YouTube Video Transcript
[Music] hey this is David for big bits in this video I wanted to give everyone a little bit of update on what’s going on a little bit with the channel an update on the giveaway and we have started a new one for the month of April for the channel and then also a little bit of news about Bitcoin and crypto in general and probably the biggest topic I’ll touch on well the I’ll touch on the most is probably central bank digital currencies if you follow my channel you’ll know that I’ve been keeping up with that pretty closely because I think there’s going to be a lot to do with that in this decade it was one of my big predictions that I agreed with many people on for this coming decade so I’ll go ahead and get started and the first thing I want to show you is that we have started to give away the link for this will be in the description of the video so if you’re interested in twenty-five dollars worth of Bitcoin please go to the URL in the description and you can see all different ways you can enter now if you’re new and you haven’t been watching the channel you’ll probably not know that I will add some different actions in here to earn entries and one of them is going to be answering a question about what you see in the videos that way people actually watch actually have a pretty good chance to win so I’m gonna show you something and we’re gonna talk about something a little later in the video where if you’ve watched the video you’ll be able to answer it correctly pretty easily and they have a lot more chances but I want to go ahead and get into a little bit of TA right now Bitcoin looks like it’s on the verge of breaking outs much higher prices well perhaps I want to zoom out chart has looked really good currently kind of looks like it might be what depite just a little bit for the short term but back to the hourly chart everything’s still looking good on the hourly chart the 4-hour chart now this is the one I really wanted to get at it looks like it’s exactly at this level where it could break and it could really move this is kind of this triangle that everyone’s been pointed out on Twitter and all these other places that if you’ve been watching their TA and it’s what you’ve been paying attention to this nice line up here and back here cross and I believe it should break out if it does up to around 7 5 to 7 7 K and that’s a pretty good move and a lot of people are also calling for much higher than that but some pretty bullish action as the moving averages the key moving averages have already crossed up so we’ll see how that plays out here in the coming days and the daily indicators go ahead take a look at that I’m a little bit concerned about the daily indicators because we are at the top of the Bollinger Bands which doesn’t mean a whole lot but it can bounce from the Bollinger Bands like that and by the time this video comes out that we may be an entirely different price but the things that I am looking out for are the moving averages just ahead we are getting pretty close to those and some of these indicators have been moving up for quite a while but it’s kind of mixed signals honestly the stochastic it’s not up like crazy hot but the stochastic RSI has been up for quite some time and that could lead to at least a short pullback in my opinion and the RSI is still pretty much neutral if anything it might have flipped bullish here in the last day or two because it’s one over 50 again so the daily isn’t looking incredibly great for the long run at least in the sight of the coming week or so but the weekly chart at man it looks pretty impressive right now honestly we since we bounced off of three point whatever K down here the indicators actually turned around smooth the RSI moving back up there wanting to point back up now if you watched my ta video several weeks ago when all this was going on and I think we closed around here I said the best case scenario was for the price to kind of hover down around here and bounce from there we may not be completely out of the woods I think we might revisit the 200 week yet again but as long as we can stay above the 200 week I think everything looks great for another bullish cycle on Bitcoin and of course now this is financial advice but this is what I’m seeing here in the charts myself and the indicators do look like they want to turn up that doesn’t mean they’re going to immediately it might be time to first or second week of May which would be now we have forecasted values for that saying see these were the MAS are forecasted for that particular week of the happy and as long as we can stay above was that about 5.7 5.8 K or close above that on the weekly candles everything’s looking really good alright so I’m gonna go take a look a little bit of news I’m not gonna do any TA on anything else I want this to be a fairly quick video one of the first things I saw was that the hash rate has increased by a third in just two days and if you remember just a week or two ago or maybe even longer than that maybe three or four weeks ago when the huge crash happened people thought that they were leaving the network for good and you know this was minor capitulation and the network was gonna die there’s a bunch of fun about that it was kind of funny but we all kind of knew if you’ve been around for a while that it was gonna come back and it went up like thirty thirty million tear hash per second it’s pretty good pretty good bounce so one of the things that I like to focus on with the mining hash rate is that the the hash rate also kind of represents how much miners have invested in the network the hash rates are the equivalent to a cost of purchasing and the equipment that they need to do the mining so of this 121 million Tara hash per second you know four or five thousand Tara hash per second could be you know several devices so what you’re seeing and I don’t know what the Tara hashes are on these devices so that guy could be way off but what you’re seeing is with these values going up every Tara hash has essentially a dollar value on what it costs the miner to join the network and participate and for them to break even they need to return receive receive this return on their investment so that they can continue to operate I think I want to talk a little bit about this and they say you know if it remains constant they expect to see a huge price surge but they think that things could be a little bit complicated due to having and we’ve talked about this also on the channel before that the having will take away the supply and the inflows the people selling I guess you would say they can no longer sell 50% of what they would have from their mining revenue then they can continue to sell as much as they want to out of their stockpile but as it comes to mining revenue they will only have half as much to sell plus since these people aren’t investing in the network especially knowing that the halving is right around the corner they are assuming the risk that they are going to receive half of what they are now if the network hash for them stays the same in the coming months so I think and the article tends to agree that these miners are betting that the price is going to keep up with their profitability levels that’s why they are continuing to invest and put more hashes on the network all right another thing that was kind of cool to see is that during the corona virus pandemic that we’re all dealing with and now we’re repeating it I have a little bit of a corona beard growing here that a lot of charities have actually started using Bitcoin and other cryptocurrencies it was kind of neat they had a really good example here that the infection rate in Italy has been really high so their red cross started accepting Bitcoin and they met their goal super quick and they actually extended it and created another level and started raising even more with that and it looks like a bunch of other charities are also picking up in it and even some crypto companies are getting involved in some sort of philanthropy and donating to charity as well to help out during these tough times so it’s kind of cool to see and it’s really good because this is contactless forms of payment and you don’t have to have a bank account to use them now I’m sure the Red Cross and these people will be converting to dollars so that they can do whatever they need with it I doubt they’re gonna operate entirely in Bitcoin but they didn’t need to wait for the banks to open on Sunday to receive these donations they got them immediately and if they’re exchanged that they use for their crypto was open they were able to sell it at that moment for US dollars so it’s pretty cool to think that they could do that now without the banks now this is another article they’re talking about not kind of did a little bit of taa earlier they’re talking about how the price could break out to eight point five K that’ll be a little more than I would expect right now but it’s certainly in the realm of possibility now they’re saying that investor confidence is high as they are seeing that it could be some sort of flight to safety and they blame the huge crash – well below that 200 week moving average on this cascade of liquidations that were caused on the bit mix exchange so the way the liquidations work on bit mix is once your account gets liquidated they start taking what you had and selling it or buying it the opposite of what trade you had was to close it out but what happens is when they buy or sell with that they push the price up or down and what happens when they push the price up or down is if the liquidation was large enough to move the price a lot it can cause somebody else’s liquidation to continue and push the price further in either direction and if this kept happening over and over again it could have led to a huge crash and if their servers weren’t able to keep up with it and the liquidation is just continued with larger and larger positions the price could have cleared out the entire order book and went to zero so I doubt that’s gonna happen but that is something you have to be sort of wary of if you’re using bit mechs and also just in crypto in general because there aren’t really these circuit breakers like you see on star stock markets and stuff another one here they’re talking about some more mining malware and says they’re doing Bitcoin mining but I’m almost certain they’re not actually mining Bitcoin they’re probably using some sort of altcoin miner that converts automatically to Bitcoin because I don’t think that even if you’re attacking docker you’re not gonna be getting the hashes you need on the Bitcoin network to actually get enough to really make it worth your time I’m sure they can get some but it seems to me that they let the Bitcoin network is a little bit too much for something like this anyway the way this works is they are using a goal line based Linux agent known as Kim Seng and what it’s doing is it’s attacking their API ports and once it opens those up it’ll push in the malware which would then start mining and it’ll be mining to somebody else’s address obviously whoever created the malware and we’ve seen these around for a while a lot of them that we’ve seen in the past were on we’re not even malware really it started back in 2017 where it became really prevalent where people would pay people to mine while they’re on their site so it you went to somebody’s site they would turn off their advertisements in order for you to mine using your browser and that’s kind of a similar idea here except they are doing this maliciously without your approval and some websites did that as well – back then without your approval so that’s something to keep an eye on if you’re working with docker now – the CBD CSF Korea they’re working on theirs they’ve launched their pilot program they don’t have anything ready to start with their pilot but they’re looking into it and they want to make sure that they get everything right by doing all their research up front now I also pointed out recently in some social media that it was very good that the United States didn’t start with their CBD sea to pay back people with this stimulus plan because as far as we know there isn’t a pilot program where they have a working product to even start with and since they wanted to get this stimulus stuff out quick they would had to rush the CBD see for the US dollar to get that out enough quick enough to get people their stimulus on time but it’s good to see other countries are taking these precautionary measures to make sure they try and get things correct now on the other side of that there is China who are focusing heavily on their CBD see or at least so they say and I seem to remember about a year or so ago they said that they were going to be releasing theirs in like six months I think that’s already come and gone but they say they have already designed and probably even started testing their top-level system design which I’m not sure what they really mean by that or like they’ve just started on their base protocol that they’re gonna be using for this and nobody really even knows what it’s gonna look like but it says they’re going to promote the reform of cash issuance and return systems and accelerate promotion of banknote processing business issuance of bank guards and issuance funds so it sounds like they’re wanting to automate some of these financial things which is gonna be really good if they can pull it off but I think they’re a little optimistic on their timeline here I think most CBDs seas are gonna be coming out three to four years from now I don’t see any of them really coming out before then unless they’ve been heavily tested or if they’re in smaller countries who don’t really have the same risk that large countries like China and the US have but that’s almost it for the video and something I wanted to show you all I actually got this in the mail there’s a brave mousepad if you’re not familiar I use brave and all my videos they have you know built in ad blockers and stuff to help you browse the web privately so I’ve been a huge fan of theirs I followed them around and I actually got a swag kit from them which I’ll show you some of that later but I didn’t want to show off the brave mousepad because I really liked that I can use that for my work computer for my other stuff where I don’t need such a large mousepad as I do here so that was really cool I’m excited about all that stuff I can’t wait to show you all that but as far as the channel goes we’ve had a lot of great stuff going on I really can’t believe the growth we’ve had lately in the channel because I started off not too long ago and I don’t care to show you the analytics here I’m not hiding anything from anyone there’s nothing here I don’t care if anyone sees but I restarted the channel back in September last year I started producing content and it’s just starting to pick up now it’s really good if had a lot of people reach out to me about doing some stuff for them or working with them on certain things and right now I’m kind of taking things slow as far as it goes with working with other people like I’m not really interested in that too much right now I have some other priorities that I’m working on and hopefully things work out with that but if they don’t I have some excellent plans for the channel on what we’re gonna accomplish I know a lot of people see that this channel is just tutorials and we’re talking about tradingview it seems kind of limited in scope to a lot of people we’re also talking about crypto ta news I’m also going to be looking at light night we’ve covered that a couple of times but for the most part it’s rather limited in scope and if things go the way I expect then we’re probably gonna have a lot more to work with here in the coming months but we’ll see how things actually go and I’ll keep everyone up to date on that but for now I do think that is it for this video so if you haven’t already please check out the description of the video find all these links I’m gonna post those in the description including the giveaway that’s gonna be the first one and then also you’re going to be able to click on the referral link for brave if you wanted to get it as well and you can also check out their subreddit if you’re on reddit its reddit slash are slash v80 project and that’s actually how I got the swag kid I was participant on their subreddit and they sent me a bunch of swag so it’s really cool I can’t wait to share that but please check out that stuff and as always if you’re following me for tradingview you can also find my trading view URL and stuff down there but please like the video if you haven’t already subscribed we do a lot of stuff like this and I know this video is probably gone on for a while but I appreciate every one of you all for watching and helping the channel grow so stick around it things are going to be great have a nice day [Music]
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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!