Here I wanted to go over Bitcoin the theory and maybe even like Quinn, but I also wanted you guys to pick maybe two or three different coins that you'd be interested in going over today. Like I said, I just want this to be quick for us. I want to drag it out, but there's some important things that I wanted to look at with you on the bigger scale. So what we're looking at here and what I wanted to start out reading to you guys this is phishing for the bottom, and this will give some time for people to get in here, because I just want to make sure my volume and everything is working. But this should give us a little bit of time here, what's up crypto chick. Are you able to hear me I'm just trying to get this right what's going on guys? Let me know if you can hear me if someone just says yup sounds good, see, we're getting some people in here. We got 23 people in here, okay, good! Well, I want to start reading this. I think this is important because in the crypto space many of us have got into this habit before and I was reading out of a book. It'S called using technical analysis by Clifford, piste, Elise, and it says phishing for the bottom, and I wanted to read this and we'll get into some coins. It says phishing for the bottom is a phrase used to described an attempt by an investor to guess where a stock price will stop falling and start rising again.
He or she places an order to buy. At that point. This approach is appealing because it could be a way to buy at such a low price. However, once a stock makes a major top and starts dropping the price usually goes down much farther than it seems reasonable. Panic, sellers desperate to cash out, sell their shares at the market and force the price lower and lower. In this type of situation, you can't predict how low the price will actually go. A stock that once sold above 100 per share, looks like a bargain at 50, but when the price continues to decline in 40, 30, 20, 10 or even lower 50 is no longer a bargain. Like it appeared. The problem with bottom fishing is they're almost there's. Almost always a valid reason when a stock price goes into a deep decline, purchasing a stock that has dropped a long way only makes sense if you learn something which may indicate that recovery in the company's prospects lies directly ahead and then talks about chapter 5 reversal Formations and that's, why it's so important to wait for those reversals? Wait for confirmation. You may not get the absolute lowest price, but you won't buy something at 50 and have it go all the way down to 5 and now you're screwed, basically just because it was 100 before and we sold out with Bitcoin. It went from 20000 all the way down to 3000 when everyone said it was going to go up to 100000 once we broke 20000, so you always have to be careful and what's going on guys see.
We got some people in here good in Florida. All right sounds good guys, we'll get into Bitcoin here so we're gon na start with Bitcoin we're at 9000 79, and the main thing that I want to point out here: we're going to be looking at Bitcoin on the 1 day time frame and what you can See we still have not broken out this red downtrend line. This is the main one guys. This is our macro downtrend that we've been in since the top in 2017, so all 18, all 19 and half of 2020. So we have basically been in a bear market for two and a half years of macro bear market from when we hit our high up here. But what you're seeing is we're almost getting in one of these symmetrical triangles we're having the lower highs here but we're. Having higher lows and that's, why we have to be careful, because if this is a lower high here – and we start dropping back down guys, we could go back down into this area. It would still be a higher low if we can stay up above roughly about that '00 called 4000, and we could still chop back and forth in here. But the most important thing is that we can break out of this top, and this is where we need to get the buying pressure right now, where it's such a critical situation. Because if we take a look at this 50 moving average.
As just to give you a little key here when we ran up trends, just like back in here, you always want to stay up above this 50 moving average in pink. You can see once we lost it. We had massive down trends over here once we lost, so we had massive down trends, and now you can see we're getting comfortable trading below this we're below the 20 EMA and purple and we're below our 50. Now we still have this 200 that could act as support if we do want to fall down to that area and that's going to be at around eight thousand three hundred thirty seven dollars. But this is just such a sticky area because we still have all this crow resistance over top of us and that's what we need to pay attention to and if we take a look at trading view – and we get into this here – you can see how it's Switched that sell signal now, we're, looking at a fourteen cell nine neutral and a five by so that's. Why you're in the short term here, look at all the moving averages, guys two five: two: tens, the twenty we're throwing those sell signals and even in our oscillators were neutral and we have sell signals. So this is why we have to be so careful in this spot, because we don't want to have all sudden we break down from here guys and we're, looking down at a price at five thousand eight hundred dollars when you're buying up around nine thousand.
This is such a sticky area. If you're not in the market, I would definitely wait. I would rather buy when we get a true trendline break out. The top here on heavy volume then try to jump in now and have it potentially go down twenty or thirty percent? If we do have a big dump to the downside, so be very careful eyes, I would say: capital preservation is more important right now than trying to get in at this price when we have been rejected up here for over a month now, this rejection started back In May May 5th, twenty twenty and we've really just been moving sideways and that's. Why it's so hard to get these videos out? Because there hasn't been a lot of change? I want to keep you guys up to date, but there has not been a lot of change here and it's, something we need to pay attention to, because how many times – and you – let me know in the comments here as I'm – back looking at this – how many Times have we jumped in and said all right? This is the spot and then you wake up the next day and it's down twenty or thirty percent, and this is where it's just flashing those signs. Right now we have 10000 as overhead resistance. We have ten thousand five hundred is overhead resistance and then getting out of this overall read macro downtrend is what we need to do desperately and dollar cost averaging guys.
Truly, if that's your plan, I have no problem with dollar cost averaging I have had. I have some coins that I dollar cost average with just from the past, but you need to be aware that this is a speculative market and things don't always have to go as they seem. Everyone said, after the having Bitcoin would be at what twenty thousand dollars or whatever, and you see us sitting here at nine thousand. So this is where you have to be careful, but if it's a project you have confidence in and it's money that you can afford to lose. If it does go to the downside, then absolutely find a project, slowly dollar cost average and build a position for the next cycle that we have. The next bull run that we potentially could have coming up here, yeah and that's it I mean just having the patience as well to say you know what I believe in this. This is something that I believe can do well and I'm gon na slowly. Dollar cost averaging. I have no problem with that. For me, though, I like to trade the swing since it moves in these trends, and I want to follow the trends whether it be to the upside or the downside. So as next one we're gon na get into is a theorem here, so that's Bitcoin let's take a look at eighth because it's going to be the driver of the alt coins and that's.
Why it's so important to always take a look at the theorem as well and guys? This is more like the macro view, we're just stepping out. I wanted to show you my chart here, so you can see back in this area and this Y like patterns as well. This was a symmetrical triangle. The trend was up. We had a nice break to the upside there and a lot of times you can call tops by the big swells of volumes, tops and bottoms. Then over here was a bottom on climax volume that sometimes can give you that key that your the top or the bottom is looking at that. But you see out of this downtrend once we set this first higher low right here. That would have been the spot to potentially get in, because that trend was changing to the upside, and then we had a falling wedge here that we broke out to the upside, but right now for aetherium it's doing a little bit better than Bitcoin. If we take a look at this we're still trading right at this 50 moving average, we don't want to lose that and we're also holding this support of around two hundred and sixteen dollars, which I talked to you guys about two hundred sixteen dollars is a pretty Important area, because if we break down through that, I would look down to this two hundred moving average for support and that's gon na be at about a hundred and eighty eight dollars.
And last night, as I was reading in my book as price action, is the key I used to pay way too much attention to indicators and all that which I still use them to mark, tops and bottoms, but really looking at this price action. Looking at the candle formations looking at the trend trend line, breaks that's what I believe, I've been the most successful with, but aetherium we're bouncing between two hundred and sixteen dollars, and that two fifty two that's going to be the range that we're dealing with. If we pull out our stock RSI, you can see we're actually down here in that over oversold territory, we're at eleven and eight right now so that's. Why moving sideways here? If we could, since we've cooled down so much, maybe is the area to start breaking up over top of that 252, but it's, probably gon na depend on Bitcoin as well, and if we throw in another one that I find important, it's gon na, be our momentum And momentum right here is starting to move a little bit to the upside and you see we've just been a little bit more flat, which is normal when we're just moving sideways or rearranging like that, but for aetherium it's, just being patient it's, just waiting to see. If we're gon na hold that 216 or if we're gon na break up above that 252 dollars and right now, guys, like I said, it's just tough, this is a tough spot when you're moving sideways.
No one can tell you exactly what's going to happen because we're waiting on the where whales we're waiting for the market makers to push this market in the direction that they want to push it so that's gon na be a theorem there, but yeah dude guys. Also, you could do a huddle stack and then just do a little trading. One like I said when I started trading and I started learning this stuff. I started with 100 positions. 500 positions play a little 300 position and see if you're right mark stuff down what's. Your risk to reward are you with the trend? Are you trying to trade with the trend? That'S gon na help you out, you never want to go against the trend? Okay, unless you know what you're doing and that's that takes a lot of time and patience to be able to go counter trend – and you have to know the right times to get out or you can get crushed – okay so guys that is, we did Bitcoin. We did aetherium and then I want you to just put down here. What are the next two? I got time for two more you guys. Let me know what ever has the most votes down. There will do whether it be digi, buddy, told me, say: go litecoin XRP, whatever you'd like to see put it down there for me and we'll try to do the best. We can now give you guys a couple seconds here just to put some down because think about it.
I mean also guys when even like litecoin and all these coins, you know, like coin was 350. Would anyone ever imagined that it'd be back to 40 or Bitcoin made it all the way down to 3000 or a theorem when it was up at 1400 to go down into the 80s? I mean guys this market to both the upside and the downside can get so overextended just so overextended I'm. Seeing some light coined I've got a couple. Cardano'S. Did you bite so guys this? What we'll do here since you've been putting that down? We'Ll go digi bite and we'll do 88 today and then tomorrow's video we'll try to get back to the light coin. Xrp that type of stuff, so let's go ad a and did you bite next? Take a look at that. So let's start with a da this one. I haven't looked at too much I'm gon na try cracking. I always want to find the best or the most amount of data for us all right. So when looking at this here, the area of overhead resistance that a DA needs to break through is going to be that 0.09, oh eight, five zero. So you know this could be one of those things where it turns into a flag pattern. If aetherium and bitcoin can get going, we had that pull up now, we've just been moving sideways it'd be nice to get another move to the upside if we can get over top of that resistance, but you can see back over here.
This is the resistance that I'm talking about. We need to get up over top of that and that's, where this stalled out. You see when this stalled out it's right around that area, so when people say support and resistance areas, don't work, guys everyone's, looking to support and resistance, even the longer term investors, and you can also see where we wick down to to try to find support. This was previous resistance. We went up, we wick back down to it, tested it, and then we tried to go back up again, but what's nice with AD a it's, a head of Bitcoin, yet again, it's up above its twenty EMA and purple. So we're still fighting trying to hold over that we're trying to hold our 50. We have had a Golden Cross of our 50 over top of our 200 and we're, holding our 200 and there's a little bit of volume coming in here, and you can see we get had a bit of a double bottom on our momentum. So a DA is not looking too bad here, it's just paying attention to Bitcoin paying attention to aetherium, because a DA could be set up perfectly to make a move to the upside. But if Bitcoin dumps is going to drag it down with it most likely. So when we look at this guys kind of correlating with the technical analysis, I just gave you a two cell, nine neutral 17 by so you can see how this is ahead of the other coins right now we got a lot of neutrals.
Have a few sell in terms of the oscillators moving average. We have all buys all the way throughout from our five all the way down to our 200. So that is impressive, that we're holding that and you can see our moving average right there zero. So one neutral and a 16 by so that's definitely ahead of some of the other coins there we're just gon na, have to pay attention to see if this move can continue if the rest of the market continues. But if Bitcoin moves to the upside, this one really could blast off hard guys if it gets over top of this overhead resistance around that 0.09. 9. 374. Okay, so that's ta da. Let me know if you guys are in a da as well yeah it's, holding strong, a DA's holding strong against Bitcoin, absolutely and then we'll do some. Did you bite here? We'Ll, take a look at that, and also guys, if you get some from this don't forget to like subscribe hit that notification bell try to do live streams from time to time. I just want to see if people like it or if you like the regular videos better. Let me know down low and we'll. Try to throw these in more. If you enjoy them, then we'll go to digi bite. Alright, so let's try digi bite with bye, Nance that's, not enough chart, I think bit tricks will probably give us the best one let's give that a try.
Okay. So with did you bite here, what's nice, guys, we're sitting at that 2 cents here, looking good, you can see our buy range really deep over in here and we'll, get into all that. So what we're looking for for digi bite? Also this potentially guys this could be a massive bull flag if it plays out in a theorem in Bitcoin, want to get moving to the up side. You can see we had a massive pull, stick a volume that brought us up and now, if you drew your trend lines here, we're almost in a symmetrical triangle and I'll actually do that for us quick and symmetrical triangles they're those neutral patterns we're just gon na – Do a rough symmetrical triangle here, but with symmetrical triangles they're neutral. Okay, now about roughly what my book says is 54, the time they'll break with the trend and the trend has been up. So you have a 54 chance of this breaking to the upside and what we wouldn't need to get over top of is roughly around that 0.025. 3. 8. 303. It'S going to be the overhead resistance in terms of support. Overall, we want to stay up above this 200 moving average. We got up above all these you can see. Our moving averages is crossed our 20 over top of our 250 over the 200 that's all been looking good. We have a stock cross to the upside or Momentum's been up, but what we need is more volume can see the volumes a little bit low here and that's typical, with symmetrical triangles whenever you're moving sideways the volumes gon na drop off and then, whichever way the Whale wants to move this market it's going to be that big stick of volume, whether it be to the upside or the downside, so that's, something we do need to pay attention to.
You can see we have a strong buy for. Did you bite one sell nine neutral, 18 buy and guys it's? Still, though we're, I would tell you to be careful, because if the other coins at Bitcoin aetherium dump it's not going to matter what did you buy? It'S doing so just be prepared, but it is nice to see that digi bite is doing so much better in terms of Bitcoin it's, doing really well trying to make this move to the upside and continue this strong move to the upside that's. What we're? Looking for there, okay, I see some people are liking. The live stream, so that's awesome, alright, well guys that's, where I'm gon na have to go right. Now I got a run to my job. I just had a little break in between here, but I just want to tell you: be calm, be patient. I appreciate you all being here with me today, guys and God bless. You all take care.