🚨 BITCOIN: DANGER !!!!!!!

Summary

The 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

00:00

😨 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.

05:02

📉 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.

10:04

🌍 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.

Keywords

💡Bitcoin

Bitcoin is a decentralized digital currency without a central bank or single administrator. In the video, Bitcoin's recent price volatility and key support levels are discussed, emphasizing its importance in the cryptocurrency market.

💡Altcoins

Altcoins are cryptocurrencies other than Bitcoin. The video highlights the greater price drops altcoins have experienced compared to Bitcoin, stressing the increased risk and frustration for holders of these assets.

💡Price Action

Price action refers to the movement of a security's price over time. The video discusses Bitcoin's recent downward price action and the potential implications for its future price movements.

💡Support Level

A support level is a price level where a downtrend can be expected to pause due to a concentration of demand. The video mentions critical support levels for Bitcoin at $65.1k and $60.7k, crucial for determining its next move.

💡Bearish Crossover

A bearish crossover occurs when a shorter-term moving average crosses below a longer-term moving average, indicating potential downward momentum. The video explains the significance of a potential bearish crossover in Bitcoin's 310 and 30 SMA.

💡Moving Average

A moving average is a statistical calculation to analyze data points by creating a series of averages of different subsets. The video discusses the role of moving averages in identifying trends and potential price reversals in Bitcoin's market.

💡Bull Market

A bull market is a period of rising prices in the financial market. The video refers to previous bull markets in Bitcoin, noting patterns that might indicate future price movements and market cycles.

💡Consolidation Phase

The consolidation phase is a period where an asset trades within a range, with no clear trend. The video mentions Bitcoin's boring consolidation phase as a time to understand its market behavior and prepare for future moves.

💡SEC

The Securities and Exchange Commission (SEC) is a U.S. government agency that oversees securities transactions, activities of financial professionals, and the stock and options exchanges. The video notes the SEC's decision to suspend the investigation into Ethereum, impacting the crypto market positively.

💡Ethereum ETF

An Ethereum ETF is an exchange-traded fund that tracks the price of Ethereum. The video discusses the upcoming launch of Ethereum ETFs and their potential impact on the market, highlighting important dates and market reactions.

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