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[Music] hey this is David for big bits in this video we’re gonna go over a little bit of Bitcoin TA and talk a little bit about the channel where we’re going with things and really that’s about it for right now I just wanted a quick video out today I appreciate everyone leaving all the great comments and stuff on the videos I put out in case you’re not aware I put out a three-part little mini series in the tradingview pine script tutorial series about creating a scoring based indicator and that’s already available so you go to my scripts tab here that’s already available on my scripts I’m a trading view profile you should be able to find the link to that in the video description if not you can kind of see that up here if you need to just pause the video and browse to it like that but you can see this is what we covered how to make that it covered a lot of interesting things such as for loops as well within pine script but anyway let’s get back to actually talking about ta I hope you’ve been following me on Twitter I’ve had some pretty good calls lately and pretty proud of that but of course nobody really knows what’s going on and I’m not a financial advisor so definitely don’t take that anything I have to say as you know telling you should do anything but it’s been for the most part pretty readable I the only thing I haven’t really predicted was you see on this chart here perhaps maybe if you’re not on mobile there’s a red line coming down as the six month long log log resistance and four hour and daily candles closed below that I figured that would have a little bit more than fighting it we’ll get into that in just a minute anyway this morning like I said I hope you fell on Twitter because this morning I posted the less than one day time frame looks pretty good for a bounce today and this was seven hours ago and we’re already seeing it somewhat at that point it had only come up just a little bit and if you followed me know I’d say that the indicators have reset so essentially I’ll show you what that means in just a moment I I’m I’m tempted to show you in this chart but it’s really small but I also said that the four hour looks pretty good this morning but I could have also seen the price going sideways for a little bit and I’ll bring that up and I’ll actually show you now I’m eating my head out of the way now okay so I think I sent that tweet out when prices about right here in the middle of that candle and this a cassock was pretty low the RSI trend change had not occurred yet see were right here and the stochastic RSI was still really low down here and that’s one of the reasons why I said I could see it going sideways especially because the MACD was still well below it but this particular candle here kind of changed things a little bit it brought us up out of the oversold areas on the stochastic it brought us up out of the oversold on the stochastic RSI and it caused a trend change on the smoothed RSI which I was kind of hoping for I figured once we came down here we would touch the bottom Bollinger Band and bounce off the 50 period for our moving average and anyways it looks pretty good on the for our I think the one hour is already back up but it’s crossing back up while it’s up here so we might see a pretty good close to the day and I’m hoping for a really good close to the week because if we go look at the weekly candles and of course that the high the Bollinger Bands because they’re absolutely nuts back there one of the things you’re looking at when you see this is we have this long resistance Channel all this bears channel but the long resistance line up here and as of right now we’re closing above it and there’s a decent wick and one of the things I was kind of afraid of the last day or so is that you know maybe we don’t find that support that we’re looking for that the indicators probably are calling for maybe it does kind of crash and we do come back down and the most brutal thing that you could have on this weekly chart is for there to be a very long wick on the top of this particular candle [Music] but I don’t expect that to happen simply because we do have those wicks on the bottom of them and our indicators are still moving up it’s definitely something to keep an eye on but hopefully we do get that bounce and we finished the week strong and it’s gonna continue this momentum on these indicators really good whereas if the price drops and it leaves a long wick instead of these kind of trending up so high they stayed more kind of flat on the stochastic and you could get something like this back here where it kind of comes up and just ducks back down you can see that happen several times back here but hopefully what we’re seeing is that momentum building we do have the smooth RSI trend change we’ve got the stochastic RSI moving up we’ve got the stochastic moving up and we’ve got the MACD which this forecasting isn’t perfect on this one but it definitely looks like it wants to cross over here then I can explain this MACD forecast for you and in another video but it’s not perfect simply because it uses very short moving average periods and it uses a different moving average method to do the forecast as opposed to the actual calculation in the indicator so just kind of take that one with the grain of salt for now the honestly it looks really good on the weekly go back to the five-day which I was so excited about a few days ago it looks absolutely amazing I have no idea where we’re gonna stop at on this one but if I were trading mister chart which I posted my ID awhile ago I personally would have wanted to go long when I started to see that rise and that’s when I posted the idea who knows where we’re gonna be at now hopefully the week closes strong see when’s the five-day end that was on the sixth so this actually closes tomorrow and it’s already almost crossed over on the MACD down here so probably just about no matter what the value is as long as this closes above that resistance line here it’s probably gonna suggest that the MACD is well it will cross over I should say as long as we keep those values because the moving averages the exponential moving averages are starting to move up so on the shorter timeframes so that’s gonna be good it’s absolutely good and we want the price to bounce significantly to bring some of these other values up and to play with the momentum on those indicators if they were to rise quickly upward with the sideways movement then that would be bad from what I’ve seen typically when the indicators move up or down while price remains pretty much sideways it’s usually not a good sign that there isn’t actually momentum behind those changes okay so that handles Bitcoin so let’s take a look at a couple of other ones that we’ve talked about here and let’s see start with light coin versus the dollar and that’s how to really good Vance today that’s pretty exciting yeah nothing nothing bad here the RSI trend is pretty clearly defined it’s going up might find some more resistance around the 100 day but let’s pull the Bollinger Bands back in it could very well be starting a trend where it rides the bands up it kind of already started it and I think it’s the same thing that’s kind of going on a bit coin I forgot to mention that it is kind of riding those Bollinger Bands back up so hopefully it does that for a long time compressing go up quite a bit but let’s take a look at it versus Bitcoin itself it’s good for litecoin it’s making a good move today and I think I mentioned it’s in a pretty similar situation on its Bitcoin and USD comparisons go to the weekly chart and yeah it looks pretty promising if we’re looking at the same stuff you want to see it really shoot up so that it takes advantage of that momentum you have moving averages up above it and you have some prior supports it’s probably going to be serving as resistance now so that’s something to watch out for as well all right I do think it was the same on the weekly yeah it’s pretty much the same the RSI train the smooth daughter side trend changes starting gonna cross over on the MACD weekly looking really good for a potential gain you aetherium yeah looks good on the weekly versus the dollar all right the daily same situation is Bitcoin pretty much following lockstep with it here recently looks pretty good pretty decent I wouldn’t say it’s ready to go down just yet let’s see what was I do look at the ratio on the daily this is it versus Bitcoin it’s holding below the mid Bollinger Band doesn’t look too great but what is promising is that the MACD is holding above its signal line and the RSI smooth darkside trend change is happening on this candle so seeing a lot of that today hopefully that can help it move with respect to the weekly as well although I’m really not sure what to think about aetherium right now it really needs a solid bounce for me to really turn super bullish on it on the weekly here versus Bitcoin pull it back up versus USD whereas versus USD it looks pretty good so I’ve said this before in the past if something looks good versus the dollar as an altcoin and it looks bad versus Bitcoin or neutral versus Bitcoin that could mean that Bitcoin itself is poised to go up in price because usually they move versus the dollar with Bitcoin but a lot of times they don’t gain as much percentage-wise as Bitcoin on those moves and you’ll see their ratios versus Bitcoin drop because of that so that’s something else to keep an eye out if you don’t understand that I don’t blame you it took me a while to catch on to at first so if you have any questions about that just leave a message I won’t take a look at a couple of other things as well I always like to take a look at basic attention token and it’s actually looking decent on its weekly chart like it might be wanting to change momentum but definitely not in a place where I would be confident in saying that let’s look at it on the daily versus the dollar this one doesn’t look too good now doesn’t really look too good on the daily chart but hopefully it mostly just stays sideways if you’re bullish on it and it’ll find some support going back quite a ways here and that would be ideal especially considering it looks like it could build upward momentum on the weekly chart so it might just be a week or two away maybe more so get it versus Bitcoin all right it is back below its 200-day they’re pretty low yeah it this isn’t the worst it could be but it’s not looking good at the moment I think what you’re really hoping for here is a bounce so I think I can see my suspension token probably going down a little bit here and then maybe having a bounce off at the bottom Bollinger Bands going forward it’s probably gonna take a few days but maybe maybe beginning next week on the next weekly candle it’ll start to see it bounce in and pull its price back up all right let’s take a look at see let’s try link it’s a new and I’m looking at I’ve heard a lot about it before but I’ve just started looking into the technology behind it it’s really interesting I have done smart contract development before and it’s one of the reasons why I’m thinking about starting a series on it which likely will get started hopefully in the next month but I also have some other ideas as well and there’s of course these ta videos and the pine script tutorials so getting other development type stuff in is kind of hard to come by right now but let’s see link on the daily chart not not a whole lot of reward potential here I think could be bouncing off resistance on the 100 day let’s take a look at it on the weekly that might actually look pretty good on a weekly oh wow yeah that does look pretty good I’m nicely if you can close above the mid Bollinger Band that might be very very good for link here there’s not a lot of data to work with I wonder if there’s another exchange that has more see finance yeah yeah there we go let’s get rid of that stuff yeah that makes a lot a lot more information available to us here this is another one I could see potentially changing momentum here soon you can see this kassig RSI already turning back up and you have your smooth RSI trend change happening casick bouncing here and what you’re really hoping for is several strong days of green candles to change the MACD around and bring it back up which would be very very bullish all right let’s take a look at it versus Bitcoin though all right that one’s kind of in the same shape as some other ones we looked at did it’s having a good day but not really clear what potential it has some per neutral on that but that pretty much does it for the TA as far as the channel goes I did mention some other videos I’ve gotten a lot of great comments on the YouTube series so far for the pine Script tutorials I have a few more things that I wanted to share with that one some work with streams with concatenating strings to look at different data at once actually kind of show you that one right now I’m sure someone’s probably curious let me change my charts to my development chart I’ll pull that one up here you oops wrong one finance all difference so I had a request from someone to calculate a a price difference based on the ratio of altcoins and their USD price to the price of Bitcoin and it led me down a path to where I found out some different things you can see the source of it here and we’ll go over that in another video most likely but one things I want to point out was I’ve got it set to where you can actually go through different coins just with a drop down here and then you can also put in a custom altaïr versus Bitcoin so we could do linked we need to check use custom alt so those the ratio differences for link and you can also view it in a percentage difference as opposed to just the dollar based difference so that’s something to look forward to I think there’s a couple of other things that have been submitted Oh take a look at plotting some more like lines I would like to do some work on divergences those are very useful and I don’t know if you’ve got any good ideas let me know I am trying to find ones that are good for videos that won’t take forever I’ve gotten some really good ideas but some of them involve a lot of work so if you just want a general concept then I can start with that if there’s any feature of pond that’s a pretty good way to start as well otherwise there’s two different video series that I’m looking at doing and I am for sure doing the smart contract development you may or may not like that one if you’ve been following me but as a developer myself I feel like it’s in my best interest to work on that and to kind of build up a portfolio of sample code and put that on my github so people can see that and then of course there is a video series on explaining the the common indicators so there’s actually a lot of these types of videos out there already but I plan on doing a difference of course that’s kind of how my channel works but what I plan on doing different let me go back to my other chart kind of give you an idea what I would like to do is I’d like to make a series entirely about each individual indicator go over the math for each one and how that can be used to be interpreted on the charts as well as what to expect because of the math going on behind that so for example with our forecasting it’s important to understand what price action could do to the particular indicator that you’re looking at and you can get a picture of that in your head just by knowing the mathematic formula for a lot of these things and plus honestly all of the videos that I’ve done that I’ve focused specifically on certain indicators or specific features in Pyne have done a lot better on the views and stuff and in the end the YouTube channel I would like to increase the views and subscribers and stuff so I do need a cater to that a bit more it seems although I think everyone who’s been watching enjoys the videos we’ve been doing so far and that’s why I like to do some of the stuff that you all request as well so I’d like to thank you all the the giveaway is still going on and I did have a question last time I hope you answered it correctly I will place a new question probably next week sometime I don’t want to have a new and every other day but those are worth a lot of entries in that twenty five dollar Bitcoin giveaway so definitely check that out and if you watch the video that’ll come in handy for you like I’ve got on a little long now it’s twenty minute video hopefully you enjoyed the TA a few of the updates and have a good weekend make sure you like the video subscribe all that fun stuff [Music]
