Good morning traders and welcome to the crypto webinar series continuation here Yesterday we had Nicholas Merton at data-dash today. I'm presenting from bookmap here And go through some live order flow analysis data-dash today. I'm presenting from however We're gonna well, we're gonna look at some important elements in here market structure setups and strategies But since we've released a lot of new indicators for crypto markets Especially the liquidation indicator. We want to go through Liquidations in in detail answer your questions about that. Also, I want to compare that with the sweeps indicator And then also with with multi-book Here's why you really start to understand How these markets actually operate When we look at these these different indicators here that show very objectively what's happening at some of these areas And it's rather amazing that the transparency is incredible and these aren't typical like MACD RSI stochastics type of indicators those are just derivatives of time price and Volume and a lot of cases This is very different. This is very objective information. All right, and we're gonna put that together into the market structure All right, so anyway a little bit about me a trader of 15 years in a variety of markets I'm the order flow specialist here at bookmap and I lead the trading education So I have expertise in an order flow and market micro structure We're offering some discounts here. So it's available from these webinars here 30% off The code here for any new monthly subscription for the first month only okay? It's good until June 13th, and this is the code here. I'm gonna put it into the chat for you guys So that you have it and then You can also win a free month of global plus One winner for each crypto webinar. There's six webinars altogether. So you get six chances to win Or five now since yesterday and then the way to join or Attend this or you know add into this event here is To go to bookmap The discord channel that we have and then special hashtag special events room And then what you're gonna do is you're gonna type in their CWS to enter and here's the link to discord I'm gonna put this into the chat for you guys as well. Okay. Hold on just a minute and I will paste this This is the coupon And let me in discord as well paste that in there you go alright and Let's go through the How to win a global plus For a month only first month only a four new subscribers only there you go and Discord and then in YouTube here Good morning Madden. Okay. Does that work for everybody? Yeah. All right. Cool. All right. We're good Okay. All right guys. So Anyway, those are the special offers and again, we're doing this all week long here Come and join Use the take advantage of it the 30% a discount That's quite nice to get started here for the first month. See if you like it and and take the leap Then you also have the You know engage and try to win the global plus free for a month as well. All right So let's continue on let's go through some risk disclosure general disclosures All bookmap limited materials information and presentations are for educational purposes only and should not be considered specific investment advice Nor recommendations risk disclosure trading futures equities and digital currencies involves a substantial risk of loss And it's not suitable for all investors past performance is not necessarily indicative of future results. Let's dive in Let's take a look here We're looking at BTC USD right here the tether version from Binance futures And you can see pretty pretty choppy here. We don't really have much action going after the big moves from yesterday and that's fine though, there's plenty to chew on here and Right off the bat this new liquidations indicator. Look what it's showing us What's going on within this range here now? I'm going to take the heat map off here the heat map here for anyone who's new to book map What you're looking at here is just liquidity. It's from the order book And if we zoom in to the current market everything to the right of this vertical white line is the current market This is our current best bid and offer Last-rated volume here, and then this is our price ladder I have ten dollars per tick and you can see these numerical values in this column here current order book This is showing liquidity The amount of coins per each price level here. So up at 29 700. We have 128 coins down here We have 170 at 29 500 All right, so we're kind of in between two areas of high liquidity at the moment and here's someone coming in right now 115 120 coins right at this 29 6 10 area and now they pulled it Okay, so you can see like all of this I Liquidity is represented in the heat map here the scale of the heat maps in the top center of the chart up here And we can dim this is if we like red and orange is very high liquidity Then yellow is less then white then blue and then black is the least amount of liquidity Now when the numbers change in here, you'll see the heat map change But what we do is we record it and plot it on the chart here. All right, so Hold on a minute Okay All right, so we we plot it and Onto the chart and we can see the whole evolution here in the heat map of of the orders So look how we came down into this liquidity here And we bounced out of it and traded up into this liquidity up here and there's still a little bit more buying pressure See how the buyers came in the dots here. These are red They're the the green dots are market buy orders These are the dots or the the orders here that lift the the offer it makes price move up They take all the liquidity at these levels and they still have more market buy orders That chew through other liquidity as the market goes up Red dots are market sell orders and this opposite they chew through the liquidity and you can see here See how this guy is pulling that liquidity here. He does not want to trade. We're reading the intent of these traders here And instead they're down here at 29 500 And so let's see if the sellers can reach down here to 29 500 And we're also now what we're going to look at here is Look the liquidations in these areas and I'm gonna look for some liquidations if we can get down below this 29 500 I imagine we're gonna see some liquidations And we'll verify that here And in just a minute Okay, one way or the other and we'll talk more about the liquidations here in just a second. Okay, um So let's see here. I'm sorry if you have any questions. Just let me know in the in the chats and I can go through them for you Okay, all right. We see I see some in discord a lot of guys In in putting a CWS looking for that free bookmap version Global plus for the month So yeah, good luck to all All right, let's let's take a look here and see if we can maybe hit into this liquidity Okay, and we'll talk about the market structure and the volume within this structure here in just a minute And this is very typical for for crypto currencies from what I have seen is You know look at the the high liquor or high amount of transactions just at the edges and Then look at the liquidation indicator here now I'm gonna dim the heat map so we can look at it and then you can see at these extremes in here the the amount of dollars Okay, that transacted up here and how many events liquidation events so $29,000 up here We're liquidated over 14 events. Okay, the dot or the Little rectangles or squares here represent each event and we will zoom in and we'll check out some of the details But the the bigger picture and the idea here is look how the market probes these areas finds liquidations finds sellers and They don't their their position here was long However, we're hitting into these areas here and down here. We had Only five events and only twenty five hundred fifty dollars that were You know liquidated so some small, you know liquidations down here however Look how it probes down in this area and the most of the volume is trading down here just below the market Structure here where it broke down And then we got reverse right back up now. This is the cash open for the US stock market here at 930 And you typically we get this kind of volatility for the first, you know, 20 minutes or so and We move right back up and look where the transactions are taking place up here And there's a lot of liquidations up here That have taken place and the market continues to kind of wobble back and forth in here hitting Traders on each side here and these transactions here. So these by transactions Well, their position was short and they were liquidated by Binance futures the exchange That's what happened up in up in these areas up here up here Well, the transactions took place on here, of course, but we're showing it up above here and These traders they they were short. They didn't want to they wanted to stay in their position But they didn't have the margin. So the exchange actually forced them to to buy and that's what's happening and note how almost at Each extreme here. That's where we're seeing These liquidations so you hear about, you know market makers and stop runs and and everyone Manipulating the market this way and that way Well, you know, you can just see that basically the market is just kind of wobbling or in a random walk back and forth Hitting into areas liquidating accounts stopping people out and then reversing and coming back up to the other side And finding liquidations on the other side and then it continues to probe and test And so that's what we're looking at here and we can see that for this entire session So it's 10 o'clock here East Coast time This is five hours of data in here And you can see precisely what's happening in these markets here This this kind of transparency in here is amazing to be able to see this now We have something similar we have stops and icebergs for the CME group futures With rhythmic data, which is amazing transparency as well This is to being able to really see where these liquidations are taking place And then being able to look for Some sort of edge from this data Well, if if the market probes higher and can't find many more liquidations like in here see how it came back up and 744 Dollars that was it Rotate back down start to find liquidations on the other side here 17k now on the other side All right. Well, so now can it kind of probe a little bit lower. Can it find more down here? Hey, right around this 29 490 or so Okay, so we were looking for that test into Earlier just when we started the webinar. We're looking for that test into this 29 500. Well, we got it All right. Now, let's look at some of the details in here. We were looking at this liquidity here In the heat map this orange Bar here they traded right into it. All right, so let's take a closer look at it here And did they stay in the order book? Yes, they're trading and transacting right into this high liquidity here And here it is Okay, so we can see precisely what's going on in these areas here Okay, we can also take a look here and see how many how many coins Traded right in this little area Okay, 141 So most of that liquidity in here Well, there's 204 over here. So, you know about 60 of them were pulled Okay, the rest Transacted and that's just fact Okay, just like these liquidations is just fact we know this And we know that people are getting liquidated that's pretty pretty amazing transparency and to be able to now look for Where price might go and probe again to find other liquidations? All right, so Let's Take a look here. Is there any questions you have? Bitcoin is wacky and fun to trade Yeah, I mean You know the market you hear like the random walk a price. Okay, you hear these terms drew about You know that you know the market is It's goal is to facilitate trade and that's what's happening here And where is it finding these these traders and facilitating these trades is where people are compelled to trade They're they're forced their hand is forced here. Okay, not by their own will this in this case. It's by the exchange Which is pretty pretty amazing to see All right, so we just looking for this to continue back and forth randomly here. This is range bound trading So down here around this 500 you can see 17,000 hit It filled this liquidity. We're already rotating back up Are we gonna bake it back up into? 296 40 maybe even up to maybe 700 here All right, are we gonna see liquidations on the other side? I'd be betting on it. We already had 33,000 over here Let's see if we and we only had 744 here That's that's really odd. So let's see if we can get up a little bit higher here and maybe Trigger some more liquidations right now the way that We can look at this. There's a few different ways You can look at divergences and Nick had mentioned this yesterday in the crypto webinar It's it's rather straightforward to understand if the market probes and tests up in these areas and it does not find Liquidations on the second leg or third leg or whatever it is And then likely it's gonna rotate back down and you're gonna find sellers Responsive sellers to push it back into the middle of the range here and maybe the other side of the range And then compel those traders That are long to become sellers down in those areas here. Okay with with liquidations of their accounts our positions How do you catch a reversal? Well, we can go through Reversal strategies here right now. There really isn't and maybe if on super low time frames We can take a look here, but this is all range bound activity right now. There's no question about that and and look at the you know, the The cash open like I said hit one side of the range hit the other side of the range Proved a little bit higher Didn't really mean it found liquidations. It didn't it didn't really accept it clearly didn't accept higher And then we've probed a little bit lower here Okay, so what we're not looking for a reversal right now And if we look at a very small time frame in here, well, we can look for that Reversal, so here's a trend up. Here's some distribution Look at sellers already starting to come in great. All right, let's see if they can trade right back down to here 29 500 or 540 And if so, can they continue can they make it back down to 500? Well, here's high liquidity coming in. Okay, so, you know, this is this is on a very small time frame. This is a Reversal pattern in here Okay, understood Okay, and we're the the bid is just testing that 540 right now And we're looking at other areas of transactions down here see this this cluster of volume that transacted And that's where it tested Okay, because this is a basically we're looking for these clusters of volume in here that represent What do they what do they represent? I'll pose the question. What do you what do you guys think? when we have a lot of traders a Kind of a green on a price level Okay with with their transactions Let's see When you say liquidation Indicator shows liquidations by the exchange. Does that include mark stop-loss orders are not included here whatsoever It's just the they were liquidated That's it. It's it's a market order. Okay, so as it stops in icebergs is a totally different thing This is showing when that account was actually or that that position was actually closed due to the inability to meet the margin requirement Yes, exactly. It's this is unique. Yeah It's amazing to see really it's kind well as stops stops. We don't really know You know, it could be those could be entries could be using, you know, I use buy buy stops and and You know sell stops to enter to be taken into a position So we don't really know However, when we see stop runs typically that is You know people exiting the market very very quickly Right now now this is this is even more objective That's that's what I like so much about it and what I find so amazing. This is actually we know that this is what was Closed here.  You are out of the position icebergs is a very different thing so icebergs you're looking at Hidden orders in the order book Okay, and that that only works on the CME group futures with rhythmic data right now Okay, and you know those those are larger players They're hot they don't want to show their liquidity in the order book They don't want to show like I you know, I have a hundred and eighty four coins down here They don't want to see that They they want to like, you know, maybe kind of be hidden in here So that they can get filled without trying to scare the market away Okay, because a lot of times if you see a you know a very short-term high Shift in in the order book here A lot of times it repels price away. So if they do that, they're not going to get filled They'd rather use a hidden order, which is an iceberg order. So only the tip of that order fills one little piece at a time And so that's the tip of the iceberg all right anyway Really you had issues with rhythmic. I'm Oliver. Well, I mean that's this is something that Yeah, okay, so we'll get back it back in more into the analysis here. That's what someone is asking here Motion vista and that's what we're here for. This is the kind of education we do every day. We go through What's going on in the in the order flow and then give insight to where we think price is going to go next? Okay, so well, we're getting some buyers back up here after trading that 500 here. They come And now I'm kind of curious here. It's a nice cluster of buying and we already see 10k liquidations up here You know, I need to see a little bit more if this is going to break out and continue on up Right now that you can see this guy pulled his liquidity up here just in front of this 800 area and Yeah, I mean Right now it's just a very very typical move to the other side of the range here But there's in the market structure in here Let's just go through that quickly. What are we seeing in the market structure here? Well, we made kind of higher lows in here and we made a higher high here as well So let's see if we can get enough buyers in here. Now the cluster of buying looks good here We want to be very careful though with this because Here's why In this section here look where this cluster is taking place. It's up here Buyers are they're getting liquidated up here. Hey, here's liquidations up here All right, so maybe the market has probed up here. It found liquidations. It's not finding new buyers It's finding, you know buyers because their shorts are being closed So that might be an opportunity for sellers to come in and trade right back down to 500 here All right, so we're open to that scenario. We'd be looking for sellers right around here around 610 Maybe a little bit lower 600 right and then and then trade trade down to about this Yeah, well at this point not not just 500 29 500 we look a little bit lower maybe 29 450 All right, so We're not getting those sellers at the moment, but we're looking for that though that potential scenario here Okay, we're starting to see a little bit more buying and if we can get a little bit more buying up here now Then I would be looking for the breakout Okay, I want to see them. I want to see the buyers up here around the 650 660 area Right and and well, we're reading the order book here We're reading here's here's our here's our answer on this on this rotation here Look at the buyers up here. I don't see any green dots. In fact, I see some red up here All right, so now do we get sellers back down at 600? If so then we can rotate back down into our 500 now There's the could be down at 500 and this is how we read the order book in here we read read the Transactions as well as the order book and the market structure here now, you know, we're only talking about you know a hundred dollar move here But let's see if we can get it. I'd be looking for it Because we we rotate it back up here. We didn't find buyers So let's see if we get sellers here and let's see if we get our push down here Look at the liquidity on the offer here. Now. What's the reaction to this liquidity on the offer? Do we find sellers? Not so many right now So that's the context we're reading in here And then looking for that kind of shift. That's a start to unfold Yeah, we'll see if we get it Levy like Liquidity is longer term liquidity acts like a magnet typically Right because that's where the market can trade When you get there's like very short term high liquidity like we're reading in these little pockets in these areas in here That's something different And and usually that means a very very high supplier, you know high demand in here See see look at how we were looking for our sellers. We didn't get them. We're getting our buyers back up here Okay, so and that was one or two scenarios here one or the other we're getting our buyers here I think they've got enough here to trade not only into to 680, but I think 700 here Hey, because we did we did mention like this this market structure here You know, it's making you know higher lows in here and and higher highs So I think we got it now looks pretty good looking for the breakout up into 700. Maybe we can get up into 800 800 let's see what else is in the order book up here. Okay. Yeah, we have you know, 30 30 K up here as well Okay, we might might get a nice move now look see the buying pick up here again This is looking good. We'd be looking for the breakout. All right now. This is not a trade recommendation It's just reading the order flow Now there's a few other things in here that would make this higher probability It would be great to see high liquidity on the other side here on the bid Okay, a lot of demand and then that repel price away right now. We're not getting that really And there's a little bit right now coming in Very very aggressive here, too. Okay very close to price one tick away And and see how these guys are staying in the order book at 700 Okay, well it would be it would be higher probability that this would go Up to a higher level if these guys pulled that liquidity And we found more green dots Right, then those green dots here are these these market buy orders They don't have to tangle with any sort of supply on the other side price can zip through that area rather quickly But see how these guys they look looks like they want to they want to sell they want to be sellers up here They're staying in the order book. We're reading their intent in here So we're looking for the breakout, but let's see someone's gonna win the battle here And they're see how this guy pulled here See how he had liquidity and then he started to pull it So that they're up here at 700 instead All right, we're finding our buyers. Let's see them take on 700 And let's see if they can trade through it here now. It's not it's not a whole lot of liquidity It's you know, it's yeah, it's not bad. It's 230 coins or so At 700 it's not bad But see how these guys are down here at At 660 with 185 coins or so so we're right in between these two areas of high liquidity And we're trying to read and assess like what's gonna happen here Bicide looks pretty good here. There's more buyers than there are sellers at the moment But we need to see really want to see these guys pull this liquidity here and have these buyers come up and Float through this area here And see see the order books becoming stacked now on the offer. So this is not high probability It's as simple as that We're reading the order book here and then that's it's not really doing what we're looking for And look what happened. No, we find sellers. All right. Great. So we're finding sellers Now, let's see them bring it bright back down now. This would be a quick scalp to something like 600 here Because we're not finding buyers up here. These guys stayed in the order book in here Up here 700 so, you know, it's really back and forth in here right now And we're trying to gauge and understand like the the context between these buyers and sellers in here Look at this again liquidations up here 22k so it's still finding You know liquidations up here, yeah the These areas of liquidity in here what it really depends on the market conditions sometimes you'll see like that, you know Maybe there's you know a couple hundred coins and it's no problem See here here here come the buyers mounting their attack again here Into 700 and they just transacted into 700 Okay, now they're pulling now it now we have a straight line here if we can get through So a little bit more buying at 700 there it is we should be able to break now into 800 And you know just just looking for these buyers to carry it on up now. Okay, they've they've kind of won the battle here Right, so we're looking for them to try to probe and extend higher and and hit more Liquidations on the other side here, so we only have 81 100 so far. I want to see thousands up here. Let's see here other questions Volume is the aggressor is what moves price here, right? Because what happens is is they continue to take liquidity the aggressor You know you hit the market buy button you're hitting into liquidity you take enough off of one price level There's our move guys That's what we're looking for and and look how you know kind of catastrophic that move was how quick it happened Right. This makes crypto really challenging. I think to trade Because you know, we're looking for it. We're looking for it. We kept on you know We thought in here. Well that we didn't find the buyers We found some sellers in here here They mounted their attack again and then in here We liked it when they started to pull that liquidity in this area and we found more buyers in here Looking good and then nothing in here nothing no insights all of a sudden the market buys come in and then we get the move higher like this Okay, and then looking for this to continue now. Let's see if they can get a little bit more buying up here at 850 and let's see if we can get A bit a bit higher. Maybe we can get up into our our 30,000 here and you can you can see here Same same ideas that we just covered. Okay, so this is strong consistent buying and nice liquidations as well actually not so many and Now look at look up here, here's the retest Where are the buyers here? If this is gonna be kind of like a Like a bull flag like lots of buying and then takes a little bit of a breather here And then buying resumes again. That's what we'd be looking for and we didn't get our buyers here We got zilch up here. Nothing So, you know, let's see if we can rotate again up here and get those buyers And then we can get our breakout and then be looking for 30k at that point So anyway, you can see we had a little bit of insight in here And and then we just had this really quick move Okay, but but our bias here was was to the long side due to this context between these orders in here In the order book and the way they were reacting to the the green dots in here the aggressors the market buy orders Let's see more questions in here. Sorry guys. I'm just trying to I'm trying to keep up with the questions Bird I think I've answered your question about the, you know How price moves up and down like this, I think pretty pretty clearly I mean if not, I'll go over it again. No problem, but it's this context between buyers and sellers Okay, or liquidity Limit buy orders versus market. See see how that we're still looking for this to go higher and they pulled that liquidity here See how they pulled it away at the last second And now do we get buyers here? Yeah, all right, so they should be able to push it into 900 See the buying coming in right here See them there. They are again. Let's see a little bit more. Nope Now now see how they have to chew through that and they did so we have buying pressure in here So still looking for 900 Now this is important to cover here That although, you know, this is kind of like hyper scalping But this dynamic here in mark market micro structure Works on all time frames. This is how the market works in general It doesn't matter what time frame you're gonna be looking at here So it is the orders that move the market It is the orders that makes up the market without orders. You do not have a market It's as simple as that and this dynamic on these very small time frames here work on much Higher time frames. So let me take a look and show you another product of ours Called bookmap web and I want to cover Higher time frame analysis here. That's that's correct Bert. Yeah, so the market The aggressor is the aggressors versus the passive orders So the passive orders are the ones like when you place a limit by yourself, you're saying I will I'll trade with you I am willing to trade but only at this price level And then that's it and that's why you can see you see how these guys they put their liquidity And now these are this is algorithmic activity because they they're able to very very quickly move that liquidity around and Add it pull it at it pull it etc. And you'll see some of these algorithmic patterns in here with some specific orders right now You know these guys they look like they wanted to be buyers and they pulled it So, you know that answers that question did they really want to be buyers in here and the answer is no You know if they did want to be buyers They would stay in the order book like they did down here these these sellers in here They stayed in the order book and they transacted here the transaction is taking place right into them So these guys got what they wanted Hey It might have been a position to close maybe they took their profits up here It might have been they wanted to get short there whatever at 700 here Hey, whatever the case is we just know that they they transacted All right, so let's see what's what's happening here. All right So here's our here again is our exhaustion up here We're looking for that kind of bull flag and that continuation here. Look at this See how we had a lack of buying here looking for sellers to try to drop it maybe down to here 720 Hey, this this here and someone that talked about reversal pattern on a very small time frame. This is a reversal pattern Okay, this is kind of like a little mini double top or even a triple top They tried and and got some buyers here none none here none here Looking for sellers on the other side looking for the drop that back down and maybe test where these buyers broke out from Okay, and there's already liquidity down there There they want to be buyers down here. Yes. We do offer a lifetime license Jose so You can go to book map calm and in the pricing section. You'll see that We do have some giveaways as well on what we have a 30% discount on Is for first time and it's only for the monthly. It's only for the first month in fact 30% discount. So, you know, get you get you in the door with the discount. See if you like book map It's for a global plus subscription. Okay, which is about a hundred bucks. So you'll get it for $70 And that has all the bells and whistles All right. Anyway guys, let's let's continue on here. I think you get the idea here We were looking for that breakout. We got it And we're still, you know looking for continuation of that breakout We're just looking for a small pullback at the moment here that did unfold We didn't it didn't come down here to 720 though Okay, and now we're back up here again. So we've rotated back up again Now I'm looking again for buyers up here and I'm looking for it to break out into 900 920 And I'd like to see it come up into 30k up here Okay, so we're looking for buyers up here again Right, we got our rotation this mini just in the microstructure. That is a reversal pattern And and the move back down here I wanted to see a bit more of a continuation here. We didn't get it We're back up here here our buyers see them pulling that liquidity at 900 great Looking for buyers to trade into it through it on up to 30k Now I would love to see more liquidity here on the bid Showing buying interest and demand here And they're not they're not I mean they're they're they're at this level here about 800 And there's a little bit. There's a little bit right there 840 what's the reaction buyers great. Let's see them trade now into this liquidity here I want to see I want to see buying pressure trade into it here I want to say I ultimately would love to see these guys pull that liquidity. That would be great That would give us more insight Okay to the move into 30k All right. Anyway guys, I don't want to get into too much minutiae here on reading the order flow In this I mean, this is what we do every day in our advanced education. It's free Just come to our youtube channel subscribe to it and Yeah, we We cover This all all day long basically Yeah, we're just not really seeing too much of a move here. Well For for the time frame right now actually if you look at All of this action in here. We're actually we are we are catching a bit of a move in bitcoin Which is which is nice. It's just really not much of a move Anyway, that 30k looks pretty good up here. Let's see if we can get up there Look at the liquidations up here 221k So a lot of people are getting stopped out up here or liquidated up here That's that's pretty amazing If you have any questions about this liquidation indicator, let me show you where you can find it Okay, go to bookmap.com And then go to the more button here And then click on knowledge base the knowledge base is the go to section for our user guide that throws you into the user guide section Right here, but we want to go to the add-on section. So click on that And then now you're in the add-on section and all the add-ons are here in the left margin So click on liquidation indicator down here at the very bottom and that'll take you to that section And then the right margin is showing a breakdown of what's in The article here. Okay, so if you want to watch the video. It's here. It's six minutes long You can read about how to install it just click on that and come back down. This is what's required here Okay, you need to have a 7.3 build 26 or higher for bookmap And then you can download it right here And and then this is it shows you how to install it etc A note here see how Number three here it only connects or only works For these four different exchanges for cryptocurrencies. Okay, but all the instruments for these four different exchanges Binance futures bitfinex ftx and bybit okay All right guys still looking for that move into 30k and we're almost there still seeing buyers here and Yeah, let's just read this a little bit more Yeah, so see how they even these guys they did not have the intent to trade they pulled at the last second They looked like they wanted to it kind of kept the cap on price from going higher And then they these buyers came in and they got out of the way And we have more liquidations up here. So it looks like it really wants to trade 30k Yeah, there's an algo in here is kind of keeping a cap on things as well Looks like he he's willing to get out of the way pretty quickly here Yeah, so let's just see it. We need the buyers just to hit into them looking for it There we go, and let's see 30k Now immediately pulls back to where it broke out from Got to find some support here in the order book. They are they're here at 20 and 30 here 9 30 9 20 And now we need to get our buyers back here at 9 50 and then the move higher There look at see see this more demand here and see the reaction to that demand Buyers, right? That's what we're looking for earlier this this right here What was what was the reaction to high liquidity here on the bid? That's pretty aggressive And we found buyers A little bit more. No can't do it a little bit more up here was at 9 60s where we need to see it And then we'll probably get the move See the structure in here And the buying looks pretty good in here and then see how it's just kind of dried up here We're not finding any buyers back up here at 9 60. Now we are Yeah, now now we'll get the move I want to see a break above it here too. I want to see there's even more buying pressure to kick through this 30 level Or a 30k level Maybe up to like 200 100 200 400 up here 300 all these areas that at the hundreds there's our move into 30k guys That's what we're looking for and and we're still looking for more, you know, still looking for continuation here There's still quite a bit of buying in here Okay, now we need to cover the other is the big figure obviously Clearly How we need to cover the opposite scenario here So this could be trapped buying back up above this area in here. And what would that scenario look like? All right, let me get the pen out and I'll just kind of draw it up This is what that scenario would look like sellers big sellers in here. Let me get the different dot okay Red dots down here where it broke out from Red dot another red dot Another red dot pulling that market back down Okay, we'd look for that scenario and then where where might it go? Okay, well, we look for other areas of high liquidity As well as market structure Okay, so down here to 850 would be a good area Okay, see how this is that's that scenario starting to it's being tested here and if we get enough sellers in here then Likely we will get down to like 850 We could even come back down to here where the liquidity is down here Around 700 or or 670 So anyway, that's what we we look for in the context and we go through these different scenarios and start to understand the context in these scenarios in here Are there any questions about this is this um, do you understand what I'm talking about is is it clear? that What we're looking for in in the In the order book this context here now the liquidation indicator here is giving us pretty amazing transparency And and look on this trend up here for example Then this is very typical from what I have seen with the liquidation indicator If you if it if the market continues to find liquidations at higher highs it will continue to press Look at this pullback and look at the measly amount of liquidations. It found down here at this area right around in here You know 2736 that's nothing All right, and now it only found 570 up here Okay Someone unlucky guy in here, uh, and then gets liquidated here. Um So there's there's a potential here for to reverse at this point Did we get sellers down here? No In fact, we reverse back up or we rotate back up when we get buyers in here Therefore we're looking for the breakout And we got it Okay, and now we're looking for that potential of sellers over here and then them dropping it back down Uh, 850 is what we first said would be the first target Okay, that has just about unfolded it came back the at least the best bid went down here to 860 Transactions happened at 870 All right, so again just reading the order flow in here now. Did we get any liquidations down here? That's a whole nother question. No, oh, I'm sorry. We did we did we we only we only had 2700 again. All right, well Can't can the market find more liquidations on the upside searching and probing for those those, uh People that are short and and to liquidate them that they're They're compelled to to uh to buy And that's what we'd be looking for And we go through these different scenarios in here and again like I'd mentioned this works on all timeframes It's just good to go through this uh in our in our education. This is what we do all day long Uh, we go through these different scenarios on these low timeframes so that you can extrapolate this information See it in real time and start to trust it And then you you can move that though And extend this education to all timeframes. Okay, so Let's take a look at something in here. Uh, I wanted to show you Uh, and that is book map web Uh, and then I want to also go through another point in here and talk about, um The sweeps indicator and show you Book sweeps also with liquidations Okay, so hold on a minute Yeah, here we go All right, so you can go to web dot web dot book map dot com Uh, and then this is uh, this is You know, it's it's it's open. It's free. It's running. Uh, and uh now here I have uh, I'm looking at a month of data here Am I now I am okay So, uh, and here's the big move to the downside as you guys can see And then look at all the chop and back and forth in here And look at the move back up in the market structure here if everyone can see that We have new drawing tools in here, uh with the, um Let's see. Where is it? I know we do Here they are All right, so let's take a look at this See this big huge area here Okay consolidation Let's go to the current market Uh, and now we're going to try to read the order flow on in this, uh example here as well Uh and You know take take a look at what's happening in some of these areas in here And uh, you know, basically what we're what we saw Oops What did I do here? Okay, so You know, we're looking for buyers up here, right? Well, you know We've got this is much higher time frame kind of filtered volume in here We're not seeing many, uh buyers up here at all It's mostly selling in here and again selling down here right now in the current market Okay, so that that bodes pretty well for what we've seen just the last couple last couple of days This moved to the upside here and the move right back down On the higher time frame. We're still looking for this to go a bit lower here Okay, you've even made a lower high in here and look at the high liquidity at 32 000 up here Right right in there So, you know, they're they don't want to tangle at all with this high liquidity in here And what about liquidity on the bid down here? Well, there's some at 29 000 here and then down at 28 You know, there's quite a bit more down here around 25 And they've been in here for quite a while You know for for the month Or for a month Okay, so our higher time frame analysis in in here is not it's not bullish at all In this structure in here, we're looking at the market structure The price action back and forth and the volume within it and then look at the heat map within it as well and you can clearly see that uh The the the heat map here No one wanted to tangle at 32 000 And a market veered away from it and found more sellers down here All right, so now that's looking at this monthly chart now we can extrapolate that data into today as well All right, so here's our move higher and on this on this time frame. We were bullish Uh and looking for this move to the upside Now if we want to align these in here, we'd be looking for sellers in here now And this is not a bad place at all right right now right where we are is to find some of those sellers Okay, look at look at we talked about this uh this scenario here. We traded 30 k Up here liquidations trap volume Move back down looking for sellers right here Right now at this area here and then the drop down to 800 Uh, and then this could actually now that we're going with higher time frame analysis Well, then then we could look for a higher time frame move Okay, this is this bullish move that we saw here was counter trend for the higher time frame So looking for our sellers right here right now And see if they can drop it down into 800 And then like uh boy, there's not a whole lot down here But the next one would be yeah somewhere around 700 and then down to 500 here Okay, bottom of the range Uh, and then we zoom out and we can see that Yeah 29 500 And then down here Below 29 000 All right, let me get back to some questions here A book map web is is a separate product from book map david It's free. Uh, just just go to web dot book map dot com Bitcoin loves the stop hunt No no doubt about it drew No doubt about it and and the liquid this is where that liquidation indicator can help you quite a bit Yeah, and drew in terms of like, uh, you know, uh bias I'll tell you I mean like, uh What I have found Is just Not trying trying to really be objective and not bias The more that I can do that the more that the chart can tell me Uh, where where uh where a price wants to go Okay, that's why we go through the different scenarios Uh in our education guys, we have an educational course. It's online. It's free Um, it's on our youtube channel Uh, you can look for it and uh, you know just scroll down a little bit and you'll see it in there and then one of the playlists It's four parts and then we go through this kind of analysis in the live market every day Uh to support that education Uh, and then we look at these, you know smaller moves smaller timeframe moves just so that you can you know kind of Understand that education in real time And what to look for and then like I said then that can be used You know like what are we going to cover if we You know if you're looking at 32k up here over the last several days um And uh, uh this liquidity and no one wants to tangle with it Right. Well, you know, we got our answer now obviously in hindsight Uh in the move lower here All right. So, uh, anyway, um any questions on market structure, uh, and what I mean by market structure I don't know if that's been uh, uh quite, um Clear, uh, I haven't maybe defined it too well. What I mean by market structure Is if we take a lot of these elements off the chart right now, let's clear our drawings Uh, and then take also we'll take off the liquidations as well And we'll take off also the volume dots and What uh, here we can go up here What I mean by market structure is basically this We're just talking about price action and and um, uh areas where it consolidates and breaks out or trends Uh and reading that uh or understanding that structure. So here Is as we started this webinar was, uh, you know pretty pretty big, uh structural element in here Just we weren't looking for much during this webinar. In fact, uh, and we we were lucky We found the the buyers up in here and we're looking for this breakout and the move up into 30k up here, so, uh The um But the market structure is this Sideways consolidation lots of price action lots of volume if you're a volume profile trader in here Then you understand that there's this is an area in here. Um, that um, uh is um Where price seems to be um, um, you know, it's a value area basically And we can see a little bit of a shift in that value area right here See at the 930 cash open hit on one side hit on the other and this is where we we started off the webinar at 10 And we're saying, hmm. Okay. Well, it did make a higher high here and it's making higher lows in here All right. Well, if we can get buyers up in here, we're looking for the breakout All right, so uh, and we're looking for that scenario to unfold so and then The the break here rather catastrophic and then we start to get some back and forth again Uh, and we can take a look at it here. So here's one see this little area of structure here that sideways consolidation Look how nicely it broke out from that And then made this area of consolidation up here Now we're going through that scenario of can we get more sellers in here And try to trade back down to the bottom of this range here Okay, and that would be the first test Okay, so we'd be looking for that move down to about 800 Just by looking at bespin offer streaming back and forth in here All you trade is bitcoin and ethereum. Okay, uh drew Sounds good. Uh, no spot gamma. Um, uh options. Um, it's They don't offer that All right guys. So we're looking look at look at what we're looking for Okay, and it's just unfolding right now Okay, just and this is just by understanding market structure Okay, and the move back down to the bottom of the range here Okay, or that potential scenario now, what do you think is trading in here? What do you guys think and this move down here? What would you be looking for in here? Come on. Someone's got to answer that one What would you be looking for here right around this area in here? In bitcoin No Not more buyers You're not being sarcastic. Are you vn? We're looking for sellers We're looking for sellers in here. This is what this is remember. It's the aggressors that move the market So we're looking for our sellers to move this market lower Okay, now they're the buyers are retesting it back back here again And they're just testing and probing this area. Did it accept up here? So let's turn our volume dots back on and we're just going to look at volume dots and market structure So here's our sellers And we know that we know that they've got to come in here to move the market lower like that And then here's our buyers on the other side trying to trying to probe and retest back up into here Now what we're going to do is we're going to turn on the third element here on the book map chart And look at the heat map Okay, where are the limit buy and sell orders? Where's the liquidity? Well, there was some here at 850 and it traded it transacted and went lower It didn't trade into this 800 liquidity here. We got a little bit of a bounce back up to 880 or so and then again Looking for let's see if we can get more sellers here again right here and then the move back down to 800 Yeah, just by the move Uh Mercedes that there has to be sellers in there Uh, I mean, I guess, you know, I guess technically there don't there has to be a few sellers in there Um, uh at least of of of course, uh, but um You know, that's just typically how the the market, you know Works and in fact now we can look at another thing in here too and this we go through another scenario in here It's getting kind of interesting now Here see this the selling in here They can be upended If we get buyers back up here and we'll get a short squeeze now watch We'd be looking For liquidations up in this area up here So back to 30k if if that scenario unfolds and it it could be a good one Uh, we don't see and we've got to turn our liquidations back on Yeah, I don't see many All right. Well, I'd be looking I'd be looking if if that scenario is going to unfold they're looking for buyers here Starting to unfold look at the book. This looks good. Look at the flip of the order book. See that Let's see if we can get our buyers in here and back up to 30k Okay, now watch we should get I would assume That we we're going to get liquidations up here Because we've got some of these sellers in here And see how we're above those sellers here the most part Okay, so, um, yeah did not it traded back down to this area here And it traded back out and we're finding buyers up here right now Okay, and let's see if we get our squeeze here our liquidation Up into 30k here And you know what? I would love to see it be a really quick move here, uh as well And then just this liquidation indicator here kick off with you know tens tens of thousands or so See how that's playing out right now. See how it's probing testing. See how we're starting to get some already up here 5200 Okay, we want to see more we want to see a lot more Well, the liquidations here vn is we're looking at in in in terms of liquidation um is You know, it's not it's not a um a signal whatsoever Okay, we're looking for it as a as a confluence Okay, just like we're going through and and outlining. Hmm. All right So if we get down below here, we're looking for the move down below We got it and then these guys can be upended if we can get back up above them and then get them to be squeezed up here So we only got a few and we did not get the fast move we're looking for we only got a few Uh, and uh, but it's not it's not over yet All right, we're still above that area here And we're still still finding some buyers in here Uh, uh burt can price be controlled by by adjusting the spread absolutely Well, I mean you know if If it's a really thin market that'd be a lot easier for sure But someone can just jump in and just say like oh no, I'll be I'll be a buyer in front with a you know my limit buy order in front of you And that's what makes up the market Uh, so that's a good a good point here. In fact, we can even go over this here like how these markets actually work uh and understanding volatility And uh, you can see this in here. I saw it at seven o'clock Boy, that's a that's data loss there So market kind of disconnected for me, but there was something around seven. I thought Yeah, was it here or was it was it? Yeah, maybe it was uh It was uh ftx. See look at this look at see this liquidity in here pulled Now this is not the same player. You know, uh, these are multiple players and they're kind of following one another That's why you're getting this kind of crescent shaped Our arch arc Is they're they're pulling the equity and then someone else is reading it and kind of pulling up here And then they're pulling but a little bit later a little bit later Right. Uh, and they're they're they don't want the risk. So there's maybe something some event here Maybe some geopolitical thing. Maybe someone's speaking. I don't know whatever it is. They pulled a lot of that liquidity from the book I see how dark it got in here now Because it's so dark in here This is the same thing as basically um widening the spread Because it's just a much bigger picture of view of it Where's where did the liquidity stay in the order book? Well, it was down in here in this area Or here as well right here at 2900 uh thousand See how they stayed in the order book. Well, what does that mean? It means that These sellers if they did come in and and start to hit the bid This is where it's can easily go Back down to Hey buyers, they would they could easily come back up into these areas up here And wherever wherever the uh The equity it it's just simple. I mean it's not it's not really complex stuff Uh, this is just where the buyers are The rest wanted out of the market Okay, so, you know, you can read all all of this uh here In book map and you can see this kind of behavior several times in fact Now we see this in s and p um and uh in the nasdaq as well You'll see these kinds of um areas where they'll they'll be pulling that liquidity and adding it back in And it's interesting stuff All right. Well, let's see here. I wanted to go through um, so let me know if you have any questions about the liquidation uh indicator And uh, you know, we can show it on the on chart here, but also in the sub chart here these spikes Uh, and guys, we're we're still looking for that move into we're up. We upended the sellers here and see how we're I'm looking for the quick move now though I want to see buyers up here and I want to see the quick move and the spike Not only into 30 000. I want to see it up higher Here and I want to see a lot get liquidated.  So this is finance futures Uh, here's ftx Okay, uh liquidations also work for ftx So let's dim the heat map here for a moment and look how many we have in here Not so many, right? Uh, we have a lot more here in buybit Uh, what about uh, bitfinx? At this moment, I don't see any in bitfinx So just a simple question. We'll just pose the question here for um, here's our move guys I'm looking for a really nice quick clean move back up above above 30 k here We'd love to see it here a quick one The starting to see how the liquidations are picking up. I want to see it press higher I want to see it really kick off a lot more um, so the um Uh, what was I going to say the liquidations um Why why do you think we're seeing so many here in and and finance futures? Compared to some of these other exchanges What's what's the difference? I mean so many more than like a bitfinx. I mean 100 more Oh, yeah, good, uh, moscidian. I'll I'll go over that. What what does it mean in here? Um, so this slash in here Yeah, Bert exactly. I'm more speculative, but it's it's leveraged Uh, and it's kind of showing you here that people are over leveraged Too many retail traders. Well, I guess that's uh, uh, potentially the uh, an answer as well but It's a leveraged product and and um, yeah, people are either, you know, kind of gambling with it, uh, or Just really mismanaging their trades or just not understanding leverage So you've just seen liquidations all over the place Okay, so the slash what does the slash mean in here, um, it's the number of events So here we have 7305 in dollars And then slash six. So let's zoom into this area here So it means six events now if I zoom in here I can actually look at each individual event and here they are So now you don't see a slash in here, right? You see 27 or 23 74 Uh, 10 82 150 16 53 Uh 15 64 and 481 No slashes. So these are each, um, uh small liquidations in here All right, now I zoom back out and see see how it aggregated these four into, um And it gave a total here aggregation of of 52 six 60 with four and then here's another one here of uh 20 45 for two and I zoom out a little bit more And now I get the slash six for 7305 Yeah, yeah kind of I mean reading the order flow is kind of yeah It's kind of like reading the the matrix. I mean like I mean, uh, how do I want to put this, you know, it's just it's really actually It's it's pretty simple stuff here You know, it's not rocket science. You you have to kind of almost unlearn A lot of things that were taught there. They're just so wrong Uh, you know looking at and relying on heavily on indicators, uh, or, um You know not really understanding these markets and that's what I'm trying to get at here Um talking about market structure, uh, and then looking for these moves to unfold due to the volume In the order book within the market structure All right when we when we can read that Then we look for the follow through now this one followed through this one thought that doesn't always happen And this one followed through pretty pretty well I wanted to actually see well, we got 16 k up here. Okay, we were looking for that into 30 into 30 k up here And I wanted to see it break further though than that and we didn't get that so it's kind of stopping at 30 k and um And then starting and we're starting to find sellers back in here, but these sellers now watch them again You know, they may get upended and squeezed They'll be upended here Where they started to sell Or maybe they take control here as well right in here Uh, and then really start to move this market lower now Now but they would be upended here Okay, that same move that we saw to the upside in here right in here We're at at this uh 860 area here where they were going to be upended and we saw the buyers above it The same idea same concept here This cluster this is where those sellers will be upended All right, and then they will be squeezed and then we'd be looking for the move back up into here All right, so it's pretty pretty simple stuff Uh, and we just look at the condition of the of the auction of the order flow here Uh, and like I said, this works on all timeframes Okay, we can go to um a bookmap web We can look at a 15 minute chart in here Or was it 10 minute here Okay, I didn't even talk about multi book nor did I talk about the sweeps I would like to go over the sweeps with you guys See how the sellers see at this point here sellers still remain in control See how they've taken control here and they're they're moving this market lower All right, so if that's the case then we're looking for 29 800. They're not getting upended up here We're not finding any buyers. They're not even coming close to it yet Now they may but I'm not seeing it yet. So I'm looking for continuation into 800 um So the um what I wanted to cover here and it's too bad that we don't have stops and icebergs as well Uh, that would be beautiful But we do have the sweeps and absorption indicator in here and it's the sweeps I want to cover and what the sweeps are telling you Okay, we're talking about order book sweeps and I'll show you what an order book sweep is as well Okay, very very simple indicator Uh, and it's just showing within a very small time frame That a lot traded very quickly Uh over multiple price levels. So let's put in three three price levels here. Okay, and then let's just um Oh, that's fine. We can leave liquidations on here But see this is this is what I wanted to cover see how this coincides with liquidations Hey, here's the here's an order book sweep up here. Let's take the liquidity off Okay, it's these um kind of dark green. Um Boy, they're both dark green. Uh, maybe I'll change the color here really quickly All right, just just for kicks we're going to make it kind of orange Just for now All right, so these are book sweeps to the upside and see the the orange, uh square See how that coincides with liquidations here So it's an order book sweep. What's an order book sweep? Let's zoom in This is an order book sweep right here Uh, you can't really see all the green dots in here unless I make them bigger um Because they're hidden by the uh indicator. Um See how it's nothing but buying in here. There's not one cell in here. This is a very quick move And we can see how much traded here very very quickly within that 0.01 time frame And we had two events 98 coins followed by 48 coins Okay, so it took a little bit of a breather here and then it and then it moved again And that's why we're getting two different reads in here an order book sweep is when You get nothing, but like well, yeah for the most part nothing but buying or selling And it just triggers typically a lot of stops to the upside So one after another is taking all the liquidity from one price level the next price level the next price level, etc And it moves the market higher Very very quickly typically All right, and that's an order book sweep And you can see best bid and offer update after that And that's what's happening here. Okay, trade data and then order book data updates All right, so now that coincides with the liquidation indicator I mean, how much more transparency do you need or do you want to see And just to get these points across about the random walk of price And how it triggers You know sellers or buyers that are are forced To sell or buy okay and in these rotational markets how you get rotational markets like this Okay, so these two coincide Uh, and they're they're very different things in terms of market structure Very different and order order book sweep is a very very quick move over multiple time. Um, I'm sorry over multiple price levels In a very very low time frame Okay, nothing but buys or sells That's that's moving the market very quickly And that is indicative of a stop run many times It doesn't have to be could be someone that just came in and maybe they just hit the market sell button really quickly And they were a big player That happens And that's not really an order book sweep. That's just a A trader. He's moving price against himself. Oh, yeah. Yeah. I mean sam bankman is um Uh, yeah, I mean, he's he's you know making making markets No, no question providing liquidity no no question Uh, you know in a very very different scale. I mean, uh, you know, um Very different scale, um Who are the typical common or a common market part participants running sweeps and stop stop hunts? Um well, it's uh I mean the stop the stop run Can happen without a large player Uh, that that doesn't doesn't matter it You know a lot of times though Like, you know, you maybe you get someone kind of like kind of move the market toward a direction now Look at this. Look at the sellers coming in here guys See how sellers are still in control from this point onward See that even this retracement here. This is where the sellers came in. This is the key here All right, and they're still in control Okay, I don't see a whole lot of buying in here right now. I see more selling than I do buying Okay for this very small time frame. So we still continue to look for it to go lower here 800 29 800 And now let's look at the heat map though. Where's the liquidity? Okay. Well, they're they're down here at 800 So we're looking for the move down into 800 Okay, it's an order book sweep already All right right here And I'm looking for the liquidations as well and they are right here So there you go and this confirms it like, you know the market probing these areas Sweeping the order book down and finding Sellers here that are being their long position is being liquidated by the by the exchange And that gives a lot of insight to how these markets actually operate All right guys, let's see. I gotta I gotta Go over some more details and questions here. I want to put the Question or the promos up here as well, so you guys can dig into that the Where is it? Yeah here Okay All right, so if you guys are interested in book map We were offering this until june 13th here The 30 off it's for new anyone that's new here to book map So a new monthly subscription. It's only good for the first month And then this is the code here Okay crypto series 30 off. I'm going to put that into the chat for you guys you can So you can copy and paste it There you go. And then and then we also we have another contest going on Along with this discount So You got to go over to our discord Chat room though in the hashtag special events area here And then type in the code cws to enter and then here's the link to our discord chat room I'm going to put that into the chat for you guys as well There you go Oh, I'm sorry. That's that's the same one. Hold on a minute I'm getting there there you go Stupid bear there's there's no way to know where liquidations are Before they are triggered the same with the stops In you know stops in icebergs for the mbo data for futures only though There's there's no way to know that once they start to transact then we can we can ascertain What's going on? Okay, the same with liquidations. We don't know that But you can the one thing though that is really nice about this liquidations indicator is Guys we're looking for that move into 800 and and not only did it do it and went below it here Okay, and quite a bit of selling coming in So, you know sellers still remain in control here Okay, hold on a minute here. This is getting a little little too noisy Okay, sellers still remain in control from our point right here At 29 940 they have not been tested by the buyers And we just see more and more sellers in here All right, so they've already traded back down to this cluster over here Let's see if they can would love to see them trade down to about this 700 here Okay, this is where we watch that whole move kind of break out from they can even get down to like this kind of 640 area here lots of liquidations on the way down as well Okay, so it probed it tested it found some it's probing testing the other sign is finding some as well Let's see if they can continue to push it Here's what I wanted to cover on on that question. Do we know where they are? Look where they are though. It's it's kind of sad to be honest. They're all at the extremes almost almost always almost always So, you know, you can start to develop all all sorts of things to study and maybe Move into a a potential strategy for yourself by understanding liquidations Hey, uh, like nick talked about liquidation divergence This is something I've noticed as well You look for maybe a retest of something and and let's suppose it retested back up here and it didn't find 16k It found none Or let's say it found 700 or seven seven thousand 300 and 16k was over in this area here Well, the market probed higher and didn't find anything or found very little So then we'd look for well if if it's not we're not finding buyers over here Uh, you know with their positions being liquidated likely kind of come back down to the middle of the range And likely test the other side of the range And see if there's you know sellers down here in this in this area And being liquidated Okay, so start to notice some of these things and and and put together You know your own studies and develop your own strategies Because it's it's really amazing trans transparency into these markets And it's it's all right here in front of us All right. All right. Thanks guys. Thanks everybody for coming. Um, and we will Catch up tomorrow. We have j trader tomorrow with the crypto webinar series. Uh, let me get to that slide and Yeah, we have we have a j trader here He he's been trading. He's a stocks trader for the most part. He's been trading crypto for um, oh, I don't know something like Uh, I don't know four or five years now We'll ask him more tomorrow He's an excellent trader. So, uh, yeah Check that out and then we have um, tyler wilson on thursday at 10 a.m. And then at 1 p.m. On thursday We have a crypto lifer All right, he can't do it in the morning. So two we have two on thursday Uh, and then we have lined up, uh, tino from Traders reality on friday Still waiting to hear back from him on that. Uh, he switched from tuesday to friday So, uh, anyway some good stuff, uh, some nice webinars ahead of us here Looking for some some great, uh, education for you guys To take a look at all right. So if you like what what you see here, please give us a thumbs up and and like our Our video This really helps us as well as subscribing to our channel could be great And helps us continue to make these kinds of videos in in education Thanks for coming everybody and we'll catch up with you Tomorrow same time. Okay. Take care


Your commentator is Joe O'Brien. The United States goes to war. Offensive war, the kind of battle in which America and Americans always excel. Japan's treacherous attack upon Pearl Harbor flares like a battle cry, as fighting men of the United States surge forward determined to bring the war to the Japs. American ships, planes, and guns are rushed in ever-increasing numbers to meet the enemy. Meet the enemy shot for shot, but with a superior efficiency and a unified spirit, with a will and determination to win, to pay back in flaming installments for Japan's evil deception. Troop transports plow westward in the Pacific, guarded in the air, protected on all sides by the United States Navy. Sailors, soldiers, and civilian workers are rushed to reinforce the defenses of Pearl Harbor. Soldiers for United States outposts, sailors for the Pacific Fleet, Marines for land and sea duty, civilian workers for reconstruction. Great ships, once luxury vessels, now turned over to the grim business of war, turned their bows into the direction of war, carrying necessary supplies, men, and equipment to make America's far-flung offensive possible and lasting. In the vast, trackless Pacific, America's western fleet heads southward. Battleships, cruisers, destroyers, aircraft carriers, and men. Payback Pearl Harbor is the war cry. Tense watchfulness in hostile waters as our offensive fleet patrol plows through the southern sea under tropical skies. Battle stations are made ready to launch the first American naval offensive of the war. A United States aircraft carrier steams ahead. While below decks, Vice Admiral William Halsey, Jr. and his aides map details of the surprise attack. Their battle objective is the Jap-controlled Marshall and Gilbert Islands, halfway between Hawaii and Australia in the South Pacific. Final orders for the intrepid airmen who will carry the aircraft, final orders for the intrepid airmen who will carry the attack to the enemy shores, messengers sent by Uncle Sam to deliver devastating blows to Japan. Now from the carrier's radio room comes the command, stand by for orders. It echoes to the navigators on the bridge, and down into the engine room bells ring and the indicator moves to full speed ahead. Motors whirl as the swarm of American planes makes ready for the initial blanket of aerial thunder. Army crews rush bombs to the monster aircraft. Everyone has a job to do, a serious job for America. Now they are almost within sight of the islands mandated to Japan by the League of Nations, almost within range of the bases from which the Japs attack Wake Island. Sea planes aboard a cruiser are catapulted to take their place in the aerial battle line. Then comes the order, fire. Horizon are seen the dull green tops of coconut bombs as signals flash a hit. Modern Japanese light cruiser and an aircraft carrier suffer direct hits in the relentless bombing. These with 14 other Japs warships are sunk before Nippon's fighter planes get into action, and on the shore beyond, air bases, hangars and key shore positions are wrecked in the brilliant surprise attack. Black smoke billows up from destroyed ammunition dumps. Banks and warehouses are blown to bits as hit after hit is scored along the entire shoreline. JAP planes appear but too late. United States gunners have the range and pelt the sky full of hot steel. Two-on-JAP planes are destroyed, two large sea planes, 15 fighting planes, 21 bombers and three patrol planes. There's a hit and down the enemy comes plunging into the tropical seas.  The skies are filled with shrapnel. Here is a JAP bomber put out of business by Yankee Marksmanship. The enemy airmen points his failing plane at the deck of an aircraft carrier. A gunner sends a burst into the bomber and it crashes into the sea. There is sky war as rarely seen.  According to naval experts, this is the pattern of the war we must fight, eventually in Japan's home islands themselves. The conditions and hangars are destroyed. Ensure battery silence. Radio towers blasted and shore facilities leveled to the ground. The tanks explode. The Marshall Islands aflame. Homeward they turn as the smoke of battle rises. Homeward to report, paid first installment on Pearl Harbor.


Zelo, to je o ZDN-šeljelji, vsim. o ZDN-šeljelji, da se načalimo. ZDN-šeljelji je objev, ko je prav, da pošladje, in pošladuje, da bo tudi n-šeljelj, kako se jaz n-šeljeljk, in qeženje, z dvej vsej, zelo čevajščenji, je rekočenje, tudi, da to vsi rekočenje, Prenet fuel and fuel heating can join together and reconstruct the original message and then tau privacy. Tau privacy means that any set of tau minus one part is if they join together, they have no clue of what the second message is. So those are the two basic property so we consider this thing called tau, rho and threshold secret sharing and of course the optimal thing is when tau is equal to rho this is usually called tau out of n secret sharing In da je to tačne, da je tukaj lakšin, da je račnj. In to je kaj, da so tukaj zelo v Likteratur, ki je za veliko vsega vsega vsega. In da se je vsega vsega, da se je vsega, ali zelo vsega bilo vsega in nekaj vsega, in da je to veče pravne vsega, ko se pogleda Koumar, lastiara stok, in iznači je to, da je na pridon, kaj je za vsega vsega, Zato, da imeš tvoj skup in ovo je naprejveno, da se spetiramo, da se spetiramo, potem dočeš prijevam, dočeš, da pokazamo, na načinaj s bilo na pljamo, je dočeš prijevamo, tako se zelo načinaj. Nismo, da je prijevamo, dočeš, da se spetiramo, dočeš prijevamo, dočeš prijevamo, dočeš prijevamo, dočeš prijevamo, Kaj je zrčinil, nekaj nekaj zrčinil ga vzati vzati v možno. Zobr, da se vačem vzati vzati vzati. Učeč je, da vzati nekaj zrčinil, da je vzati, da se nekaj vzati vzati. Kaj nekaj da vzati vzati, da je vzati vzati, da je vzati, da se nekaj vzati. V izgledu je, da se nekaj vzati. Zdaj sem nekaj vzati, da sem nekaj, da sem nekaj vzati. poglednivate prič, ne ne vse te ne tudi. Zeloウs sedj, da ta nepodalječ ni. Sledač nešten ni pa zipila sisim, uvaj na potstre, pa je mi alča in z tem thatju, pa je mislite, da je pospeš negrana, katero se pripredno nekaj tega vresi. A velika srpa ne.  To je, da priproprečite vsi, in vse z vzduženje vzduženje, ki najsne zelo predljivoj. Tudi je nekaj vzduženje, da bilo ljudi v svačke, da vzduženje je zelo zelo zelo zelo zelo, in vzduženje je zelo zelo zelo zelo. Tudi daj smo se zelo zelo, da vzduženje je vzduženje. Tudi začeli zelo zelo zelo zelo. Profii. Šok, kot je tu proravne bolj. Proravne bolj je počurjene. Zato, čekaj 1 vs 1, ne natajPRIN, se nerve, malo pri updatedare, rečte, nekaj so proravne bolj. Moj počutek je, da izhleda aquarestva, ampunke, to, še prese, da sreče, pri určiti, pri určiti na pravistju, pri určiti na pravistju, pri určitvu, kar ga začem, Getting an experience in... And in this time tampering, is that an adversary can tamper function, he gets to see a message, then he can get another tamper function and he gets to see the message again and again. So we get unbounded tampering. This unbounded tampering is sometimes called continuous normality. Then we have adaptive concurrent reconstruction. in rekonstručno je vse površtite. Zelo, da imeš odpravljenj, počo imeš pristop, ali imaš počo vsezkega rekonstručnja. Mimo počo da imamo rekonstručnju, vsezko, z sedim, vsezko, tudi kaj nekaj vsezak je zrata, tako, da vsezak je zrata, barče informacije o počešku. In tudi, da vsezak je začala, Zato je tukaj izgledaj o vsega vsega in vsega začetak. In to je 1. Ok, tukaj je tukaj, zelo jazim. Nisem tukaj ne vem, da tega zelo izgledaj. Zato pa se lahko koncentrujimo in zlečim. Tako daj pokljužimo, da ne jazim, da je zelo jazim. The only difference, the only thing that distinguishes us from the related works, is that we need to assume one-way function while all the other works are in the information theoretic setting. If you think about it, actually this thing, the point is that we need to assume one-way function because one-way functions are necessary to get continuous normal ability, at least they are necessary when tau is equal to rho. Of course we have tau, which is smaller than rho, but there is a kind of an indication that it is very hard to do this kind of thing without computational assumption. So to go back to the definition, the definition I say that the adversary can tamper many, many times, but at some point maybe the adversary sends a tamper in function and this tamper in function is too bad. And then there is no message that can be reconstructed. And in this case the reconstruction say, look, error, I cannot say what message was inside of these shares. And in this case we need to cut the oracle access to the adversary, so we need to self-destruct. Why we need to do that? Because otherwise there will be an impossibility result. So it's not possible to do continuous normal ability without self-destruct. Again, so we also want to have leakage resilient. So the kind of leakage resilience that we consider is called the noisy leakage model. In this noisy leakage model the adversary can leak partial information about the share and the only restriction on the function that he can send is the following. So the only restriction is on the average conditional metanthropy of the shares given the leakage. This thing has to be half enough. So let's go to our construction. I'm going to show you our construction with pull rate. So we want to do a t out of n secret sharing. Let's start with the simplest case. So the simplest cases are two out of two continuously normalable secret sharing. So we want to do this thing and actually they already exist. Two out of two continuously normalable secret sharing is just a continuously normalable code in the split state model. So we know already how to do them. We know we can do them from one way function. This is this work of Ostrowski, Persiano, Venturia, Visconti of last year here at Crypto. So we have them. So the technical contribution of this work is the following. We start with two out of two continuously normalable secret sharing and we obtain a tau, tau minus one and continuously normalable secret sharing. So this is the take home of this paper from the technical part. So let's try to do them. So let's warm up with an example. Let's try to do a two out of two, a two out of n continuously normalable secret sharing using a two out of two continuously normalable secret sharing. So what we do, so let's look at this matrix. So in this matrix, each column is a share. Now it's empty and then each row will be indexed by a couple of indexes and we're going to compile this matrix. So what we do is we do a fresh share of the message that we want to share and then there is the first index will be one, two and we put the share one in position one, the share two in position two. Then there is one three, so share one position one, share two in position three and so on and so on. And we continue to fill all these matrix. Now if we want to reconstruct, supposedly we want to reconstruct using the index to three very easily. So to three, they define a row in this matrix. So we go to this row, we pick these two shares and now we reconstruct them. Easy. It's really also easy to show that this thing is continuously normalable. Basically it's just an hybrid argument over all the rows of this matrix. But it's easy but not super trivial. In fact, already for this case, we need to assume a property from the inner, a property from the inner two out of two continuously normalable secret sharing. So what is the point of this slide? The point of this slide is to show a very basic principle of secret sharing in general. So if you have to secret sharing, let's say that one secret sharing has an access structure equal to A, the other secret sharing has another structure equal to A prime. If we do this composition of sticking together the row, then you get another secret sharing with access structure equal to A union A prime. This is a very basic principle although you can agree on this. So keep in mind this thing. So let's now give another secret sharing. This secret sharing is going to have a weird access structure. Let's look at it. So we're going to call this thing the building block secret sharing. So the building block secret sharing will be, we will do the following thing. So we sample a key, then we share the key and we get to share S1 and S2. Then we use this key and the message to create an authenticated Cypher taxi and then we do Shamir secret sharing of the Cypher taxi. Now the value tau for the Shamir secret sharing will be said to be tau minus two. And I can convince you that this thing is continuously normalable. So the key is well protected because it is using continuously normalable secret sharing. So the key is not in the view of the adversary. And now the adversary get to see a Cypher taxi. But this is an authenticated Cypher taxi. So it cannot manipulate it in any way. And then we use Shamir to get privacy out of this scheme. Now what is the access structure of this building block secret sharing? So the access structure is the access structure A12, which is equal to the all the set of cardinality at least tau, which contained index one and two. Okay, I think I'm going very fast. So let's see how to do tau out of secret sharing. To do that, so we basically do the composition of before. So we sample a secret sharing using the building block secret sharing. And so we get two shares for the key. We put here the first share, we put here the second share. And this is the Shamir secret sharing. Then we do it again, but now we permute the index where the... So this is a fresh secret sharing. We permute the index of where we share the key. So the key will be shared in the index one and two. And then we continue with this procedure until to complete all the matrix. So now what is the access structure of this secret sharing? So the access structure of each row is equal to A12, 23, and so on. So the access structure in total will be the union of all the access structure. And if you do just... If you look at this thing, you will notice that the access structure of this secret sharing is actually the tau out of n access structure that we are looking for. So this seems good. So you will think, okay, let's proceed as before. Let's do an hybrid argument over... I show you that each component is continuously normalable. Let's try to do an hybrid argument over all the possible row. It seems that this thing would give us a continuously normalable secret sharing. But actually there is a problem. I didn't tell you how to reconstruct. So how would you reconstruct? So to reconstruct, let's suppose that we want to reconstruct using the index one, two, three, and then. So what you do, so you pick the minimum indexes in the set. So this is one and two. Then you go to the row one and two. Now you can do the reconstruction of this key, the reconstruction of the ciphertext in the script. And so as I said before, there is a problem. The problem is that... So I will show you the problem. So suppose that the adversary want to reconstruct using one, two, three, and then. So now suppose that he tamper at the share and actually can tamper this share. He can transfer information from this part of the share over here. So he can really transfer a lot of information. And the point is because the reconstruction here is a linear function. So he can really leak a lot of information about the share here. So we cannot proceed with the hybrid argument because we wanted to resource to the continuously normalable property of these two shares. But here there is some leakage. So we cannot do that. So what is this solution? The first solution is, you know, let's assume that this secret sharing is leakage resilient. Now it's leakage resilient. Yeah, there is some leakage. It seems this thing to solve the thing. But the problem is that this would only solve the problem partially because we can resort to leakage resilient only a bounded amount of time. Instead, we are looking for unbounded normaliability. So we need to do something more. The extra trick that we use is that we do reconstruct the shami secret sharing in a different way. So instead of using the classical Lagrange interpolation, we use something we call twice reconstruction, double reconstruction. So let's see what double reconstruction means with an example. So let's suppose that we want to do 5 out of n secret sharing. So the threshold is equal to 5. And instead of setting the Shamir's threshold to b3, because it would be 5 minus 2, we set it to 2. So it would be 5 minus 3. Why we do this thing is because we need to have extra space for this double reconstruction. So what we get is a threshold secret sharing with parameter 5, 4, n. So 5 reconstruction and 4 privacy. So let's suppose that the adversary comes and sends a tampering function in a reconstruction set 1, 2, 3, 6. And then what we do is that, OK, 1 and 2 are the minimal indexes in this set. So we use 1, 2 to reconstruct the secret key. And then we want to reconstruct the ciphertext using the indexes 3, 6 and n. And what we do is that we divide it in two sets. We use the set 3 and 6 and set 6 and n. And we do twice the reconstruction. So we can do this thing because we set the threshold appropriately. So we reconstruct once and we get a ciphertext c. Then we reconstruct another time using the indexes 6 and n. And we get the ciphertext c prime. And now we check this thing. So we check that the ciphertext c and the ciphertext c prime are the same. If they are not the same, then we send an error, which means that there will be a self destruct. So now why this thing works, basically the thing is the following. So as I showed you before, before the attacker could leak information about S132 here. So he could transfer this information and then thanks to reconstruction it would leak information out of a tampering query. So now we need to show that this kind of thing cannot work. It cannot happen. So to do that, we show that the average conditional entropy of S132, given the leakage, meaning the reconstruction using the indexes S123 and tampered S126, doesn't give us any information. So to do so, we use this equation, so the counter of this equation, we use the fact that if the reconstruction is good, if there is no self destruct, then c prime is going to be equal to c prime. So now we need to bound the average conditional entropy of S132, given this leakage. But you see here that this leakage is independent respect to the S132, because we are in the individual tampering model. So those are different indexes that refer to different shares. So even if you manipulate them, you cannot get any information from S132, which means that the average conditional in S132 didn't drop. It's still the same. So this thing cannot make any leakage. Then, of course, at some point, c will be different than c prime, so this equation doesn't hold anymore. In this case, there will be a drop in the conditional average mean entropy, but this thing happens only once. It happens only once at the end when we have the self destruct. So in that point, we can resort to the leakage resilience of the scheme. OK, so we did it. So the main trick that we used was this composition of our AOL building block secret sharing and then reconstructing twice semi secret sharing. And also there is yet another trick that we needed, and I don't have enough time to explain it, but basically it's an easy property of a polynomial interpolation. If you want to know more, you can ask me offline. So to conclude, so in our paper we have this scheme and then I promise you to have a rate one continuously non-malable code. Actually that scheme is not rate one, it's rate zero. We have a rate compiler that take any continuously non-malable secret sharing, which is rate zero and it amplify the rate to be rate one. Then we have an application to threshold signature with local adversary. And then we have a follow-up paper that is going to appear at TCC 19, where we close the gap so between reconstruction and privacy. And we also have a different model of tampering, like the joint tampering model. And that's all. Thanks. We have time for questions. The microphones are at both end of the ais. And if there are no questions, let's thank the speaker again.


When I visited Canada in the early 90s, climate change wasn't on my mind. I was in awe of the natural beauty surrounding me, humbled by its grandeur. We were adventurous, exploring new places, finding ourselves along the way, glacier melting, due to climate change wasn't even a thought in our minds. We never thought that perhaps, we'd be the last generation to see her beauty, due to increasing global temperatures. We can do better. We must make sure, future generations don't suffer from our short-sightedness. Before it's too late.