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hey this is David for big bits and in this video I just want to give everyone kind of an update on the channel do some TA and if there’s anything else I can think of we’ll talk about that first I wanted to discuss some of the things going on the channel we passed 2,000 subscribers not long ago so thank you if you are one of those people and if you haven’t already subscribed please do but other than that there has been a lot going on there’s been a lot of work behind the scenes you saw in the last video one of these scripts was featured that I did been working on some code for some more scripts and I kind of showed you some of that yesterday but the last giveaway had ended and that person was paid out and I’ve created a new one and I’ll show you that one just a little bit I believe I will have the link for that in the description of the video below and if you missed yesterday’s video about that featured script that will have the answer to the question in the giveaway for this particular question and then of course I’m gonna change those periodically so I’ll update everyone on that just a little bit and I’m kind of losing my voice just a moment all right hmm excuse me all right so you can see we’re only six days away or so from the having event and that’s pretty cool and if anyone tells you that the having is priced in it’s only priced in by people who actually know about it and have participated in it and haven’t just been speculating so people who are just trading coins back and forth they’re not really priced in I’ve done a whole video about this before but the inflows and outflows are gonna completely change because all the miners who are collecting these newly minted coins will not have as many to sell so to say that this is priced in there is a complete shock to the market when it comes to the supply there’s going to be less new coins into the supply so there’s no really way to tell how it’s gonna impact things now in the past the prices went up immediately after back here and on the second halving it kind of went down before coming back up so just depending on how things go it might go down or up of course but in the long run you would assume that since there’s less new supply coming in and if the inflows and the money coming in stays relatively similar the price will go up because the inflows will then start to outweigh the outflows so that is something very good to look forward to I can’t wait to see this is the first having that I’ll actually kind of bear witness to I’ve known about it well before but I didn’t really get into Bitcoin until the very beginning of 2017 which wasn’t long after the previous having but that was able to enjoy much of the 2017 rally unlike a lot of people who joined in kind of late that year but kind of going on from there I do want to take a look at some TA now this is the Bitcoin chart and this is the S&P so we’re kind of looking at stocks on the right side we’re looking a Bitcoin on the left now it’s been absolutely amazing run it’s kind of hard to believe that the price could go all the way down to 3.8 K and bounce up to like nine point four and almost nine point five in a matter of weeks but you know that’s completely in the realm of possibility for Bitcoin now stocks have been doing something very similar and I have been keeping an eye on them as well but as far as Bitcoin goes some of the things that I’m looking at on a daily chart are this 100 moving average going under the 200 and I mean the price is really gonna have to jump up quickly for the 100 to no longer before casted to cross under the 200-day Lee moving average and I’m not sure that’s going to happen but I’m also not sure that really matters because a lot of times these crossovers they don’t really mean a whole lot but they do these lines do often serve as pretty good measures for support and resistance now with these stocks you can see these moving averages the 50 period moving average is starting to take out some of these older candles back here and we’re going to be using lower value so it’s gonna continue going down until the price of the newest candles are well generally when the price of the newest candles are going to be greater than the price the candles that are being removed and that’s mostly because though it’s been in an uptrend since then it was a little bit more volatile that might not be the case but you’ll notice in the last video I did point out I believe it was in the last video I did with the TA that there was this sort of ascending wedge and at the time it was like right here and I didn’t think it would go past the 50 but it did but it rejected immediately and I kind of thought it would continue to go down here back to the bottom pan but amazingly enough it came right back up and almost touched the 200 to 100 and I have a feeling that based on some of the other indicators that I use like this casting and the RSI and stuff that it may continue to stay in this range for a while especially because the Bollinger Bands are a little bit tighter now I’m not sure it’s ready to go under there yet but like many people I am kind of expecting a pullback the stuff all the news in the has been absolutely ridiculous it’s hard to believe that stocks can continue to go up without some sort of pullback to actually test some of the people who went long so essentially when you’re looking at this chart and you’re thinking about it as a market maker and we can also do the same thing with the Bitcoin chart and my head’s kind of in the way over here but you’ll get the point we move it over that might help okay so what happened was there was this huge flush over many many days and weeks and the price of both Bitcoin and stocks went down now ever since then the price has pretty much went straight up – you know maybe a few days here there in the meantime so what’s happened is anybody who went long on the bounce has continued to be in profit so pretty much everyone except for anyone who bought you know two or three days ago over the last three or four weeks is in profit now so if this is truly a bear market and this historic collapse is going to prove to be the start of a depression or a recession or whatever you would assume that the most bullish people wouldn’t be rewarded so well and it continued to move on up back to where the previous highs were now I keep looking at the 100 and the 200 again as a potential stop for it I thought that might have been close enough right here but it’s hard to say and like I said the same thing goes with Bitcoin like if you long it anywhere since that crash you’re a profit even before that you know there’s only a couple of days where you could have purchased and you you’ve lost in like the last two months it’s kind of crazy to think especially considering the prices were just 3.8 K not that long ago now I want to switch to a weekly chart because there are a few things I want to show you here particularly on Bitcoin but also on stocks so a Bitcoin the weekly chart we finished above the 50 weekly ma and that’s really good but it’s still kind of within this kind of margin of error of how it’s closed kind of closely to the 50 moving average so very well come back down but it is also closed above the weekly mid Bollinger Band which is usually a good sign that the price will continue to move up you’ll see when that happened here it closed above the weekly band it came back down and tested it but it went back up to the upper band and this is a pretty common trading strategy when it comes to Bollinger Bands so something to kind of be mindful of as well and you’ll notice back here as well when it closed above the mid band back in March of 2019 it rode those bands up for a very long time before coming back down below them and it did do it a couple of times during the bear market and that was during 2018 so it’s kind of hard to gauge that but if these trends continue this might be another very good sign and of course our fifty is still above the 100 and our 100 is still above the 200 which is a pretty promising sign especially considering the halving is right here on this particular vertical line so pretty much I believe this Sunday is when the halving is going to occur based on just what I’m seeing right here but that’s incredible but you also have to realize we’ve had one two three four five six seven green weeks in a row as of right now so it’s kind of hard on these charts to maintain that but you’ll notice it kind of did the same thing back here as well so it’s good but it’s definitely something you have to be wary of especially when some of the daily indicators are just kind of ridiculous or there hasn’t been a pull back since and I fully expect there to be a pullback to these particular moving averages but at the same time I also thought they were going to prove a bit of resistance but that prices shot right up the room like it didn’t matter kind of how it did when the price shot up past six and a half thousand when we were below it back in 2018 so back here we thought that this very large point of control with the volume it’s gonna be huge resistance and you’ll notice the price just cut right through it so that could kind of be something similar with these moving averages they don’t always have to act as support and resistance but if there is a pullback I would expect it to be down into this range now let’s see I want to go back to the weekly chart cuz I wasn’t done as far as the stocks go it’s very similar except it is stuck behind it’s a 100 week moving average and one of the things I wanted to show here and I might not have you might have been able to see this earlier when I showed you on the daily chart but there it looks like there could be a potential for this to turn back down on the weekly chart so if we close under the 100 week moving average on the sp I think there’s a pretty good chance that that downward turned that pullback does occur and if the 200 week holds then maybe prices will continue to bounce especially as the economy looks to be opening up a bit but if the 200 week doesn’t hold then there’s really no telling how low the prices could go at that point although it was the Dow I’m looking at 15,000 and the SP I think the worst case that I was looking at personally was around 1.25 and now that would be amazingly drastic but when you think about it it’s only a little bit over 50% so those kind of moves have happened before and let’s see what was it 3.4 all the way down to 2.1 so we’re actually pretty close to it that’s probably what 30 35 and a half percent yeah anyway that covers SP as far as Bitcoin on the weekly chart were up above that I did want to look at some of these other indicators now with Bitcoin it doesn’t look it doesn’t have that same potential bearish look that the stocks do and pull this back over here so you can see this with my head here as well but it’s the cast still trending up stochastic on stocks kind of flatlining it’s gonna have to really pump the rest of the week on stocks to get it to kind of match Bitcoin smooth RSI it’s fairly similar honestly the stochastic RSI very similar to the stochastic in this situation but the big difference right now is the MACD and that is with Bitcoin the MACD has already flipped into a positive situation where the MACD is above its signal line which could signal a trend reversal for Bulls so we got that going for you on Bitcoin however it was stocks it has yet to do that and you’ll notice a lot of times when there’s these very sharp movements on the MACD a lot of times when it approaches the signal line it will reject or confirm very quickly so just something to keep in mind from my perspective now none of this of course any sort of trading advice I’m not even telling you what to do but I definitely don’t want you to think that I am either so that’s kind of what I’m looking at for Bitcoin and stocks right now now I did want to take a look at maybe aetherium litecoin and basically attention token right now so let’s take a look at litecoin I don’t know why the reverse is a Bitcoin but okay so it’s actually having a red week right now that’s interesting it’s it’s very similar to Bitcoin and you’ll probably notice this amongst all of them but with litecoin it’s not above its middle pit weak Bollinger man and it’s below all of its moving averages so it definitely doesn’t look as good as Bitcoin especially considering bitcoins going into its having very soon and I believe the light coin had its having around this time last year so definitely I think bitcoins in much better shape in this position and that would also mean when you’re looking at light coin versus Bitcoin that I would think that these lows would continue and that’s very unfortunate for litecoin especially if you hold that but I wasn’t expecting to open the chart and see that it was this bad there’s really no telling where these were gonna stop out at that was probably not enough history on this chart but there’s probably some sort of support on some of the older charts but I want to look at aetherium now now theorem is very similar to Bitcoin in some aspects it’s above its mid Bollinger Band on the weekly chart it’s kind of in between some of these moving averages but what’s very key is that it’s still below its 200 a week moving average and we remove the Bollinger Bands here and see how far back okay we don’t have enough price data to see the 200 weeks back but the 200 week is still moving up despite a lot of prices here recently actually being below so if it breaks that 200 that’d be a very good sign but the most part it’s of course very similar to Bitcoin I would imagine it moves very similar to Bitcoin although I imagine Bitcoin would outpace it if there’s any big moves coming up and you can see it’s kind of been gaining over the last several weeks but things don’t look too well right now a potential MACD crossed down stochastic pointing down and the all the stochastic RSI excuse me I keep I keep hiding those behind me stochastic can move down the stochastic RSI and the stochastic are both pointing down now so hopefully that mid Bollinger Band or the 50 will hold some sort of support if you’re trading it versus Bitcoin now the final one that I really want cap that I always kind of keep up-to-date on this channel is basically tension token mainly because I use brave I always use brave on the channel so let’s actually see this is similar to like coins chart it is trading below its weekly moving average it’s mackney has flipped up which is this is pretty much the exact same as light coin on the chart so let’s see how it’s doing first is Bitcoin however that might be a different story so it is similar although it is not making new lows I could see it’s having a trip downward as the Magdy tends to be pointing downward here hopefully if you’re trading this versus Bitcoin you will be looking for support around the lows because it’s below all the key moving averages and the mid Bollinger Band I could see this continuing to drop yeah but the good news is that a lot of these indicators have been pretty low so even if it does continue to drop I think it could be due for a bounce within the coming months probably a decent one as well now let’s see how yeah we pretty much it covered everything I don’t really want to go into anything else I’ve been recording for a long time now oh my goodness I’m sorry I’m kind of going on but the giveaway you can see that posted and that should be in the description for the video otherwise check out the trading view profile sign up to the referral link all that good stuff if you like this video you like the ta just like the video and if you haven’t already please subscribe that helps a whole lot but then I think I’m done for now hopefully I have some more good updates for you in the near term and a short-term future and just have a nice stay [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!
