TLDR;
This YouTube video by CONESA TRADER OFICIAL provides a detailed technical analysis of Bitcoin, Ethereum, and gold, focusing on potential trading opportunities. The trader discusses market trends, support and resistance levels, and strategies for both scalping and day trading. The video also includes a live trading session where the trader applies his analysis and adjusts positions based on market movements.
- Technical analysis of Bitcoin, Ethereum, and gold.
- Discussion of market trends and key support/resistance levels.
- Live trading session with real-time adjustments.
- Risk management strategies, including stop-loss and hedging.
Intro and Market Overview [4:09]
The video begins with a greeting and an overview of the current market conditions as of May 11th. The trader notes that Bitcoin is maintaining its position within a continuation flag structure. He observes that the price has recently tested the upper trendline of this flag around $82,400 but was rejected. The analysis suggests watching for a potential fakeout, which could drive liquidity towards $83,500 or even $90,000 before a possible reversal.
Weekly Analysis of Bitcoin [6:18]
The trader reviews the weekly Bitcoin chart, highlighting a confirmed double bottom pattern. However, he points out that the price is currently facing resistance around $82,500 to $83,000, which aligns with the upper trendline of the flag and previous support levels now acting as resistance. Despite this, the confirmation of the double bottom with a strong close above the neckline at $77,000 is a positive sign. The initial resistance zone of $78,200 to $78,500 has been surpassed, and the price is holding above the moving averages, indicating an upward momentum.
Daily Analysis of Bitcoin [9:14]
Moving to the daily chart, the trader acknowledges the presence of a bearish continuation flag. He emphasizes that the weekly chart's double bottom pattern takes precedence over the daily chart's bearish signal. A potential fakeout could occur, pushing the price towards $90,000. The trader plans to look for shorting opportunities around $93,000 for day trading and $83,500 for scalping, considering the confirmed double bottom on the weekly chart.
Four-Hour Analysis of Bitcoin [9:57]
The analysis of the four-hour chart reveals that the price was rejected at the upper trendline of the structure around $82,400. This rejection led to a small asymmetrical double top, with the price now attempting to hold the moving support around $81,000. The trader suggests waiting for the market opening to determine a clear direction, noting that pre-market movements may be misleading. A potential sweep down to $80,000 or even $79,600-$79,800 is possible.
Ethereum Analysis [11:37]
The trader briefly analyzes Ethereum, noting that it mirrors Bitcoin's fractal pattern. Ethereum faces resistance between $2,380 and $2,450, and the price is being rejected at these levels. Breaking above $2,450 is necessary to target higher levels. The analysis suggests that Ethereum will likely follow Bitcoin's movements.
Hype Trade Setup [13:02]
The trader identifies a shorting opportunity in Hype, allocating 13% of the account to the trade. The target profit (TP) is set at $41.15, aiming for a 1.2% return on the account. The rationale behind the trade is that Hype has not made a new high and should therefore seek a new low.
Gold Analysis [13:50]
The analysis of gold indicates that the $4,700 level remains a significant barrier. To move higher, gold needs to surpass $4,740. The daily chart shows a somewhat erratic bullish continuation flag, suggesting a potential move towards $4,774. Caution is advised when considering long positions due to limited confluences on the lower side of the structure. A good shorting opportunity is anticipated around $4,780 to $4,789.
Pre-Market Activity and Hype Trade [16:14]
As the pre-market session begins, a clear double top pattern is confirmed in Hype, targeting a move towards $41.20. The trader notes that the absence of a new high supports the expectation of a new low. The initial target of $41.15 aligns with a known support or resistance level.
Community Engagement and Q&A [17:06]
The trader interacts with the audience, answering questions and providing market insights. Topics include the status of tournament prizes, personal trading strategies, and opinions on various cryptocurrencies like Solana and Bitcoin Cash. He emphasizes the importance of waiting for candle closures for confirmation and shares his approach to stop-loss orders based on levels rather than percentages.
Trading Strategy and Mindset [48:40]
The trader discusses the mindset required for successful trading, emphasizing the importance of resilience and learning from failures. He shares personal anecdotes about overcoming challenges and highlights that success often comes after numerous setbacks. He also stresses the need to manage both winning and losing trades effectively.
Market Opening and Live Trading [51:18]
As the market opens, the trader observes the initial movements and prepares to execute trades based on his strategy. He notes the high probability of the current structure breaking to the downside. Despite this, he enters a long position following the strategy's guidelines, setting a quick target profit (TP) around $81,200.
Trade Management and Outcome [53:41]
The trader manages his open positions, adjusting stop-loss levels and taking profits as needed. He closes the Hype trade with a profit and then focuses on managing the Bitcoin trade. Despite initial gains, the market moves against his position, prompting him to implement a hedging strategy.
Hedging and Securing Profits [58:27]
The trader implements a hedging strategy to protect his position as the market moves against him. He closes both the original long position and the hedging short position, securing an overall profit of 5% for the day. He notes that those who held the position longer may have achieved higher profits but emphasizes the importance of securing gains.
Closing Remarks [1:04:15]
In closing, the trader thanks the audience for their support and encourages them to like and share the video. He reiterates the day's successful outcome, highlighting the 5% profit achieved through strategic trading and risk management. He also mentions the availability of a VIP group for those using his Margex referral link.
