Discernment Academy
Learn to read the market the way it actually moves.
Free, interactive lessons on real market data — from the order book to CVD and liquidity. Practice on real history, then open the same view in the terminal.
Free · No sign-up · Education only, not financial advice
PriceSize · BTC
79,958.013.515
79,956.011.817
79,954.012.394
79,952.01—
79,950.01—
79,948.01—
79,946.01—
Market buy $1Mavg 79,949.04 · +0.004%
79,946.001.546
79,944.000.161
79,942.000.320
Your path, from first candle to pro
Six levels. Start anywhere — each lesson says what it expects you to know.
- Level 0FoundationsCandles, timeframes, spot vs futures, leverage and risk.
- Level 1Reading the chartTrend, levels, volume, VWAP and Fibonacci.
- Level 2Order FlowThe order book, the tape, CVD, divergences, whales and walls.
- Level 3DerivativesFunding, open interest, liquidations and long/short ratios.
- Level 4Smart Money ConceptsStructure breaks, order blocks, fair value gaps and liquidity.
- Level 5Your planMulti-timeframe reading, position size, a journal and discipline.
With the terminal open: Reading the market with the terminal →
Level 0 · Module
Foundations
Before any strategy: how a chart is drawn, what you own when you buy, how an order actually fills, and how much to risk. Four lessons on real BTC data — the ground everything else stands on.
Open the module
Level 1 · Module
Reading the chart
Most of what a chart says comes down to a few questions: which way is price going, where has it turned before, how much traded there, and what did buyers pay on average? This module answers them on real BTC charts — and shows where the popular tools stop working.
Open the module- 1Trend and market structure: highs, lows and moving averages
- 2Support and resistance: zones where price turned before
- 3Volume and the volume profile: how much traded, and at what price
- 4VWAP and anchored VWAP: the average price, weighted by volume
- 5Fibonacci retracements: how to draw them, and what BTC data shows
- 6Practice: read the structure of real BTC charts
Level 2 · Module
Order Flow
A chart shows where price went. Order flow shows how it got there: which side was trading aggressively, and where orders were waiting.
Open the module- 1How price really moves: the order book
- 2Reading the tape: who traded, and who was in a hurry
- 3Volume delta and CVD: who was pushing the price
- 4CVD divergence: absorption and exhaustion
- 5Whales, walls and fake liquidity: what big orders really tell you
- 6How to read order flow: a six-question checklist
- 7Practice: read the move on real BTC charts
Level 3 · Module
Derivatives
Much of crypto trading happens in futures, not in the coins themselves. Leverage, funding, open interest and liquidations decide how those markets move — and they leave numbers anyone can read.
Open the module- 1Perpetual futures and leverage: where a position gets liquidated
- 2Funding rate explained: who pays whom, and what it tells you
- 3Open interest explained: new positions, or old ones closing?
- 4Liquidations and cascades: why crypto can fall so fast
- 5Long/short ratio explained: what it counts, and why it misleads
- 6Practice: read the positioning of the BTC perpetual
Level 4 · Module
Smart Money Concepts
Smart Money Concepts is a popular vocabulary for charts: breaks of structure, liquidity, order blocks and fair value gaps. The terminal draws all of them. This module explains each by the exact rule the terminal uses — and checks the promises traders attach to them against real BTC data.
Open the module
Level 5 · Module
Your plan
Reading a chart is half the work. The other half is a plan: which timeframes you read, what a trade is worth, how you record it, and the rules that keep you from breaking it. Measured on real BTC data and plain arithmetic.
Open the module
With the terminal · Module
Reading the market with the terminal
The terminal's own chart and panels on modelled markets. The first lessons take one group of elements at a time — the level labels, liquidity and structure, zones, averages, the Analysis panel, the order-flow side — and show what each value means in a situation. The last five read whole situations with everything on: what the readings say together, what a trade would risk, and how it could go wrong.
Open the module- 1The level labels on the terminal's chart, and what they mean
- 2Liquidity and structure on the terminal's chart
- 3"Zones on the terminal's chart: gaps, order blocks and OTE"
- 4Averages, volume profile and Fibonacci on the terminal's chart
- 5"The top of the Analysis panel: Now, timeframes, history, range"
- 6"If you enter now: stop, targets, R and Recent events"
- 7"CVD, derivatives and the order book in the terminal"
- 8A pullback in an uptrend, read with the terminal
- 9Breakout or fakeout? Reading a range break with the terminal
- 10Short squeezes and liquidation cascades, read with the terminal
- 11"When to stand aside: reading a market not worth trading"
- 12From reading to plan: writing the trade down before taking it
Interactive explainers
- Build a candleWatch a real hour of BTC become one candle, minute by minute.Try it →
- TimeframesThe same real hour of BTC on five timeframes, from 1 minute to 1 day.Try it →
- Spot or perpetualOne real day of BTC on spot and on the perpetual: $1,000 put to work four ways.Try it →
- Order typesWhere market, limit and stop orders met a real BTC hour — and every trade of its fastest minute.Try it →
- Position sizeChoose your risk and your stop: the position size, and what a losing streak does.Try it →
- DrawdownBTC's real fall from its all-time high, and how far it had to rise to get back.Try it →
- Will it fill?Nine real BTC orders against the wicks: filled, missed, or can't tell?Try it →
- StructureBTC's real 2025 top day by day: higher highs turning into lower lows, swings confirmed late, and moving averages crossing later still.Try it →
- ZoneOne real BTC price zone through 2026: resistance, support, broken, and support again — week by week and day by day.Try it →
- Volume profileTurn seven weeks of real BTC volume sideways: the point of control, the value area, and the days price left the range.Try it →
- VWAPBuild one real day's VWAP hour by hour and watch heavy hours pull it.Try it →
- Anchored VWAPA VWAP anchored at BTC's all-time high, and another at the low that followed: two anchors, two very different lines.Try it →
- Fibonacci levelsDraw retracement levels on two real BTC legs: one pullback right on 61.8%, one that missed them all.Try it →
- Where pullbacks endedEvery BTC pullback on three timeframes: do Fibonacci levels catch more of them than shifted ones?Try it →
- Read the chartNine real BTC charts with their swings marked: uptrend, downtrend or neither? Then see the next 12 days.Try it →
- Eat the bookSend a market order into a real order book and watch it walk up the price levels.Try it →
- The tapeReplay every trade of a real BTC minute: who was in a hurry, a sweep through the book, a burst into a big bid.Try it →
- CVD builderAdd real hourly candles one by one and watch delta and CVD build — including a green candle with heavy selling.Try it →
- Divergence explorerStep through two real BTC divergences: one where the warning was right, one where it was wrong.Try it →
- WallsThe real BTC order book, recorded live: follow one wall from waiting to broken, and see how often big orders vanish.Try it →
- The checklistSix order-flow questions asked of one real BTC minute — candles, CVD and the recorded order book — then what happened.Try it →
- Read the moveTen real BTC moments: name what the order flow shows, then see the next 12 hours.Try it →
- LeverageOpen a long or a short at the top of a real BTC fall, pick the leverage, and watch the margin hour by hour.Try it →
- FundingEvery BTC funding payment of 2026, and what a $10,000 position paid or received.Try it →
- Open interestFour real windows: new longs, new shorts, and both sides closing — price and open interest together.Try it →
- CascadeThe afternoon of a real BTC fall, hour by hour: open interest collapsing and where leveraged longs broke.Try it →
- SqueezeA real short squeeze, recorded live second by second: a burst of buying, then shorts liquidated one after another.Try it →
- Long/short ratioThirty days of Binance's three long/short readings against the price — and where the crowd was at the top.Try it →
- Read the positioningEight real windows of the BTC perpetual: who was opening and who was closing?Try it →
- BreaksBTC in September 2026, break by break: a change of character, breaks of structure — one that led nowhere — and the flip back up.Try it →
- Check: breaksDid BTC's trend continue after a BOS or a ChoCH more often than after any candle? Three timeframes.Try it →
- SweepTwo real sweeps of a BTC swing high, found by the same rule: one followed by a fall, one by a 6% rise.Try it →
- Check: sweepsDid BTC turn after a sweep more often than after any candle? Three timeframes.Try it →
- Order blockTwo real BTC order blocks by the terminal's rule: one tested and held, one broken within two days.Try it →
- Check: order blocksDid BTC's order blocks hold more often than any candle's range? Three timeframes.Try it →
- Fair value gapsThe gaps of BTC's August 2026 breakout: how one is found, one filled, three still open two months later.Try it →
- Check: gapsWere BTC's fair value gaps filled more often than any price as far away? Three timeframes.Try it →
- Name the candleNine real BTC moments at the last swing: BOS, ChoCH or sweep? Then see the next 12 candles.Try it →
- Three timeframesOne real BTC moment on the daily, 4-hour and hourly charts, with the terminal's trend reading of each.Try it →
- Check: aligned timeframesDid BTC move on after the terminal's timeframes agreed? 787 readings from 2026.Try it →
- ExpectancyWin rate, reward to risk and stop distance: what a trade is worth in R, and what fees take.Try it →
- Luck and skillOne plan with a real edge, twelve runs of 100 trades — and the exact odds of a losing stretch.Try it →
- Overtrading1,000 coin-flip traders on BTC's real prices with the real fee: how trading frequency alone decides the result.Try it →
- Size itNine real BTC trades with the entry and stop set: pick the position that risks exactly 1%.Try it →
- The level labelsThe terminal's six level labels on a modelled week: the code, the "+n", the dots, swept and broken — and the trade they imply.Try it →
- Liquidity and structureEqual highs, a sweep, a change of character and breaks of structure on the terminal's chart, with Recent events.Try it →
- Gaps, order blocks, OTEA fair value gap filled and inverted, an order block fresh and tested, the OTE band — by the terminal's rules.Try it →
- Averages, profile, FibonacciEMAs, VWAP, anchored VWAP, the value area and Fibonacci on the terminal's chart, read in Where price is.Try it →
- The top of the panelThe Now line, the timeframe strip and its weights, Versus its own history and the typical range.Try it →
- If you enter nowStop, targets, R and size from the terminal's trade block — a tight stop taken out, a warning, live events.Try it →
- CVD, derivatives, order bookThe CVD badge's four statuses, divergences, open interest read with price, funding, long/short and the book.Try it →
- A pullback in an uptrendA modelled pullback on the terminal's chart and panels: timeframes, levels, order flow, and what an entry would risk.Try it →
- Breakout or fakeoutTwo modelled pushes above a range: one absorbed and swept, one closed above with volume and new positions.Try it →
- A short squeezeA modelled squeeze read with the derivatives side: crowded shorts, a spark, liquidations and open interest falling — and a chase that does not pay.Try it →
- When to stand asideA modelled range at the point of control: mixed timeframes, levels close on both sides, and a target closer than the stop.Try it →
- From reading to planA modelled setup turned into a written plan line by line — and a loss taken exactly as planned.Try it →
Glossary
Every term the lessons use, in plain words.
- Absorption
- Aggressor
- Anchored VWAP
- Ask
- ATR (average true range)
- Bid
- Break of structure (BOS)
- Buy-side and sell-side liquidity
- Candle
- Change of character (ChoCH)
- CVD (cumulative volume delta)
- Divergence
- Drawdown
- EMA (exponential moving average)
- Exhaustion
- Expectancy
- Fair value gap (FVG)
- Fibonacci retracement
- Funding rate
- Iceberg order
- Index price
- Leverage
- Limit order
- Liquidation
- Liquidity
- Long position
- Long/short ratio
- Maintenance margin
- Maker
- Margin
- Mark price
- Market depth
- Market order
- Market structure
- Open interest
- Order block
- Order book
- Perpetual futures
- Point of control (POC)
- Position size
- Premium index
- R (R-multiple)
- Short position
- Slippage
- Spoofing
- Spot market
- Spread
- Stop order
- Support and resistance
- Sweep (liquidity sweep)
- Swing point
- Taker
- Tape (time and sales)
- Tick size
- Timeframe
- Value area
- Volume
- Volume delta
- VWAP (volume-weighted average price)
- Wall
- Whale