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what is going on traders welcome back to the travelling trader happy Friday to you let us get right into the Bitcoin report for today and I'll go over a few other Kryptos as well as some news on the stock market there is some big news on the crypto front I guess I'll just start with that but I saw this article that says backed says it's clear to launch Bitcoin futures next month now I know what some of you may be thinking Bitcoin futures big deal we've seen that before you know it in 2018 and it actually tanked bitcoins price well that's not really what tanked bitcoins price it may have been a contributor but Bitcoin is a market and obviously it was at an anomalous price point at 20k but we won't get into that the the reason that these futures are big deal is because these futures are physically delivered futures right as opposed to the futures that exist currently on the CM e or CBOE those are cash-settled futures meaning that there isn't an exchange of Bitcoin that that happens with the opening and closing of those contracts however these are physically delivered futures the back to warehouse will have to act as a custody for Bitcoin meaning it will have to buy Bitcoin and also this will onboard a lot of institutional investors as well as regular traders who have not yet been exposed to crypto they will now be able to expose themselves to the Bitcoin market through these NY DFS approved physically backed futures so the the ice the IntercontinentalExchange announced Friday that it acquired New York State Trust charter through the NY DFS that just means that they actually got approval that clears the way for backed to begin offering these physically settled Bitcoin futures contracts they do have a date the company intends to launch the products on September 23rd this is kind of a big deal however if you've been around crypto for as long as I have or even longer than I have you know that the backed news is the the back news cycle really comes and goes and it's been doing that for for over a year now so you can't really rely on this news wholeheartedly but the fact that they've actually attached the date to it is is good but I'll believe it when I see it right however that could play well to or for bitcoins imminent price currently looking at Bitcoin were at around ten thousand five hundred shout out to those who bought the dip on the alert as you see here Bitcoin did dip to the hundred ma as we suspected I did send out a trade alert for this in our in our premium trading group you'll see here in the crypto alerts and we are now up ten percent on from buying that dip obviously you can take profits here set a trailing stop limit etc or just hold if you have if you want to incur more risk for more reward if you want access to those trade alerts link is in the description I send out trade alerts for crypto and I also send out trade alerts for stocks if you are part of the diamond traders and above you get alerts for both you're also automatically enrolled into the point zero three Bitcoin drawing I do at the end of every month and you also get to join the group chats where we discuss trading strategies etc so looking at a Bitcoin right now I do think that there is an immediate target at around the 21 EMA which also happens to be the meeting point of the 50 ma so this orange line on my chart is the 50 moving average the white line is the 21 EMA and they are converging at the moment and if the 50 if the 21 EMA goes above the 50 that is a bullish sign in the short term right any time you have the shorter term moving average go converge and go above the lauren term moving average that bodes well for the current momentum of the asset that you're looking at so I do think that there is a play too around that level which is around ten point eight ten point nine K that also happens to be at the point six one eight fib level so we have what is called confluence there and you do see that that we're getting you know good volume the last couple of days and you'll see that like that in the obv as well increasing also show you that on coin market cap if you look at historical volume the volume is increasing August 12 August 13th we were falling to the low teens but now we're back over the twenty billion dollar volume mark which is you know congruent with what we've seen in July when we had that that healthy trading period so I do see a move to at least that level we might see some resistance at that level between ten point eight and ten point nine K at that point you would most likely want to set a trailing stop if you are you know a swing trader or day trader if you're a long term holder then you might just hold through all the pains and rigors of the up-and-down movement now you might be saying to yourself how did you know that Bitcoin would stop at the hundred moving average well that question is really a non-starter because I didn't know I'm not a fortune-teller anyone that does TA should not be seen as a fortune-teller you should not take anybody's word as a fortune-teller right but what ta provides you is the ability to create a guide or a map for what how you will react if and when the price does certain things so you do have plausible scenarios and the plausible scenario is that you have these support levels that you establish through moving averages through fib levels through historical support levels and what you can do is set buys at those levels what you learn to do over time is not go all-in with a single trade and I know that there is a tendency to do so especially when you're first starting out because you want to you want to make the most of your trade or you think that you are making the most of your trade by going all-in that you know if you do get gains you will make the most gains by putting your entire budget in but that's not really over time you will learn that's not really the efficient or optimal way to trade right you you you usually will have different bi-level set up for your asset class or what you're trying to trade and in a larger context obviously diversify your trading portfolio or trading budget into other assets as well but so I had a buy set up at 9600 which is where the hundred day moving averages I also still have a buy set up by the way at ninety one hundred just based off of this historical resistance or sorry historical support level that we hit July seventeenth in July 28th I still have a buy there and I'm not going to move it because there is a chance that we might get there now where do I see Bitcoin going in the short term in the short term like I said I do think that there is a play to at least the the convergence of the 21 EMA in the 50 ma however I do think that in the next few weeks a retest of let me just remove this fib level because it's getting in the way but a retest of the 21 EMA on the weekly is due because we cannot keep on a trend forever and a regression to some sort of mean is just natural in anything including the the markets and you know if you go another three weeks two or three weeks without retesting the 21 EMA that will be the longest time in history that we've gone on the weekly chart on bitcoins weekly chart without hitting that 21 EMA so I do think that that is in the cards now if the price does continue to go up that means it's 21 EMA will continue to go up just you know a few days ago this 21 EMA was at 80 380 600 and now we are up to around 80 900 so there is a chance that this 21 EMA will be somewhere in the mid 9,000 by the time that we retest it or even above 10,000 if we see some miraculous price action happening and that's all and well I mean that's just fine but I do think that we do have to retest that at some point however the overall trend is largely bullish and we have to recognize that it is just a straight line up going all the way back to you know around March April of this year so the overall trend is still largely bullish in order for it for us to take it to the next level we do have to cross above this resistance line that we see here on the weekly something that we weren't able to do for seven weeks back in January 2018 and something we weren't able to do force for about eight or nine weeks now in 2019 now this could spark this could be the the impetus for a potential q4 rally for Bitcoin as well we could be trading sideways maybe hitting that 21 weekly EMA and then by November December of 2019 we do see a final push past this level and that might coincide with you know what I was talking about with the the backed the approved backed physically settled Bitcoin futures that are coming around Q for q3 q4 of 2019 wow that is a mouthful so that is where I I see Bitcoin going and you don't have to play the swings but I consider myself a swing trader and I do have the time to swing trades so I will continue to swing trade these levels and follow the trade alerts for my movements on that front and if you do need help with technical analysis and you are having trouble or just want to take it to the next level or you know you are excited by it by what you see when when other people chart this stuff and you want to just gain a little bit more context of what's going on I do take a maximum of 10 people per month ten traders per month and sign up that link is the same link is also in the description it's the Centurion level and I do have a couple spots coming up for September the spots do fill up fast though so make sure you sign up or at least hit me up beforehand to make sure that I have spots looking at let's look at litecoin real quick so litecoin same thing buying the dip there's an identifiable level here I did have an order at $72 on Finance it's between litecoin and tether I am kind of pissed off because if you look at the low up here you'll see that it hits seventy two dollars and thirty four cents so I missed my buying by thirty four cents and the reason I had it at seventy two not seventy one is so that I don't miss the the level because it did hit $71 exactly on July 17 so I thought by setting it at 72 a whole dollar above the actual support point that I actually get my order filled now I still might I mean there's still might be negative price action on litecoin and I still might get that order filled however it would have been nice to get it filled and and you know I would know that that I'm already in this position now why that level well that level is a historical support level for when Bitcoin or litecoin did cross below the 200 ma I do have one more buy at around $66 which is the 1 fib level here the thing that concerns me about litecoin is the the volume the volume hasn't really picked up at all and there's also some negative sentiment with their development team not making as many updates on the git repo or github and yeah I mean I we've we hear stuff like this time and time again with crypto and I'm still buying the dips on these major alts XRP we did make about 6% from buying the dip and it is now stuck at 26 cents which I think is a good buy for for the long term but I won't go too much into XRP because a lot of you get butthurt looking at the total crypto market cap you see that we're forming this head-and-shoulders now this is kind of concerning because obviously this is a potentially bearish pattern and we've already fallen below the hundred moving average now it's fine if we fall below it for a couple of candles and pop back up we have seen outliers do that before but you know you don't want to see a break of this especially because Bitcoin does dominate what above seventy percent of the of the market now if you look at the Bitcoin dominance chart were at seventy point three seven percent dominated by Bitcoin and that's why Bitcoin and the total crypto market cap chart look very similar now if we do fall below this then that will set the stage for bitcoins retest of that twenty one weekly EMA that I talked about you know this this white line here let me just move this trend line but this white line here it would set the stage for that so again we could see short-term bearish action for Bitcoin but overall I'm still bullish especially especially if we retest this I think will pop right back up and continue the uptrend through q3 q4 of 2019 alright so what stocks am I looking at well let's take a look at the health of the stock market we see some nice rebound action going on about a percent up on the Dow one and a half percent on the S&P and 1.7 percent on the Nasdaq these are healthy gains for at least at least four for the day it is kind of a tenuous unstable moment in the stock market however there are still some some good buys here we did make a killing on gold we made a killing on to you which is the educational company that took a dive on around July 31st and then looking here CGC canopy growth corporation this is one that I'm looking at today this is obviously a marijuana stock or a pot stock but it is now forming a potential double bottom with price action that we saw in December 2018 we saw the death cross are already happened so the negative price action from the death cross might already have been taken into account and we might see some sideways trading before a pop back up but this is definitely a safe buy here because you can set a top a tight stop limit below support and it is also in oversold territory on the RSI so I'm definitely looking at canopy gorath growth corporation I'm looking at the spy which is the ETF that follows the S&P 500 and the funny thing is if you look at an idea that I had from back in June so this idea is almost two months old now you'll see that what I had suspected was that it would follow the same path that we saw at 2015 between 2015 and 2017 where we test the resistance formed an inverse head and shoulders we popped above and then went back to retest below that support line before popping back up again and at that time you know in 2016 2017 these were all-time highs in the same way that we are currently so if we load these new bars you see that the price action is following pretty much the fractal that we saw back here in 2015 to 2017 this is on the weekly chart for the spy so you know as long as the China trade war if the news from that has already been digested and nothing major happens coming up then I do think that this is a pretty good buy for the spy and obviously you could set a pretty tight stop limit if things don't work out especially because I think that the the news from the yield inversion or the inverted yield curve is being kind of overblown I showed this yesterday but if you look at historical statistics where is that know that past recessions if recessions have occurred after this inverted yield curve it's actually taken about a year and a half for that to occur so I do think that we're still in a good position to make get some gains on the stock market however I am being a little cautious and I'm not going all in I am mostly in cash taking profits on a lot of my positions and I'm now being very selective about what I enter same as the crypto market I mean I'm mostly in cash but I do have the buys that I was talking about at those discounted levels on Bitcoin litecoin etc you don't have to go all in on every position and I did a video a couple days ago and I'll link it here talking about you know how much money do you actually need to trade or get rich or make a living wage from trading and it just gives you a realistic perspective on that and you'll come to find out that trading is a long-term game you should not be trading as if you're gonna retire overnight you might get lucky every once in a while especially in the crypto market buying you know some low price coin that 10x is at some point but in general you're not going to make a killing off of the stock market or crypto or options overnight and it should be a long-term game now that doesn't mean that you have to long term invest but it does mean that you should be looking to book profits over a long term and not try to get rich overnight because most likely that will not happen anyway I'll link to that video here again sign up to the trade alerts if you want access to those diamond traders and above gives you access to the stocks and crypto alerts and you you were entered into the point zero three Bitcoin drawing that I do every month that'll cost you less than a cup of coffee a week and I would love to have you on board in our premium trading group and you also get to chat with me not that that means anything leave a thumbs up if you got anything out of this video leave a comment down below if you have an agreement disagreement comment etc subscribe to the channel hit that notification bell stay safe out there traders peace
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