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[Music] hey this is David for big bits and in this video we’re gonna talk about several things first of all we’re going to take a look at an update I made on an indicator we’ve been working on and also I wanted to mention there is an update on the giveaway there’s gonna be a new question on that so if you’re just here for the giveaway you can check the description of the video the links there for that and we’ll talk about that a little bit later but gonna look at a little bit of TA because there’s finally thanks for starting to look a little bit interesting now after that huge dip and then also of course that indicator and there’s a little bit of news that’s actually pretty interesting with regards to crypto and Bitcoin specifically in most cases so it’s going to take a look though this chart is actually the wrong one to start off on so this is the indicator that we created here on this channel and that is the fancy moving average and there’s a lot of options here and if you followed the tutorial series this is kind of a byproduct of that series and we actually added some more features onto it that well we had at least one new feature under this that wasn’t available in the tutorial series where we made moving average indicators and if you haven’t seen that please go check that out but what we did here we added our forecasting in and what I’ve updated is well there’s two things that I’ve updated but the most important one revolves around the forecasting in the past if you were to set the period to see there’s a six period smooth moving average if you were to go down to a five period moving average they would result in an error you would get a red line of text here saying there was an error and I fixed that since then you’ll notice now it’s only going to forecast out one two three four green dots now as opposed to trying to do five that’s because we were trying to reference or using a zero period for the length in one of the calculations we got rid of that for each of the different levels so there you go now we don’t have to worry about any errors coming up because the low time frame on the look-back period so that’s looking pretty good now let’s see there was one other thing here and that was the whole moving average if you haven’t seen the other videos we did a small update where we talked about some of the updates that they had with pine script and one of the new built-in features was a function for the whole moving average so this used to be a drawn-out calculation of the whole moving average using three different weighted moving average calculations instead now it’s just one little function that you can call so we went ahead and replaced that in there so that’s nice and clean and here are some of the changes where we checked for if we had enough ma period and if not it wouldn’t show the dot and then also in our moving average function we also added a check before we did any of them to make sure that the period that it was using to calculate was greater than zero that way we wouldn’t have any chance of throwing an error through here worst case scenario it just wouldn’t return a value and it would hopefully be in na but yeah that’s it for this particular indicator update if you haven’t started using this one I highly recommend it compared to the tutorial indicators because it has a lot of the same features that we did in the tutorial the only thing it doesn’t have is ribbons because it’s only one but it is a lot more flexible and of course you can add as many as you like and it well because it doesn’t have three built in one if you just needed the one it takes way less time to load and calculate all the values that it needs compared to the one with the three moving averages so definitely recommend you check this one out instead of going back and continuing to use those unless you have a need for some of the features on those that aren’t on this one alright so let’s go ahead and take a look back at the Bitcoin and the Bitcoin chart excuse me and I did want to talk a little bit about the TA here so there’s a lot of things going on if you follow me on Twitter you know that I bought some Bitcoin spot around 4500 the other day during the huge crash and pretty pleased with that but what’s more interesting is we’re finally at a point to where it looks like it’s definitely bouncing it’s kind of breaking through some resistance here a lot of people saw a ascending triangle I believe yes that’s the that’s the term they were using an ascending triangle between these areas it broke out through there a lot of people expect it to continue to go up now I tend to agree with them just because the indicators I typically use usually in this situation would indicate that is going to happen as well our stochastic is moving up from the oversold territory the smooth RSI is also changed directions recently and it’s trending up and the stochastic RSI also moving up as well and not not to mention these have also on the CICC astok and the stochastic RSI have been oversold for a rather extended period of time so not only this huge crash really lower their values but they were already pretty low and we were probably due for a bounce and I think the bounce is gonna continue a little ways it’s hard to say when it’s gonna stop but we’ll probably at least check up on the daily mid Bollinger Band and if not there’s a there’s a lot of moving averages around this eight point four thousand dollar region so of course there’s no way to know for sure where the price is going to go but those are the two areas I’m kind of looking at as definite resistance coming up soon and one of the things I did want to point out what’s on the MACD you’ll notice it got super low thanks to the huge red candle there but it now looks like it’s coming back up super quick and that a lot of times when I see this there’s oftentimes a harsh rejection or a fake out of the crossover so if you’re looking for the MACD crossover what you might end up seeing is we get really close to the crossover as the price continues to go up maybe towards the mid band or the moving averages and they don’t get smacked down and it’ll not actually cross over just yet and it’ll hurt you a little bit because it’ll continue to go down a little bit that happens fairly often with the MACD indicator and of course also if it were to actually cross over a lot of times it does this fake out to where it will actually cross over and then cross back down rather quickly instead of actually confirming and going on multiple periods so just kind of be on the lookout for that it’s definitely in a bearish outlook right now with how things are but there’s a little bit of optimism considering bitcoins been trading so well comparative to the stock market today the price is up considerably where the stock markets relatively even or maybe them down a little bit it’s hovering right around where it started the day on the stock market but Bitcoin is doing very well today so just keep that in mind it’s different a lot of stuff going on what I’m really looking forward to though is the end of the week because let’s take a look at the weekly chart let me get rid of the Bollinger Bands they always miss this chart up what we were dealing with at the end of last week was the breach of the 200 weekly moving average and that almost never happens in the history of Bitcoin you’ll see there was something similar back here in August of 2015 right before the huge run all the way up to December of 2017 the price went below on the weekly chart and then came back up above and never really closed substantially below the 200 period weekly moving average and we’re actually looking at something similar to that now there’s a huge wick on the last week and decent wick on this week if we can get the the price to stay above the 200 moving average or at least hover right around it and then bounce back up in the coming weeks then that’s gonna be a pretty good sign at least compared to the history of Bitcoin if it can continue to increase its momentum the halving is coming let’s see where is it on this chart May yeah so the halving will be this particular week we had we don’t have a forecast out yet on our moving averages but you kind of get an idea that they’re all still gonna be where they are relative to each other now that is the 50 above the 100 and the 100 by the 200 and hopefully the price can stay above there then it continues to be that way and the trend continues up on the weekly chart which is gonna be huge with the halving coming up and everybody hoping for you know Bitcoin to go to the moon or whatever of course I would get a phone call while I’m recording I’ll take a look at that a little bit later fact I actually need to turn that down just a moment I apologize about that but I did also want to talk about the regulations that Canada is implementing here they’re working with creating these new regulations for cryptocurrency companies where they’re gonna have to keep a record and a large amount of identifying information and that means that this is the KYC that you probably see on exchanges where they look for you know your identity so that they can help provide your taxes or if the government wanted to look if for tax purposes they would have your information and just to comply with other regulations but what’s really interesting here is that you can see that they are going to have to know when there has been a transaction or a remittance valued at more than 1,000 Canadian dollars not only do they need to know that they need to note the type of the currency and the amount of the currency who sent and received it using their addresses and the source of the currency and the entities involved so they’re pretty much giving all the metadata for the transaction that they can possibly give on these so if you’re in Canada and you’re looking at this I can only hope that you’re doing your taxes correctly and following their rules because they’re gathering this information and if you’re a cryptocurrency company you definitely need to be staying up on this and speaking to your advisers or your attorneys to make sure you’re following the regulations there as well but this is very interesting because this is something you’re seeing more and more as the crypto industry kind of matures a little bit you’ll notice there’s more kyc and just more reporting of the data or tracking of actually what’s going on now another thing that’s coming up is the difficulty is set to drop 13% on Bitcoin on its difficulty rate now this off Louis really has a lot to do with the price dropping in the last week it dropped substantially so a lot of miners were put out of profit so they turned off their machines and they call this capitulation for the miners this is similar to capitulation with the price where people just want to get out of the market they just kind of give up but in this case they’ve just kind of turned off their equipment the hash string has went down so the difficulty is gonna go down as well so that those who are in who are still mining keep the network producing a block at about every 10 minutes and that’s just kind of how Bitcoin works if you’re not familiar with it but that’s something to keep an eye on hopefully the price can stay up about where it is like we talked about on the weekly chart and continue to move up and the hash rate continue to grow because that is usually a good sign that people are investing money to get into the network and they expect to return on that so if you see the hash rate increasing over time you should just assume that there’s people buying equipment and adding it to the network in the hopes that they are gonna get enough rewards to pay off whatever purchases whatever investments they made to do that okay so that does it about that for that topic for the difficulty the giveaway is going on I have posted this in the description of the video I mentioned that at the top of it there is a question at the bottom of it that’s worth many more entries so if you’ve been watching my videos then you’re probably gonna have a pretty good chance at answering the question compared to people who don’t I give that one a lot more entries because I think if you’re actually paying attention to the channel then that’s good that’s what I would like to encourage people to do so definitely check that out if you haven’t already the three months the winner has been contacted and if you’re not familiar I have been putting out the transaction information for that to actually show you that we’re actually paying out on the channel you can see that on Twitter and on discord as well but that’s it for this video I just wanted to give you all an update with that indicator how it’s been updated also go over a little bit of the Bitcoin ta go over the news and the giveaway but that’s about it you can check out my profile on trading view and also if you have been following along with trading view please look for the referral in the bottom if you’re looking for a paid subscription please consider using the referral link so that you can get $30 and I can get $30 as well to go towards another subscription but other than that if you liked the video please leave a like and of course if you like these types of videos please subscribe we do a lot of videos like this I haven’t been doing a whole lot of news and TA lately but hopefully we can pick those back up the schedule has been pretty hectic with the coronavirus measures going on everybody preparing for that but other than that I think that’s about it now and it’s actually done so thank you and have a nice day [Music]
YouTube Video Description
< br/> #bitcoin #crypto #cryptocurrencies #tradingview
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? https://cointelegraph.com/news/canada-tightens-crypto-regulations-alongside-aml-ctf-overhaul
? https://cointelegraph.com/news/bitcoin-difficulty-set-for-13-drop-as-hash-rate-following-btc-price
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DISCLAIMER: All my videos are for educational and entertainment purposes only. Nothing in this or any of my videos should be interpreted as financial advice or a recommendation to buy or sell any sort of security or investment including all types of crypto coins and tokens. Consult with a professional financial advisor before making any financial decisions. Investing in general and particularly with crypto trading especially is risky and has the potential for one to lose most or all of the initial investment. In simple terms, you are responsible for your actions when trading.
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