Michael’s Charts

So when you guys do see the bullish signals that we've talked about plenty of times, it's up to you guys to not hope that we're going to be hitting some magic huge high. It's up to you to be more practical and say, hey, we have a lot of bearish momentum. Therefore, maybe I should look at levels of resistance, Fibonacci levels of resistance, order blocks, and that type of thing to say, hey, we're hitting a level that looks rough. Maybe I don't want to sell everything, but maybe I'll sell 25% to 50% by scaling out and then waiting to see what happens next. That can really protect you right now and make it so even though a lot of people aren't making profit in the market because they're going all willy-nilly, you are still able to make some money, even if it's small because some of these trades aren't going to be the big 20%, 30%, 40% Bitcoin moves. But that being said, if you guys know where Bitcoin's going, you do know where altcoins are going to. You add a 5x leverage onto a theme or 5x leverage on the whiff or something like that, and just have a typical 10x leverage on Bitcoin, I think you guys are going to be just fine. But please have those stop losses because they really do help you guys out a lot. Thanks.

But they seem to be working. Right now, however, you're seeing a little bit of a crossover about to happen between the RSI and the Stochastic. The MACD is still holding up OK for right now, but we're about to have 2 out of 3 turn bearish, which means we may turn choppy for a few more days before trying to have another big boost that can take us above that level of resistance and start heading back up towards $100,000. This is going to be very hard to do. I'd be surprised if it happened next week, but possibly the week after could be it. I'll have to get back to you guys to see when we have some CPI data coming out. I think that could be a good help, plus having some jobs data coming in as well. But to bring everything together, guys, right now, we're in a choppy, choppy market where only short-term trading is really yielding any good profit, I would say, especially with leverage.

So I would say this is actually the most fun part at this specific moment in time, because if you guys were on my personal stream a few days ago, we had talked about selling at that level of resistance. And you can see we barely hit it for maybe two days. And then we just started to dump today, which is really, really rough. But I will say, so far, when the daily momentum is shifting, it gives you a few days of good movements. And you can see within those few days of good movement, there's a lot of volatility, which is why you need to have your stop losses and such.

But for right now, if you're looking at this, you see we have a heavy level of resistance where we're getting rejected right now. Not the end of the world. We just have to wait to see if momentum is getting larger before we start buying. And the crazy thing that's going to suck for most of you guys is here, if you guys didn't buy last week when we were talking about the daily momentum shifting for a short-term trade, you might be wanting to buy this at the level of resistance if it decides to go up a little bit more and test that resistance level. Basically, that upper red box, you may notice that you buy right there. And then because the monthly charts are still bearish, Bitcoin still comes down and you just get pissed off about it. So just understand it's a little bit of a higher risk trade type of environment, but still worth the trade as long as you guys can manage your risk, which is going to be very crucial over the next few weeks here.

Now, the weekly chart is where I start to see a little bit of hope for Bitcoin. Of course, we just talked about the monthly charts and how those are bearish, but we're seeing a little bit of goodness from weekly charts. And right now, you're seeing that the Stochastic is now bullish, but the RSI and MACD are not, not, not bullish at this point in time. So there's hope that if over the next one or two weeks, we start to see the RSI turn bullish along with the Stochastic, and at least one of those hitting below the 50 lines on those oscillators, respectively, I think we could see us try to get back up towards $100,000 or up until the 50-week moving average. From there, we'll most likely continue to fall back down unless something changes. But because the world is so crazy right now, there's always hope because Venezuela is going chaotic, Europe is kind of letting America do what it wants, plus a whole bunch of other crazy fun stuff. But Bitcoin seemed to like the move this past week, which I think overall is pretty good. So let's continue to watch the weekly charts and see if we can have some bullishness appear. But I don't feel like it's worth going gung-ho and doing like weekly holds where you're holding for more than like a week or two, mostly holding more than a week, to be honest, unless you're buying at a support level and kind of riding the wave, which we just did a few days ago, if you guys recall.

Hey, everyone. Like I said before, I have a cold, so I'm sorry about not being able to stream today. But I did want to give you guys an update about what's happening with Bitcoin and everything going on because it is quite important because we are seeing some small shifts. Not meaningful just yet, but it can be meaningful starting next week, all right? So first, I want you guys to check out the monthly chart right here. This is the most concerning thing that we still have to worry about. We're still seeing that the MACD, the Stochastic, and the RSI are all bearish right now. So we have a lot of bearish momentum pushing us down. So any large moves you guys see from Bitcoin, they most likely will be traps. It doesn't mean you guys can't trade them. It just means that you guys aren't going to be holding for weeks and weeks and weeks like you might have during the bull market. Instead, you may only be holding for up to a week, maybe four or five days, maybe even just a couple of days.

On the daily I see the MACD, STOCH, and RSI all good to go. High risk trade but worth watching if you have the time. The 50 day will either be a brick wall or part of a larger weekly trend that keeps up stable for a few more weeks. Unfortunately the monthly charts are still bad so short term swings only but during those swings day trades are so much easier to trade.

Weekly momentum is still rough but we could have a great short term pop breaking above the 20 day ma before christmas