Episode Highlights:
- 00:12 – Tricks And Trading Techniques.
- 00:34 – Coinigy Trading Platform
- 01:52 – How To Identify A Trend Up And Down Trend
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Transcription:
Hey guys, what’s up? It’s Dan again from cryptoCamacho.com where each day I help bring you the latest news tips and tricks to help you make more money in the Cryptocurrency markets today.
00:12 – TRICKS AND TRADING TECHNIQUES.
Guys, I wanted to make a quick video, because I wanted to show you a little trading technique or a little trading tip based on what’s going on in the market today. I wanted to bring this out, because the market is starting to fall, and I wanted to show you how I realized, or how I knew that it was going to fall anytime in the last like two-three days let’s say. So, let’s jump right into that and I’ll show you what I’m talking about here.
00:34 – COINIGY TRADING PLATFORM
So, let’s jump on over to Coinigy one of my favorite tools to do day trading and investing in cryptocurrencies. This is Coinigy, this is the Coinigy interface. If you’ve never used it, I highly recommend you check it out Coinigy.com you can check it out right here, but anyway that’s not what I want to talk about today. So, this is the Bitcoin USD tether chart on let’s see this is on Bittrex. So, I’m looking at the Bittrex Bitcoin USD tether chart, and you can see Bitcoin rise and you could see Bitcoin fall right. And you can see you could start to see Bitcoin rise again, but not quite yet right. There looks to be a fall right here, going on the drop is starting. It started just maybe two hours ago approximately; Bitcoin is starting to go down. All of the altcoins are starting to go down, and I actually sold my Bitcoin Holdings and really all of my other holdings right. About this spot I actually sold today all my Bitcoin at 11600, because I just knew, I just had a feeling that it was going to tank. I thought it would be able to go maybe a little bit higher, but I didn’t want to chance that, and so I went ahead and made my sales for all of my Bitcoin earlier. And the reason I did that is what I want to explain to you in this video here.
01:52 – HOW TO IDENTIFY A TREND UP AND DOWN TREND
So, real quick I made a video before which show that you know you can identify a trend up, or a trend down by simply looking at the high and low points of any particular chart. So, let’s just take Bitcoin as an example; and you can see right there has been a trend back here, there’s been a trend up here’s the high ,here’s the high, here’s the high, here’s the high right at the top here. And you can see that each time…others when actually right here too. So, each time we’re going up right, there’s a new high and you can kind of see the trend going up right. You can kind of see it goes up then it goes down then it goes up then it goes down up down up down and it repeats this cycle over and over and over and in a bearish trend. There are a series of waves in the up upward pattern right, and the upper trend pattern that you could identify and I just you know laid those out for you right here, same thing on the bottom right. You can see the all the bottoms. There’s a trend line going up right. And so, if you’ve seen, and there’s actually one right here as well. And if you’ve seen two-three maybe four uptrends right here, you can predict that there is likely going to be another uptrend right. It usually follows in a pattern of like four or five up or down trends before it changes course in reverses. So, again simultaneously we’ve seen the same thing on the downtrend right. We are all the way at the top here at 20,000 then we see a drop all the way down to the bottom here pretty low right? Then we see another bottom, another bottom, and another bottom here and equally we see the tops start getting shorter right. All the tops that we’re seeing start getting shorter and shorter and shorter. So, you can really you know project these downtrends just based on the fact that every time that the price goes down, and then tries to make its way back up there’s enough…there’s too much resistance at the top and it pushes the price down again right. Here too much resistant pushes the price down. So, anytime something is rising or falling you can use these kinds of these highs and lows as more of a barometer, or a gauge of the trend that’s actually occurring. Whether that trend is going up or going down right. And let me clear this chart real quick. So, I want to start over because you’ve seen these downtrends happening now for some time which is giving you a good indication that Bitcoin and other cryptocurrencies are going down right. This is a downtrend right here, if you can’t see it you know there’s an obvious downtrend going on right here all the way to the bottom right. And so, now many people have said you know we’re out of the bearish territory. Bitcoin is on the rise, it’s going up, and it’s going to go to the moon and that may very well be the case right. But you always have to keep in mind that now that we’re starting to see an uptrend right. We’re going up, we’re going up, we’re going up, you could start to see these tops right. There’s one top that might be another top maybe another top here, maybe here and you can see these uh these top points are these high points and it’s very, very, very important to look at these highs, to look at these tops in comparison to the last highs or the last tops right. So, zooming in on this trend a bit, if you looked at the very bottom when Bitcoin fell to about $6,000, we started to see some uptrend right and the first top here that we were looking for a breakout on was around 9500 approximately right. And as this was going up I was looking for this right here, this top to go all the way to the top, here at 9500 because I knew at 9500, which is where the last top was where the last area of resistance was. I knew that’s going to be a place where support will be tested right. Is there going to be enough support to pass 9,500? Or is there not going to be enough support, and is it going to go back down you can see here that there wasn’t enough support right about 9,000, 9,100 there wasn’t support to keep it going. And there was a downtrend, and it went down again right. And so, then we saw back up, back up, back up the same thing right here, right same exact scenario right here, and this is at 11,000 right. So, at the 11,000 price point there was an up, and are we going to break past 11,000 right. Nope we did not we went back down right, and we tested that ceiling. We could not crack the ceiling, there was not enough support so we went back down same thing happened today guys right here on this top right here. This high that was about 12,200 approximately earlier today, the price of Bitcoin got to about 11800 approximately. And I thought okay this is either going to go to 12000, and it’s going to fall or it’s going to go past 12,000 and it’s going to break out. And actually keep going up to the moon to this next resistance point up here that did not happen right. And when that did not happen, we actually see the price starting to plummet all the way back down to 11,000 right. And so, this could signify you know another big downturn right all the way down past 600 it’s possible that we go past 600 right here right. And if we do go past 600 right here, you know we’re still in the bearish downtrend right. I’m not saying that’s going to happen, but it definitely could happen right because typically, as I said there are four or five big waves; big ups and downs before we get out of a bearish or bullish pattern right or trend right there. So, far it has been 1 2 3 4 5 and perhaps even a sixth right. There’s definitely five key kind of tops right top points where Bitcoin has tried to break through or break out of the last high and simply has not been able to do it right. And so, if this downtrend keeps going right and if it keeps going past here, goes past here, pass here, all of these previous bases, I would expect that the price will go below $6,000 right. Below this point here, and which is the last real support level or base of support right. And so, when we do go past 6000, when we fall below 6000, if it does, it will be a tremendous opportunity to buy. So, watch this very, very closely. It may not go down all the way, but it very well could and if it does, if we do in fact see another wave here, that we that we didn’t anticipate. We will certainly see a go below 6000 right, before it starts its bullish run, or bullish trend up right. That’s just typically how it happens. so, I would watch this very close, if it does go below 6,000 or so it will be a very, very good opportunity to buy and the way I would gauge it is look at the last base here right. The last base here let me just measure what was the actual percentage. Let me do that again what was the actual percentage drop it dropped about 36% below the last base. And before then it dropped about 20% below the last base, and before then it dropped about 12%, the last base right. So, I would look at that as benchmarks or indicators of how low it can actually fall below 6,000. So, if it goes below 6,000 right, let’s just say 10% we’re looking at closer to the $5,000 mark. It could go lower than that, but I would keep that as a barometer and when we approach that $5,000 mark, $5,500 mark I would start tapering your buys and start stacking your buys right. 10% first, then another maybe 25% then another maybe 15% and so forth and so on until you hit 100% of what you can actually invest. This is a tremendous, tremendous way to trade and to be right on 99% of your trades right. If it goes below 6000, it will certainly bounce back and go back up above 6000 in time right. And so, that is a very, very good way to train and to make very, very you know good money very safely right. That’s a very, very good technique to trade. So, if you’re thinking that this strategy that I’m using is unique to Bitcoin itself ,or the Bitcoin chart it’s not right, look over here at Bitcoin cash, you see the very, very similar thing right. Yeah not quite as many tops, or highs as highs and lows, but right you got a top here, got a top here then you really have a kind of a whole top right here, right here, right here, and then really right here right. So, we started to break out of this bearish pattern again, but now it looks like we’re going back down. We may actually see it go down you know below 800 in this case I don’t know if it will necessarily go below 800, a good testing ground is about a thousand and there’s you can see back here, there’s a lot of support at a thousand right. All these are at a thousand and then that kind of carries over right here a thousand. So, people will support Bitcoin cash if it’s not a thousand dollars up above that or below that not as much right. Right now we don’t know right, but if the price goes below $800 right here on this fall, it’s a very, very good opportunity to buy again. And again you can look at the charts and see this; Ethereum same exact thing right on the way up we see you know a lot of up points. So, here’s an up point right here, here’s an up, here’s an up, here’s an up and overall the pattern is bullish right. We’re going up so, it’s safe to invest at that point on the flip side we see going down, down, down, down, down and we very, very you know really it’s mainly let me clear this off there’s really three main downturns right. There’s the top, there’s one downturn and really here’s kind of a second downturn. So, I would expect to see perhaps another downturn that goes below $800, if it goes below 800 it will likely land somewhere around $500 like right around here, and when you see it go to about $500 this is Ethereum it’s a very, very, very good time to buy. And you will literally be able to predict that. It will bounce back with like 90, 95, 99% accuracy right. And again let’s measure the last base over here, it fell down below the base about 20%, but then on this base it fell down again about 20, 25% right. So, if we go 20% below the last blow which was 6 $600, the last…yeah if we go about 20% approximately give or take yeah my math was right it actually lands at about 450, $500 where a good buying opportunity would be. So, use that guys as a tip, as a technique to gauge whether the pattern is going up as a bullish pattern, or if it’s going down as a bearish pattern. And if it is going down as a bearish pattern, you can expect it to go lower than some of this right. it may not actually do that, but that’s just something to keep in mind and to watch as these patterns emerge right overtime again. This is not unique to Ethereum; you could literally go to probably any one of these charts. Let’s just go to Litecoin and Litecoin has had some pretty unique activity as of late. So, I take this one with a grain of salt, but let’s take this one again. So, you see this is a little bit harder to see right, because there’s a big uptrend. It just really like spiked overnight, but you can see the downtrend right, there’s a downtrend here; here’s the top of Litecoin. Then the last real strong area of support was about 300. Then we keep going lower and lower and technically you could call these ceilings right. But I’m not going to I’ll call this one a ceiling at 260 and then again we see that drop right. And in this case it may drop below the $200 mark but that’s where there is a lot of support if we really are in a downtrend bearish market now it will definitely go below 200 and it will likely go lower to towards the $100 mark, but again watch it, I wanted to show you this because I think this is again a very, very, very good method to use just to eyeball the charts, to know what direction the trend is going, to know you know when you should be looking at previous highs and previous lows, to gauge when you should either buy or sell, take that for what it’s worth guys. Use that what I’ve just said is pure gold. It actually saved me a significant amount of money today, when I actually sold all of my Bitcoin right here at about 11,600 approximately. It saved me losing about 5% about 6% of my holdings, which are not small. So, it’s a significant amount of money thousands of dollars right. So, just keep that in mind again. I’m Dan from crypto Camacho.com. 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