Bitcoin market update: 9k or 6k? – SUBVERTO TRADING CLUB

Bitcoin market update: 9k or 6k? – SUBVERTO TRADING CLUB

Hey guys, how are you? This is just
a quick little Bitcoin update. Um, before I start, please do like and subscribe, It encourages
me to keep going and giving you some good analysis. We’ve been
Decently accurate so far. I’ve been doing well in this
consolidation on Bitcoin. What I wanted to share is that yes, this is a strong move and we’ve had a
consolidation after generally it gives a higher probability that a consolidation
after a strong move becomes a continuation. I’m going to zoom in, I’m going to zoom straight into the 15
minute so we can see what we are looking at. Basically, it does
look like quite a clean bear flag. We had a nice move to the upside. We took this liquidity at
the weekly resistance level
and had a strong rejection mid, a strong rejection. Last night at the four hour resistance
we had another strong rejection and we bounced right at the six one eight
Fib level of this entire move. Also, it was a perfect test of this trend line,
which was really, really clean. It’s been tested quite a few
times so really nice trend line. So what I’m looking for right now
is a correction of this move down. Basically just a correction
of this move down and I’m drawing our Fibs to the possible
places where I can see this correcting. I do have a small short
still open from the about 8700, 8750 level. I took off most of my shorts last night. I possibly have about 10% of it open. It’s more like a hedge for any downside. And what I’m looking for is
since we’ve had this move up here, basically just looking for
correction of this move it, it coincides really well. What I’m looking for with coincides very
well with this four hour resistance. So essentially I’m looking for this
to trade out of this channel and find support over here and
test this key level at 8,600. And I am giving this update
because I think this level is really, really important. And, the reaction from here is going to, for
me, decide the directionality for BTC out of this range, out of this big range that we have
been treating in for almost 20 days, now. And what
I want to see here, if I do want to take a short, I
want to see it getting weak and possibly wicking to that and
showing me some kind of a failure. So if I am looking for downside, I want to see something like this. I’m going to be taking the short here
if this happens and if over here we do find strength and to look to the upside, I want to start finding support on the
four hour timeframe above this 8,600 level. So this is exactly what I’m
going to be doing right now guys. I’m going to be managing some risk here
on this level and possibly day-trading this all the way up to
this, a four hour level, 85, 8,600 and the failure of that,
I’m going to be shorting. I believe that if this does fail, I think this bear flag pattern is
going to be completed and essentially we should definitely this time breakdown
from this monthly support and at least help to this weekly support. There’s a lot of liquidity here so this
will be my first target if we do fall out from here and in the other
direction if we do move up, I think we could be hitting this monthly
resistance level 9250 if we do start finding support here. So currently I am looking to day
trade this all the way up here. I do have some shorts from here. If you do find support here I will close
that small hedge that I have and I’ll be looking too long this to the monthly
resistance or failure from here and I think we are looking down to sub 7,500
that’s all for me now guys and I’ll see you soon. Again, cheers. If
you found this video helpful, please give it a thumbs up and go
ahead and share it with someone else. And if you have any questions
about what we covered today, please leave them in the comments and I
will be short to get back to you and answer them in my next video. For more
trading content and education, go ahead and click on the video on
your right. Thanks for watching guys. And cheers.

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About the Author: Maximilian Kuhn

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