YouTube Video Transcript
[Applause] [Music] hey this is david for big bits in this video we’re going to talk about a couple of things first of all ethereum and bitcoin have both exploded in price over the last couple of days so i’m going to take a look at that and take a look into the ta and why i got into a certain position when i did and where i’m kind of looking for in the future and kind of looking at some other things as well so we’ll do some ta towards the end of the video but if you know me uh in this channel i should say that we like to talk about digital currencies such as the digital dollar and there was some news today that i think is going to impact that but it’s really focused towards crypto and i think it has an impact on the digital dollar as well so that’s going to be important to know in the future but first of all i did have another featured video idea on trading view and if you’re following me here on youtube you would have seen that it was the strategy tester video that i just released and i filmed this or recorded i should say on trading view first and then i uploaded it later with the edit and the intro and outro later on youtube so if you want to see those first follow me on tradingview and you’ll get notifications for that first and that went really well had a ton of likes on that tradingview was nice enough to feature it on their landing page so a lot of people get to see that when they first load up trading view for the day now here’s the news i want to talk about banks in the us can now offer crypto custody and that is huge like i i didn’t think we’d ever see the day uh banks you would have figured would want nothing to do with cryptocurrency since a lot of the core beliefs of cryptocurrency is that you don’t need banks so why would the banks want to get in on it well maybe they just want to grab their piece of control while they can so there’s a few things in here that are pretty important they are going to be allowing banks to hold on to the cryptographic keys so your private keys for your different blockchains the banks are going to be able to hold that as part of their custody and this is going to be similar to how they hold stock certificates and other digital items things that aren’t necessarily physically present at the bank they say that they may offer more secure storage services compared to existing options now this is a pretty broad statement and i would say because of that it is true a lot of these smaller exchanges and web wallets are pretty well they’re not very secure i should say every other week or so maybe even more often you hear about exchanges being hacked or while it’s being hacked on the web that these things are not secure so maybe these banks can do it better and i think they likely will especially someone like jp morgan who has access to a lot of talented individuals they have relationships with coinbase and i think it was gemini or another exchange but they have relationships with these exchanges so they can figure out how to do this very well it’s going to be pretty interesting to see how secure they actually how they actually handle it now something that really sparked my interest was that they also specified that the banks that are entering the space should develop and implement those activities consistent with sound risk management practices and align them with the bank’s overall business plans and strategies so this kind of leads to believe what are they going to be doing with your cryptocurrency when they have it are they going to treat your cryptocurrency uh like cash and use it to invest on the side i kind of doubt that i mean i really doubt that but what i was really interested in was does this mean because of the risk management that they will ensure the value of your cryptocurrency because if banks will ensure the value of your cryptocurrency i believe people will start to use it and they will store it on these bank wallets however you want to call it these crypto bank accounts people will be more willing and by people i mean like general public will be more willing to get into cryptocurrency because the bank offers a nice secure way to store their cryptocurrency they don’t have to worry about any of the hard stuff like managing your hardware wallet and you know setting and saving your recovery seeds somewhere all of that’s managed for them by the bank and that’s honestly what’s scaring a lot of people away from crypto in my opinion so something like this with insured value on whatever coins or whatever assets you have stored digitally with the bank would be huge and i do think this is actually going to happen but it’s going to be interesting to see if they insure uh cryptos uh more like litecoin ethereum bitcoin the ones that change in price wildly or if they are just going to insure stable coins ones that they can know the value for because if you’ve noticed some crypto exchanges that do ensure the value of the crypto held on the exchange they have to increase their insurance policy as more people deposit onto their platform and that insurance costs money so whenever people start adding more or the price goes up they have to increase their level of insurance to cover all the funds that are on the exchange so that’s something to keep in mind as well what they are actually going to ensure so what i’m seeing from this is and i’ve already mentioned people will be more willing to purchase and store cryptocurrencies as they’ll be with the bank so if your bank and let’s say you’re logging into your bank account and you pull up your accounts and you see you’re checking your savings your loans and then below that you can see bitcoin ethereum and others well what are they going to do are they going to allow you to withdraw bitcoin and ethereum and kind of opt out of the banking system or are they going to force you to transfer those coins to an approved address for another bank so that’s kind of interesting to see what’s going to happen there i believe they will probably allow you to withdraw but honestly you could very well see that what i’m trying to think of the other thing here sorry the other thing was that if the banks are going to have these accounts on their website that you can just access your cryptocurrency and its storage why wouldn’t they also integrate an exchange as well because honestly when you’re looking at a list of accounts you’re looking at an exchange a crypto exchange and for example you pull up your coin base or your binance account and you go to the wallet those are your accounts similar to how you’re looking at your personal checking or your savings those are your accounts but with different currencies they’re pretty much your check the equivalent of a checking account uh for your cryptocurrencies all the different ones and each account is a different cryptocurrency and why wouldn’t the the banks allow you to exchange that there and keep your money with them as well so that’s something that’s very interesting to me as well just seeing how this is actually going to come and basically take place what’s going to happen this is pretty wild to think that banks your bank is going to be offering custody to bitcoin ethereum litecoin all of these cryptocurrencies could possibly be stored and saved with your bank are they going to be insured are you going to be able to withdraw from your bank what’s going to happen with this but what i’m really interested in is the digital dollar and i think the digital dollar is more so the reason why this was allowed if banks can’t manage these digital assets or weren’t allowed to manage these digital assets they wouldn’t be able to manage your digital dollar or your fed bank account as they’re kind of referring it to it in the committee hearings so they needed to clarify this and put that out there before the digital dollar could even be introduced it seems like the digital dollar is getting pushed forward quicker and quicker here recently especially with the coronavirus impacting people and basically the coin shortage as well uh people are recognizing that there is a need for this kind of digital currency some people are actually afraid of it it’s kind of wild and i can see why in some aspects but this digital dollar it’s going to happen and i think that this was created or this letter this regulator update whatever they call it uh letting them know that they can provide custody for the cryptocurrencies is in fact a major piece that was needed for the digital dollar to come through and the banks to manage those as well so banks may or may not actually get into crypto but i believe they will be managing your us digital dollar bank account here in the next few years okay so i’ve went on about that and i apologized i kind of lost my trainer thought there a couple of times i like to do these videos in one take so that happens every once in a while all right so let’s take a look back at bitcoin and ethereum so i have both of these charts pulled up and let’s see where was i i’m trying to pull up the moment that i decided to enter into a long here so this is on bitcoin i believe it was actually on the hourly chart my apologies yes so what happened was this the price started to move up and then it started to come back down but it didn’t go down very far and it had this kind of crossover excuse me it had this kind of crossover coming up and it looked like it was pretty imminent that the price was going to go up quite a bit and i remember now it was actually the four hour chart my apologies so here we are on the four hour chart you can see it had that kind of cross over here keeping your mid bollinger band and all of these this is when i looked to get in it was pretty clear that everything was going to be turning up on this particular chart with all these different indicators so i was really thrilled about getting in when i did on that you can see everything is lining up nicely as far as the moving averages are concerned to have a continued run here now i do think we are at the point where things are going to check up there is a pretty clear divergence here if you’ll notice we have a lower high on stochastic weights and you have a much higher price and honestly this divergence should have been here if you were actively trading you were well above the bollinger bands on this hourly chart and you were well above the daily bollinger bands as well so if you’re looking for divergence that was a prime example of a bearish divergence although i don’t think it’s going to have a whole lot of follow-through i think at most we’re going to come back down to the mid-bollinger band somewhere around 267 268 dollars before continuing up and i believe that it is going to well the price on ethereum and bitcoin both are going to ride the upper bands and in this case between the middle and the upper bands for some time that is just what i have noticed in the past when these huge bullish movements start if they are truly bullish they are going to remain in these upper bands for some period of time they are going to punish all of the shorts that try to get in and you’re just going to have a bad time if you try and short and then once you think it’s finally a good time to just give up and go long that’s when they’re going to crash but honestly i i could see this going on for quite some time everything is very bullish and i’d say that because when you go back and you look at the daily chart everything looks really good and i mentioned this a couple of days ago this is another reason why i got into a long yesterday before the price exploded was because we had the crossover on the stochastic weights this was a huge moment now this actually was kind of hinted at here that it was going to happen on the next candle it was obvious that the next candle had to be a very big red candle to prevent a crossover and it wasn’t a big candle and in fact the moving averages held to me it seemed going into the day that i wanted to look for longs and it turned out that was the play and i’m very happy that it was you can see all the momentum is pointing up though uh you’ve got the macd you’ve got smoothed rsi you’ve got the stochastic weights you’ve got all the moving averages pointing up it’s above it’s trading above all of the moving averages and then you’ve got bitcoin about to do the same thing and this is on a daily chart bitcoin is about to have all of its key moving averages aligned one above the other respectively based on their period or their length and then it gets even better than that it’s like everything is kind of lining up for krypto take a look at the weekly here now ethereum is a little bit different but when you look at bitcoin on the weekly it looks a lot like these smaller time frame charts on some of these other assets these other crypto assets i should say but the weekly looks incredible um to me it looks like it could very well turn super bullish now ethereum is going about overtaking the 200 week and again i’m at a loss for words at times my apologies it hit its upper weekly mid or its upper weekly bollinger band excuse me and it’s checking up from that if it closes above the 200 week moving average it’s gonna be a very good sign and back to bitcoin what i am looking for and what i am looking at right now are these momentum plays down here so the sake weights it’s probably going as long as this closes up with this huge green candle its momentum is obviously going to be pointing up and there is quite a bit of room for it to move up the smooth rsi is still trending up it has room to move up the macd is just jolted upwards yet again and then back to bitcoin it appears like it is on the precipice of having its momentum shift upwards as well on the smooth rsi and preventing a bearish crossover on the macd on the weekly chart so this is all kind of dependent on how the rest of the week goes as far as a weekly chart is concerned but it’s going to have to crash and it’s going to have to ruin a lot of people in the process i think a lot of people have went long if you just look at the market sentiment on twitter and other places people seem to be very bullish right now there has been a break of pretty much every diagonal resistance from patterns that you could draw on ethereum really and i posted about this all it’s got left are these horizontal resistances and once it breaks those there’s no telling where it can actually go as far as price and right now i don’t even know where i’m going to be looking for a target if it breaks out probably the first target would be this weekly dip here from the first crash from the bubble which was let’s see around 373 dollars i believe that would probably be a good place to look for the first one if it continues to go up and close above that 200 a week okay so i went on for quite a bit i really wanted to talk about the banking stuff uh with crypto and the digital dollar because i’ve been following that really closely and then also wanted to show the ta with you all and why i think that this is setting up to be potentially huge bull run and don’t forget gold and silver are also exploding right now and people compare bitcoin ethereum and litecoin to kind of gold and silver themselves so just something to keep in mind as well when you’re looking at these things but that is going to do it for this video i appreciate all of you all for watching if you like the video please leave a like and if you’re down there leaving a like please go ahead and subscribe hopefully you’ve liked the video so if you’re liking the video you’ll want to watch other ones like it so go ahead and subscribe we do videos like this occasionally where we talk about ta i do some live streams as well and there’s actually a lot of videos on creating your own indicators and strategies on trading view as well but that’s it thanks have a great day [Music] you
YouTube Video Description
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Banks Get The OK on Crypto Custody as Ethereum and Bitcoin Price Explodes: In this video, I dive into the news that banks have been told it is OK to now do custody for cryptocurrencies. This means that banks will hold the private keys and manage them for their user’s accounts. I discuss if insured digital assets will be a thing and if this is actually just the major clarification needed to make way for banks managed a digital dollar instead of Bitcoin or any other cryptocurrency. Then, we dig into a bit of very bullish TA on Bitcoin and Ethereum as well.
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