is going on to play out let&#39;s have a look at Avalanche and then we&#39;ll have a look at salana so I&#39;ve just shown you on bitcoin what we&#39;re looking for it&#39;s the same thing here on a higher time frame daily if I have a look at the Candlestick patterns here I can see a nice bullish Hammer here so has a good start uh like a pacing pattern here so so nothing wrong with that and then again are we forming a high or low so get back onto a 15-minute chart and then have a look now the argument here is it&#39;s not the cleanest move ever but the argument is if you click here on Elliot impulse wave we may have done a one two and then you can argue where the third wave ended fourth and fifth it&#39;s possible and if you check on the fav extensions which another way I like to check these kind of moves did we get to around um uh 2.23 6 or 1.618 to3 yes it&#39;s possible we did do an extended but I mean it&#39;s equally possible as corrective too it&#39;s not the cleanest looking one ever however we did hold a higher low here now I think we&#39;re probably doing a longer correction so in avax we might do a 3 three and then come back down here and then what I want to see is Fibonacci retracement I want to see on avax it hold usually around 618 to 786 around here why here because usually on a wave two it tends to be a deeper correction why deeper it&#39;s technical analysis because on a wave two basically what&#39;s happening when the trend&#39;s changing these are the normal five-wave moves two gets very deep because still the prevailing Trend and the strength is still kind of downwards so it really wants to push price down but it doesn&#39;t get all the way to the bottom it makes this higher low HL higher low that&#39;s why they are so deep but in wave four they tend to be shallow so you get a 382 FIB retracement by the way all of this technical analysis if you&#39;re interested in learning about this in a lot more detail first link in description that&#39;s my crypto trading Mastery course if you&#39;re interested but that&#39;s what I&#39;m looking for on avax let&#39;s have a look on salana now interesting on here I&#39;m wondering if that Wave 2 is already in again possible same five wve move we&#39;re looking up so if we click on Trend base FIB extension here we&#39;re thinking this could be a five way but the only problem is when when you click on this extension here the 2236 which is a very common one for a 5way to finish suggests that it could have been a five here and then a b so a and then another c-wave here so it could definitely still be three so you have to be a bit careful with that but again we&#39;re assuming things so if we assume that&#39;s a one and we saw a significant low and we assume that&#39;s a two again just assumptions then this could be the beginning one two of uh an X wave and usually you would expect this one two to be a little bit higher actually you would expect expect this High to be above here so I don&#39;t like that necessarily but then the other problem I&#39;m seeing here is this doesn&#39;t look like a five it looks more like a three so these are the things that are bothering me but again you might get a double correction here where it pushes up higher anyway so I&#39;m long salana because of this higher low so I&#39;m still not convinced at all about avac salana and Bitcoin but I&#39;m assuming it higher for now because the main main problem with salana is when you actually look back so with we&#39;re going to go on to a 4H hourly we&#39;re going to look back to 2021 cuz I want to show you something there this was May 2021 for salana so salana had gone on a good run and then it had been going Sideways from April all the way to July but have a look at the lows here it was a strange correction if you have a look at this you can see it Spike down then seemed to do almost what looked like a three-wave up Spike down slightly higher low and then very horrible looking move up Spike down again slightly high higher low and then it was Off to the Races so it&#39;s a very weird correction not a clean one like you might see on bitcoin or some of the other altcoins where we just go down break all of the lows reset and restart so actually the reset point in technically was this first low here what we really did was a leading diagonal here and then we came back for a two and then likely another leading diagonal and then a two and then we shot off so I&#39;m just very careful with salana it doesn&#39;t tend to make very very clean moves when it finishes a a correction so I&#39;m like not assuming my analysis is 100% perfect because it never will be nobody&#39;s analysis 100% perfect I&#39;m assuming here when we&#39;re seeing these lows you seeing these spikes again so a little Spike there quickly got bought up on 13th of April at the 120 level same here quickly bought up same here bought up looks like maybe same here so they&#39;re all getting bought up so it&#39;s not clear whether it&#39;s going to do that or whether it&#39;s going to do a slightly bigger correction and then a dump to clear all of these get back to like 110 and then reset and go not clear at all but again I don&#39;t want to miss something like this because if you see this downwards trending uh uh sloping trend line as well we potentially could be very close to a very big breakout again that&#39;s why I don&#39;t want to miss that if I feel it&#39;s going lower you just cut take some profit small loss whatever it is and just wait patiently and then get back in again again if you&#39;re a Trader if you&#39;re just DCA dollar cost averaging and you you&#39;ve been buying anywhere between 120 to 135 you&#39;d be fine you&#39;re already in profit anyway you&#39;ve not really had any losses to be concerned with so every time it dips a little bit you just buy easy so it&#39;s not difficult to do it that way if you&#39;re a longer term investor the other ones I&#39;ve been mentioning on Twitter as well look for layer ones the the main bigger coins to maybe take the first move here so injective is another one looks like it broke those lows which I&#39;ve been telling you all about that&#39;s why I was shorting injective from here where it did a clear three- wve up and it actually had a one to one correlation between wave a here and wave C and now it&#39;s finally broken those those lows now is it resetting go on a 15-minute chart have a look at the setup and see if it&#39;s worth trading again I&#39;m just assuming that this may be a 1 2 3 4 5 CU I can see five clear swings again the the the connections in terms of FIB relationships are not great but what do you see here you see a nice potential wave two nice and deep and this first beginning of a smaller one and two it&#39;s possible and that one broke the top again it&#39;s not clear if you can make five waves out of this or not nice one but if it holds anywhere here it doesn&#39;t break this low here it doesn&#39;t break the low of 7076 holds anywhere in this region here starts pushing up I think it&#39;s very very bullish very bullish that&#39;s a third higher low and it means it&#39;s a smaller one too so it&#39;s very bullish in that point now again it&#39;s possible we just make a larger correction here to around the 2122 level and then we&#39;re just going to take that final uh dump that&#39;s absolutely possible but keep an eye on objective to other ones another one is chain link same scenario from the lows we&#39;re holding a higher low we&#39;ve broken the previous High all of these signs are you you have to uh say they&#39;re a little bit more bullish but again are we just tracing out a larger correction either way it shouldn&#39;t matter if this low holds so this one here that we saw uh which is 1179 if that holds so it doesn&#39;t get broken if this gets broken then yeah very very good chance we going back to the lows uh if that&#39;s broken this was the only Annoying one this second move in all of the alts definitely look like a three rather than a five in a lot of them that&#39;s just the annoying annoying part if this was a nicer five wve swing and this one didn&#39;t come too deep then we could be on to something I mean it&#39;s possible you get leading diagonals here as well but price gets a little bit constricted but again the higher low will tell you so the next low if it stays higher and then we start attacking the highs again so if we go like this higher low here then we start attacking the highs again then it&#39;s very possible we are larger one two and and a smaller one to which then ends in quite an impulsive third wave move so again this is what the charts are showing me I don&#39;t care what else is going on around the world what foot there is out there what news there is out there I&#39;m basing it on the chart a lot of altcoins have reset now so there&#39;s an argument that they could have their lows in obviously the alternative with all of this yes we potentially could reset but maybe we just need to push a little bit lower that&#39;s always possible so what I do is I don&#39;t do any kind of count like El W all the way from from the top all the way down I don&#39;t do that it&#39;s very unreliable I look to see if if we&#39;re moving off the lows in five uh first of all and then I&#39;m seeing if there&#39;s any continuation of that or if it just turns into a bigger three correction and then if it turns into bigger three I just sell my long position and usually if it&#39;s worth it in terms of Roi back to the lows there&#39;s at least 20% to be gain there I&#39;ll short it and that usually goes very well because the trend over over prevailing trend is actually downwards so is actually a little bit easier to short generally because you can see all the impulsive moves have been down of recent times the AI ones I&#39;m not touching quite yet um I was hoping things like uh uh fetch or the new coin GRT Etc um also Tower as well would be a little bit more bullish but still charts still not looking great like this is not a great looking chart off the lows at all um I&#39;ll just show you taao TAA here is at 227 so this move of the lows not the best but again if you go to if you drill down to smaller time frame when you&#39;re placing trades you should be on a 15 minute if you have a look at this move this is not the best at all um again possibly possibly did an ending diagonal there so you may argue it&#39;s a five swing definitely is a higher low there we know that this you could argue is a five and then a two so if if it&#39;s it&#39;s the lows are in if the lows are in this should be a three now so it should be impulsive the same way uh what&#39;s an impulsive wave look like so on the way down you see these middle parts where you get this extension these are threes you see where it kind of suddenly moves impulsively and then back down on the way up it does the same thing in a three that&#39;s why people could talk about wave three that&#39;s the strong part of a move so if this count is right you would expect strong movement here if you don&#39;t see that then it&#39;s not um bullish this is all just a larger correction flagging sideways that&#39;s going to break down and just test the lows again and like I said if we do test the low lows again I&#39;m going to be extremely bullish only because the uh Trends we&#39;ve broken lows already in a lot of them one or two maybe still have time to reset but the trend is slowly uh changing in my opinion and we&#39;re holding our decent support levels on a lot of the altcoins they needed to have a big correction like this is completely expected even on something like to because if you have a look and you scroll all the way out and this is on a log chart by the way all of this that I&#39;m doing but if you have a look here you can see clear five wave moves up but then you you want to see some correction you don&#39;t want to see all of this move and just a Tiny correction like that you need to see a healthy correction back down to previous wave for support ideally so that&#39;s about where we are at with benser roughly so these are levels that you want to see other the kind of learning point I would share is don&#39;t be in too many coins like maybe only four or five that&#39;s all you need that&#39;s all I&#39;m kind of looking at you don&#39;t need to be in 20 or 30 there&#39;s no so far in this bull market hasn&#39;t really shown that you&#39;re better off by diversifying too much because so many like 95% of them are going to do nothing even the older coins so it doesn&#39;t make sense you could even argue just be in one and just write it if you think maybe salana Avalanche chain link or uh to or one of the AI other AI coins you think it&#39;s just going to run you could argue just stay in one or two and put a larger bigger position in those because it just makes sense like we saw it in meem coins we saw Whi was doing really well and there&#39;s loads and loads of secondary coins on SL you thought hm they&#39;re going to really run and stuff like that they never did anywhere near what whiff did if you remember there were all kinds of coins like uh gently used Honda melon and all of these other ones that I thought potentially could do even like one tenth of what whiff did they didn&#39;t you just stuck stick with the strongest ones that seems to work really well this cycle so far so I&#39;m going to do that do what works stick with the few stronger ones and just ignore everything else it&#39;s easier to trade as well because once you can just buy and hold or huddle um it&#39;s easier it&#39;s easier for me as well I&#39;ll have to trade less I could just literally call it an investment just hold and uh let them run up that&#39;s that&#39;s the easy part of trading in crypto I know we&#39;ve not had that in the last few months you&#39;ve had to have a bit of a Trader mindset but we should get back to that very soon another thing to keep an eye on like I keep mentioning on my videos is newer coins new new new new like anything that was released uh this cycle especially the last few months and one for example I&#39;m looking at this is Jupiter so so it had uh the air drop and everything and then it bottoms a normal pattern after an air drop and then it had what looks like potentially an impulsive move from 44 cents all the way up to nearly uh $2 so had that move massive correction which again is not abnormal I he is getting a little bit low but it&#39;s not abnormal and I shorted this one a lot because it was just just made really nice clean moves to the downside and percentage wise they were big moves so worked out really well for me but now I&#39;m looking at the opposite area because I&#39;m looking at this range here and let me just add volume here you click on indicators here and just type in volume and you can see the trading volume um on this this happens to be a I think a Mexi chart and on here what ideally you want to see is um reducing volume so the volume is low anyway but it&#39;s reduced here and then you saw a massive Spike up in these two lows and you can see that at the bottom of the chart so you can clearly see a lot of volume going in here and have a look at this pattern we&#39;re in a trading range with spikes below this is bik off accumulation so if you have a look at this with the spring below and you wonder if this is that phase and we&#39;re going into the markup phase right now on some of these smaller coins so you can&#39;t ignore that so again what I would want to see here is higher low but it&#39;s still looking weak so if you go onto a 15-minute chart and you can do this for any new coin by the way these are the tight basically you&#39;re going to see very very similar setups here so you might see a move off the lows that again it&#39;s not very clean one but it could be a five wve move there uh like I said not the best we&#39;ve got the higher low and this one again not clean like almost looks like a three doesn&#39;t look like a full five you wanted it to just kind of Swing once more to be clean but again it could be a tiny little kick up there that could be the fifth wave um or we may still get a fifth wave to round off here so this just might round off but either way you were looking for a higher low after that so then that will be three higher lows in a row and for this to push up and then we could be bullish smaller chance could be all part of a larger correction but larger chance if the move is very very impulsive and we still need start attacking this 90 uh uh Cent level very very quickly like almost in a a few candles like we just go wom like that just shoot up then you&#39;re thinking yeah this is impulsive and I bought here at a very very good level and this as a newer coin it could run and the minimum Target if this was going to run if that if this was a large one we don&#39;t know like but we assume things if we assume this is a one two and we&#39;re getting impulsive moves out out of this then this will go a lot higher than 2 cents it just has to because that&#39;s the structure of the the market here that&#39;s what we have here in terms of a potential setup and it&#39;s a higher low than the previous one we saw in February so everything would stack up there minimum if we were just doing a larger correction is to get near that uh $2 level anyway so it still be a really good run so for the small coins be interested in look for this but don&#39;t trade the small ones don&#39;t trade them until the larger ones have made their clear moves because these small ones will dump a lot more than the larger ones do every time we move down and also they move later because people say there&#39;s no rotation anymore I still think there&#39;s some rotation between the uh larger ones to the smaller ones because that&#39;s just normal flow of cash and liquidity so people are doing really well on bitcoin and salana and salana goes into the hundreds of dollars of course uh people will move that into related salana coins like Jupiter or related meme coins Etc I think that will definitely happen but the main thing with the small ones is they tend to make the biggest moves actually at the end uh of a cycle at the end of the cycle not in terms of percentage necessarily but the largest moves on paper in terms of dollar amounts uh tend to move at the end the larger ones tend to move earlier so just keep an eye on that as well thanks for listening

Transcript for:Technical Analysis of Bitcoin and Major Altcoins

Transcript for:
Technical Analysis of Bitcoin and Major Altcoins