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[Music] hey the state of big bits and this is the Bitcoin weekly update we had a short video last night where we kind of discussed Bitcoin and its recent movements and really the weekly clothes which is happening well has just happened a few minutes ago is a pretty big influence on the thoughts that we had or that I had yesterday and let’s see kind of where we are now daily and we’ll zoom back out to the weekly so on the daily I had I’ve marked this idea down on trading view that we would likely see a retest of the 200-day it did retest but as you can see right now the 200-day moving averages 8.4 ok it’s this yellow number up here 8400 17 right now so it did retest it looks like it’s going to be rejected I was kind of having some wishful thinking that it would reclaim that 200-day moving average and then it could really bounce on the weekly that doesn’t appear to be happening so what I’m really looking at is and I drew this a couple days ago I’m looking for this kind of movement or the stochastic RSI is gonna drop back down because the price is gonna continue to dump now that it has read retested former support turned it into resistance and probably moving price down but as always this these things are unpredictable but this is just where I’m kind of leaning towards on these ideas here and I’m I was hoping and I even drew these lines the other day as well that we could end up building some sort of divergence now this is just a random line the divergence could be like this or well like this or if things get really bad the RSI can do like it did when it broke from 6k and go down come up and then really shoot down again and then we would have to be hoping to build a divergence like this so definitely a lot going on right now the longer we stay so oversold here the more concerned I am in price is gonna continue to go down of course that’s kind of what that’s gonna mean because that’s what’s going to keep it oversold as if the price continues to push down you can see one price just continued to push down when it finally had that break it continued to push down again and it was oversold and oversold so that’s just something to keep an eye on on the daily but my belief is that the prices are going to continue to press down some and there is some support in this area between here and the 50 week moving average and let’s actually zoom back out to the week now so we can take a look at that all right so this is our weekly chart let me clear these drawings out of here and you can see on the weekly chart that we have our fifty week moving average here and our 200 week is all the way down here at 4.6 K now the 50 week also happens to be where a lot of volume is at a four potential support so I’m using the training view volume profile you can see there’s quite a bit of volume here below right around where that 50 week moving average is so let’s actually zoom out you can see aside from way down here there’s actually a lot the hundred week moving average is actually up here somewhere let’s show that one again it’ll be the redline okay yeah so it looks like actually the 100 week as what help support I haven’t even noticed that at all because I haven’t been looking at the weekly chart so much at least not with the 50 100 and 200 let’s change that back around to where we had it before okay excellent that actually kind of changes the way things look in my thing like we might actually kind of go sideways somewhat we might continue to go down and let’s hope we can hold this 100 week because it looks like it did hold theirs previous week so that is something new that I haven’t noticed before pretty neat and if that doesn’t hold of course we’re looking at the 50 week and if you’re looking for a bullish a very bullish signal in the long term you’re wanting this 50 week to cross over that 100 week and it looks like even if price were to stay flat for the next few weeks that they would come pretty close to intersecting if price doesn’t go go below the 50 and we’ll be doing pretty good wow that’s actually pretty pretty interesting I haven’t paid any attention to that let’s go look at the the BLX chart which has a lot more history to it and let’s see when the last time the 50 cross the 100 and you’ll see why this is such a good thing all right let’s go back okay this was all the way back in May of 2016 all right you can see when the price breached the 100 week came back down to test it and then eventually the 50 week came up and crossed over and we went on the major Bull Run that’s pretty interesting I will probably add a post about this on my trading view profile that is very interesting that we just happened to find support on that candle right at the the 100 weekly average so that’s pretty cool but you’ll notice the weekly still doesn’t look great that’s why I think price could continue to kind of slip I think over the next week if we can continue to hold that and the price ends up right on the 100 week again the MACD is continuing down the momentum is going to probably continue it down at least till probably it gets back down to 0 again honestly and stochastic RSI it’s probably gonna stay oversold for a couple more weeks at least it’s it’s hard to overcome these huge red candles like this there’s really a lot a lot of pressure that you’re gonna have to have on the buy side to overcome something like that so definitely is going to stay oversold and the RSI is fairly neutral so if if the artist I can actually stay in this neutral range that would be very good right down to the the daily again okay so the BLX hasn’t updated for the next day that’s okay but that’s that’s pretty interesting stuff about the weekly chart there and I am definitely kind of encouraged to see it hold support on that 100 week and it I mean there’s a lot of people out there saying this is all very bearish this huge drop and it is no doubt but the fact that it found support at something that could be considered a key level is nice to see it didn’t just blast through all the support that it had and in one shot so let’s switch back let’s actually move on to aetherium now so this is the weekly I like to go over some more some more the all coins here and this is the daily chart on aetherium USD it’s honestly about in the same shape as Bitcoin although I’m not sure what the supports are here on the weekly chart let’s take a look at it that that have any uh-huh it’s holding near the 50-day but it looks like it’s close below it so maybe there’s some sort of other average or or level here that’s holding it for now but it’s not looking too great right now no not looking too great versus the USD all right let’s take a look at it versus Bitcoin because there was one thing I was looking at here this is the weekly chart weekly actually looks fairly good MACD crossed up RSI left oversold and stochastic RSI is still rising quite well zoom into the daily here okay yeah so this is the idea I pointed out that it is trying to switch the 100 day moving average from resistance to support you can see when it first hit the 100 day moving average it failed to close above it but it went down it kind of retested the 50-day it didn’t quite get there but it bounced and that’s what you wanted to see and the price actually came back above the 100 day tested slipping back below it and it’s still kind of holding above it so if it can do that it has a pretty good chance to shoot up towards the 200-day moving average in my opinion even though the the MACD looks like it’s losing its momentum and it wants to cross back over that’s entirely fine just because it’s losing momentum doesn’t mean it can’t regain it very quickly you’ll see like right here it had some momentum it lost it and it gained it back on the MACD even though the prices went sideways and this would be a completely different example it is very possible and it does happen quite often you just have to be mindful of the scenarios that are going on around you but I’m very excited it to me and I wanted to make this point in the video I kind of forgot but to me it looks like the money’s kind of shuffling from Bitcoin to the altcoins right now the key altcoins cuz you’ll notice there’s a lot of alt coins that are in a similar position to aetherium to where over the last few days and weeks they have managed to come up to their 100 day moving average and on the weekly chart zoom back out here this is versus Bitcoin on the weekly chart they have flipped their MACD green there so tastic RSI is rising and they’re heading towards their 50 week or you know that’s what the 350 day average so definitely something to look at here there is room for growth and you’ll also notice that that 50 is also where some support used to be and might be resistance now you’ll notice this on some other charts but it does look like it has a chance to continue to go up here I mean I’ve personally been averaging in on it and I can’t tell you to do that for yourself but and if all the all coins there are I have a hard time betting against aetherium I really do okay let’s move on another one I like is basically tension token as I mentioned it’s kind of in the same boat as aetherium the MACD is crossing over and you’ll notice a theory amiss a much higher level halt coin or in much more regard than basic attention token I mean it is just a token after all so you’ll notice that it is already crossed over whereas basic attention token is about to cross over I mean just another week here of green another green candle here and it’ll probably cross over the differences you know 13 satoshis right now that’s nothing stochastic RSI is rising there is potential here and and you’ll notice just like with etherium there’s that old support that was around here that might act as resistance but just like with etherium and these other all coins if it can overcome these old supports and break that resistance then there’s no telling where it’s actually going to stop could we be entering the shuffle period where money leaves bitcoin and goes into all coins perhaps I think but let’s look at the Dominus chart in just a moment but you you’ll see I think money is shuffling from Bitcoin into alts and then I think alts might kind of shoot up a little bit which is why we’re getting this movement on like the weekly and stuff but I think before the bull run really starts personally I don’t think alts are gonna hit these huge highs that they did before they’re going to make some good profits and then money is gonna shuffle back out of alts back into Bitcoin and I think that is gonna be the catalyst that could potentially move it back up to its all-time highs for Bitcoin I think people are taking or have been taking profits at Bitcoin in Bitcoin when it was consolidating for last several months and they were kind of averaging in on alt coins and you can see the momentum for all coins is coming back so that could very well be it basically tension token I really like I don’t zoom into the daily and see where it’s looking yes it’s firmly between the 50 and 100 day moving average everything’s kind of tight here pretty neutral can’t really get a great read on it now so you got to kind of wait until it breaks it looks like there is some resistance right here which is also in line with the 100-day for the most part so if it breaks it’s 100 day then it probably a very good sign and like I mentioned it’s a little bit behind etherium so if etherium holds its 100 day as support and shoots up then I think likely after that best attention token is very well likely to break its 100 day and continue to shoot up after that as well and even though I might have to retest first all right let’s see what else we got it’s like a triple I’m a huge fan of ripple but let’s check it out okay yeah it’s in pretty much the same spots aetherium pretty much exactly the same spot as aetherium it hit its 100 tested its 50 and it’s trying to flip that 100 day moving average you can see I I think this is pretty clear if you look at a lot of them and I have looked at a lot of them we just might not be able to get to them in the video but when you look at a lot of these all coins you can tell there’s tears and I think ripple and aetherium are on the second tier of all coins and you can see they look like they might be forming a little bit of support and if they both shoot up to their 200-day because the charts are uncanny the MACD the RSI the stochastic RSI all of them are about the same for aetherium and ripple and you’ll notice there’s no coincidence that those two are to the top you know three or four market cap coins so I think that is my my sign that I take that money has left Bitcoin and a shuffling into altcoins and that’s one of the reasons why I think personally that all coins aren’t gonna have a good period here in the next couple of weeks and then before they break out a very huge amount money is going to shuffle back into Bitcoin hopefully as it makes its move towards its all-time highs at 20,000 now it takes a few weeks for a Bitcoin to consolidate and the money to shuffle but then it’s going to shuffle back in my opinion and you know the the charts look good for it it doesn’t mean it’s gonna happen but that’s just my personal theory here what’s happening and I mentioned in my other videos you have to think of the people who control the market they want to make the most money possible so while bitcoin is dropping and you’re making everyone think bitcoin is falling and that all coins are worthless you’ve already made people suffer 90 plus percent drops in all coins why not make some profit on all these all coins that are down 90 plus percent and then once you make double your money back on that put it back in Bitcoin send it back up to all-time highest why not there’s a lot of money out there and the people who have the most that they can really really move these markings however they want to all right let’s go back to something else here we are doing a live stream so if you are watching you can leave a message in the chat by the way I’ll try to look over there it’s on my other screen alright let’s take a look at another one and pull up market cap on my other screen here you ah litecoin how can I forget litecoin okay so versus Bitcoin it seems to be in that another tier here it’s not quite up at its 100-day moving average but it might be a bit of an outlier because it did shoot up quite a bit earlier this year due to its having but it doesn’t seem to be in a particularly great spot right now that’s just very honest on the daily chart on the weekly chart not bad I gotta say that’s this honestly not bad the momentum on the MACD has let me get it out from behind my head let me make sure you can actually see that okay so the momentum on the MACD is slowed down considerably it’s completely flat now that doesn’t mean it won’t continue to drop but it’s been oversold for quite a while on the stochastic and it very well could be changing momentum this might not be something I look at this week strongly but next week if this cross looks inevitable and these are continuing to go up and this is just gonna take a small green candle on the weekly to convince me honestly that it’s going to continue to go up it looks pretty good most alts look pretty good on the weekly chart and litecoin is no exception here it appears yeah very good get a couple more and then I’ll talk about a couple of things that I really wanted to get into here see – this one will be interesting so this is – weekly chart this one actually looks really good it has been over Seoul for quite some time might be Peru might be creating that divergence that we were talking about with like with Bitcoin the magdi has crossed over already stochastic has started to move up there is some support potentially and let’s see was it – listed on coinbase Pro it is X and I’m kind of it’s about that but – was listed on coinbase Pro I thought I’d read that so if you’re not familiar whenever if something gets listed on coin based Pro it ends up getting listed on coin base it’s usually just a matter of time most people aren’t willing to get in to coin based Pro because it’s like a real exchange and a lot of people on coin base or just people who don’t really care and they just want to buy some crypto or sell some crypto but the way that coin base works for those people who just want to buy or sell some crypto without having to look at the order books they have to get it into coin base pro because the order books that coin base uses our coin base pro so when you’re exchanging something on coinbase what’s actually happening is coin base is placing an order for you on coin based Pro and charging you the fees and that’s where those fees are kind of coming from is basically that service charge to do that trade for you on coin based pro at least that’s my theory I haven’t read into it too much but you will notice when something gets listed on coin based Pro it almost inevitably becomes listed on coin base so – is actually looking really good for me with that news and it’s going to be big to be on an American exchange it really is so let’s look at the daily here and I’m not look at the daily okay it’s actually looking like it might be getting rejected at the 50-day so the daily not looking too hot but weekly I don’t know maybe not the worst time to average in personally yeah that Daly’s not looking too hot we’ll see all right one more let’s look at me Oh try to find one of the charts that has a longer history here skilled finance it’s got quite a bit you can see it’s kind of in another tier of all coin it said pretty much the same charters – you’ll see it shot up went down and came back up I think a lot of the people who moved the money in these crypto markets basically have a group of coins that they target and you’ll see this one appears to be in the same group is – because it’s chart looks almost exactly the same whereas aetherium and ripple looked a little bit more positive man this doesn’t look too hot it honestly doesn’t let’s go to the weekly and here just like – it looks decent on the weekly there’s no support at least on this chart I’m not sure how back are how far back neo goes on and on which chart they might have more info but it doesn’t have much support at all well none on this chart let’s see about bit tricks ah yeah it has a long way to go before it can find support so maybe not the best one but we’ll see it has been very oversold for a while on both momentum has come up we’ll see where it is but it is top twenty one ranked coin on Quinn market cap doesn’t mean anything though alright I know I said one more but I do want to look at Nano because I’ve had eyes on it for a long time now I know it was released during the peak on my dance of the altcoin mania it only hits 50 weak once and was rejected pretty hard but it is getting that momentum on the MACD up touching oversold levels again it might not be a terrible spot but like I said there’s no way to tell where your support really is here so this is probably in like a fourth tier of all coins that is probably gonna get loved last because it has had very little it hasn’t even crossed over its 50-day moving average let alone the 100 like some of them so you can see there was that I mean there’s Bitcoin first of all it’s a head and shoulders above everything it moved the market first then you have a theory min ripple which are above their 100 day moving averages then you have – and basic attention token which are holding above in between their 50 and 100 and you have the ones like the last two neo and nano which are stuck below their 50 and they could all move up at once or they could take turns moving in groups of all coins like this it’s hard to say but oh I hope that wasn’t stuck behind my head I’m sorry about that if you couldn’t see the indicators and it looks like they were just on the edge apologize oh well it was just the RSI mystic and the MACD that you couldn’t see I think so it’s not too bad overall there’s a lot of hope and let’s go back to Bitcoin just one more time back to that weekly chart there’s your hope that 100 week and the 50 week you got I hope those hold and I want to show you one of the features I’m working on with this indicator that I’m coding in my indicator development series let’s look at our forecasting let’s take a look you’ll see right now if the price were to remain flat here the 50 week would continue to move up but the 100 week would start to dip so let’s see what would happen if price were to go bullish but still look like they might intersect so the 50 looks like it might cross the 100 sometime in November or December let’s go to bearish here even if price gets bearish let’s change the magnitude here 0.5 yeah even if it gets bearish you’re looking like if there’s any sort of bounce here the 50 week could cross over the 100 week moving average by the end of the year and you’re hoping it finds support of course at least above the 50 week but yeah that’s pretty that’s pretty good to know that it could and I think that will set up a longer move that could be the next full cycle if we get that cross back up and as I mentioned it’s gonna require a bounce of some sort above support here but that’s really good all right anyway there was a couple things in the news I wanted to talk about let’s see this one I talked about this the other night the dude wanted to tokenize his guaranteed money in his NBA contract the NBA apparently told him no which go figure you want to do something with your money you’re not allowed I don’t really understand it I mean I guess you’re working with the NBA you need to follow their rules if you want that money you got to follow their rules but at the same time if you want money up front I don’t see why you can’t take a a cut out of what you would have gotten to get it all upfront and pay everyone else with your guaranteed money as it comes in I don’t see why that’s such a big problem I think really the only issue here is that the NBA doesn’t want to be associated with cryptocurrencies or tokens because it has a negative connotation with icos and that’s all there is to it otherwise I thought it was a pretty good idea I don’t know why he would have took that cut in order to get the money up front I mean I don’t see why he couldn’t live on greater than a hundred thousand dollars of paycheck most likely but he wanted it and I don’t see why he shouldn’t be allowed to do it honestly I think it’s kind of dumb all right and so there was a bug on the Lightning Network which apparently has been fixed I’m not involved with the Lightning Network I don’t run a note or anything but I do understand that they have channels and things and payments get settled on the Lightning Network and then they get fully settled on the actual Bitcoin blockchain so I think what was happening here is that somebody would say that they were paying but they wouldn’t actually pay the full amount I’m not really following this but essentially there was a bug where people could say they spent money but I actually not spend it that’s what I understand but a parent’s being taken care of but this is a good reason why you should be kind of weary of or leery or cautious of these second layer networks until they get fully fleshed out there are a lot of potential concerns with a second layer Bitcoin itself has been around for greater than ten years with excellent network security and for now settling your transactions on the chain it’s very cheap and lightning Network isn’t entirely necessary just yet so if you have a transaction you care for and you do not want to lose or risk at all I would not suggest to use lightning Network yet it’s just my personal opinion and as you can see there are definitely still issues with it so it’s it’s your risk to take now now this is very interesting and over the past few years we’ve seen malware come up that mines cryptocurrency for the person who writes the malware but now this I don’t know why I haven’t even thought about this but essentially this malware can detect – when you’re typing in a crypto address and replace it so that’s pretty interesting so if you’re typing in an aetherium address 0x all these hexadecimal characters it’ll replace it so when you go to send the transaction you’ll actually be sending to the address that they want so it’s really interesting and apparently it works with a bunch of other things where it’s gonna collect data apparently in a telegram group or something I don’t really understand why they do it this way but it was designed and developed on the dark web for $40 that’s pretty interesting and it keeps you mindful of what to look out for and always double check where your transactions are going I would recommend probably not to use a web browser and to use a client application or a hardware wallet or preferably to send and receive things but if you’re good and you think you’re in control of things then by all means continue but uh thank you all this has been a little bit of a longer video I don’t see anything on the chat and that’s completely fine we’re just kind of getting started here I have a couple of videos coming out this week I’m working on getting some more content ready if there’s anything you’d like to see please let me know please like this video if you like it especially if you’re watching a recording of it please subscribe check out my tradingview profile this can be found in the description of the video and you can see I post the ideas that I talk about here for the most part when I get time I try to post all of them here and I’m also posting all of the scripts that I’m developing in this scripting development series here as well so that they’re all public and open-source and even the forecasting that I showed you where we were trying to predict when the 50 would cross over the 100 week you can actually see that that open source code here so take a look at that and I definitely appreciate everyone for watching and I will hopefully see you say thank you [Music] I played the wrong video here we go you
