[Music] what is going on traders welcome back to the travelling trader happy Tuesday to you apologies for my voice I’m a little bit under the weather so it sounds may be even deeper than normal if that’s possible but I wanted to talk about Bitcoin today obviously you’re seeing a lot of moonboy posts on Twitter and YouTube and everywhere saying that bitcoin is gonna finally shoot up to new highs or whatever and that’s that’s all fair and well I mean I guess when you see tall green candles on the price chart it tends to invoke crypto like hysteria in the market we’re pretty much used to it for me I mean if you’re if you’re not new to this channel you know that I like to be pragmatic about my analysis I all I care about is conducting sound analysis that’s conducive to my trading so I can set up my trades properly no one to enter no one to exit etc so for Bitcoin obviously if you’re following the trade alerts and if you want access to the trader alerts link is in the description we’ll go over some of the other trades as well besides Bitcoin but I accumulated a lot when Bitcoin fell to the bottom of this channel at around 6500 and because trend is your friend until the end we know that you know hitting support and resistance multiple times this is definitely a valid descending channel no question about it this is the only trend that matters on the daily for Bitcoin currently and so you know being that that we hit the the support when we hit this double bottom formation kind of similar to what we saw with this Adam and Eve here in this double bottom here earlier you know it was only plausible that we’d hit resistance soon obviously we did hit resistance and in my last few videos even the last video I was saying that I think we will eventually break out of this descending channel leading up to the having that to me is what is the likeliest path for Bitcoin I do think that we will see a drop right before the having just as we saw before the last two having’s but that doesn’t mean it’s a drop from you know from from current price ranges all the way down to 5000 or 4000 we could see Bitcoin break out of this correct a little bit and then continued its gradual run up past the having right so that is what I was saying it looked like we were gonna break out of this descending channel today however the Bears are definitely trying to take control there’s probably a lot of shorts going on a lot of folks that are taking profits after hitting the resistance of this channel seeing resistance here is not out of the ordinary plus we have the 0.618 fib level here if you are following the trade alerts the the last post that I did on on Bitcoin you’ll see that I was saying the next resistance level is at 8800 I posted this last night well before this breakout here and the reason I said 8800 was because of the point 6 1 a fib level that’s definitely a key level and then there’s the 200 ma here that’s just shy of 90 100 so those two I think are the the next resistance levels for Bitcoin now what I’m impressed with is this volume here right and oh and the reason that I said this time it might be different testing this resistance because this is the first time we’re testing this resistance with a VF I that’s climbing right so the VF I the volume flow indicator is showing a lot of positive momentum in the volume meaning that this right here especially if we get past zero it’s showing that the volume is stronger for incoming volume rather than outgoing volume or you know cell volume so this right here if we can cross zero on the volume flow indicator a level that we haven’t been for a number of months while testing this resistance there’s a good chance that we that we break above this now I would like to see a closed because obviously you can wick above it and come right back into the pattern just as we saw here what brick we’re Bitcoin wikked below the support and came right back into the pattern so just breaking above doesn’t really count fully we do have a few hours left for candle close so again in the short term I do think that we will eventually cross this descending channel pattern before the having rise a little bit maybe not quite get to the recent height 14,000 but somewhere in between now and 14,000 before seeing some sort of decline before the happening and then a gradual push past 14,000 eventually whether that’s 20 20 or 20 21 who knows I’m not really concerned with time all I care about is levels so oh wow I just looked at the screen there’s a lot of Sun coming from that window let me close it real quick hold on all right that’s my take on Bitcoin currently is it possible that we get rejected here and eventually test support again well yes of course trend is your friend until the end and if we do that that means this trend is still valid so of course it’s possible but I think if we get above zero on the vfi pushing this resistance again we will eventually close above it in the near term looking at – we are up almost 80% on – it has retraced a bit found support at the 200 moving average you know it definitely needs to cool off before another rally up but I sent out an alert for – what four days ago it was at 40 49 dollars four or five days ago it was at around $49 and it was retesting the 50 moving average as resistance or a support sorry after broke out of it as resistance right and then we saw the 21 EMA cross above the 50 ma so I sent out an alert for – at $49 and we are now up a little bit less in this since we retraced a bit but we’re up about 66% now on – which is insane and that’s in USD litecoin making another rally it’s up 16% today we accumulated litecoin in this range here after it was finding some support at the 50 ma after breaking above it and again we see the 21 EMA break above the 50 ma as well so you bought litecoin in between the 42 48 dollar range and we’re now sitting at $57 it’s well above the hundred moving average found resistance at the 0.236 fib level almost exactly these aren’t magical levels these you know that there’s a reason that analysis is built around some of these indicators so I found resistance at point 2 3 6 as long as it stays above 100 MA then I think litecoin is ripe for for another rally or two keep pushing up gradually all right in the traditional markets Tesla we’re up 63% on Tesla apps are buying when it retested this this support level here at the 21 EMA right this white line it retested the support for about a week we eventually bought into it it was 332 at the time it’s it’s hard to believe but this is not even two months ago and it is now at five hundred and thirty seven dollars you’re seeing price targets for Tesla everywhere this reminds me of crypto I even just saw this on market watch here’s the case for Tesla’s six thousand dollars this obviously is assuming that there’s no stock splits or whatever stocks usually end up splitting before they reach you know this price target but you know this reminds me of the days when folks were saying that XRP is gonna get to 500 bucks or whatever that magic number is this is definitely crypto like territory for Tesla but yeah it’s it’s funny that Tesla has been the most shorted stock in the last month I think we’re sorry in the last seven months I can’t remember what the timeframe is anyway it’s been the most shorted stock recently and Tesla’s short sellers have already lost eight point four billion dollars yet in the last seven months lost eight point four billion dollars because they keep trying to push the the price down and bet against it saying that you know Tesla has no business being at this price level it is now the most valuable car company in American history yes more than Ford more than GM etc so that’s that’s insane obviously I’m not selling Tesla yet I have a trailing stop set up at around minus fifteen percent so it’s pretty liberal that’s obviously because I’m up a shit-ton right now so I get to set at that liberal and in other stock market news the first phase of the china-us trade deals supposed to be signed tomorrow I presume that that would just keep the the rallies coming in in the stock market especially with pay attention to Chinese stocks on the US market so like Alibaba neo neo is a stock that we just recently swing traded it’s basically the test left China let me look at a wooden newse chart looks like so yeah I sent out an alert on neo at a retest of the 200 moving average right and it is now at around 3 dollars and 76 cents so that’s an increase of almost twenty twenty one percent on neo which is amazing I mean it’s obviously riding the coattails of Tesla at the moment JP Morgan is back at its all-time high again we’re up 21% on JP Morgan after jumping in it uber I sent out an alert the day after Christmas on uber and ubers up now almost 14% since then you’ll see the alert that I sent out here yeah it was 12 26 the day after Christmas so I sent out an alert on uber after broke out of this symmetrical triangle here so all that is to say if you’re interested in the stock alerts the crypto alerts we’ve added options as well you get all of that link is in the description it’s $25 a month that’s about six bucks a week six bucks is actually what we used to pay in commissions for each trade before most exchanges and brokers now have introduced the felis trading so yeah I believe well worth your money to get these insights you also get to chat with hundreds of other traders and the group learn what the strategies are what everybody’s looking at different analyses and takes on coins and stocks etc so sign up link is in the description that is it for this video thank you for your time hit that thumbs up if you got anything out of this video leave a comment if you have a question common agreement disagreement subscribe to the channel hit that notification bell stay safe out there traders peace