Watch this Before Buying Bitcoin



how's it going guys Phillip at trade genius all right we're gonna do a Bitcoin update video so we're gonna take a look at this current move up in Bitcoin see what's in store for the week ahead we're gonna take a look at the Bitcoin gap chart we're gonna look at the tether and you on fuel take a look at the crypto fear and greed and also talk a little bit more about the tether and how much China has been playing a part in all that so anyway again nice up move here these money makers have been firing nicely for you guys are interested in our money makers signal head over to trade like a genius calm and you can get these access to the signal from there all right guys let's dive into this video all right guys let's get right to it weekly chart and very bullish still we've pressed up into again this fib area the first move up into here we topped that we had a doji here and then we pulled back now we're making an engulfing weekly candle so this was the last close we're now in the current weekly candle here but this was very bullish in that it engulfed this last week's down move okay the only other thing that would have been nice to see is if this closed above this prior weekly high in technical analysis this is known as a swing failure pattern where you make a new high but you can't close above the previous high so that's in place so what I'd like to see this week would be a close above one of these highs here on this weekly bar now keep in mind we're starting to see a bearish divergence so that's when we're making new higher highs and the RSI is not specifically I look at the closes because the RSI is calculated on the close of the candle so this close is higher than this close but yet we are making a lower RSI readings so this is what we were talking about in previous Bitcoin outlook videos that on the weekly that's when we're gonna start looking for weakness and we're starting to see that now now that doesn't mean that Bitcoin is gonna roll over here we could still make higher highs we could still tag the 10k level and still being an RSI bearish divergence so just keep that in mind there's still few in this move and to be honest with you guys on the weekly going back to our moving averages usually we tag the faster moving average the WMA 20 again I like to use a 20 in the 65 as my trend in indicators and basically we haven't even we haven't even had a pullback to the 28 on the weekly which currently is at 6800 so big picture still very strong in the uptrend and I think once we start getting up into these areas I think around that 10k mark we could possibly if we did get one final surge to that point I think that would be a probably a strong place to expect to pull back and possibly get down to this WM a 20 on the weekly you'll notice too we have a nice volume note here a little hard to see here but there's a volume note right here as well at the 7900 level talking big picture guys if we break through the 10,000 mark then I that's gonna bring the 11000 area into play and my measurements would say we'd be a little bit north of that if we can breach 10,000 and at that point strong likelihood that we see a decent pullback at that point pullback levels that we'd be looking at would either be around the low 8000 or the low 7000 currently so that's what this current move is projecting out on the larger larger outlook alright let's drill down to the daily alright guys so on the daily I basically just highlighted the rectangles are just highlighting the areas of consolidation and these are the areas where people get a little nervous and think that things are gonna roll over when we were if I move the chart off to the screen a lot of people and and even I had highlighted that you know we look like a head and shoulders formation however from my readings it looked like we were going to continue higher that the move wasn't over yet so this is really just more of a consolidation phase in an overall up move so this would be late one coming out of the bear market and at that point you top out and you rest and that's basically what we've been saying is and a lot of this has to do with a light point having making that first move and resting and start rallying again into q4 2019 the second half especially has been is a very crucial time period for long-term predictions that are out there as far as the speed in which Bitcoin starts making its neck fullcycle and we could potentially see pretty large evaluations going into the end of 2019 but the next few months are gonna be pretty crucial I think as far as those predictions coming true right now we're gonna focus on the shorter term stuff and that's gonna be how we react on the end of this move where we go – and then for me that's gonna give me a lot more clarity on what the pullback is to be expected and then the subsequent move higher but on the daily we don't really have a divergence we did get some divergence here which kind of stalled things out but not a critical pullback the one thing we talked about is the moving averages here the faster one in the slower one and that pulled back remember we said this faster one on a good start of an uptrend will hold and then you'll break through it and then come down to the slower a slower moving average which didn't quite get there but it did pull back there and now it's resuming so this is typically when you see that faster moving average get broken comes down toward the lower moving average and then reclaims the faster one usually this will indicate this is the last part of the leg of this move okay and that would make sense because that would be like one two three the way I look at this this move here so basically any dips here we'd be looking to buy on those and move higher in the room we were long from about 7900 coming off of these money maker buy signals and looking at the consolidation was coming to an end here so we had a really nice up move here I've drilled or stopped up so we're locking in a really decent profits on this trade here again if you want to join us in the room head over to trade like a genius com all right I want to show you guys on the 4-hour chart the comparison to the Chinese yuan okay so as you see here guys yuan has been somewhat leading this move up on Bitcoin as we got up into this area midway through May so about a month ago the devaluation seems to have been topped out and we did eke out a little higher high on the USD C&H that means that the evaluation was continuing further which was leading a bit the Bitcoin move here and then Bitcoin caught back up now you notice it's dropped and I think part of this today was because there was some positive news on the china-us trade relation talks Trump had tweeted out something positive to the effect that the talks were progressing so the devaluation or in other words the yuan would brink game against the USD so because this is a USD / CH it's gonna go down because it's the one it was favorable for the yuan so if the yuan is strong then this correlation this move this line drops so that I think that's why we saw that so we'll see what happens there and you know again we've been kind of following this basically theory that you know as things are being or the Chinese currency is devaluing they're moving over to tether and then ultimately into Bitcoin and I was asked why why we thought that or you know how do you know for sure Chinese are buying tether but dier dier CEO they have a nice newsletter pretty informative stuff but they came out the chart where they went and looked at the tether on chain received by exchanges by region okay so they're looking at the various regional exchanges note here at China right sixty-two percent in second quarter twenty nineteen of all of the tether on chain activity globally there was 36 percent and US was a very small percentage of that so if we look at the tether map our chart that we've looked at before so this is the tether market cap which has Li led the Bitcoin moves right so we just had another surge up in tether market cap and even though that we're pulling back here on the daily for the Bitcoin price but this indicates that we still have fuel coming in and people asked well how come shouldn't this be inversely correlated on the surface you would think it would if tether reserves go down it would be going into Bitcoin right but tether can be used for different other crypto currencies as well not just Bitcoin and if you notice the majority of tether was from the Chinese market but you know other markets have their own local fiat currencies they don't necessarily have to use tether there are also other stable coins so I think tether is just one part of the pie but I think what you're seeing is that when people purchase tether you know they're getting ready to deploy those funds they don't just necessarily automatically immediately dive tether into Bitcoin so what you're seeing is basically onboarding of a stable coin that is getting ready to deploy into BTC so you'll see a move up consolidation Bitcoin loose I move up consolidation etc so that's the dynamic I think that's in play there all right let's take a look at the crypto fear and greed and we've had some really high readings highest we've ever seen but if you recall guys we talked about this all right so highest reading we got was 84 we're currently sitting at 83 and this will update in 12 hours from the time of this video but again I said let's let's see what kind of high as we make this was this indicator has only been out during the bear market and now we're watching the readings as we get into more of this bull market and again very high readings this would indicate to me guys that we will see a pullback here so probably something similar to this even though this green indicator really dropped quickly and price did not really pull back all that much but I suspect we might see a pullback here soon I don't think it changes anything as far as our upward trajectory I still AM eyeballing this 9,800 level for this current move and again if we at that point if we go north of that and then I think that we'll talk we'll talk about that when we get there but I think at 9800 is on the table here even if this thing does pull back because of a Bitcoin dip in the in this current week that doesn't change anything and I would expect that we may even see a higher reading and on that subsequent higher reading I think that's where you need to start looking at possibly a larger pullback in Bitcoin but for right now still right now we're kind of in discovery mode for a bull market on the fear and greed indicator but this is gaining toppy regardless and so you just need to be on guard if you are in a current swing trade on Bitcoin just trill up those stops and that's what we've been doing in the room alright guys well that's pretty much it for this video again I think there's enough fuel there for Bitcoin again yuan as kind of stabilized and a little bit of a pullback on today's trade news now the other thing to keep in mind for pullbacks last thing I'll leave you guys with is the Bitcoin gap chart we do have a gap at 85 15 and the futures are about I think $50 or so different $50 higher than the actual spot price so that's going to give you a ballpark 85 hundred the low eighty-five hundreds to fill that gap and if we do see that kind of a move again that takes us would take us into this volume void so you could see a dip down to even the 80 to hundreds and that wouldn't really affect anything but that would be probably the extent I think if we did dip and pull back that would be the lowest I think we would go on a pullback but that would probably be very very fast and it would be an overthrow I think that that BTC gap-fill level is probably more realistic and this is on the daily chart so it'd be similar to what we saw here notice how it just didn't look like that was gonna happen and then all of a sudden real quick move down and it was over in a day very fast the volatile move and that's what bitcoin does when it's up trending like this so that's my take on this week's bitcoin action we're gonna talk about more things later in the week so it's keep an eye out for those videos we'll talk about the Facebook stable coin among other things so look forward to getting that content out to you guys alright guys thanks for watching please hit like and subscribe and I will see you on the next video take care bye bye genius




Comments
  1. how do you know for sure you are right? have followed different persons from you tube in the past years, nobody was right… the price does what it does..

  2. LOL People don't purchase Tether, Tether prints Tether, buys BTC and then dumps for fiat on everybody's heads.

  3. Good content, important to gauge trends of wealth shifting from traditional assets. The beauty of Bitcoin is its borderless appeal, among many other factors.

  4. Good info on China and Bitcoin 👍

    Great news also on the new Łitecoin debit card. Lots more to come – Ref John Kim 77 twitter feed – See also below ..🏌️‍♂️…🌤

    Aliant Payments @AliantPayment · Jun 14 Aliant has made a considerable contribution to @LTCFoundation for something big, which we are excited to announce soon. Stay tuned!"

  5. Awesome video guys! Any thoughts on Ethereum? It’s been going sideways for a while, looks primed up for a move though.

  6. i hate the computer voice saying "trade genius" its so annoying.
    i love you.
    i find ur mic too quiet and you're not very exciting to listen to.. you dont sound excited. thats what, maybe.. idk.. like 8 times now ive been distracted.. video half over, @4hr chart.. see ya later, gotta party

  7. Good video as always – thanks, but I think based on the experience of 2019 bull run till now, pull backs are way smaller this year … back to below 8k will be very very hard to do with these fundamentals. I think fundamentals are currently overruling TA

  8. Can’t wait to watch this
    I thumbs up‘ don advance cause i haven’t seen a vid on this channel I didn’t learn something from!!!

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