Bitcoin Sees Massive Short Squeeze, What Next? | Elon Musk Tells Us His Favorite Crypto

yeah this may be an Ipsy month I don't know she boy crypto blood welcome to another episode of my 2 Satoshi's it is April 2nd 2019 got to give a shout out to my man alpha 1 for the song request peace of the city by Nipsey Hussle that is off that marathon album yes the marathon continues again this is an Ipsy week to plan all Nipsey Hussle music heartbeat to a legend man you know this is still a shocker man it's just I'm a proponent I believe that the universe is deterministic so meaning you know everything is already planned out whether you believe in the Creator or not think things are already in motion from the beginning of the universe but stuff like this makes me second-guess that you know it definitely makes me it just doesn't feel like that was supposed to happen but what's going on people hope you guys are doing well today we're gonna get right into things for this Tuesday and the first article of course we got to touch on this topic it coin skyrockets a moons we're gonna talk about what happened in my opinion was a short squeeze so we're gonna talk about what's what's going on with the markets if this is a true rally if this is a spark of a new bull run or a bull rally I don't think so I don't think so but I'm not a I'm not bearish you know like I've told you guys before some of you may be new back in the midst of the bear market turmoil we were going through in 2018 when some of your biggest bulls were coming out there saying that we were going to the Bitcoin 1200 Bitcoin 1800 I was never under that assumption I never had that in mind I said that Bitcoin would never go lower than 3,000 and if we did there were some serious problems that we as a general public in this crypto community didn't know about or weren't we weren't aware of that was causing this bear market to go even further into the red so I call it 3000 as the low while many people were saying that we were going much lower again I'm not a crypto beer I'm crypto blood so we'll take a look at this article here in a second and see what the daily huddle has to say about it Elon Musk is in the news you won't believe what his favorite altcoin is it's not Bitcoin I gave that away it's an all coin also we'll take a look at what his favorite altcoin just might be so you guys will probably be shocked at what coin Elon must pick so we'll take a look at that in a second but let's check out that market cap we are currently at 163 billion dollars nice pop their bitcoins dominance actually not much higher so that makes me think that a lot of this pop probably expressed itself also in the alts it's at fifty point eight three percent and I think yesterday we were at fifty point two five percent so let's take a look at what's going on here Bitcoin look at that huge candle and this is on the hour right out of coinbase in total at its peak we got in two hours we moved 22% and we came back as we were moving up I was telling the guys like yeah 5100 is the next area that we're gonna see resistance without a shadow of a doubt why did I know this because trading manually trading is simple art people it's just it's so simple as hard all you have to do is look for the last support area guess where that was right there that was the last support area so previous support becomes future resistance so that was a previous support area so therefore I'm just gonna do a line like that and we're gonna scroll all the way back and look at that just about there now now I'm I'm looking at this just from market price behavior because it was it was like a melt up you know we were melting up towards that area I told you guys this was the the area we needed to break above right here okay this kind of this whole area right here once we did that and I'm just going to draw a line horizontal line there as well once we broke above that area it was a complete explosion and what most likely happened here guys is a lot of shorts were positioned right here to guard against this area it's just a game against the bulls and bears so you had a lot of shorts here or at least you had a lot of short covering positions here that's that's more accurately stated there were short covering positions here and so that means if you're short the market you make sure you have your short covering your stop-loss is set in there and your stop-loss is to cover or exit a short you're actually buying the stock or asset back so that's what happened boom it just caused a massive short covering in addition to some buying up you know as well as we blew past that you had Bulls in there that had buy stop orders above the market as well so they probably had their buy stops right above this area here right above here they probably had them somewhere around here and so once the markets got to that area it bought in so you had a lot of short covering and people buying it up so that's what happened in my opinion this does not mean again I believe 3,000 is in is in that's the floor that should be the floor for us you know I'm not too convinced because it was still on low volume up until that point I'm not too convinced that this was anything other than a technical move but a good one at that I'm glad we did make that at least that gives us more life above trying to test this 3,000 mark here so any move away from 3,000 is good news for me so yes that's where we are right now people let's take a look at that first article out of the daily huddle and it's about this move up crypto markets at 15 billion in 24 hours as Bitcoin reaches for dominance industry expands at rapid pace says here that Bitcoin dominus hovers at 51 percent as investors have added 15 billion to the market caps within the last 24 hours a total market cap now stands at 162 billion up 10% from 47 billion yesterday according to data by coin market cap and remember guys that the market cap is not dollar for dollar it's probably more like for every dollar it's adding fifty dollars ten and fifty dollars on the market cap so it's a you know between ten to one and fifty to one difference in the market cap versus of the actual dollars in in the in circulation in this market appearing on Bloomberg Markets European open and actually was up how this came on Maddy Greenspan senior market analysis at crypto trading platform he Toro says today's Bitcoin rally which pushed the price of the world's largest cryptocurrency to an all-time high for 2019 is organic the movement has been building up for a few months now since the mid December lulz we've been kind of gaining some gradual momentum initially it was in some of the smaller crypto currencies in altcoins we saw a bit of value investing where some of those crypto were surging some of them have double triple or even quadruple in value since then whereas Bitcoin has been a bit more stable Greenspan says it's important to note that the 200-day moving average and the jump above the resistance level the move this morning seems to be a technical move that was caused by a jump above the 4200 level that's exactly what I feel according to Greenspan traders have been eyeing their resistance level for weeks maybe even more than weeks he's also believed adoption will continue to be a main part of the evolution of crypto currencies and will underpin bitcoins long-term success throughout this crypto winter he says that we've seen over the past year we've actually seen the industry growing at a rapid pace certainly there have been some companies that went under because they didn't manage their books right they were relying on a very high crypto price but that's what the bear markets are all about that's when business models are tested by following top talent industry insiders are able to gauge how rapidly the space is growing and how much conviction there is in the crypto sphere he continues to say here that blockchain and crypto keywords are trending on LinkedIn we can see that they are demanding higher and higher pay for blockchain developers just because the price have been falling doesn't mean much the industry has been growing at a rapid pace Greenspan dismissed suggestions that the latest pump is side to April Fool's Day he singled out a prank article by finance magnets which said that the u.s. security Exchange Commission had finally approved a Bitcoin ETF when the article first appeared there was no indication in the headline that it was a joke shoutout to Z in the crypto blood signals room he dropped that o in there this morning I didn't even know about it until he dropped that in there and now this article is also talking about that particular April's fool article but I'm with him on on this one it this is definitely not from that article it didn't trigger anything this is all technical and is it organic yeah it's organic it from the standpoint of its own organically technical break out but organically from a demand perspective like an actual need for Bitcoin or are these all coins no it's purely speculative still at this point and it has been for a long time we're not at the point yet in this cryptocurrency industry where demand is actually pulling price when we get there that's when I'll be very excited and nothing will be able to stop it at that point he finishes up by saying that that article came out about 18 hours before the pump happened I think that everybody understood that it was April Fool's Day joke so if there were angles that were tricked by that I don't think that that's what would have caused such a massive move I agree with them on that what do you guys think about this move is it the spark of a new bull rally or is it just a bear market rally you guys let me know your thoughts on that but again I'm just glad we're one step further away from 3,000 that just supports my notion that 3k is the bottom second article is out of CCN by my man Elon Musk he reveals his favorite crypto on Twitter and hint it says it's not Bitcoin as I stated at the beginning of the video it says here billionaire Elon Musk has a favorite cryptocurrency it's dogecoin we knew musk was a and of crypto after he touted the brilliance of Bitcoin suggesting paper money would eventually disappear his preference for dogecoin comes as a welcome surprise and has embroiled the meme happy community after months of the crypto community trying to get Elon Musk's attention with a Bitcoin lightening torch the Tesla founder finally took the bait only it wasn't Bitcoin must responded to an April Fool's dogecoin poll in which he is named among potential CEO candidates alongside heavy blockchain hitters Vitalik buter and Charlie Lee and Marshall hanger so must tweeted this here dogecoin might be my favorite crypto currency it's pretty cool now you guys know that he in the founder of dogecoin have had some interactions I don't know if they've met but they have talked I think the founder of dogecoin helped Elon Musk with some Twitter ba issues that he was experiencing last year and I don't know maybe they talked behind the scenes I'm not too sure but it says here that that's a good thing considering musk ran away with nearly three-quarters of the vote at last check 69 percent followed by hangar butor in' and then charlie lee respectively is already at the helm of Tesla SpaceX and the boring company to name a few what's one more musk declaration inspired much and very memes from the Doge community so here a few uh memes goes on to say here musk couldn't have picked a better time to jump on the doge coin bandwagon after the top 26 coin rally by double digits on April Fool's Day today the mining both cryptocurrency that was created as a joke is up another 3% beauty of dogecoin has been its decentralized nature considering nobody controls the project it is described as an internet currency and has gained Rockstar status in the crypto community for his Shiba mascot Jackson Palmer who created those coins in 2013 is no longer associated with Doge or any cryptocurrency Musk's interests in the project must surprise nobody more than Paul who is either kicking himself or patting himself on the back right now it says meanwhile the dogecoin team rhibs their followers with an April Fool's joke in which they stated we have listened to your concerns we have decided the dogecoin does need a CEO someone who can lead us into the future while maintaining the core values of what we are just interesting to see that you know I mean it's kind of light-hearted you know I don't think Elon must really thinks that those coin is the best coin or anything it's probably more so him being enticed by the community and you know dogecoin was like the second or third coin I'd ever invested in or bought after the light coin it was very similar to light coin a little bit faster than light coin but it was it was just a community that's what made of coin such a great project back then and it was really profitable to mine so there was a lot of money to be made mining dogecoin and litecoin they are both script algos but I think more so what entices people if they're still around is the community with dogecoin cuz at the end of the day there is no real differentiation between any of these coins but at the end of the day it's just a transfer of wealth and you know you can use any of these coins to do that so you guys let me know your thoughts on why you think Elon Musk picked dogecoin as his favorite coin I remember we pointed up some money to take the Jamaican bobsled team to the Olympics the Winter Olympics that year I think it was 2014 and then later that year we pony up money to take Jeff Weiss NASCAR driver we sponsor him we're the first to do that like before like coin in the UFC and all that like this community was doing major things all the way back then 2014 so anyway that's my two satoshis for today April 2nd 2019 I'm feeling a little bit better today people shout out to my man alpha 1 for that song request keys to the city and again rest in peace to a legend nip hustle neighbourhood nip she what crypto blood that's my two Satoshi's for April 2nd 2019 make sure you guys like share and subscribe them on here people

19 thoughts on “Bitcoin Sees Massive Short Squeeze, What Next? | Elon Musk Tells Us His Favorite Crypto”

  1. Bitcoin Moons:
    Elon Musk's Fav Crypto:

  2. Good to see money going back into the market. Been buying alts every 2 weeks like monero and DeepOnion. Privacy coins have their own value in todays world.

  3. Imagine a Dogecoin logo on the side of a SpaceX rocket or space capsule. I always expected Doge would go "To The Moon" eventually. Such Wow!

  4. R.I.P Nipsey Hussle… damn shame.

    This is why people in rough communities that become successful should leave… The people who aren't climbing up that ladder of success with you are looking to pull you back down to their level.

  5. I think Musk is a pure spawn of the system with a young face like Zuckerberg and he picked Dogecoin because it doesn't have a chance in hell of becoming secure global money that could empower humanity like Bitcoin

  6. This is just the beginning. Look this market is manipulated, the powers to be want crypto to succeed and there ready to move in. I expect that these low prices won't last. I expect bitcoin to pass $5000.00, very soon. If your not bullish then your missing the boat. I was bullish the past 3 months just buying as much as I can.

  7. 2019/20 Bitcoin and Łitecoin ‘Halving hype’ another day closer……..

    Interesting to see US trader ‘the Oracle’ DavinciJ15 made a video on 23 March (on ‘MMCrypto’) saying bull market was about to start.

  8. I did say 5k a few days ago right lol ? We’re in a uptrending channel now .. I think we test at least 5800 … … Not out of the woods yet but if we pump past 6100-7000 area we definitely in a bull market ..

  9. Dick Aligire (CryptoViewing) and Kris Kristof (Mr_Kristof) think "the jump" was whales having to buy in the regular market, instead of the hidden OTC, not a short squeeze. Fallout, not deliberate. But the opinion of lots of people is that they are enjoying the risen profit margins currently.

  10. Bitcoin blood was squeezed out and lack of sellers made this move possible. Bitcoin died over a thousand times yet lived.

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