Hello, dear traders. 1
This is Petko Aleksandrov from EA Forex Academy. 2
And in this lecture I will start with identifying the trend with the Bitcoin. 3
And of course you can use it for any other cryptocurrencies. 4
We are following simply the Dow theory which says: "We're in an up trend when we have series of higher highs 5
and higher lows." You can look at that on a daily chart, 6
It's more recommendable to do it actually on a weekly chart. 7
So, let me zoom a little bit over here. We can say, we are in an up trend now because we have these 2 8
higher highs and 2 higher lows, 9
OK? Let me put the shapes over here. And as you can see here we have 1 high and than we have another 10
recent high that was formed. 11
This one over here on the top. 12
And then, we have as well 2 higher lows. 13
This one over here is a higher low. 14
And then we have another one over here. So, we have series of higher highs and higher lows. When we will 15
consider the trend to be changing is when this low is broken by the price. 16
So, it forms a lower low, let's say somewhere here, and as well we need to have a lower high over 17
here from the price, 18
OK? 19
So, the price needs first to break this low and then needs to go higher but it needs to fail to cover 20
this high, this recent high. 21
Or if a new one is formed here, and then continues lower. So, then we will have a series of lower highs and 22
lower lows. 23
But at the moment, we're still in an up trend because we have higher highs and higher lows and that's 24
why we are looking to buy the Bitcoin. 25
You can go back in time, guys, and you will see actually that during 2014 the Bitcoin was in down trend 26
because we have 1, 2, 3, 4 lower lows. 27
And as you can see, we have 1, 2, 3, 4, 5, 6 lower highs. 28
So, this definitely was a down trend. 29
But at the moment the trend is going up, it's very strong during the last months, guys, and we are looking 30
to buy now. 31
And I will show you how to do that. 32
OK, guys? Thank you for watching! 33
Cheers. Bye.