Will Bitcoin Realistically Go Lower?

your last chance to buy bitcoins sub 10k yes no yeah Bitcoin we'll get back to you on that but I guess on this channel we and by we I mean me I've been expecting Bitcoin to be going lower now for a little while at least Wow how could you believe that about Bitcoin daily etc etc how low is the real question I know I'm gonna get questions about it I don't know if that duck survived now the first tool we're gonna employ in determining this very question is the fib fib now I do struggle to call it its real name which is the Fibonacci retracement tool because it just sounds far too serious for what it does for example you guys know about this Fibonacci circle thing how this mathematical pattern where you start counting numerically and it continues to add the previous two numbers together and in this pattern is like all over nature you can find it everywhere it's even in our fingerprints as though God was an artist and putting a little signature and everything but yeah the retracement tool isn't anything like that but let's use it anyway now it does use this same mathematical equation as before except it divides the numbers and does it in the reverse order the math doesn't actually matter I don't understand it what we are interested in using it for is hopefully finding support and resistance levels using it as a tool to maybe make an educated guess on where our entry and exit point should be at a particular time so we start by taking two extremes this is where the first of a few major weaknesses come with this tool where it's used as subjective three daily on the monthly charts the three day charts the daily charts hourly charts but in this case we're starting where parabola began very early April and ending at the top of this week here which was thirteen thousand nine hundred and thirty seven dollars according to bit mix we want to be using this tool as most others would and I feel that this is probably one of the more popular use cases of it right now these boxes divide the vertical distance from top to bottom starting out at zero percent twenty three thirty eight fifty 61 and 78 ending at 100% which is gonna help us plot our next move another obvious weakness is it doesn't mean anything it's a numerical tool not founded in logical proof but if enough traders are using it then I feel it becomes a self-fulfilling prophecy so in that regard it doesn't actually need to make any sense you just need to know when it's when it's saying something good or when it's ends up with that but let's get to the bottom line already if bitcoin is in a downward trend and it currently is then ideally you're looking for Bitcoin to bounce off of one of these lines or finds support somewhere in the region beneath it now taking a look at what happened at 38% it was the support level for all of two days before it was broken and then we started trading below it matching up nicely with this new trend line 50% might be the next target which starts at $9,000 in the middle of this region being 8400 thereabouts hmm that's interesting let's look at more tools I'm about to make this very messy let's remove these for now although the EMAs in addition to the Fibonacci rotational tool are used by day traders all the time so if the 50 day EMA which is colored in purple here is not going to remain support then you would possibly look to the 100 day as a support level why don't ask no one has a good answer for you but that is currently priced at the high 8000 although if Bitcoin was to fall to meet it then this would repaint and will be slightly lower maybe mid eight thousands that's interesting the bitcoins eme futures market now we discussed that what weird phenomenon occurs here on a video recently I'll try and link that for you below if you are interested how all these gaps tend to be filled at a later date with almost a 100% success rate but I did forget a meme that I really wanted to use on that video and it loosely connected to filling of the gaps so here you go anyway the green boxes here represent gaps that were later filled the glaring obvious one is the blue one which starts at around $9,000 and ends at let's say eight thousand five hundred fifty just to be safe hmm that's interesting while not a great technical indicator possibly one of the most powerful ones we have in that I am wearing a t-shirt hmm that's interesting you started to notice a pattern here but this wouldn't be a cruller this wouldn't be a true crypto daily video if I didn't try and confuse you a little bit so here goes Bitcoin markets are very easily manipulated just because a lots of indicators are saying or suggesting mid eight thousands does not mean Bitcoin is not actually gonna go even lower than that or even get that low in the first place there you go I hope that was useful I just got to keep it real and with all of that said the market is still majority long and they have been for a while now so markets are still primarily long lots of things are still looking positive Bitcoin trading above most of the key moving averages we do however have some help in getting Bitcoin down again from the United States which I talked about a bit recently you know make Bitcoin $3,000 again either way I'm not sure really sure it's gonna happen I just know I'm gonna buy if we do hit mid eight thousands not intended to be financial advice anyway in the news generally you know this sit-down lunch with Warren Buffett at least to hopefully sit down a man who turned ten thousand dollars adjusted for inflation which he made renting pinball machines in his teenage years into making eventually many billions a man who does not like Bitcoin because it may seriously harm bankers is having the opportunity to sit down with some cryptocurrency representatives in a bid to change his mind possibly so we are of course sending our very best not Andreas Antonopoulos not even Fiat Daily but Justin Sun now hilariously and quite indicative Lee of this space as a whole Justin has had to delay the lunch now he has cited health concerns as the reason why but realistically given Justin's track record he's probably lying accusations that the Chinese authorities are detaining him from leaving mainland China over illegal fundraising illegal gambling sounds far more plausible to me actually Justin will no doubt be upset about wasting 4.5 million on a winning a Bey bid it was literally sold on eBay for this lunch with him now I don't know if he can get a refund did he use PayPal you know you can do charge backs on that Justin anyway now of course it remains to be seen what will happen but Justin now joins an elite group of crypto influencers who either can't or won't go to the United States CEO of Finance Shang Hangzhou because of reasons and of course all of the BitFenix staff does John McAfee count the drawn markets have not taken to this well at all but in an interesting turn of events turns out Justin is actually already in the States and he wasn't lying huh fancy that anyway breaking that mold is one Craig writes who voraciously is that a is that the right word to use here step foot onto American soil went into the courts as though he was the original and true creator of Bitcoin as though he had nothing to hide whatsoever and then quickly found himself in contempt of court oh dear maybe I should have known better anyway that's it from me today sorry about the t-shirt it's like 30 degrees today but I'll see on the next one

Leave a Reply

Your email address will not be published. Required fields are marked *