🚨 BITCOIN: DANGER !!!!!!!
Summary
TLDRThe video discusses Bitcoin's recent price drop and its impact on altcoins, emphasizing the importance of Bitcoin's support level at $65,100. It explores potential bearish trends, historical market patterns, and the significance of moving averages. The speaker also touches on macroeconomic factors, the SEC's decision on Ethereum, and political developments affecting crypto, suggesting that despite short-term volatility, the long-term outlook for Bitcoin and altcoins remains bullish.
Takeaways
- 📉 Bitcoin and altcoins are experiencing a significant drop in price, causing concern among investors.
- 🚫 The speaker warns that if Bitcoin falls below $65,100, there is little support until it reaches $60,700.
- 📊 A bearish crossover between the 31 and 30 SMA on the daily time frame could confirm a further drop in Bitcoin's price.
- 📈 Historically, a moving average crossover has marked the top of a bull market, suggesting a similar pattern may be forming.
- 🔍 The speaker is waiting for a 4-day candle close to decide on exiting some Bitcoin long positions, anticipating a potential drop to $60,000-$61,000.
- 📉 If Bitcoin loses the lower Bollinger Band, it could drop to $50,000, but the speaker does not believe this would end the bull market.
- 🤔 The speaker is considering the possibility of a double top pattern and a bounce from the current support levels.
- 💡 The macro chart suggests that Bitcoin could still rise substantially above its previous all-time high if it can achieve a strong weekly candle close.
- 🏦 The SEC's suspension of the investigation into Ethereum as a security is viewed as bullish for altcoins.
- 🌐 The Biden Administration's attendance at a Bitcoin Round Table indicates a shift in attitude towards cryptocurrencies, which is seen as positive for the industry.
- 🔑 The speaker emphasizes the importance of educating oneself about Bitcoin, especially during periods of market consolidation.
Q & A
Why are Bitcoin and altcoin holders likely to be scared according to the script?
-Bitcoin has experienced a price drop recently, and altcoins have been suffering even more, causing concern among holders.
What is the critical support level for Bitcoin mentioned in the script?
-The critical support level for Bitcoin is $65.1k. If it falls below this level, it could drop to around $60.7k or even lower.
What potential bearish signal is discussed in relation to Bitcoin's moving averages?
-A bearish crossover between the 3-day and 10-day SMAs is discussed as a potential bearish signal for Bitcoin.
What past trend related to moving averages is mentioned in the script?
-The script mentions that in previous bull markets, a crossover of the 3-day and 10-day moving averages marked the top of the market.
What price action is expected if Bitcoin drops below its current support levels?
-If Bitcoin drops below its current support levels, it is expected to drop to around $60-61k and potentially to $50k if further support is lost.
What historical pattern does the script mention Bitcoin might follow?
-The script mentions that Bitcoin might bounce from the $64-65k range and form a double top pattern similar to previous years.
What is the significance of the prior all-time high for Bitcoin in terms of future price action?
-Breaking substantially above the prior all-time high of $69k with a strong weekly candle close is considered necessary for Bitcoin to reach higher targets of $85-95k.
What is the current market trend for the S&P 500 according to the script?
-The S&P 500 is making all-time highs, and it is expected to continue rallying, especially going into the elections.
What impact might the upcoming Ethereum ETFs have on the market?
-The approval of Ethereum spot ETFs could lead to a rally in Ethereum's price, but significant selling pressure from Grayscale might follow, affecting the market.
What recent development involving the SEC and Ethereum is considered positive for altcoins?
-The SEC has permanently suspended the investigation into Ethereum, classifying it as a commodity rather than a tradable security, which is positive news for altcoins.
Outlines
😨 Bitcoin's Tumultuous Ride
The video starts by addressing the fear and frustration among Bitcoin and altcoin holders due to recent price drops. The speaker emphasizes the importance of the $65.1k support level for Bitcoin and warns of a potential drop to $60.7k or even $50k if this support fails. Historical trends and moving average crossovers are analyzed to predict possible outcomes. The speaker also discusses the significance of the 4-day candle close in determining the next move for Bitcoin.
📉 Altcoin Market Analysis
This section delves into the altcoin market's performance, highlighting significant losses over the past week. Despite a short-term rebound, concerns remain if Bitcoin continues to drop, especially with potential Federal Reserve actions. The speaker shares their strategy of dollar-cost averaging into large-cap altcoins and avoiding leverage trading, stressing the importance of understanding Bitcoin's fundamentals and the recent SEC decision on Ethereum's status as a commodity.
🌍 Global Crypto Developments
The speaker discusses international crypto developments, such as El Salvador's new bank allowing deposits in USD and Bitcoin, which could set a precedent for other countries. The CEO of X's plan to integrate payments, potentially using Dogecoin, is also mentioned. The speaker speculates on Bitcoin's long-term impact on the banking industry, comparing it to how email transformed postal services. The video concludes with a teaser for an upcoming interview with a technical analyst.
Mindmap
Keywords
💡Bitcoin
💡Altcoins
💡Price Action
💡Support Level
💡Bearish Crossover
💡Moving Average
💡Bull Market
💡Consolidation Phase
💡SEC
💡Ethereum ETF
Highlights
Bitcoin has experienced a price decline recently, leading to concerns among holders.
Altcoins have suffered significantly more than Bitcoin during the recent market downturn.
If Bitcoin falls below the $65,100 support level, the next major support could be around $60,700.
The daily time frame for Bitcoin shows critical support levels that need to be maintained to avoid further decline.
The 3 and 10 moving average crossover has historically marked significant turning points in Bitcoin's price trends.
A potential bearish crossover in the 4-day time frame could indicate a deeper correction for Bitcoin.
Bitcoin's price action could potentially drop to $50,000 if the lower Bollinger Band support is lost.
There is a possibility of Bitcoin forming a double top pattern, leading to a fake-out rally.
Ethereum's status as a non-security is confirmed by the SEC, which is positive news for altcoins.
The potential launch of Ethereum spot ETFs could drive Ethereum's price higher in the near term.
The Biden administration's recent positive stance on Bitcoin marks a significant shift in policy.
El Salvador's new banking system allowing USD and Bitcoin deposits could set a precedent for other countries.
Major altcoins might see a resurgence as money flows back into larger market cap projects.
Speculation about Dogecoin being integrated into X's payment system has driven interest in the cryptocurrency.
Bitcoin is expected to challenge traditional banking systems similarly to how email impacted the post office.
Transcripts
if you have altcoins or if you hold
Bitcoin you're probably very very scared
because Bitcoin has been having a little
bit of a tumble in terms of price action
over the past few days and let alone I
don't want to even get into altcoins
because altcoins have been suffering way
more than what Bitcoin has so if you
went all that into altcoins when when
Bitcoin was trading at 66 68,000 then
you're probably very very frustrated I
get you I kind of did a similar thing
now we need to be careful and understand
if Bitcoin is going to go lower or if we
will be able to hold here so watch until
the end of this video smash up the like
button and subscribe if you're not a
crypto kid already and with that said
let's jump straight into the daily time
frame for Bitcoin now Bitcoin has to
hold this daily time frame support at $
65.1 th000 because if we fall below from
this level then Bitcoin basically has no
other support until we reach
60.7k you can argue that it's
61.2 uh we also have another level that
bit that Bitcoin can Bounce from but it
it really won't make too much of a
difference I think that Bitcoin if we
lose this support then we'll drop to
that near 60 territories now why is this
important because if Bitcoin does that
uh then we would be confirming a bearish
crossover between the 310 and 30 SMA at
the same time if we rewind to the
previous full market then we can see
that on the 4day time frame specifically
once we had a 3 and 10 moving average
crossover then that marked the top of
that bull market in the first half of
2021 same thing happened second half
same thing and we can even notice this
trend when we go into the very boring
consolidation phase Bitcoin was in
exactly one year ago Bitcoin would top
out we have that moving average cross
over and then boom Bitcoin rallies back
towards the upside so I think a similar
thing could be happening today uh if
Bitcoin drops on this 4day candle close
and I am waiting for this candle close
to exit some of my Bitcoin long
positions because if we do then I am
expecting a drop to the 60
$61,000 territory and that would put
Bitcoin at the lower Ballinger band if
we lose that lower Ballinger band then
things get nasty it doesn't mean that
Bitcoin will end the bull market I do
not think that this is a top at all but
we will probably correct to the $50,000
level that's probably what Bitcoin is
going to do if we lose that lower bondra
band but as I said I'm not closing any
yet because uh Bitcoin even if we drop
to that level at 661 uh we will be
finding support between this range and
um I think that Bitcoin will have a
chance to bounce and fake everybody with
a double top pattern just like we did
last year so I am counting on that
scenario and I am really counting in the
short term that Bitcoin bounces from 64
or 65 to complete this ascending
triangle and continue rallying as we do
have support from prior resistance of
this upward sloping par parallel Channel
forming for the last 2 years so uh the
important levels to watch out are
exactly where we are right now 65 to
$64,000 if we drop then I think 61 will
be possible um and if we go any below
then 50,000 could be expected I'm not
closing anything until we see see this
4day candle close and once we do I will
reevaluate and update you guys here on
this channel so turn on the notification
Bell to be alerted if I close my long
positions or if I take profit um and
everything else that I do now we need to
look at the macro chart because I need
to remind you that even if you're
panicking right now whenever Bitcoin
breaks substantially above the prior
alltime High created in the last Bitcoin
cycle we end up going higher and I think
the same thing will happen this time
round too there is nothing different
it's just that we need to have a strong
close above the prior 69k alltime High
not by going to like 73 or 74 but we
need to have a strong weekly candle
close uh to go uh continuously higher
and reach that 85 to
$95,000 targets if we look at the S&P
the S&P 500 is making alltime high
alltime high After alltime High and um
that's pretty good I think the S&P will
probably continue to do that I mean we
saw Nvidia take over Microsoft as the
largest asset or the largest uh Company
by market cap yesterday so I think going
into the elections the stock market will
continue to rally um and probably after
we'll have a Fed pivot and during that
fed pivot most things can crash and I
think Bitcoin will have room to go to
95k in the meantime before we experience
that larger crash on the stock market
and on bitcoin before we go into the
breaking news I think on the short-term
time frame we could be creating a small
inverse Head and Shoulders pattern but
to to trade that potentially I would be
looking for a Bitcoin close above the
65.7 neckline now let's go into the
breaking news for Bitcoin and have a
look at the current altcoin budg B
because we're down I mean on the week
we're down like 25 27 10 15% on the
large 100 top 100 coins um if we go into
the last 24 hours they are up um 16%
respectively from where they dumped but
I think if Bitcoin continues to trade
lower things will probably get worse
with altcoins especially if the FED
decides to Pivot currently I am starting
to DC into some of these layer ones and
layer twos and the big um big altcoin
market cap projects because I think mean
coins are probably over now uh but I
think the money will flow eventually
into these larger cap altcoins so do be
careful I think it's a perfect buy the
dip opportunity but I am not playing
anything with leverage I I made that
mistake with injective and I got
completely screwed so I'm not putting
leverage trades into any altcoins I'm
only buying in spot and holding spot
only Bitcoin and ethereum are my
leverage trades that's it nothing else
but remember I mean when Bitcoin was at
like
$74,000 you were like ah God I should
have bought this thing why didn't I buy
and now that it's like like 63 64 you're
saying ah I'm so happy I didn't buy it
because this thing is a scam look you
need to read the Bitcoin standard you
need to understand that regardless of
wherever the price of Bitcoin is even if
it's at
$774,000 if you understand what the
Bitcoin standard uh actually tells you
and why Bitcoin is an asset is super
important then you will buy the top just
like Michael sailor all the time and end
up being profitable so I would recommend
educating yourself about Bitcoin
especially during this boring
consolidation phase and uh you will be
okay now the breaking news is that the
SEC permanently suspended the
investigation into ethereum making
ethereum a commodity and not a tradable
security that's also very good for the
altcoins because ethereum is basically
the biggest security that you could
possibly get in crypto with a pre-sale
an Ico uh a bunch of Founders yeah so if
ethereum is not a security then I think
every single altcoin that you see on
this page here are probably not
Securities too I would just be careful
of governance tokens and Dows they are
on the edge but everything else should
be okay that is yet again a very bullish
thing the ethereum ETFs have a deadline
for the S1 approvals uh for Friday and I
think as soon as those are go by July
2nd according to Eric belunas and Nate
gassi we should be seeing the ethereum
spot ETFs launching and I am not selling
my ethereum position until we hit the
day of launch I think going up to it
will'll probably continue to Rally but
as soon as we launch we should be
frustrated by all the selling pressure
from grayscale um and you know I don't
think the inflows into the other
ethereum ETFs will be able to compensate
uh the great scale selling pressure
which is still like 11.1 billion dollar
I would be careful of that but I've
talked about it on previous videos so I
I I'll get into it in the moon show if
you stay tuned in approximately 1 hour
we will be doing the moon show where I
go in more detail into it now the Biden
Administration um apparently will attend
a Bitcoin Round Table in DC during the
month of July and that is a huge 180
degree turn from where they were a few
months ago and I think it's mostly due
to the reason why uh president Donald
Trump has been going to rallies and you
know even last night in Wisconsin he
said that to further secure America's
future and create opportunity for young
people I I will end Joe Biden's war on
crypto uh and we will ensure that the
future of crypto and the future of
Bitcoin will be made in America and I
think that when he does become or if he
becomes president uh Gary gendler and
Cher Powell will probably be out of
their position so I think overall this
is super bullish for crypto uh and at a
time where 69% of Americans are fed up
with the current Financial system I
think Bitcoin and crypto have the
perfect time to Showcase their ability
to the American people another cool
thing was that Congressman Thomas Massi
said that he read the Bitcoin standard
which uh inspired him to introduce a
bill to end the federal res ER and he
actually got like 24 other Congress
people to co-sponsor this bill some of
the highest ever uh and it should be
enough to pass the Bill eventually so
that will be interesting to see uh if it
gets passed or not and what gets
introduced instead of it I need to talk
about Larry think because Larry think
being the CEO of Black Rock essentially
the institution that controls everything
according to rumors uh he says that no
matter how much we tax cut or reduce
debt it will not be enough we need to
build a new infrastructure will that be
on bitcoin or blockchain I think yes it
will because they want to tokenize every
single Financial product and put it on
the blockchain that will help so many
different things um so I think it is
super super bullish and eventually they
will do that and Bitcoin and
cryptocurrencies should run in the
future now what El Salvador did was very
very interesting because they are
actually introducing a bank where uh for
the first time you can deposit in USD
and Bitcoin at the same time and in my
opinion if they do this and they
implement this in the correct way they
implement the Bitcoin standard in the
right way then they can transition into
what Singapore was in 20000 uh to now
where it is 24 years four years later
and it's already super impressive that
they became the safest country in the
Western Hemisphere from being the murder
capital in the world two years ago and I
think if they implement the Bitcoin
standard so many other third world
countries will fomo into this because it
is a strategy that is currently working
if the price of Bitcoin continues to go
higher and um it would yeah it would
just increase adop adoption massively
speaking of adoption the CEO of X says
that they will be introducing payments
into their platform very very soon and
people are speculating that this can
become Dogecoin uh Dogecoin could be the
alternative to use payment
infrastructure in the XA and that's why
I'm accumulating as much Dogecoin as
possible in my portfolio like I have
been saying for the past year and to
finish things off I think big coin will
do to to to Banks what email essentially
did to the post office in the next two
generations I don't think people will
even remember what the hell a bank is
just like nobody knows I think I I don't
think Alpha generation knows what a post
office is because nobody uses it these
days and I think the bank will
eventually become obsolete just like uh
how the post office became obsolete
thanks to the email but guys and girls I
hope you enjoyed that video uh have a
great rest of your day tomorrow I'll be
interviewing an incredible technical
analyst and he he will be on uh on the
cryptoid show or on as a video and he
will share some of his very crucial ta
because the current time in the market
is super important more so than ever
before ladies and gentlemen take care
and have a great day byebye
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