YouTube Video Transcript
[Music] hey i am david for big bits and in this video we are going to be looking at another update on trading view and that is the signpost feature on the charts this is a new drawing tool yet again then we’re going to also look at some technical analysis because it’s been a while since we’ve done some of that as well so if you’re watching this in the future wanting to know about the signpost feature then you’ll have some historical ta to look back on but for now as of today we’re just going to kind of take a look at things as they are after we cover the update but first of all i did want to share we did hit 4 000 subscribers on the channel something i’m very excited about we’ve grown tremendously here in the last year compared to where we were percentage-wise i think it was over two times growth on the channel and i hope to have that continue on in the next year and we can continue to make more videos but let’s go ahead and get into the actual topic itself and by the way if you haven’t subscribed already and you’re watching the video please go ahead tons of videos tons of value here but let’s take a look at what the sign post is in the chart window this of course is a drawing tool you just select the tool place it where you like it left click it and then you can enter your own text on the actual tool itself now the thing is i haven’t done this before so this is going to be my first time actually using this on the video so we kind of get an idea of how intuitive it actually is so let’s go over here to my chart this is my development chart this is a text tool you can find this on the text drop down go to sign post now you can see it brings up your kind of crosshairs so you can target where you want on the chart let’s do it right here where the price crossed back over that line and let’s see we are going to have it say watch this video see if we can do anything with coordinates not entirely sure what that is doing vertical position percentage ah so you see that adjust the height vertically what if we can make this negative we can so if you want to make it below your signpost below you just make it a negative it’s pretty simple and let’s see this is the bar number see so the further right is a higher number it appears so we went actually it doesn’t want to change the bar number so that’s kind of interesting that i wouldn’t let you do that let’s go ahead and change our vertical position back up to 20. it might be a bit of an issue too that it didn’t save that number when we tried to change that one i guess the invalid value reset those that’s something to keep an eye on if you’re wanting to change these as well you might have your values reset if you accidentally choose the wrong one i imagine this number might not be something they want you to actually change because we tried changing it in both directions it didn’t work of course you can set your visibility here as well on your signpost so let’s see if there are any other settings for this it would be nice if we had some color options appears like they don’t have any color options just yet that would be really nice especially if you want to take screenshots of your chart i’m not really sure what this would look like i imagine this is just using your chart’s theme to do the colors here because it does have the same color background as my chart so maybe let’s try and change the chart background color and see if anything changes there change it to this yellow color now it’s white change it to pure black it’s still that gray you can see it kind of transitions over at that point from white to black it’s kind of interesting but yeah this is something you can use uh it’s kind of like a label this is more of like a permanent label that you can put in there i don’t think you can do these with a script just yet this is just another drawing tool that you can use and yeah that’s really all there is to this one of course the update is mentioned in the blog itself you can always check out their blog for all their updates and the way you get to those just click on the menu here and there should be a what’s new section on your menu if there’s something new there’ll be a little uh badge notification out here to the side and also on top of your menu letting you know that there is something new to actually take a look at that’s how i saw this today that’s why we’re taking a look at it but that’s pretty cool this can be pretty good i guess when you’re going back and you’re charting important events say i would imagine this might be related to their timelines feature that they’ve added this might be something really cool to say like you know on this day was the having you know obviously it wasn’t this actual day but you know things like that or you know xrp scc issues you know you could have added that onto your chart you could have known when a big event happened and might have affected price so that’s another one that you can keep in mind as well let’s see i think that’s it for this particular change that we’re looking at and if you’re done with the video because we’ve covered the sign post i would appreciate if you could like the video if you did like it and subscribe if you do like the videos because you probably like all the other ones but we’re going to continue on with some ta here it’s been a while since i’ve done some ta on the video if you’ve been following me on twitter i do post uh some kind of hints at ta i haven’t really been too active on posting my ta here lately but there really hasn’t been a lot to post although i think the time is coming that there’s going to be some significant changes let me go ahead and change my chart to my ideas chart is my main chart that i like to use to keep track of everything there’s a lot going on here okay so these are our daily bitcoin and also our daily ethereum charts now the most recent message that i put out on twitter regarding ta was that i think we’re gonna get a pretty massive bear div to form on the bitcoin daily chart and i said this several days ago and i said that the price could reach anywhere from twenty eight thousand to thirty thousand and it was before we hit thirty thousand or twenty eight thousand dollars in price and we still might hit thirty thousand we might even exceed that uh temporarily but i don’t think there’s any way that we just blow right past thirty thousand dollars like we did uh say twenty one or twenty two thousand um and essentially what i’m looking at here let me change our layout zoom in a little bit everything to where you can see it let’s actually use the zoom tool you can see what happens a lot when you get a beard if you get these huge bumps in price and then you get a follow-up run and what’s happening on your indicators and this is the one that i created the stochastics the stochastic weights advanced which has tons of different indicators combined into one we found that there was a divergence here based on the built-in divergence code that i was able to borrow from other indicators but i don’t trade specifically off of these you have to use a little bit of intuition and you also have to use a little bit of memory and recognizing patterns and looking at higher time frames and stuff on the weekly it was pretty obvious we weren’t going to top out here but what i do think is happening you see how hard this indicator is struggling to rise back up despite this huge increase in price it is not coming back up very quickly to me and my experience with my indicator that i have created is that this is very much a signal that you are going to get a bare div form now that doesn’t mean that it’s going to actually happen and if you don’t know what a bear div is i do believe i have some videos about that out there but essentially let’s go to our drawing tool here you get this run up in price like this looks like my browser’s running a little slow today for whatever reason but you get that run up in price but you get the lowering highs which i anticipate to be somewhere around here which i think i also mentioned in my post was that this would run out until the end of the year um it might not it might top before then but relatively i think the strength is going to continue here for another couple of days so it might top out and you’re likely going to see a massive bare div here i mean look at how much the price increased over the same period of time went from roughly 25 000 to was it actually 25 no it went from 24 000 to 28 000 but the stochastic oscillator didn’t go up nearly as much and you’ll see this is kind of evident when you look at the rsi which is down here but the bare div isn’t as obvious when you look at the rsi so i am a little cautious it’s hard to bet on a short when bitcoin has been so bullish so i’m definitely not going to take any shorts and i wouldn’t recommend anyone does because i’m not a financial advisor and i’m going to tell you what to do with your money but it’s really risky to say the least but personally i’m not going to be shorting because it is dangerous but i’m definitely also not buying at these levels i’m very confident that the price is going to come down somewhat and if it doesn’t so be it i’ve got plenty in my long term that i’m willing to wait on but this is just a daily chart so let’s see if something like this will play out also on the weekly chart and of course our drawings are going to get smushed you’ll notice here on the weekly it actually is pretty impressive now there is a chance for a bear div on the weekly as well this mid point here where we hit twenty thousand you can see the week following we cross under now it looks like it might cross back up but in order for this to continue up into even higher overbought territories you would have to imagine the price would have to go somewhere near 35 to 40 thousand dollars to keep this up with the momentum very hard to imagine possible yes that’s why i’m not taking any shorts but i do think we are due for a pullback here probably right at the beginning of the year um no telling how long that will actually last that particular pullback but something to keep an eye on for sure and again if you’re looking at that potential bare div it’d be really tiny on the weekly chart but uh let’s see i might as well just draw on the chart what i think might actually happen so you’ve got the indicator here let’s zoom in even i can imagine you get something like this you get that kind of twin peak effect and then if our cycle is going to continue it’s going to do something like that you’ll get that little tiny bear div and then that slight decrease have the price come back down somewhere um long in through here which i believe that’s around 22 to 23 000 dollars which is the first point or the midpoint of that huge move up and then as it hits the mid bollinger band on the weekly then we bounce and continue our move because if you remember the last bull market that we had i’m still on my drawing tool last bull market that we had if you look at it on the weekly chart and need to correct the scale here you’ll see back in 2015 we started the bull run short soon after and the weekly bollinger band held really well as a bottom throughout that entire cycle now it may not work that way this time but there’s likely going to be something that we find that will hold throughout the bull market so wherever this correction lands keep an eye on those moving averages going forward i think they’re going to be very very pivotal there goes my phone with a notification of course i forgot to turn that off there we go took care of the volume there but yeah keep track of important moving averages and i’ll try and do some ta whenever we do get this correction that is certainly to come at some point so that we can keep an eye on when we think the bottom is occurring and what key averages or key areas or potential patterns there might be to identify key points moving forward in the bull cycle because if this is just getting beginning and the price may go to one to two hundred thousand like some people say i’m not nearly that bullish but i’m that hopeful um but if it can go to those levels then it’s very important that we find those key levels where we can anticipate key moves again in the future so if you want to make moves you’ll have a better than average chance i would say most likely and again not telling you what to do or to continue buying and that this is a guaranteed bull market for a year or so to come but these things they are patterns you know like i mentioned the pattern with the weekly bollinger band in the last bull market there could be a similar pattern hold up in this particular bull market it’s just something to keep an eye on and one of the key things i wanted to note here on the weekly chart before we go off of it is the weekly rsi really insane it’s um i don’t have the values showing up in a second where are we now 90.75 which is very high number for rsi particularly on a weekly chart uh we got somewhere around was at 90.31 when we hit 20k at the all-time high in the previous cycle or 90.53 here or during the middle of that one those are the two highest by far in history and the thing is our last two have been above 90 including the current one that is so the previous one was 90.18 the current one is 9.75 so this is a pretty historic couple of weeks that we’ve had and further uh it just further makes me believe that the price is going to come down uh relatively soon but i like to zoom out even further at more time frames so let’s take a look at the monthly as well and isn’t that chart beautiful look at some of these key levels that played out back here that was really cool the monthly chart is very interesting because with the stochastic weights advanced and this doesn’t really go back far enough we’re going to switch over to the blx chart as more history there we go and these look really goofy lines because those are based on a log scale but you can see we are probably somewhere in between here and here currently on the previous market uh and of course they’re not the same and nothing’s going to be the same it’s not going to repeat but i would imagine since that was 2016 we are currently time wise the equivalent of here in december of 2016 four years later because the four-year cycles excuse me i’m sorry a little bit allergies but we would be the equivalent of back here but our momentum is increasing sharply and our rsi has just reached overbought for the first time and these lines are at 75 because these are the basic rsi settings we didn’t do that until february of 2017. so i think we’re a little bit ahead of schedule and i think we are due even on the monthly or a little bit of a blip to come down um this cycle might move faster than the other ones mainly just because the monthly chart and where it is and it might not even work like the previous cycles uh or at least not the most recent cycle i know this one’s kind of hard to see i gotta take the bollinger bands off i i don’t like dealing with those but the last cycle was really slow and steady and i know my lines are probably off here on the monthly chart they match a little bit better on the weekly but just bear with me here i think we might see something more similar to this you’ll see we’re at a kind of a similar level here i think we might kind of slow down but what’s really interesting was that monthly bear diff was gigantic back there we really didn’t get a divergence on the monthly chart uh in 2017 but just this kind of movement itself kind of looks reminiscent to what we’re seeing now but the moves percentage-wise since this is a log scale chart aren’t nearly as high now as they were then and it’s kind of interesting to take a look at and for some people are calling for anywhere from 100 to 200 000 somewhere in this area if you zoom out on the chart like this that seems reasonable now my parabolic lines aren’t the best i don’t think uh those are just kind of guidelines for me just kind of get an idea of where the bottom might have been and where it lined up with the other ones but it’s nice to see moving averages keeping up above that and everything looking good on the monthly chart all right so i’ve went in to a lot of detail here on bitcoin and where i think we are in the market this is very likely the beginning to uh late beginning of the bull cycle and i say that just because i think this cycle might be moving a little quicker if it’s moving slower than that then that’s good because that means we probably got more more room to move up but let’s see let’s take a look at a couple of others i want to take a look at ethereum there’s a couple important things to note on ethereum of course price looks amazing right now 730 dollars daily chart we’ve already kind of talked about the potential bare div that would also potentially play out on the ethereum chart but the ram chart’s a little bit different it seems to be playing behind where bitcoin was so that’s something to keep in mind we might still have some room to go up especially when you consider the all-time high back there was that nearly fourteen hundred dollars if we’re gonna head back up to fourteen hundred dollars and reach the all-time high like bitcoin did then we’re gonna have to forge past some of these bear emergencies but i do think in this area where we’re at right now is an area of potential concern i do think we’re going to get somewhere close to 800 and i’ve been talking about 800 for a while and you know i don’t tweet a whole lot and i don’t do a whole lot of the videos about ta much more but when i have i have talked about 800 on bitcoin since we had these two peaks here and here that kind of stalled out here those may be temporary points where we hold up and there was a little bit of support here when it came back down once the bubble burst this might be a key area to pass once we pass this area i think it’s a pretty good signal that we’re going back up to the all-time highs again with ethereum and the chart overall just looks amazing let’s go ahead and take a look at the weekly now this chart is uh somewhat similar to bitcoin but you’ll notice the stochastic advance has not crossed down yet i know my head might kind of be in the way let me move this over just a little bit so the sky stick advanced has not crossed down yet uh where bitcoin has so we like i said we might be a little bit behind bitcoin uh which is similar to the end of 2017 beginning into 2018 where the bitcoin bubble had burst but the alts continue to run we might have something similar to that where at the end of the year bitcoin kind of comes down alts continue to move up heat up some of that dominance and then the market really gets going playing between alts and bitcoin until the end of the bitcoin bull cycle but similarly also the rsi isn’t nearly as high on the weekly as well let’s see there’s anything important here on the monthly chart not really other than the fact that we’ve said that we could be behind bitcoin the bitcoin i think on the monthly stochastic weights was a little bit higher than this although not by much so i do think that ethereum is a little bit behind bitcoin in these senses and look at the bollinger bands where are we at right here those are negative already aren’t they that’s interesting um yeah the negative bollinger bands bother me but i don’t think it’s too much concern honestly if they’re gonna if we’re gonna have a huge bull run and ethereum’s gonna go above the all-time highs and those are gonna have to go below zero that’s just kind of how it is all right um let’s see if there’s anything else we want to get into i i cover a few other things here i did want to take a look at xrp just because i know that it is in a bad place look at that monthly chart a bearish engulfing monthly candle uh and if you haven’t heard about the sec news where they’re investigating whether it might be a security or not you probably should it’s a very important deal i believe coinbase stopped trading them or at least changed their books to limit only or something like that a huge mess with ripple and it’s quite a bit concerning so something to keep your eye on which might impact the entire market it looks like this daily chart there’s like no such thing as support when you’re dealing with fundamental news like that it’s hard to say how low this is actually going to go it might hold here but things are really negative and this is about as low as it it’s gone in the entire entire history of ripple on bitfinex so and i did that relatively quickly too just over a matter of a week or so i’m definitely not interested in touching a ripple i never have and i don’t ever intend to unless they can get through the sec unscathed which seems impossible i’d also take a look at basic attention tokens this is one i’ve been following for a while here i’m a little disappointed it hasn’t really done all that well it had that one move up to 40 cents hasn’t really had any new higher highs in a long time relative to these larger highs it’s really unfortunate it’s such a good project i’m using the browser now i’ve been using it in all my videos really good project i would really like to see it come up but the chart on the daily just does not look good for it take a look at the weekly chart a weekly chart also does not look good uh basic attention token it’s a really unfortunate and you get some crossovers downward on the weekly chart as well that’s also not good so we’re going to have to hope for a big bull run to save this big alt season to save that one i think here in the next coming months let’s go ahead and take a look at uni something i’ve also been playing around with some this is a relatively new coin so our charting here on the weekly isn’t going to do too much good here’s our daily chart honestly i think it’s looking pretty good this one uh looks a lot better we found the bottom here ran into a little bit of resistance here and this is probably going to be resistance for a little while you can see this area it only bounced to once here but this is a very new coin um i forget what the price was when people were air drop these but uh if you’re air drop these you’re probably going to be unloading these if that’s your plan around this area to at least get your money back that you would have gotten around the time that you were dropped the tokens but the moving averages look pretty good everything’s starting to kind of line up momentum appears to be pointing up if we can get a bounce in price up to nearly five dollars here it’s going to look incredibly bullish because you’re also going to get the macd to flip over in the rsi trend to point up as well a lot of and i just now realized my head was in the way on those but yeah you can get the rsi to point up and also the macd to also come up as well let’s zoom in so you can see those a little bit better all right let’s also take a look at link i’ve been watching this one closely it’s a very good project obviously a lot of hype behind it but it hasn’t been doing so well like a lot of the alt coins even though it is d5 we’ve struggled a little bit here lately there is this potential for the macd cross and the rsi trend change momentum is pointing up but the price isn’t really responding correctly with that and to me that’s a conflicting signal this is something i would not want to take a short term trade on i am buying link honestly uh periodically now just because i think it’s a really nice project and if there is going to be a massive bull run i think link’s going to be brought along with it so that’s just fundamentally why i’m buying into it but i’m not looking for any short-term trades on something that looks like this where you have these conflicting signals where you got price coming down but indicators potentially pointing upwards you would want a better confirmation than that and you also have moving averages looking like they want to cross down it’s just something to keep a very close eye on um let’s go back out to the weekly on this one we didn’t take a look at that this is a little bit uh better in my opinion and i know the chart doesn’t look that way at first glance it doesn’t look like it’s going to be a really good chart when you take a glance at it but from my experience the forecasted upward move and the bollinger bands is huge that’s very important okay but that’s going to be short-lived because of that big increase in price here so what’s going to have to happen is this bottom bollinger band is going to have to hold which i think that means that the price is going to kind of move sideways into a channel here uh from the let’s say nine and a half or ten dollar range up into around the 14 and a half dollar range for a little while that’s just kind of my estimation on what’s going on on the weekly chart ideally when i look at the macd i like to see it kind of reset all the way back down towards zero and then it’ll cross back up somewhere closer to zero comparatively and that’s when i think we get bigger moves with um macd crosses and hopefully that time these other indicators will look a little bit better as well but right now your friend is the bottom bollinger band and the moving averages such as the 50 and the 100 here on the weekly if there’s anything else um did have a little bit of lumens those have been struggling here a little bit lately that’s completely fine this is a weekly chart doesn’t look too appealing on the weekly but it still has the chance to hold on these moving averages and honestly these moving averages on the weekly chart look really good because they’re about to come in alignment i talk about that a lot when i do my ta you want the 20 which is a mid bollinger band above the green here which is the 50 which is also needing to be above the 100 which would also then be above the 200 to be in a pure trend and right now we’re getting to where we are gonna have the 20 and the 50 above the 100 here in the coming weeks so if it holds which it did down here if this holds and let me get the other indicators where you can see them if this holds that support on this mid band the 20ma that would be potentially really good all right oh there’s one other one that i wanted to look at that was bnb because it was actually moving a lot here in the last couple days where i hadn’t moved a whole lot in a while and this one on the weekly chart looks really good it’s nearing its all-time highs which is really impressive it’s also really good because i’ve gotten a lot of bnb from referrals on binance us from that video i did i had quite a few people sign up and if you haven’t checked it out as a us citizen check out my referrals in the description of the video i have thoroughly enjoyed using binance us it doesn’t have all the bells and whistles some of the other american exchanges like coinbase where you have the easy earn program and uh it doesn’t i don’t think it’s uh quite as simple as coinbase and it doesn’t offer some of the other features but what it does have super low fees which is very important to me it also has the recurring buys which is important to some people i’d manually do my recurring buys but they have the best api and some of the best stuff and some of the best people working for them because their engine that they use on the back end is the same as the actual binance engine for the most part just kind of modified for the american servers and it’s really something else it’s really good and they are really quick at getting new tokens listed they have a ton of tokens that are added they added uni within like a week of it being created so they’re pretty good about getting those sort of tokens on there whereas coinbase takes years okay i if i want to catch the new hot thing i don’t want to be on coinbase this is going to take forever but okay i’m sorry i went on a rant about how much i like binance us i might be doing a video to compare binance us with uh coinbase again but i also want to include crypto.com the earn program was really nice but there’s a lot of things that i don’t really like about crypto.com as an american i think if i were based in another country things would be a little bit different i would like their program a little bit better i’m just trying to think there’s anything else it’s been a while since i’ve done one of these nice long videos with you all and done a bunch of ta but honestly i do think that’s it if you haven’t already like the video please please go like the video that helps me so much and if you’ve watched all this video so far then you’ve watched a lot of me talking right now hopefully you like my videos and what we do here and you’ll subscribe and i really appreciate you watching the whole video it means a whole lot to me and the growth of this channel as i mentioned earlier on we hit 4 000 subscribers that’s just amazing but that’s gonna be it for now uh happy new year happy 2021 to all of you all who are watching this video when it comes out but thanks that’s it for now have a great day [Music]
YouTube Video Description
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New Signpost Drawing Tool on TradingView and Extended Technical Analysis on Bitcoin and More!: In this TradingView Pine Script Tutorial/TradingView Update, we discuss the brand new TradingView drawing tool called the Signpost. This tool allows you to display a label that connects as if a signpost on top or below any particular bar on a chart. With Pine Script it is very easy for even beginners to create their own indicators or strategies that have many other indicators within them. Once we have completed the script, we can see our results immediately and begin working with more functions, indicators, and strategies.
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This channel focuses on Bitcoin, Ethereum, LiteCoin, Ripple, Link, Basic Attention Token and almost all cryptocurrencies that demand attention. Please like the video if you liked the video, and subscribe if you like these types of videos. David from BigBits is an experienced Software Engineer, but no one is perfect, If you find any issues with any of the open-source, free code, or code shown in videos please comment to let us know what to fix, we listen to our viewers!