Hello, everyone, it’s Petko Aleksandrov and I continue today with another example from the trading view and the Coinbase because yesterday I had another Aggressive Counter Trendline and here it is. All right? Let me go back to the previous one where I have recorded the previous video. Here it is.
There was a break, then the price reached a nice lead level of 11 800. But then there was a huge drop and I was waiting for a failure, which came just right here. And I had that Counter Trendline at this moment.
Let me zoom out so you will see better. So here was the Counter Trendline starting from this candle and going through this top. So this top formed the higher highs in the short term, it failed to take this low of 11 100 and it broke higher. So I had a failure, I have the Aggressive Counter Trendline.
What I had is Ripple this time, here is the transaction. So I’ve bought almost 2 500 pieces of Ripple for another 600 EUR. OK, if I click on the transaction you will see exactly that total was 600 EUR and now in my portfolio I have 2 times Chainlink and one time the Ripple and you can see the portfolio just goes sideways. I’m still expecting lower movement from the Bitcoin. I’m more of a 50/50, to be honest.
I don’t know where it will go, a few of the students asked me if we are in a downtrend already it looks like on a downtrend for the hourly chart. But if I switch to daily I cannot see the downtrend really. And they asked me because of this formation, is that a lower high? Now if I zoom in and it looks like a lower low, so this low is lower than that one, but that distance of 2 days, it’s not really enough for me to consider it as a downtrend.
What I mean, as this series of lower lows and lower highs has just 2 days or even 1 day between these 2 candlesticks to consider this move of a downtrend, if I zoom out, you will see, for example, that period here when we had this downtrend formed and we started the Fibonaccies, right, we will see how many candlesticks, in this case, these are days are between these tops and bottoms, between these highs and lows.
OK, and if you’re comparing it now, I take that more than one move, OK? Because if you zoom and you’re looking at a few consecutive candlesticks, you will find more uptrends, downtrends because obviously in a few candlesticks we can see a downtrend, for example, we can consider that as a downtrend if we say that this is a lower low than this one and this is a lower high than that one.
OK, so give it some time. It might turn negative. This is why I say I’m more of a 50/50 at the moment. I don’t know if you’re asking me, is it going up? Is it going down? I more would like to say that it is still in an uptrend is just a bigger replacement.
And as you can see, where is our Fibonacci here it is, OK, this is the latest Fibonacci that we have. So it just bounced out of 50%. And that’s actually how Fibonacci is used, right. For the retracement zone. We can see how far the price can drop before it goes upwards again, that’s the idea of the Fibonacci.
I just don’t use it in the system, but I use the targets. All right? So there could be a bigger retracement down to 10 800. Where is 38.2%? But if the price drops below the 10 000 and below that Fibonacci. Right?
Or below the low that we have here, which is at 10 500, then I would be very bearish and I will stop investing and I will be waiting for the new uptrend to appear.
But before the price reaches these levels and before I clearly see the downtrends of a series of lower lows and lower highs, I would still be using these H1 opportunities that we have from the Counter Trendlines and the Aggressive Counter Trendlines and you see, where is my first entry right over here, OK? And then my third entry. So I’m taking always a better and better price.
And the target of the Fibonacci worked really nice. OK, you see where I took the profits, almost on the top. OK, and if you go through any of the Cryptocurrencies, you will see that I really took the profits at almost the best possible price.
And now this retracement from the Bitcoin allows me to buy at a cheaper price. So that’s the idea of the system. OK, we are buying, buying, buying. Then at a nice price, we are taking the profits.
And ideally, if the price drops, like what happens now, we buy at a cheaper price and again we will be selling at the more expensive price. That’s like the best-case scenario that might be happening at the moment. If the price goes higher and we take new profits if it drops lower, you know what I do.
I wait until there is a new trend, the new targets, and I would sell only if I am on profit. OK, so that’s the current situation with the Bitcoin. I will keep you updated and don’t hesitate to send me your drawings.
Complete the assignment so you will practice how to do it. And I will be happy to see how you are looking at the chart of the Bitcoin and I will be pleased to give you my feedback.
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