YouTube Video
YouTube Video Transcript
hello hey how are you it’s david for big bits and i am back it’s been a while since i’ve been able to do a video i’ve been incredibly busy busier than i probably would prefer to be for those who haven’t paid any attention recently i have been teaching college courses i’ve had two computer security courses that i’ve been dealing with and i’ve also had a full-time job and then i’ve also had a couple of other things that i’ve been getting into as well and there’s been a bunch of personal stuff come up i recently had to put my dog to sleep which was pretty tough uh some of you all might have seen him on my streams or my videos kind of hop up in the recliner next to me over here but yeah he had to be put down he was getting kind of old that was kind of rough i was just about to come back and start posting again making more videos and then he got to where he was just he was in rough shape he couldn’t walk around the neighborhood he was having a hard time breathing he could barely do a lap around the neighborhood we typically do two or three um but that’s all right i was kind of expecting that he was rather old it’s just kind of different feeling down here without uh i’m a partner anyways i’m going to take a look at some ta today and if you all have any questions about anything going on you can ask me in the chart or in the chat excuse me we’ll be looking at charts i’ve got some stuff pulled up here really not a lot has happened there’s been some big moves over the last couple months obviously i think i posted a couple weeks ago i think right after price came down or maybe right before it i’m not entirely sure but i’ve been pretty much saying the whole time that i think we’re coming back down to these 200-day moving averages and if you notice the shaking on my camera that is because i have a new desk i am on my uh motorized sit-stand desk which is actually quite cool i’m choosing to sit right now i’ve been standing a lot today with some other things i’ve done but with bitcoin you can see it has been holding kind of around this 100 day moving average which has been really nice but at the same time it hasn’t been too bullish the stochastic weights that we came up with here on the channel have been doing pretty well honestly um but everything is kind of neutralizing it’s everything is kind of returning to the neutral zone here in the middle around 50 on all these different oscillators so you notice that here on my stochastic weights even right around 50 the rsi right around 50 the macd right around zero everything is kind of uh neutralizing here as far as it comes to the indicators on bitcoin also ethereum everything’s just kind of neutralizing even here though on ethereum it’s got a little bit more downward pressure you can see it didn’t come back up nearly as high relatively to bitcoin that’s why it’s macd is still low but i do have some hope um i am looking at the weekly chart and you can see zoom in here on bitcoin this is the mid band is 20 week so that’s our mid-weekly band we haven’t went below it we haven’t closed below it i should say all the way since back here in may if you’ll even include that because that’s pretty much right on the line that’s what i would call within the margin of error hey kr nice to see you here i’m not sure if you’re a subscriber or not but i’ve been on here for a while i’m just coming back i’ve had short sort of a short break but uh one of the things i’ve been watching here on the weekly chart is i knew kind of once we got up here we were at risk for a drop because we had never really retested the weekly mid well the weekly mid bollinger band on the bitcoin chart and honestly if you’re thinking this is super bearish i don’t know what to tell you i would not say there is anything really bearish about this chart probably the worst thing that i could see happening in this scenario is the price coming back down to around this level where it consolidated for a while but even then i’m not entirely sure about it because here at that peak you’ll notice out to the side here if we draw a a resistance flip to support line i mean it’s perfect on the weekly chart i mean it’s absolutely perfect on the weekly chart for this level to hold as support now that doesn’t mean we can’t have wicks below it like we did before but it looks really good from a technical standpoint i personally think when we go back into the daily chart however i do think there is a good chance we come down and we touch this 200-day moving average but what i think will happen is we will quickly rebound and that support line is up here around 10 200. i could easily see a daily candle close down here and maybe a bullish engulfing candle come back up and wipe all that out and we continue on from 2 10.2 up so there’s a lot going on here the 200-day moving average on bitcoin has been moving up since sometime around the middle of april which is quite a long time honestly and the moving average is moving up quite uh at a fast pace now it’s going to slow down a little bit here soon you can see we are dropping some of these really low prices on the back end you can see on the ghost trail here on the 200 week or 200 day moving average some of these really low prices are getting dropped off the moving average and being replaced by some of these much much higher numbers about three times higher so you’re going to see that this line is going to move up relatively quickly now for it to continue this trend and continue moving on we’re going to have to continue to print higher prices than whatever was in the back and this is just for a simple moving average of course if we were working with a different sort of moving average of course based on that calculation it would be different but with simple moving averages which i prefer to use on these larger time frames this is what we’re looking at we’re not looking at the 200-day moving average coming down or moving down itself taking a turn downwards anytime soon mainly because our price history most of the price history is well below where we are now and i showed you that and as long as we are replacing on the front end of the chart with higher numbers than we are removing from the back end that average is going to keep moving up considering that all of the prices pretty much since then are above it it’s going to continue to move up from where it was before now um there was also this resistance line from way back i have to probably zoom out to the weekly chart to show you this one but this was the resistance line that we broke with a lot of momentum back in july it was very much a euphoric moment and we all thought that was the start of the bull market and uh very well it could have been the very very beginning of the bull market that we’re going to be working with here but a lot of people really dove into it and got really i guess over leveraged into long positions and that’s the reason why we had the price drop here is because people got ahead of themselves there wasn’t any sort of retest as i mentioned even when we broke out at that point we had still not retested the mid weekly band and we’ve just done that for the first time here in the last few weeks so there’s a decent chance we can continue up from here but the great news is that all of the moving averages are aligned nicely you want to see this nice ribbon on my charts where the white is above the green which is above the yellow which is above the red so this is your shorter moving averages down to your longer moving averages and in this case it just works out to where the trend is very clear that the price is moving up and this doesn’t happen very often in the uh price of bitcoin’s history so it’s usually a very good sign that we are about to start a very long term bullish trend on bitcoin uh mahan you asked don’t you think bitcoin is a massive ponzi king monster ponzi scheme and controlled by a heavy distribution midterm i assume a strong downward trend to our current macroeconomic situation we have the longest economic period 110 months well uh it’s entirely possible i mean i’m not going to claim that the price can’t go down uh i think it is a i mean technically it is sort of a scheme but it’s not necessarily a ponzi scheme the scheme is the mathematic equations behind it everything is well laid out and put in front of you it’s not like a ponzi scheme where they’re trying to lie to you and get your money you’re willingly buying into this system uh knowing that somebody’s gonna have to replace what you bought and that’s just how free market works it’s not really a ponzi scheme not by any means the only thing that people don’t really like in my opinion is that the supply is limited very strictly at 21 million and there are only so many coming out per day people think that this has to be some sort of controlled like you say ponzi scheme they think that it must be some sort of ponzi scheme or something just because the mathematics are laid out in front of you that’s just the way the system was designed there’s nothing really about that and of course that’s how it’s going to work it’s a free market environment people are going to pick up as much of the market as they can when they see an opportunity and they’re going to take it this is why some mining companies own so much of the hash rate they want to get this money and they want to keep it for themselves who would want to give up control of that so um is it a ponzi scheme no absolutely not is it a mathematical scheme yeah absolutely and i don’t think there’s anything wrong with that necessarily it’s based on security the mining is very important secures the network for the most part by splitting up all the resources and with the resources split up that’s great but the thing is naturally with human greed everybody’s going to want to go and get as much of the mining resources that they can that way they can get all the money that they can now people say there’s a very good chance of a 51 attack because of that and i would argue to say if you control 51 of the bitcoin network the last thing you would probably want to do is to do a 51 percent attack and you know just destroy the security of the network and decrease its value i mean once you run a 50 51 attack on bitcoin uh you would pretty much just destroy the entire crypto game for the most part and the value of your bitcoin would crash so even if you did get 50 you’d be an absolute to run a 51 attack just my opinion yeah there’s a lot to be seen here with bitcoin uh when it comes to the market through and through there’s a whole lot of layers to it all the way from the manufacturers of the mining equipment to the miners themselves to the people who buy it to hold the people who buy it to trade there is a lot of reasons that the price should only generally ever go up and there’s very few that the price should go down and typically the very few reasons that the price should ever go down in general is the security of the network or people’s ability to pay for it so like you mentioned with the mic with the macro economics right now with covid and all these things there is a very good chance that the price can trend downward but in the long term i don’t think that’s much of a much of a real scenario and this could i mean as we’ve seen since 2018 here all the way to now the price is down from that peak but uh people are obviously getting back into it at these other prices buying and selling different reasons it’s pretty cool to watch the market kind of take control give me just a moment i want to talk about one more thing on this weekly chart i’m sorry i’ve got a few important messages to take care of really quick here these are direct messages from people that i know and i know i haven’t been keeping up with my messages from everybody here so uh i apologize about not being able to [Music] keep up with everyone i know i’ve gotten a lot of emails i’ve gotten all kinds of messages here lately and i just have not been able to keep up with you all and it’s been kind of unfortunate i need to also pull the chat back up now so we’ve got a decent amount of viewers that’s good it’s nice to see some of you all actually stopping by and checking things out uh been having a lot going on here all right so the thing that i am looking forward to right now is on my custom indicator the stochastic weights advanced seeing the cross back over here potentially in the next couple of weeks this is why i’m thinking we have the price drop back down to maybe about to that 200 day moving average and then bounce back up very quickly mainly because our momentum looks like it wants to switch back up on the stochastic weights advance now the same is said for ethereum but it has not really tested its weekly mid bollinger band very well it’s remained incredibly bullish um did not even touch it here so what i think is going to happen is bitcoin and ethereum are both going to kind of flush down ethereum will finally test its mid bollinger band and then i think they’ll get a good bounce up from there of course there’s no way to say for sure but that’s what i’m thinking usually when you get a directional change on this cassock weights advance it’s usually a really good indicator of at least a few more weeks of momentum here i’m really kind of excited to see it but you can also see here there was a situation where at that parabolic run-up last year in 2019 in june we saw it and it came back down it looked like it was going to change so it looks very similar to what it does now so there’s a very good chance that we can continue downward with the price for a very long time although our price action is considerably different than it was then we are right now as i said holding support at some key levels that could be flipping resistance we are above all the key moving averages while having tested and are testing the support and the mid band moving average there whereas here we had just a very quick recovery from that bear market we had moving averages were just kind of wild we never tested that mid bollinger band and when it came time to it just dumped right through it there wasn’t much to it it came back up got rejected at the weekly mid-band and it was pretty obvious that we were going down from there um honestly i will say though once we got to here i thought we were in really good shape to start our bull market there and kind of go sideways and hang around these prices for a while but then coronavirus hit and everything kind of went to what the hell so all the prices went down it kind of reset everything set everything back several months i would say at least three to four months of price action was probably set back because i would have assumed that we would have stayed around these prices and kind of done something like this at that point uh and retested the mid band if it would have continued on through there but it’s completely fine where we’re at now everything seems to have worked out pretty well and if price can hold here i think everything’s going to be completely fine now what i am doing is i am starting to look again at the monthly chart and this is a little bit more interesting because on the weekly chart you have momentum appear to be changing directions upward whereas on the monthly chart if we don’t finish this month green and relatively with a good green month basically essentially an engulfing bullish month then it seems like we will either be slowing down our upward momentum or it will switch down on the monthly chart i have a feeling though that even if it does come down we are going to hold the mid monthly bollinger band up here notice how it’s got a dip in the forecast and it’s going to kind of flat line there i believe that that is where prices will kind of hold for a while sometime sometime between now and then somewhere around yeah let’s see what is it 11. to 9 and a half thousand we’ll probably oscillate in between there for a while and hopefully what’s going to happen is we’re not going to stay below that resistance line that we drew earlier although i will point out that we might lose that one just because on the monthly chart there are so many spots right here and you’ll notice it lines up nicely with that monthly mid bollinger band see that uh resistance that we had for a while this it was it was a pretty key level we only broke through it on that parabolic run-up but we couldn’t get back over it for quite a while we couldn’t close above it on the monthly chart so that was june that went all the way back to september of 2019 to june of this year so that’s what nine months or so so it’s been about nine months below uh on monthly closes that line so we might come down and test that let’s go ahead instantly coincidentally excuse me that is the 200-day moving average about right now so some pretty key levels to look forward to here with these um and as far as ethereum is concerned i think we are going to have to see a little bit further um it’s that picture is not quite as clear although you will notice that support the resistance to support is very clear as well right about 290 here we haven’t came back down to 290 to test that on the monthly chart and it’s i mean it’s super clear on the monthly chart look back here all the way back here so there you go all the way back here to here and then it was resistance it was resistance and we haven’t tested as support and that’s also going to line up pretty nicely with that moving average come december so i think 2021 is probably going to be the year where things kind of turn around hopefully um politically everything kind of works out and we don’t have any huge messes come from that but i think we’re in pretty good shape here to have a good 2021. i don’t really see much slowing it down unless there’s some sort of other unforeseen circumstance similar to covet come up but i did want to go ahead and take a look at what is new here they have added different background colors i’m going to need to make a video about this we’ll have to come out and do a video about the background colors here but let’s go ahead and take a look at this one i haven’t even bothered to look at it that’s how busy i’ve been all right we’re going to open the chart settings appearance tab background gradient okay easy enough chart settings uh appearance background gradient um oh this is hilarious this is ugly i don’t really care for the gradients maybe it’ll work better with like a grayscale or something let’s try that okay yeah it actually kind of works well with the uh with a grayscale kind of gradient i actually kind of like that a lot uh i think it actually looks better than the default but once you start playing with those bright colors i think it’s going to be hideous it’s going to be harder to deal with yeah i think i’m going to i’m going to do that to the other one very nice okay so you can also see on the monthly chart we haven’t been overbought for a long time we haven’t been oversold going down into the weekly charts very similar we were not overbought we were not oversold we have not been overbought since 2019. um however on ethereum we have been so that’s one of the reasons i look at bitcoin and ethereum they tend to move in parallel very well and once it got overbought on ethereum it seemed very likely that it was due for a correction here uh let’s go down into our daily chart and see kind of where we’re looking at here again we’re all kind of in the neutral zone here we’ll see where things go i have a feeling we’re coming down to the 200-day but hopefully that’s a nice solid bounce all right so that is it for me covering all that i do want to look at a couple of other things because i have not looked at some of the other altcoins that have been in my portfolio and i’m really interested to see what’s going on oh look bitcoin kind of dumped there a hundred or so bucks that was like 200 not bad might be on its way down more all right so i want to change this to a daily chart and then let’s go to something different what have we not looked at i like basic attention token i’ve been holding on to that for a while price has been plummeting that one looks absolutely horrendous right now i need to load my template on here there we go so this one looks really bad like really bad um yeah not a lot looking good here it’s gonna have to have bitcoin and ethereum save it in my opinion and so it’s not a bad time to reaccumulate there in my opinion 21 cents let’s take a look at some of the larger time frames here the weekly let’s see if it can hold a higher low than what we had back here at 17 cents that’s where the bottom bollinger band is so there is still hope and on the weekly chart it is very um oversold on those indicators and why isn’t my sarcastic weights advanced in this template i guess i didn’t have it when i did this template let me go ahead and close those out and we’ll add that to it oh something went wrong wonderful let’s try it again okay let’s go from this angle here all right that is interesting training view must be having a few issues on their end right now but we can get by without it it’s not too big of a deal let’s also take a look at the monthly charts uh yeah it’s not looking too good for basic attention token not at all all right uh let’s switch to something else let’s switch to matic which is something i’ve been kind of following uh that’s its monthly chart so it’s around its monthly mid bollinger band let’s take a look at it on the weekly again it’s closing below some key moving averages on its weekly it’s not good but it’s for the most part held these lows at around a penny so if it does come down hopefully you can hold those again and similar to base attention token it looks really ugly on the daily chart everything looks like it’s ready to turn down all right what else do we have um a link it’s performed relatively strongly compared to some of the other ones we are looking at the 200-day moving average here at around seven dollars which could hold and would be probably an rsi divergence bullish rsi divergence that you could potentially kind of scalp there look at link on the weekly how ugly i hate when they do that um but it looks like it’s going below it’s mid bollinger band it could come down to its 50 week let’s look at the daily and yeah wait we just came from the daily didn’t we okay i’m not going to worry too much more about it uh let’s see stellar it’s interesting that this one isn’t performing worse than it already is seems like most of the other ones are already down almost considerably but this one is doing okay today uh although it’s below key moving averages let’s see what else crypto.com let’s take a look at that one uh this one’s holding really really well uh i’m amazed that this coin is holding on so well it i can imagine it’s doing incredibly well versus the uh bitcoin market cap let’s try that let’s compare it to bitcoin yeah so it’s went down clearly but it has not went down nearly as much as some of the other things that i could imagine and what i kind of like here is this kind of dip on the rsi smooth rsi it looks like it could very well change but once you have this momentum on the rsi down this low it tends to kind of stay down there which is another reason i think we’re headed towards the 200-day moving average on a lot of these things all right i’m trying to think there’s anything else i’d like to cover i’m not really too worried about covering any more alt coins i’m gonna see what else i can do here there are some other things that i’d like to do with the channel uh first of first and foremost i’m getting a new microphone in the mail it’s supposed to come in today i kind of imagined i would have had it by now but it’s not in i’m going to have a new microphone it’s going to be one of those boom mics it’s going to be a blue yeti it should be really nice i had a mic kind of like this before as a condenser mic it sucked i hated it so i went for a really nice one this time we’re gonna try that out and see if it works i’m getting really tired of wearing this damn headset every time i do a video so got that coming in um i’m gonna try to do more live streams like this it’s getting really hard for me to set aside enough time to do the videos that we’ve been doing and with the live streams i’d like to kind of do a little bit more and kind of change the format just a little bit on some of the stuff we’ve been doing i’ve been focusing a lot on trading new content of course i’m going to continue using trading view i don’t know if i’m going to be renewing my premium subscription to trading view and it’s not because uh i don’t think it’s worth it it’s that i honestly don’t know if i have the time to justify i’m not doing nearly the amount of development that i was doing before and the development that i can do that i’m going to be sharing likely going to be fine to share just open source stuff doing tutorials showing people the new features like we’ve been doing but i think i might like to do a little bit more try to as i said change the format just a little bit see if i can’t [Music] bring something new to the channel i’m looking at the memberships feature i don’t think i’ve got a big enough live stream audience for that yet so that’s going to be held off for a while and i don’t have a strict enough schedule for that everything’s just kind of as i can do it so everything that i’m doing right now with live streams coming up it’s going to kind of be unscheduled uh unprompted pretty much for whatever i want and when it comes to the actual content we’re going to be doing coming up soon i’m going to continue to do these videos i’m going to try to force some time in there so that we can continue to pump out these videos i’d like to have a little bit more variety to my content i’ve done pretty much trading view only content for a while on this channel i started another channel recently and i’ve been having a lot of fun doing that and it made me realize that i want to do more than just trading view i want to talk about trading i want to talk about more indicators maybe talk to other people on the live streams to see what they think about everything get their opinions on crypto trading indicators whatever i don’t know maybe kind of turn it into a bit of a podcast we’ll see but i definitely think the format kind of needs to change a little bit and then we also still need to continue to do some of the tutorial and uh update videos i’m gonna continue to look at crypto maybe look at a few projects see what’s going on there but of course this all boils down to my time and how much of it i actually have but i think that’s going to be it for this video i don’t really feel like streaming much longer i don’t really have much more than i can actually do we can sit here and watch charts together if you like and that would be incredibly boring so i’m not going to do that i don’t like to do that on here um unless of course i had somebody to talk to to entertain you with but we might be checking out light night again on the stream and just kind of going over the map and stuff seeing what’s out there but other than that i think that’s it i really do if you haven’t already liked the video we’ve got several likes on the video already i’m sure uh some of you haven’t seen me for a while so i appreciate you all dropping a like on this stream here and if you kind of like what we’ve been talking about here on the stream go ahead and subscribe that’s great that helps me out a lot and you get updates on some of the other videos that we’re going to be putting out here soon as well but that’s it for now guys thank you all have a great day
YouTube Video Description
< br/>
