It’s So Close

Sure, we broke to a new higher high, but how did we do it and what does it tell me? This is the time so be careful and to understand the environment inside of this market. I explain what I am seeing in this very important video

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By Trader Cobb -

Good day guys hope you’re well, looking at Bitcoin it’s been a bit of a funky die. Let’s let’s jump in the forest and have a look and work down the time frames. Of course that can was the one in question.

Yeah. So let’s go to the 1 hour and look, bang, up, bang back down to the 15 minute bang, up, bang down. Look, I don’t know why this happened. I don’t know what the story is around the whole all over the shocking.

Bitmex to FTX are the same same picture so it’s not like it’s held to one particular exchange, but I mean look at this we’re away from what 93xx to 96xx 300 dollars. Then straight back down $340 move. It’s not normal.

It’s all over the shop and like all the bullshit that goes on through here, I don’t know, I’m not a part of it. And I really can’t sort of say too much about it. But what I can say is that we’ve been pretty fine because the way we trade in terms of using higher highs and higher lows and trends and whatnot.

We don’t really take part in those sorts of spikes. Now we are consolidating right through here and what I want to point out is the higher time frames so let me jump to the daily.

What you’ll see here is a daily yes it push to a higher high but that whole rubbish higher highs is in my eyes rubbish. Still. But let’s go to the weekly. Now I’ve spoken many times to the fact that I like a weekly candle being broken to the upside or if you’re in a downtrend to the downside.

You break the downside we do see a continuation if you break the upside we do see continuation to the upside right now the last few weeks we’ve seen break the up higher pullback break the up higher .46% we’ve just broken the high of last week’s candle and happened very early in the week i.e. today.

Very early this morning as far as.. very early in the the candle closed at 11 and it was like it I know just after 11 we break the high there we go that’s the candle that’s the the very next candle push to a higher high then then they go crazy pulled back into that zone that’s fine.

So we’ve broken the higher high doesn’t mean too much to me right now. But let’s look at the monthly now I talked about monthly is a lot we’ve broken the high of this monthly candle didn’t do it 1234567 boom up very strong candle 30% increase.

Now we’ve just broken the high of this monthly candle as well but like I said it was a bit sparky and a bit I don’t know. Average right? Now if we were to see this as it has broken if we can break the high of this daily range here, that on this monthly will have broken properly I’m saying properly because that little spike I’m not too interested in that.

We’ll see a probable monthly candle break after 30% move that would see us very very well in a position potentially seeing this as a monthly higher low and then a higher high above 14,000.

And that’s sort of what I’m hoping for. Now. Hope is not a trading strategy, and I will not trade based on hope. I will trade based on strategy. When I come down to these lower timeframes.

What can I say? It’s a gosh darn mess. What about the rest of the top 10 Ethereum Perpetual mess XRP that was nice pullback but a mess. Go to the two hour look at this ready? Wooshka mess it’s a mess.

But what I can say Bitcoin Cash mess BSV nothing going on Litecoin nothing going on EOS nothing going on. Binance nothing going on ADA Cardano after a very good run, very little going on.

And the only opportunity that I had today was based here on Ethereum Classic 123 Bitcoin Breakout higher low bang with through that I am in long. But here’s the thing.

The market has shot up and pulled back and done. I’d love to say the SFery. Yeah, I love to say, but look at these candles. You know what I don’t like to trade around big candles up, down, up down.

We’ve pulled back into this range and as far as I’m concerned, just because we’ve moved to higher highs, we haven’t seen any sustainability through that buying section. So for me or my point of view is that I’m not interested.

Now, it’s going to be a waiting period. Now yes, I short. I am long Ethereum Classic right now as it stands. Many of the clients within my group have been long since back here and they’ve moved their stop to here and very well done.

Now I got the long trade on this breakout today. Now I might make a loss and I often make losses, it’s part of trading. But for me, I am in so there’s fairly continued upside. I’ve got a position I’m very happy with that. But the market doesn’t look so set in its ways it did earlier today when we sort push up but so fast did it push up that it pulled back.

So all I’m saying is to maintain your calmness be safe, be cool, be calm, collected, the monthly it looks very, very strong. The weekly also looks strong. But give it some time ladies and gentlemen to work itself out.

If it’s not going to give you what you want sit back and wait because you got two choices. Do your work do your scans and make money. Do your work. Do your scans take no trades and make no money. Or do your work do your scans take crap trades and lose money and that is not the third that I wish to have for you.

So take your time do what you gotta do. I look forward to speaking to you again very soon. Jump across FTX the link will be below and Binance. Now the reason I put these links there just to fill you in on this you know we’ve never done affiliate links before.

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And let me work with you. I look forward to speaking to you again very soon. Cheers guys. Have a great day. Bye for now.

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