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YouTube Video Transcript
hey this is David for big bits in this video we’re gonna take a look at Bitcoin and how the ESPY are kind of doing right now and how that kind of compares to one another we’ll go over a little bit of crypto news just some general updates here has it’s been a while since I’ve talked about some TA as well as some of the updated news and cryptocurrency I want to keep up to date on these things here on the channel so first of all I wanted to look at the Bitcoin chart because I had drew some squigglies on my chart not too long ago to kind of give you my dream scenario for what the price would do leading up to a potential having pump and so far they’ve been pretty decent other will other than the price going up today if it had went down today I’ve pretty much been spot on other than a little aggressive on the MACD but other than that I think things are looking pretty good right now although on the daily things are pretty neutral and I can see a scenario where price just kind of hovers around this area all the way into the halving but of course that’s always subject to change because when you when your indicators get in the middle and there’s like three that I watched mostly here for this stuff stock the smooth RSI and the Socastee RSI when those three get in the middle sometimes they can stay there for a little while when they’ve kind of averaged out there the same goes for the MACD it’s also kind of rounding out right around zero which means that the moving averages are getting really tight on it so this is probably going to be priming for a huge breakout one way or the other eventually I can’t really say when that’s gonna be but we’re probably going to move around and arrange for a little while that’s my opinion here that’s certainly not financial advice I have no idea what it’s doing I’m telling you that I usually like to buy after extended periods on these indicators in low values and usually on double dips so when they come down into these oversold areas twice that’s when I like to buy so really I’m not really looking at anything right now I’m just kind of hopeful because I am long-term long on Bitcoin but let’s switch this and compare it to the S&P now and make sure you can actually see me and there’s a couple of interesting things let me bring these up and zoom in just a little bit so a couple of interesting things to note on Bitcoin is that of course when it broke down here it climbed all the way back up to its 50-day moving average the Green Line got rejected and then it eventually broke it and it appears to have tested it as support now so I do believe there is a chance we can come all the way back up to the 100 the 200 if this kind of holds for the rest of the day and as I mentioned things could just kind of remain neutral in a range for a while but that’s what we’re looking at here is that the prices bounce today off the 50 period moving average whereas with the ESPE the 50 moving average might be serving as resistance now so it’s interesting to see because this could be an opportunity for Bitcoin so you become uncorrelated once again because a lot of people in saying they’ve been incredibly correlated and they have but that’s kind of due to coronavirus and the effects its had on all the markets but maybe things are changing because it appears that Bitcoin has found support on the 50-day moving average and the ESPY might be looking at resistance on its 50-day moving average after breaking down out of its ascending wedge so those are the things I’m looking at here I’m certainly not too optimistic on the S&P this is pretty much the level I was targeting anywhere from it’s 52 it’s 104 my potential shorts because first of all you’re gonna have some resistance in this area second of all this is your first real retest of these moving averages since then so even if it comes back up to here I’m pretty confident I would like to continue to short because I don’t see the major impacts in the market being turned around too quickly to see their absolutely historic so I can’t see these things changing anytime soon so I can’t really be bullish on stocks or anything now Bitcoin I could be because of course its supply model so it’s interesting to see and that’s kind of the key takeaway here in the first part of the video is that Bitcoin is bouncing and that may be off of support whereas the SP could potentially be retesting that breakout and potentially having its 50-day serve as resistance going forward so that’s pretty much all I really want to talk about with the prices right now there’s really not a whole lot interesting on the TA other than this breakdown on that ascending wedge and the differences while the comparisons between the two with the potential correlation change those were the only things I wanted to point out about the TA particularly right now I did want to just go over a couple things of news that I thought were pretty interesting Bloomberg is saying that the Bitcoin is setting up for a 2017 like bull run and I don’t really tend to read a lot into these particular articles because it’s just people who have experienced trading and doing this stuff quite often forming their own opinions and telling you that so you’re probably just as well off to form your own opinion if you have any experience suiting doing it and if you don’t then for me what I did was I decided to learn because I don’t trust these people you know I don’t know who these people are and when you’re trading there’s always somebody else on the other side of the trade so somebody’s telling you to buy then why are they telling you to buy do they want to sell so there’s a there’s a bit of conspiracy to it because you’re all competing together against one another so your best usually to think for yourself now the the Ponzi’s are back in action this cosmic cryptocurrency Ponzi in China took 11 million dollars in three weeks and it seems like there’s a lot of these coming from China recently and I’ve talked about a few of them recently but you really have to be careful if you’re looking at getting into any sort of cryptocurrency especially these ones that are from China or other countries usually the ones that are coming from America are trying to do the right thing so if you can see that they’re from America they probably need to be doing the right thing first of all because they they face a lot more regulations than a lot of other places but for the most part they’re easier to understand and if you’re looking to China for your cryptocurrencies and trying to get into like an IC o—- or an IE o you’re better off actually understanding the language first of all but it just seems like more of these scams seem to come from China and those sorts of countries than they do to anywhere else and one thing I’m excited to see and particularly for my channel here is that crypto gaming seems to be exploding during these coronavirus measures and this is particularly good for me because I am covering light night I’ve done a lot of videos about them and I think their game is going to be the biggest crypto game by far and I’m really kind of betting on that because honestly it’s probably the best idea I’ve seen and it probably has the most partners and real chances of being adopted anywhere in actual gaming so I’m excited to see what they can do and it’s nice to see that gaming and crypto is picking up in general because it seems to be a really good combination in my opinion and this is just somebody else saying that they think that cryptocurrency may end up being the next reserve currency and when you look at the markets right now you can kind of see why that might be something they would say because the financial the monetary models on them basically have it to where they inflate inflate inflate to the point that they’re pretty much worthless whereas with crypto currencies depending on which one you’re working with such as Bitcoin right now it’s only inflating at a small percentage where in the future it won’t inflate at all and in fact will be capped and we’ll never have any new ones made so it’s a completely different model and if you want to hold your money in some sort of reserve and have it safe you would want it not to have the risk of being deflated in value because more of it’s being made somewhere else and I think that cryptocurrency is going to serve that purpose in the future it may already be doing that for a lot of people but it’s probably gonna be a little bit more widespread here in the next few years in my opinion and this is just regulatory news I’m gonna be going over some of this a little bit more but basically something that I’ve wanted to cover for a little while is Libre has made some changes to their white paper and that’s because they’re trying to appease regulators so that they can continue on with the project essentially the way they had came up with the project and how they decided to handle their basket of funds that they would get for the people buying into their cryptocurrency and holding it even though it was supposed to be a stable coin with a one to one value to the US dollar it was actually backed by all kinds of different objects that different items you know there would be stable coins there would be like investments things like this I can’t remember the exact makeup of what they were doing but it was a basket of securities it wasn’t just they they took your money and put it in a bank and you know when you wanted to cash out your Liebherr they would take your money back out the bank it wasn’t like that so they’re kind of changing things to appease these people to make it a little bit more likely that they’re actually going to come out and this is actually really huge because if they do this is probably going to be the biggest cryptocurrency immediately as soon as it is allowed to be released and that is unless of course you consider China CBBC to be a cryptocurrency which many people may or may not but there are some major changes in Libra I do want to do a video specifically about Libra to discuss those changes because they are well some of them are quite large and possibly a little bit concerning but that is all for this video I’m just gonna cut it off here thank you all and have a nice night [Music]
YouTube Video Description
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The Bloomberg bitcoin bull run set to begin? In this video we discuss some updates on prices and correlations between bitcoin and the S&P500. We also discuss some quick news pieces including Bloomberg concluding that bitcoin is setting up for its next bull run similar to the bull run in 2017 for bitcoin and all of cryptocurrencies.
https://cointelegraph.com/news/bloomberg-bitcoin-is-setting-up-for-2017-like-bull-run
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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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This channel focuses on Bitcoin, Ethereum, LiteCoin, Ripple, Link, Basic Attention Token and almost all cryptocurrencies that demand attention. Please like the video if you liked the video, and subscribe if you like these types of videos. David from BigBits is an experienced Software Engineer, but no one is perfect, If you find any issues with any of the open-source, free code, or code shown in videos please comment to let us know what to fix, we listen to our viewers!
