Bitcoin Moves, But Where To Next?

Let’s have a look at some possible scenarios on Bitcoin for the coming days and what will trigger me to trade.

By Trader Cobb -

All right guys, just a quick check, can you hear me? Quick sound check. Make sure you got me there and clear before I hit the buzzo. Good day, good day, looks like I think you can hear me which is what I’m after. All right Let’s go to uh dig in. All right cool okay guys look I just sort of wanted to go through a talk to uh talk to Bitcoin for a bit with you guys.

But before I do that, look I’ve been getting um a bunch of questions coming through on the TraderCobb website um and on socials and comments and all those sorts of things that um that you’ve got access to so to uh I guess get to me. Um, and a lot of people are asking about different markets and um you know how I’ve been able to just sort of you know ease into Bitcoin and trade in cryptocurrency um you know so I guess so easily? Uh I want to say easily I don’t mean like trading is easy I just mean like going from effects, bonds, commodities, stocks that sort of thing straight into cryptocurrency without too much hassle uh the hassle more about understanding the space more than actually understanding how to trade.

And I think it just comes back to just the way that I trade because technical analysis itself is reading people’s emotions on a chart no matter what person is trading what market it does really allow you to trade what people are doing in terms of of their buying and selling. There are a bunch of people out there that say that trading will never work and you can’t do it and hodling it better and all that sort of stuff and for them that might be very true.

You know a lot of people get into cryptocurrency because they’re trying to fight the banks they’re you know it’s an up yours to the banks to the biggest systems to the companies and big conglomerates that stop us from doing what we want you know? You try and get a business loan, it’s tough. You know you try and um you start a business and if you haven’t been operating as a business for two years you know despite how profitable that business may be, you can’t get a credit card for that business.

These little road blocks that really I guess sort of piss us off um you know trading cryptocurrency well trading in general is a way for us to I guess take a bit of control back a little power back and um and be independent and that’s what really brought me into this space.

I suppose you know one of the beautiful things about it is that if you truly do want to commit to this, if you truly do want to escape that rat race so to speak you know when I’m city at meetings and stuff especially around five o’clock and I try my hardest not to be around at nine or five uh for meetings around then it’s very drone-like and everyone sort of single file not single file it’s just a big mess of people just washing all away and I find it really interesting because I don’t do that I never really have done that and that’s not to say that um you know that it’s a bad thing not at all it just makes you open your eyes a little bit more and sort of look at the world and go this is a choice that we really have and a lot of people because they’re so caught up in that race and that commute and now that commute might be a pain for you it might be an hour might be two hours might be less might be more. But they’re stuck in that world of commuting to and commuting from and sort of clocking in and clocking out you’ve probably all seen that cartoon that’s been doing the rounds for the last couple years.

It’s quite depressing actually uh of the little characters and they’re clocking in and they’re all looking at their phones and there’s one guy sort of looking up going what on Earth is going on here? Well sometimes you feel like that when you’re out there and you do see these people just sort of flocking. Trading has allowed us to have the opportunity to do what we want, where we want. For example, you know I’ve done a lot of work to get to a point where I’m consistent with my trading but my office is literally one train stop from where I live and I walk about a kilometer and a half to that train station. One stop. And I am off.

And I’m the first stop uh to get on like I’m at the end of the line, so I always get a seat if I want one. Being able to have that power to take back your life, look it doesn’t mean it’s going to come easily and straight away and people are doing this with cryptocurrency and people are doing this with trading. Every day people are doing it day in and day out. And if you’ve watched me do my stuff for long enough you’ve probably noticed that it’s actually not all that complicated guys. It’s about repetition. It’s a checklist system. It’s about sticking to your guns.

Each day you think about it, you commute each day you go and do your eight, nine hours work each day and you commute back. You committed and dedicated to do that, why not carve out a little bit more time each day or night and learn how to trade? It’s not that difficult, you just have to be committed and you can do it. Looking at Bitcoin now, I sort of want to avoid a little bit of hype here I don’t want people to be you know, excited too much by this most recent move. I’m just going to talk to you about this move as I see it because right now I’m not positioned for anything at the minute and I’ll explain why.

You’ll note here we’ve got a lower high, low, lower high, lower low, both this low, and this low. So technically, we were in a down trend. Now for me, it was this point here that was of importance. If it broke down through there, and it still is of importance by the way, if we break down through there it’s a weekly down trend. Coming back to the daily again right now, what we saw throughout the last couple of runs was a decent run. Decent run here obviously this was a great run you know we killed the pig on that. I wish we would get that again. That was the first realistic, we’ve had two big move this year. Uh we had this run, and this one.

And then since then we haven’t seen too much of a pull but keep in mind let’s consider the fact that you know my studies recently a little while back on the weekly the average move pull back is thirty-five point five. The average move after that pull back is two hundred and seven percent. We see about thirty-four point two percent pull back there. So we’re in the realms of possibility that we continue higher but we’ve got to see it in the charts first. Now, what we’re seeing is each move is getting less and less and less.

Very difficult to trade. Caught a good long here. Caught a good short here, and since then, very little has been on the table. But let’s have a little bit of a deeper look of what’s going on right here. We’ve got one, two, three, bullish candles. Did we get anything like that here, here? No and no. One, two, three it continued. Will we see this continue? I hope so. Again back here, messy, messy, messy, messy, messy. One, two, three it continued. Again back here, messy, messy, messy. One, two, three and it continued. So I’m not suggesting that that is definitely going to happen but what I’m trying to understand is some of these technical ingredients, all very simple.

Bringing them together because you know what if you know what you’re looking for you can actually sort of start to understand what you’re looking at. Now what am I looking for as far as trading goes? Because we have got some positivity, we’ve broken up through this high which means that we’ve got a lower low, and a higher high, which doesn’t make an up trend, doesn’t make a down trend.

It means no trend at all. Come to the four hour here. Around straight, look how messy this has been. Very yuck. It was looking pretty sweet through here until we broke down and then it’s just been, it’s just been pretty ugly. You know, really, really ugly. Now what we’ve got is a very strong move up and of course that move happened pretty darn quickly and we haven’t had a real pull back yet so I’m sort of hoping to see a bit of a pull back.

If I go to the two hour now you can see we’re back in this zone right now. I’m not actually looking for trades in here the only thing I might consider is if we did get a little bit of a flat level, but of course we haven’t even got anything close to uh a flat level to replicate a look for a trade there. So realistically I’m waiting for the cyclicity and what I mean by cyclicity is look back here, you know the last time that I got a trade which was back over here um we saw, sorry the last I had a long trade was back over here in higher low, higher high, higher low, higher high, we saw this nice cyclicity taking part and playing out quite nicely and of course we just don’t have that at the moment.

Even on the drop it went straight down, then messy, messy, messy, cyclicity, higher low, higher high. It did look nice but this one failed to go to the next higher high then it got messy again. Again, here we are straight up. I want to see it not go straight up in a straight line. I want to see it come back, I want to see it slow down. I want to see it calm itself down.

And if we can see it calm itself down, then opportunities will start to present themselves on the four hour, possibly even the eight hour. And who knows we might even get little consolidations on the lower time frames here like the one hour if we were to consolidate into here for example with higher lows there might be the opportunity for a breakout trade. But right now I’m just sitting back and I’m waiting. I’m very happy, don’t get me wrong, to see the market um you know sort of move away from the potential for further downside for the time being.

And I’d love to just see this pull back a little bit and set a new higher high and heaven forbid see it head on to some new highs in two thousand and nineteen to finish the year out. That would be fantastic. And that’s how I’ll be trading it. It’s a really important part of trading which is to do nothing and I’ve been having to exercise that for quite some time recently.

I suggest that you don’t let the emotion come into your trading, you don’t get too over excited, and you wait for the opportunities. Again guys you know if you want get a different result you need to do something different and if you’d like to have a bit more freedom I suppose, then trading might be for you. And if it is for you, and if you’re in Melbourne, Adelaide, Hobart, or you’re in Perth, then get across to the website because we’ve got Melbourne coming up this week and a couple of spots available we’ve just about booked that one out.

But Adelaide and the rest are coming up so if you would like to get involved to to you’ll see the little link there and uh you can jump in there and register to come along because it’s this weekend, we’ll be there Friday night all the way through the weekend taking you guys through it. If you are coming, I can’t wait to meet you. If you’re not, well, that’s fine as well. We put a few drinks on Saturday night, have a couple of beers and get to know you all, and I look forward to seeing you in Melbourne. Guys, major message here. Be patient, be careful, and anyone can do this. You’ve just got to have the guts to have a crack. Take it easy guys, bye for now.

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