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YouTube Video Transcript
[Music] hey this is David for pig bits in this video we’re gonna do a little bit of TA I want to talk about an idea that I posted on tradingview where we talked a little bit about divergences which I’ll go over what those are just a moment if you’re not familiar and then we are also going to talk a little bit about Libra it’s been a while since I’ve done one of these videos where I’ve done a little bit of TA and then talked a little bit of news as well but I also want to kind of use this as a precursor to some other videos that are coming up soon so just trying to work some stuff out here and we’ll see how it goes but hopefully if you follow me on Twitter or also followed me on tradingview you will have seen this idea come up hopefully I am correct but please make sure you read it all before you rush off to think about you know copying me or anything I’m not telling you what to do on any of these there’s a disclaimer on it and everything but I do want to point out some things that I saw here that would make me want to go short for a short amount of time let’s go ahead and look at the indicators okay so what we’re looking at here is we have these divergences and we call them bearish divergences because the indicators are all pointing down while the price is still moving up and you’ll notice while the price is moved up in the past the indicators have also kind of moved up with the price action so these divergences can oftentimes help us identify good times on these longer time frames on when is a good time to go long or go short and there is a good chart out here I forget which one it is this one there’s Twitter twitter account crypto burb got a lot of followers but posted some really good material that I am interested in and that is this wonderful divergences summary chart and we’re looking at bearish divergences on the 4-hour chart right now we’re looking at higher highs in the price let me move my head for just a moment here so you can see this we are looking at higher highs in the price you can see and we are looking at lower highs on the indicators that we’re working with so let’s go back to the chart and I’ll show you we have higher highs in the price and lower highs on the indicators now this doesn’t mean that these current highs on the indicators will hold the price could very well shoot up well above but in order to do so while the indicator values are already so high it’s going to have to be a really huge pump rather quickly most likely especially as we are at a 200-day resistance which is about nine thousand and eighty dollars something like that so there’s a lot to look out for I did mention you would probably want to use a tight stop if you’re doing margin because we are trading against the trend if you take a short here everything’s kind of moving up now if I were to look at this for chart the 4-hour chart now were to take a short right now I would be targeting the 50 period moving average it hasn’t really touched it yet since it is we had all these m8 crossovers and the trend started we got pretty close a couple of times but we haven’t touched it or waked under it or anything so that’s something to keep an eye on I did go over in detail in the and the idea on trading view each of the indicators and why they are bearish divergence I also mentioned why the indicators could still break up like I’ve mentioned already before I’m not gonna go back over this stuff it’s the same stuff but if you want to read it later you can always check out the idea there I also posted it on Twitter when I publish the idea so hopefully we all understand what’s going on here let’s take a look at the chart as it is live seems like it’s already kind of going down since I posted that hopefully I can get confirmation that I was right at some point here but it’s looking pretty good for the idea that I posted let’s zoom out just a little bit and look at it on the daily it’s not quite as clear here there might be a divergence on the what is this one I think this is a stochastic RSI yeah so there might be a divergence daily on the stochastic RSI or you might have other indicators that you’re looking at I don’t see really any great divergences on the daily nothing like on the 4-hour it’s what makes me think it’s a short-term trade so I go back and I look at the 4-hour and we are of course just under the 200-day moving average so it would be a reasonable place to expect some sort of rejection or a pullback and I’m looking towards the 50-day moving or the 50 hour 54 hour moving average and the previous channel resistance as an area for it to kind of test if it does pullback from here now there was also the volume this people don’t usually call that a I mean a bearish divergence I’m messing up when I’m talking a lot right now I apologize about that I really wanted to get this video out quickly because I think if the if the divergences do play out it would be relatively soon so I wanted to get the video out so you all can see it before it broke either way up or down in the price action so this is another thing that crypto burb has posted it a wonderful chart and it’s giving an idea of what the volume versus the price is bearish or bullish and we’re looking at bearish price action because the price is going up and the volume is going down this is moderately bearish but compiled combined with the other divergences there’s a lot of signals kind of pointing to a short right here the weakening uptrend that’s kind of what you’re seeing as well when you’re looking at the chart it’s not quite as strong right now went up pretty steadily there you can see the trend kind of flattening out at different angles as we for that’s pretty much all I’ve got for Bitcoin right now I don’t want to go into a whole lot and look at a bunch of other coins there’s a bunch of all coins that are going crazy right now but I think it’s a little too early to kind of confirm that stuff I still want to see Bitcoin get above and stay above the 200-day even though the five-day and the weekly chart look absolutely great for right now they are going up very quickly so we’ll see how that works but on the weekly it’s not quite so bad yeah they’re still going up but they’re gonna go up quickly and let’s see it’s gonna be interesting to see how they react when they become kind of overbought on these indicators but we’re still a ways away from that now so hopefully we can spend some of this time to get above that 200-day moving average all right let’s see is there anything interesting there no okay so there’s one piece of news I did want to cover and it’s something I’ve talked about several times in the channel before and that is the Libra Association we talk a lot about it because there was a bunch of news last year about Libra and Mark Zuckerberg testified and talked about Libra to Congress to the House committee but they are still moving forward and that is mainly because Libra association is an independent entity Facebook might have started it or helped create it but they are trying to do their best to be separate that way legally things can actually work as far as those things actually working in a long term we’ll see because the the government seem to not like the idea and I think the US lawmakers somewhat in Congress even suggested a bill to make the large financial and the large tech companies to keep them out of Finance which is interesting considering you know it’s a capitalist country you would think that they would be okay for them to try something new enter a different market but they have made a technical steering committee if you’re not familiar with where steering committee is it’s just a group of people who get together to talk about and sort of guide or of course the other term steering to steer the the group on what to do and this is a technical steering committee so they’re going to be talking about the technical aspects of the technology they are going to and I’m gonna have to read this because I can’t remember and summarize this very well I’ll top my head but the committee will direct the technical roadmap for the Libra Network form working groups to prioritize selected avenues of research guide the development of a code base and generally develop and engage the Libra development community this sounds a lot like they are trying to do some of the open source projects where they are getting groups together to work on these things and trying to build a community and start working on the actual codebase it’ll be interesting to see if it actually is open-source and people can actually work on it the technical details are going to be interesting but the key takeaway from this as they are trying to show they are independent from any one organization and particularly they want to make it appear like they’re not involved with Facebook at all which may very well happen but that seems to be the major concern is that there is that connection with Facebook so that’s about all for the video I did want to mention that the giveaway is still going on we still have about a week and a half left on that I know a months a pretty long time for a giveaway but not everybody sees the channel there’s not a whole lot of people right now watching the videos hopefully that changes over time wink please subscribe like the videos if you do but yeah that’s all you can check the giveaway there’s gonna be a link for it in the description and there will be a new question so if you’ve been watching the videos there’s gonna be a lot more entries for you I feel like this way if I change the questions people who actually watch the videos have a way better chance of winning than the people who just you know kind of click on a couple of things every once in a while but thank you all have a great day [Music]
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< br/> #bitcoin #crypto #cryptocurrencies #tradingview
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