What you do next is check out YGG on trading view: Always start with a high timeframe to see historical support an resistance zones: The biggest mistake is to only look on very short time frames and miss out massive supports/resistances that you short or long into and then get caught by surprise.

Seeing this chart, I immediately see the 0.48 as massive zone, as we test it from above I expect it to be a support and expect a bounce.

Next step is to check out the lower timeframes and confirm you are betting on an important zone: remember, there is not much room for error when you leverage your money. Even if not, you will always want the most perfect entry

After making sure your historical resistances are very precice (being precise is very important, as those lines literally decide if you bet on a further trend continuation or a reversal) you check out other factors.

Counting waves is always a good point to see, if the correction might be done or has just getting started. On this case, I am not sure if I am correct on those 5 waves. It could be done.

Also easy to check is the curviture of the trend. What you can see here is that we made the classic "half O). Now we are hitting this major support. As previously stated, my Bias is always that from above, as support will usually bounce at least once, same as from below a resistance will at least reject once.

Given the support and the pretty much completed "half O", we might actually bounce right here. It might be the perfect entry.

Might is bad when you literally bet money.

What traders want is confirmation:

Confirmation is when you "retest" a trend. A holding retest usually confirms a trend reversal.

At this current point, you can open a long with a stop loss a little below or you can wait for a confirmation to enter. Always be ready to admit to yourself that your own call is wrong and close your position if it gets clear that you bet on the wrong direction.

If you feel like the time is right to enter a position, you can start betting. In this case I am betting on a trend reversal and am going long.

You don't have to bet your full portfolio. It is always a good idea to start with low % like 25% and add more to your long/short when your theory gets confirmed.

Make sure to have stop-losses in place. You will now want to have high-leveraged positions open without a stop-loss and I would not recommend to have higher-leveraged positions open without literally staying in front of your screen monitoring it. You need to be very quick when the time is right.

⚠️And always leave Bitcoin open on a 2cnd window for you to see all time. Literally every coin will shit on its short-term trends when BTC suddenly decides to dump. This is the easiest why how you can get liquidated in seconds altought you have done everything else right⚠️

There we go, BTC short term pump

Next step: Get your resistances to the top. Find an exit strategy and for that draw all the resistances to the uptrend (because I am long right now).

We just had a big downtrend so it is very unlikely that we will just burst up the the recent ATH.
For now I am relaxing on my position and further observe the price action (PA)

Broke the lower support. All good until we don't go lower. If we cannot reclaim it is time to cut losses and close the long.

retested the support from above -> now resistance. Still waiting as BTC looks good and it could be a fakeout. Minute chart is not as reliable.

Also those news coming in

BTC further up, reclaimed on minute chart, further observing.

It looked like a bottom and still can be. The curviture is obviously moving flatish, the hourly indicitates a potential further leg down.

I am leaving my initial (small position at a 1% loss here), larger would have been entered at the first confirmed Higher low. But I am getting tired and the PA is not quick enough to properly trade it right now. I will follow-up tomorrow anyways to check what has happened. My bias is at least 1 relief pump before further continuation.

I hope this gave you an impression how you can prepare and trade. Unfortunately, YGG wasn't as volatile as I hoped to properly showcase you how to make money or how to get liquidated :D

One last thing: When you want to leverage trade futuers: I highly recommend you to only trade larger, very obvious moves. When you try to giga scalp the smallest movements, you will 90% lose: Spread kills you and the fees. You need to be proper right on your moves just to compensate on spread and fees.

JUST IN: All Spot Bitcoin ETF applicants submitted 19b-4 final amendments:

• VanEck
• Bitwise
• Fidelity
• Franklin
• Valkyrie
• Hashdex
• ArkInvest
• Grayscale
• BlackRock
• WisdomTree
• Invesco Galaxy

@WatcherGuru

Ok guys, couldn‘t resist to keep checking… I reentered at the bottom break 😇

By the way, the more they are talking about sell the news on the ETF, the less I think it is going to be a sellthe news event.

Closed it as there isn‘t enough follow-up strength. Feels like we might dip another round. Volume is also way too low to further trade it (altough we are sitting at daily low right now).

A roundup on this trade yesterday:
As I wrote I am unsure on the 5 waves - the count was obviously wrong. We did not have the downtrend completed. It looks like we might have now.

Either way, YGG is not interesting for me anymore on this for two reasons:

We had the blow off top, and already retraced 30% from the top. This is not something I can short anymore.

The concept would be still to long if you wanted to trade it. However, we lost the important support at 0.47-0.48. This means, we will face heavy resistance when we want to push upwards. On top of that, the volume is low and I do not expect extreme volatility in a short amount of time.

Hence, I expect more of an accumulation phase which makes it more like gambling than real trading if you ask me. Especially, you would have expect longer trades which I do not want on leverage. Longer trades are spot buys for me for long-term bags, which YGG isn't for me.