In technical analysis, when a cryptocurrency like Bitcoin forms a descending wedge pattern followed by a price channel, traders can identify potential entry points by buying at the bottom of the channel and selling at the top, with a target price calculated by measuring the distance from the channel's top to the previous resistance level. This strategy involves monitoring indicators like RSI and Stochastic to confirm overbought or oversold conditions, and implementing risk management through stop-loss orders placed at the channel boundaries.
Deep Dive
Prerequisite Knowledge
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Where to go next
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Deep Dive
BITCOIN PUMP INTO WEEKLY CLOSE
Added:Good morning, gurus. Welcome to another episode. Hope you're having a beautiful sunrise and a beautiful day. It's 5:30 in the morning here before the sunrise.
Um, very peaceful. Early bird gets the worm. We're going to jump in the charts for Bitcoin. I'm going to look at Google building position in Google. Bitcoin having a pump into the into the week close, which is good to see. We'll jump in technicals for Bitcoin. Um, and Google, hit the subscribe button, smash that thumbs up button, turn on the bell.
If you make money from me, I want you to push messages of peace. Protect the nature, the trees, the animals, and each other. Um, push messages of peace because all these fake lines, fake maps, and wars is [ __ ] Let's jump into technicals for Bitcoin. Now, we're going into technicals.
Let's check my buy bit trade. Actually, it's now quite a big it's building position. 2.1 Bitcoin Bitcoin pumped. You can see here just into the weekly close had a strong move up to 64800. My big two Bitcoin trade 2.1 Bitcoin is $1,600 in profits. If you remember, I added it into it when I was flying on the plane. Um, it's $141,000 trade now, which is beautiful. Next orders I have down are at 62500.
Let's see how Bitcoin does. I think Bitcoin would be pumping like crazy if not for the Iran war. Let's go into the technicals. Um the red the Friday close was very red for the tech stocks. Um Bitcoin having a pump into the close on the weekly. You can see there is this descending on the daily there's this descending wedge formed on Bitcoin and then you've got a channel as you learn in the crypto master class. So you got this descending triangle builds pressure. It's breaking out and then you have this channel that Bitcoin's in. You can clearly see a channel even just now pumped to the top of the channel on the 4hourly.
It's already overbought on the stochcastic. On the RSI not yet overbought on the daily. The RSI not yet overbought. Squeeze mob is going brown red towards the red. You can see it's pumping up towards the resistance. You can see this channel. So now it would just play in for the time being I would play this channel. So every time Bitcoin came to the bottom of the channel I would long to the top of the channel but then I've got this bigger target 72 and at the top of this channel we could assume there's going to be a resistance there. I wouldn't be shorting Bitcoin here, but maybe a short-term short um only for a very short term with tight stop-loss off the top of this channel like this and then shorting Bitcoin with very tight stop-loss back to the bottom of the channel and play this channel.
But I would I'm going to let my bigger long run. I'm going to build a big position here and let it keep running um into off the bottom. But you can see there is a channel here. So, I would there is a potential for just a short-term short, risking $430 on the short at 66 to make $3,400 and then I would long again the channel. But right now, I am in a long on Bitcoin 64700, $1,700 in profits, which is beautiful. Uh, I want to actually check Google as well on the open. I'm building a position in Google.
I'm nearly 90% cash, maybe 85% cash, but I'm going to start building position in Google as well. Nvidia, I want to build a position as well bigger. I've started building Google. You can see here it looks like a bull flag on Google on the weekly charts. You've got pole and flag here. If this runs, target of this bull flag for Google would be around, we already had a 17% correction. Target of the bull flag would be around 400 420.
does look like a bull flag here on Google. On the daily, you can see the RSI is turning down. Still turning down on the 4hourly. Oversold, but turning down on the weekly. Let me turn off this squeeze mob.
[snorts] On the weekly, RSI is not yet oversold.
Stochastic on the weekly, not yet oversold either.
On the daily, it's heading down. So, buying targets at 334 and 320. You can see 295. These are all buy targets for Google, but it does look like a bull flag here. And if we measure the pole of the bull flag from this distance here to the base of the pole, if we measure that out, it could target around 434 for Google, which is beautiful. over in the elite plus AI traders group. Um, chat GP Gro 4.5 went long on Bitcoin.
Nvidia 5.6 Soul Pro, the newest Chat GPT model went long on Nvidia.
Um, you can see an Apple Fable went long on Apple. You can join the Elite Traders group. Now, this group is at 215 members. When it gets to 250 members, we're going to give away a MacBook Air to one of the top traders in the group.
You can go um clash of.com, $99 a month, or join it by clicking the YouTube button here and subscribing through YouTube. You can see those AI models and human traders. All the links are down below. Buy bit 30k bonus, one of the main exchanges I trade $200 bonus for signing up KYC free worldwide exchange.
And you can join the free telegram and then the elite traders telegram. The links are in the description and you can learn all of this in the crypto master course. That's my updates in the market with a beautiful sunrise. Hit the subscribe button. Smash that thumbs up button. Turn on the bell. Hope you have a beautiful day. Enjoy your life. Be careful what you think. Only think what you want to have happen and make intelligent action. You can't just pray and manifest and think for what you want. You need to pray, manifest, and think for what you want. And you need to make intelligent action. You need to use your body, your mind, your hands that God gave you. Love you all. Have an amazing day and I'll see you all again tomorrow.
[music]
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