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BITCOIN ON THE 1 DAY CHART! WILL THIS MACD CROSS BE THE ONE THAT CHANGES THE TREND

BITCOIN ON THE 1 DAY CHART! WILL THIS MACD CROSS BE THE ONE THAT CHANGES THE TREND
BITCOIN ON THE 1 DAY CHART! WILL THIS MACD CROSS BE THE ONE THAT CHANGES THE TREND

BITCOIN ON THE 1 DAY CHART! WILL THIS MACD CROSS BE THE ONE THAT CHANGES THE TREND? hey YouTube whats going on its Chris here I want to bring you guys a little update on Bitcoin hasnt been a ton to talk about recently guys just been kind of moving sideways here up and down a little bit but Im going to show you my thoughts on it give you my insight and remember 9 this is financial advice and just here talking with you all and enjoy being here with you so if you guys could like subscribe all that I really appreciate it and what were gonna be doing here were gonna be looking at Bitcoin on the one day chart so guys first I want to talk about like the overhead resistance things that we need to do here ok so after this nice run up here guys where we had this 1 2 3 4 5 then we had this massive flawless correction and a lot of this was due to that news like all the ETF stuff so it felt a little more unnatural than it naturally would okay you typically could have seen after here our ABC correction where we maybe could have got down you know in this area here the 6 1 8 somewhere somewhere along those lines but it didnt happen we just kept falling so it was kind of abnormal just because news can really sway things back and forth and especially in this market things can be so sensitive even with good news though when were in this bear market nothings really gonna change you make it a one or two day pop then guys are going to short it and its gonna bring it back down so until we get out of this overall bear market you know the news its not going to do a ton for us besides to the negative if its negative news then it can be over exaggerated but overhead were looking at here guys so we pulled our Fibonacci down we got through the two three six which is the tough spot to get through so we broke through that weve been trading between that and the 0.38 now what I like to see though do you see our exponential moving averages here we have our exponential 12 day exponential and purple right here and then we have our 26th day in white right here and were holding both of them guys so thats good thats what we want to see right there and then overhead we have our 50 moving average and thats going to be overhead resistance as well so thats a tough spot to get through we have the 0.3 to 8 as well as the 50 to get through as overhead resistance and youre kind of seeing little wicks here guys like were almost being rejected right there but we still are holding these supports and thats crucial guys remember we want to be in trades and unless were shorting obviously but we want to be in positions were above these exponential moving averages and were using them as support and if you guys dont know what the exponential moving averages are theyre weighted more so towards the front so more of the current price action that weve been having so thats good that were up above that but we have to keep it guys and we need good significant volume this isnt gonna be enough volume to get us up through the 0.382 and the 50 its just not going to happen there has to be good volume and were gonna have to have a nice break to the upside you can see weve been working in this channel we had this wick here then we came up here came back down wick tup came back down right in here now were kind of working in the middle of it so keep all these things in mind guys now when were looking at support we have these exponential moving averages right now we have our 0.236 for support and we also have this bottom channel right here once we break through that youll obviously see a see a drop but we really want to hold this guys this is this is gonna be the big deal right here because we had a higher low and thats a really big deal on the long time frame because weve been having these lower highs and lower lows but if we can get that lower high so right here guys say when we came up here then we came back down set another higher low then try to get back up again and thats how the trend changes we got to start having those higher lows and higher highs thats gonna be the big deal so let me clear this off guys like I said I like clean screen just so people can see sometimes theres just way too much okay and then we really look for that support down here guys to hold right in that range and right in here that 5758 if we did get that low its a big deal that we hold those or it could be a straight drop to 5, 000 because its a psychological level it took us a long time to break through that you know we fought it a few times and we got through it so you just never know and in this market we never know guys so next thing lets look at the RSI this is our relative strength index probably one of the best indicators that there is out there guys Im just gonna turn the color to green just so we can see a little bit better all right so were getting that slight point up right now which has been good guys but you see the direction weve been heading in which is nice beats down but we kind of have that trend line like right in there we want to hold with the RSI so if we break down through there were probably gonna have but well see if we can use that as support because each time here we came up back down hit it came up back down hit it hit it came close and now were kind of moving up and thats starting to point up remember just like the exponential moving averages thats what we want to see that hookup its a really big deal our RSI is at 51 right now 51 eight check the MACD I just want to go through a few different things with you guys because remember before you enter any trades or anything you want to go through quite a few things you know you want to look at the candles RSI MACD we can do Bollinger Bands Fibonaccis you know all different types of things like that were yeah potentially in the Elliott Wave count if youre using that so you never just want to use one indicator you want to blend the East with the West and thats a really big deal if you read the Japanese candlestick charting books they talk all about that blending the Eastern techniques with the Western techniques so you know blending the candlesticks with a MACD things like that you you want several different points of confirmation before you would enter a trade and if you are gonna trade guys when you enter that trade also have your stop put in place where you know you say hey if the trade turns against me here its gonna pull me out were gonna have a minimum loss we look for the next one so that doesnt fall so fast on you and have something like this happen because those happen all the time in this space and we just have to be aware we have to protect our capital because if you dont have capital you cant be in the game for when the next bull market or cycle starts so thats a really big deal to preserve capital guys and you know if you ever say hey I got to get out of this coin right now because I need to preserve capital and use it as you know something to trade with swing trade do different things then thats what you have to do you know dont dont be ashamed of that because you have to be able to stay in the game you cant just ride something down and with some of these coins theyve lost ninety five percent of their value from the alltime highs so you you know you dont have to take that type of loss if you you learn some things and do some study and different stuff but I want to be here to help you I want to be here to help the beginner because like I said guys Im still a beginner too so very new to this but back on pace here guys we did have the MACD cross right there so thats good and we started moving up the histogram though kind of looks like its flattening right now and this here still pointing up but well have to see we dont know if its gonna start curving sideways moving sideways or if were gonna continue to go up but we do have that cross and thats on the daily and thats a good okay so really pay attention at cuz we were down on it here we havent had a cross since lets see 18th or so of August when we crossed that downside then we kept moving guys Im sorry let me see no that was first August first right in there its when we officially crossed then we were on the underneath side here and then we crossed over and now we can see see if we can get some volume moving up guys volume is the big deal we want to see volume like this look at that and you see how it increases thats increasing bull volume its a really big deal as well and youll see that now another thing youll see though guys throughout bear markets youre gonna see this massive decrease in volume its just what happens so lets step back and look at this now so well go off the highest one right here guys like right in there and that bear volume should have told us sorry guys there we go go like that lets go off those two you can see how its just kind of gotten smaller and smaller and smaller were gonna see where at guys but when we break out through that with some serious volume oh man that would be a great line to break just like this up here is gonna be a really big deal when we break it well look at a couple of them guys so well go right up in here like right in there and you can fully break out of that with solid volume behind it I mean guys we could could very well run tests so our spots would be 85 that would be around 10 and be around 11 and then theres a lot of room to run from that 11 8 up to 17 or 18 so theres a lot of space here guys that has to be cleared out as well it works both negative and positive in terms of clearing out this the stilts essentially you know some runs real fast what happened ran real hard what happened corrected real hard and thats what were dealing with right now so we have that line then were also going to be looking at this one right here I cried in there guys so theres more more work to do there then heres our horizontal line of support its like that so you can see where were were were working in guys we hit here we didnt get down to it here hit here almost here so were either gonna be breaking down were gonna have a nice move up I mean its really gonna be I probably say within the next 2 3 4 weeks whatever were gonna find out which way were breaking really hard and and I think it is gonna be a hard break thats just my opinion guys remember Im no wizard at this Im just learning with all you guys as well so but something that would look you know potentially up in there theyre just like that or we very well could have something break down into that point around that 5, 000 so keep an eye on all the stuff guys want to hear what youre doing are you buying sellin have you been just sitting in Capitol waiting for a good opportunity to buy are you looking to trade are you looking to swing trade day trade scalping what are you guys up to I just want to know and Ill try to get back to some comments tonight guys life life has been very crazy and just got a lot going on been nuts but its been been wonderful and gods bless me greatly so love all you guys appreciate you watching this if you made it all the way to the end and guys let me know what youre doing god bless

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