Bitcoin: Where To Next?
Bitcoin needs to pull back and give us some cradle entries. I am waiting and patient. If we do see this occur then we are in a very good position for a bigger move headed towards $10,000 where things could start to get a bit silly, good silly!
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Hey guys hope you’re well I wanted to do a bit of a video on where to next for Bitcoin so it’s important to understand what we have seen of course we’ve seen a pretty decent decent run from the start of the year you use high timeframe work here and so a couple things first of all I took a long here I got stopped out.
I did not take this one. It wasn’t because once bitten twice shy I don’t believe in that at all if I do see another set of on a pullback I will take it. The reason I didn’t take this was because of the way it pulled back.
It wasn’t as clean as I’d liked, had it to pull back clean and look it was fairly clean. It just wasn’t it wasn’t exactly what I wanted. And I left it now of course that’s gone. Move quiet. Well. Bitcoin Of course this week has had a pretty nice move there.
A little cradle right there that I know many of you did take I did not that’s what I mean. I’m here to empower you to make your own decisions I manage my portfolio you manage yours. I know many of you are in long here and a couple of others as well.
I left it I was comfortable to do so now what we’re looking at right here is we have seen Bitcoin move to a higher high therefore making this higher low.
Therefore the moment we’ve got no real possibility of turning into a downtrend, because a higher high even if we do make a lower low here, higher high and lower low is not a downtrend. So I’m waiting to see what goes on here.
Before I go down the time frames, I’m going to go up the time frames and have a look from the daily to the weekly. I really like to see when we have these candles, breaking the highs of each other.
I think it’s a very positive thing to see of course, and we do see momentum continue on quite frequently from these sorts of events. Now, it’s been a very small move thus far. I think we’re closing in on 10,000 but I think I know because that’s where we’re doing.
It’s just a matter of waiting for the opportunity to really see this move on. There’s a couple of things there. Keep in mind today’s the 30th of December. Let me just jump across to the Bitmex contract here because it gives more data.
We’ve got a break of the high of last month this candle’s haven’t seen that for many many many many many many months last time we saw that start to occur look first break of the high of the candle here.
Boom boom boom boom boom boom of the 14,000 we went you know a good couple of hundred percent move there in the midst of the second quarter of last year.
Now where we are here first break bullish candle looking likely that it is going to close quite bullish this monthly a break of that monthly candle beauty we’re away.
A break of this high and little ripper month is back into an uptrend so these are sort of things I’m looking at. That doesn’t bring me to the conclusion that I’m going to take a trade this month it just brings me to more bullish sentiment monthly looking better there weekly in an uptrend breaking the highs of the candles.
Daily setting a new higher high with a higher low it’s in an uptrend also. Now let’s move lower. Because it’s actually when I started the daily you’ll note as this this high to this high the MACD is not higher.
So we’ve got divergence here that doesn’t mean it’s going to pull back, it just means that the momentum may shift. Now with that being said, we could very well go and move higher. And I’ve got a scenario for what I’ll do if they still occur as well.
If I jump from the daily to the 12 hour having that time period, you’ll note that what we’ve seen is from these lows, on that pullback, you’ll just go from here to the high, we had a good 15% move. So if a pullback to occurred, it wouldn’t be uncommon at all.
Where could it happen? Well, it could happen at 9000 it could go a bit deeper, no problem at all for that based on this twelve hour we are extended and we are starting to pull back. The eight hour right now.
Again, we still extended from that the eight hour coming in the 9000 we’ll be in a pretty sweet little spot there. It’s going to take something very powerful to make me take it on the eight hour simply because if we’re looking at a Cradle Trade the Crypto Cradle Trade and I’m going to follow my checklist.
Well one of the rules is that I need to have a clear uptrend now. Yes, that is a higher low but by beestick it’s not by very much and it’s not the best cyclicity. I like this sort of market.
When it’s moving quite nicely and quite, it’s got good cycles, certainly eight to the four. And I think in the four well, we did pull back in we did see a move. But that pullback wasn’t as clean as I would have hoped.
Or as deep, we might see the same thing occur at the moment, I’m just waiting to see what it does. Let’s use some Fibonacci here to see what goes on.
Because what we do see up here is that there is a resistance level. If I go to the one are you going to see that very clearly test one, beestick there three, so there’s two or three tests, there is some resistance up there.
I’ll jump back to the four. Now if I look at this right here with the 61.8% Fibonacci levels, it’s a 9100. Now I’m not looking at a Booster here but it has a little cradle was the setup in there, then I would be interested.
I need to be able to get my one to one on my target as I teach in the back end of the course, before this resistance comes into play so I can be risk free before that level.
If I move lower, doesn’t sort of feel that too much more of a viewpoint for me for how to pull back in cleanly yesterday in one big go whooshka then it would have. Because it reached back, up and it’s coming back off the two hour isn’t of interest in others anything lower here for me.
So for me right now when I talk about Bitcoin, I’m very much focusing on the higher time frames right the four hour is still on. on notice from my point of view, if we do get down into that 9100 region and I do get a little cradle, I might take a punch of that.
But the bigger picture here’s what I’m focusing on. We’re overwhelmingly bullish monthly, weekly and daily. Anything with a monthly is that it’s not in an uptrend per se, okay, as far as higher lows and higher highs ago, which is how I trade.
I would prefer to see this pull out a little pullback to 91 and then rush off from there setting a new higher high. Why? Because then what that will do is it will give really nice cyclicty, very clear and obvious higher low if we push to a higher high and that’s the sort of trading scenario that I want.
So to take a saying from the great Jesse Livermore there’s time to be long and a time to be short and a time to go fishing, I’m going fishing and and you should do whatever you want to do. There’s two other things that I wanted to say.
Yesterday I did a video on YouTube. So if you’re not following me already there, please do. And also get me on Twitter. That is about where the vault lie where the market capitalisation is, at the moment.
Some very interesting things in there. And I’ve structured my portfolio based off the back of what I said in that video it’s about 1920 minutes long. So I have a look at that.
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Categorised in: Free VideoTags: Binance, bitcoin, crypto cradle