Bitcoin Hits 10K but Here's What Everyone is Getting WRONG | Bitcoin Volume Analysis

I'm gonna reveal to you one,of the most shocking facts about Bitcoin,actually most charts not just Bitcoin,but a shocking fact that could,potentially horrify some of our audience,who are watching this video today,alright guys before I start and talk,about Bitcoin let me just say a few,things you might have noticed that I,look a bit like a college professor the,reason is a few days ago I was walking,in the shopping mall and I happen to,notice these really nice and beautiful,tweed jackets and I thought to myself,you know what I am middle-aged I've got,gray hair growing now in my hair and,I've never worn tweed in my life I've,

never worn a tweed jacket in my entire,life and I thought to myself you know,what maybe it's time to try a new thing,so that's what I'm doing right now this,is my first time guys my first time ever,wearing a tweed jacket and by the way,guys there's no way you can wear tweed,and not do an impression of an old,upper-class English gentleman who is,disgusted by your taste in music so,let's see how I do I say good sir have,you no decency I don't know I can't do,the impression really well but I do know,the man who can how do you know,decencies thanks Kyle all right guys,let's go back to Bitcoin so as far as,Bitcoin is concerned we've had a very,beautiful rally so far in Bitcoin as you,can see there on that chart behind me,and actually today as I'm making this,

we hit the 10000 level we haven't,yet reached our second target yet as I,mentioned before my previous video,our second wave 3 target was ten,thousand two hundred we haven't yet,reached it as I'm making this video we,might reach that level ten thousand two,hundred perhaps by DN a-- today or maybe,tomorrow or this week bottom line is,guys that i think we're very close to,reaching our next wave three targets in,fact bitcoin is up now about two,thousand four hundred points since we,called it a bottom for bitcoin and got,bullish on bitcoin some weeks ago when,bitcoin was about seven thousand seven,hundred so so far bitcoins rally has,been beautiful but here's the thing guys,many folks have been left in the,sidelines many folks have missed this,move for one important reason and i'm,going to talk to you about it today,because it seems to me that a lot of,folks,who followed chart analysis on Bitcoin,and actually most other charts not just,bit going on other markets too they seem,to hold a very strong belief about,something which actually may not turn,out to be true so let me tell you more,about that many textbooks on technical,analysis and many articles and you know,seminars and again you name it many of,these textbooks and articles tell people,will probably tell you that apart from,price price action you should also pay,attention to volume so again a lot of,people it seems do put a lot of emphasis,and focus on you know the volume on,Bitcoin and as you probably noticed I,

don't in fact I hardly ever use volume,on my charts there are occasions when I,may look at the volume and compared to,the price action but it's very rare so,it doesn't really feature in my main,analysis but again there are many people,out there perhaps some of you are,watching this video and again many books,textbooks and articles about technical,analysis to tell you that volume must,confirm the price on rally especially,when they say for example when Bitcoin,or any market any price is rallying they,say well volume also has to go up volume,as the increase to confirm the price,action confirm the rally now to tell you,guys in my own personal experience I,have not found this to be true and,actually there's a research to back this,up some years ago you might remember I,did a webinar on technical analysis and,I mentioned one of the key mistakes that,people often make when it comes to,technicals is they focus a lot of volume,and in fact there is research done by,Jason Gepard of sentiment trader who,found that some many rallies he found,that many rallies can actually start on,below average volume on weak volume so,again his analysis showed that you can,have rallies starting up going up 10,percent 18 percent in the markets on low,volume again on below average volume now,again his research was in the context of,the stock market the SNP but in my own,research as well having looked at,

several key charts of Bitcoin I found,that there are examples of Bitcoin,rally's starting Bitcoin uptrend,starting on low volume below average,volume I'll show an example here for you,as you can see here again these rallies,started on below average volume so I,personally for that reason I don't,really care that,volume analysis when it comes to Bitcoin,rallies and I found that if you focus,too much on volume to confirm the price,action and it doesn't confirm then you,might actually miss the initial upward,rally the initial surge or the start of,the uptrend in Bitcoin in fact most,charts as well not just Bitcoin also,stock markets - and in fact what I use,on my charts is not just volume on its,own but I also use a moving average on,the volume so I use two things for,example I use a 50 simple moving average,like you see here on this chart and I,look to see if the volume is going above,it's 50 simple moving average as the,price is going up so again I look to see,if the volume is breaking it's 50 moving,average to show it's above average,volume or below average volume so that's,

one way I might use it the second thing,I use is unbalanced volume or obv as you,can see here in my chart obv is,essentially this indicator which you can,get on most charts by the way and all,you do is you put the obv on balance,volume on your chart and you look to see,if when the price is rising is the obv,also rising and moving above is 21,moving average so what I'd like to do is,put a 21 moving average on top of the on,balance volume that's the blue line you,see right there and I want to see if the,unbalanced volume can go above is 21,daily moving average as the price is,rising alright guys so that is another,way you can actually look to see if,volume is confirming the price action so,as you can see here when Bitcoin was,rallying higher it's like here's,something I found I found that as,Bitcoin was going up Vonnie was also,increasing in fact it is not true at all,that volume was not confirming the price,action I actually think it's the,opposite volume was actually confirming,the price action as price was going up,on Bitcoin in January we saw that volume,actually was also increasing as you can,see there it was also moving above it's,50 simple moving averages above average,volume and also notice the obv was also,above its 21 daily moving average and,also making higher lows higher highs it,was certainly increasing as we saw there,the obv was showing signs of strength so,again higher lows and higher highs as,you can see there on the chart so guys,the shocking truth which many folks,probably are not aware is that the,importance of volume and analysis or,confirming an uptrend or rally is,perhaps over exaggerated and it's not,your fault guys it's because many

,textbooks and articles and you know so,experts keep talking about banging on,about volume volume has to go up as well,confirm the price action no it doesn't,the research does not back it up the,research does not actually show that you,need to have strong above average volume,to confirm a price action so for me,personally instead of volume I like to,look at other factors for example for me,I like to look at price action whether,the price is breaking above resistance,breaking below supports another thing so,looking at support resistance looking at,key levels looking at moving averages,whether it's above a key moving average,looking at Elliot waves again a very,important leading indicator looking at,momentum momentum is also very important,so for me those are the key factors I,look at but volume is not one of them,but look guys if volume is something you,like to look at if it's something is,part of your analysis fine look at it,

but all I'm saying is it should not be a,make-or-break indicator or something,that has to definitely confirm the price,action in order to make a decision or,proper analysis again the research and,most statistics seems to show that,volume is not always a very reliable,indicator it doesn't have to confirm a,rally in fact if you've been again if,many people have been left on the,sidelines not catching this rally in,Bitcoin simply because the fact they,thought that volume was not confirming,the price action but as you can see here,guys I actually think it's the opposite,volume was confirming the price action,it was confirming that's rally higher in,Bitcoin anyways there it is and let me,know your opinion too.