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[Music] hey this is David for big bits and today I just want to go over a little bit of technical analysis on Bitcoin and some other major alts as there’s been some recent developments with changes in the price on a lot of the coins and tokens on the market in crypto as well as talk about how there may be some other effects coming into the market and then also talk a little bit about the news and there’s gonna be an update on the giveaway at the end of the video so if you watch the whole video I’m going to try to add in another question on the contest for something that happened in this video so if you watch the video you’ll probably be able to answer it quite easily and gain a fair amount of entries in the giveaway for $25 and the link is gonna be posted in the description of the video below so thank you for watching and stay tuned for your chance to get that but for now let’s go over the technical analysis let me let me switch back to the daily chart on Bitcoin and I want to go back to an idea I had the other day and I mentioned that Bitcoin was looking south on many indicators I haven’t had a chance to make a video since I discussed this on another video here however I did lay out the case that the indicators on the daily chart were trying to reset and form a higher low and bounce off of the lower Bollinger Band and I did update my idea here once that actually occurred the price pretty much followed with the lines that I had perfectly so were the other indicators for the most part before the price took off so I’ve already explained in the past why I decided to change that idea at that particular time and let me pull up the new idea here and that’s because on these longer timeframe charts we’re starting to look really good for a potential increase in price and even a trend change going for now this is the five-day chart I don’t really want to pull up well why should i scroll down take a look at some of the things that I said the key takeaways the five-day chart is finding support on the 100 and the 200 daily here or the 5 day I should say the stochastic the stochastic RSI and the RSI all have started trending up from these oversold levels and not only that they’ve been in this kind of lower region for a very long time there was a brief spike up and that was all entirely due to this one monster green candle here that didn’t even break out of the range entirely even though it didn’t wick above it so now that prices are beginning to leave that area on these indicators that may be a sign that it’s going to move towards the top which would indicate that the price would have to move up as well and of course that’s not financial advice I’m not telling you to buy anything here but that’s what the indicators are looking like to me that’s why I share these ideas and leave a comment if you agree or like as well the MACD also appears to be potentially flipping over and the MACD something I’m going to talk about just a little bit more in the video here and a little bit but for the most part it looks really good back on the daily charts we found the low here and we have reclaimed the 50-day moving average although we are now at the top of this kind of local range ever since we went below the 50-day if we can get past here I have a pretty good feeling it’s gonna go to the top of the much longer trend that we’ve had going back all the way through July of last year and if we can get to that and the 100-day I feel like it’s probably gonna slow down a bit that’s gonna check up hit some resistance and we might have a chance to finally leave that range and that’s on the daily chart and these indicators are all completely fine and as you can see it did turn on a dime here once it hit the bottom Bollinger Band on the daily show the Bollinger Bands here you can see it did and these have gotten really tight the bands have and a lot of times when the bands get tight like that it means there’s a large movement going to come if you’re familiar with the Bollinger Bands when they get super tight it usually means that you know price has consolidated for a long period of time within a narrow range as you can see it has and that there’s going to be a large move soon and what you’re hoping for and which I’ve laid out and the idea is before is that you’re gonna bounce off this price you’re gonna reclaim the mid Bollinger Band you’re gonna reclaim the 50-day which we have and now all you’re really waiting for is to break outs of these ranges and ride the Bollinger Bands up and you’ll see that back last year early on you can see that here comes up to Bollinger Bands Rides them up and continues to increase the price so that’s what you’re kind of hoping for if you’re looking for the price to increase now that’s just for Bitcoin let’s zoom out to that 5-day chart I was talking about earlier and this one looks absolutely amazing I posted it’s absolutely prompt and that that’s true just because everything looks like it’s gonna go the right way and I just mean it is but the stochastic is moving up the stochastic RSI is moving up the smooth that RSI has a trend change moving up the MACD is looking very much like it’s gonna cross over and it’s even forecast at 2 which is something that I’ve made I haven’t posted this indicator to where it’s shared just yet but I’m going to eventually I have created this forecasted MACD similar to how we did in the other videos so if you’re interested in that please subscribe because I’m gonna post that video probably within the next week or two so stay tuned for that one but you can see it’s looking like everything wants to go up I am a bit worried that we could reject on this trendline but I’m very hopeful we could get back up to this 50 period moving average which also kind of coincides with that I believe it was the 200-day on the daily yeah so this is a 5 day that would make sense well close to it let’s go back to the daily here yeah so it’s around 9,000 as well so I’m hoping if we can’t get that breakout we can go up to about 9,000 but that’s all yet to be seen there’s just there’s just a whole lot of points that need to be overcame to be able to actually break out if you’re wanting a very long term trend change then we’d probably need to get back above the 50 on the five-day and the reason I’m using five-day cuz it’s just slightly quicker than the weekly the weekly chart actually looks pretty similar although it’s gonna need a better green candle to continue the upward momentum on the stochastic other than that it looks pretty similar the smooth RSI hasn’t started moving up yet and there isn’t a forecast that crossover on the MACD other than that it looks really good continuing in this price range otherwise if we do get trapped it’s very easy on these indicators to move a lot because they’re already so low so it could still yet visit this 200 week moving average yet again if we can’t get out of this particular range the upside and it rejects below this kind of local range right here so I went on enough about Bitcoin let’s go ahead and take a look at litecoin and it it’s following the pretty much same indicator pattern as Bitcoin which it has all of these starting to move up and the crossover forecasted on the MACD so it looks really good versus the dollar it also looks really good versus Bitcoin which and the Bitcoin chart and the the dollar chart looked almost identical when you look at all these indicators but hopefully what that means is Bitcoin increases in price which also means light coin will increase in price but if you want it to gain versus Bitcoin it means it’s going to have to gain more than Bitcoin does versus the dollar so if that’s the case it could spike up quite a bit in u.s. dollars compared to Bitcoin it could have a higher percentage gained from where it is now versus Bitcoin is what I’m saying versus the dollar now let’s take a look at etherium it’s similar but it’s actually had some pretty good bounces on these indicators here so it may or may not be ready it actually has the MACD going green smooth RS I was already going up so if it can get a good bounce here it might turn bullish but it’s got a lot of stuff in its way and I forgot to look at the daily chart on the subway so I apologize about that the daily chart has been amazing recently so we’re gonna see where that goes everything’s up really high this isn’t where I would usually get in it especially when you’re trading below the three key moving averages and this is versus Bitcoin too by the way let’s take a look at it versus the dollar this is very similar it does have a chance to ride those Bollinger Bands up if it can break the 50-day it might ride up to the 100 and it might meet resistance and maybe it’ll continue to ride up to the 200 that’s to be seen but just like a Bitcoin we have got to break these moving averages are these other resistances that are out there in order to move up and to get a really truly bullish pattern to set up we need to have price above all three and everything moving up but if I were looking at this chart and I wanted to try in time the bottom it would have been pretty hard there’s a lot of odd action in here honestly the indicators weren’t too helpful they did go a little oversold here but they weren’t oversold for very long but the price continued to drop so these probably weren’t the best indicators to use when looking at this particular chart although just looking at the price pattern you can kind of tell that it was kind of flattening out and changing direction there just a bit so sometimes these indicators aren’t always the best to look at I also want to take a look at basic attention token now it’s made some positive movement versus the dollar again I think that has a lot to do with the Bitcoin although it did move before Bitcoin did it also versus Bitcoin is it gained like I said it gained before Bitcoin did that’s why it went up relative to Bitcoin and then to remain relatively neutral since then with a few big bounces in between so nothing too great right here hopefully it can get back above those and find support above those moving averages and actually I want to take a look at it on the weekly there’s any other coins you want to look at please leave a comment and let me know we can take a look at those as well going forward in the future but there these are just the ones I typically go over I really like basic attention token myself that’s why I cover it along with the three major other coins Bitcoin the theory men like coin so back on the weekly chart it might be trying to find supports on the mid Bollinger Band but none of the other indicators really scream anything too spectacular to me I think everyone who’s in probably hopes that was the bottom and it’s just kind of getting going that it’s hard to see on the weekly chart where it’s gonna go just yet in my opinion and this is on the USD charts this one actually looks quite a bit better like most all coins do at the time by the way the Bollinger Bands get rid of those so we can see this a little bit better it does look like it might be getting ready to turn the corner and move up so really when you’re looking at the chart you see all the alt coins looking like they want to move up and you see Bitcoin looking like it wants to move up you have to think it’s not a coincidence and that the entire market could be getting ready to rise maybe not super significantly but coordinated a decent amount and you might have the opportunity to make some gains who knows all right so I think that’s enough of the TA on crypto stuff I didn’t want to talk a bit about the traditional markets take a look at the Dow Jones you know it’s actually doing pretty well lately it broke out of this long range that it was in over the entire you know last two years but at the same time indicators have gotten really high on it that doesn’t mean it won’t continue to go up some but as you see the longer it hangs out up here the more likely it is for it to come down they didn’t come down much back here but this is the weekly chart the MACD is awfully high it’s going to have to really continue to run to keep that going up on a weekly chart it’s looking kind of choppy to me honestly you kind of got this narrowing range on the chart here you also take a look at this SP all right this one even looks even more copy to me I don’t have the range put in there from last the last couple years but you can see it’s kind of the same idea you don’t see that too much where the SP gets maxed out and just kind of grinds up against the the 100 there on the stochastic RSI too much but it does typically mean there’s something coming it may not be a lot it may be something like this where the prices go down a lot but you really mean something’s coming especially when you’re RSI is already that high let’s see I’m trying to find a good analogy here but the RSI is really high and I don’t know it just looks kind of topping to me plus you also have the threat of where was it yeah Bitcoin price is this particular ago I wanted to go over I was looking at a breakout amid the US our intentions now a lot of people are gonna use this as an excuse or some sort of trigger that impacts the market I think a lot of people are looking at this because let’s see what was it I saw this on I don’t really remember but a lot of people are noticing that there’s a lot of these tensions going on with the war the market I just showed you the Dow Jones and the SP are really high and they both look like they’re ready to maybe turn over and start heading down but meanwhile you have gold about to break out there’s some resistance back here I don’t know if you can see that too well on the chart let me bring that in here there’s some resistance here and there was this kind of top and you got kind of like a cup and handle maybe going on here and if gold can break out of this it can I mean it can’t go towards its highs back here but the point I’m really trying to get at is that maybe people are trying to get out of the market right now and that’s why these like gold and Bitcoin and the other cryptocurrencies that stuff it’s been expanding ever since you know 2009 February 2009 March 2009 it’s been nothing but up for the most part a little bit of sideways in between but really nothing but up there were some similar times in the past but really it’s a it’s a pretty steep climb so hopefully everything works out well and there is no war I’d hate to see that but I think a lot of people are looking to try and find an excuse right now or why the market is going to turn bad it may or may not but that’s what the media kind of does there’s always some sort of excuse after the fact of what caused it or leading up to it they try to accredit something to it you know I’m not sure most people knew when the recession started back in 2008 that it was a housing market that caused it I don’t I don’t really believe that I think a lot of people figure that out after the fact and they they probably thought it was you know George Bush’s fault you know he ruined the economy before he left and you know 2020 just so happens to be an election year so who knows what’s gonna happen with the market this year there’s just a lot of excuses that can be made right now and it’s just something I’m keeping an eye on even though for the most part things look pretty good over the last while the indicators on the on the regular market just look like they’re really high and I’ve been for a long time and of course watching gold and Bitcoin makes you think maybe there’s a reason that money’s leaving those markets or maybe not leaving those markets but entering gold and Bitcoin and such also onto a little bit of the news that’s kind of important stuff it’s been a while since I’ve discussed the news I like to do that and if you’re watching the video still I really appreciate it I’ve been going on for 20 minutes apologize for going on so long hopefully it’s it’s somewhat valuable for you the hash rate continues to reach all-time highs approaching the halving so people are putting more hashing power on the network which probably means they’re putting new equipment onto the network and this is happening happening just months before the halving and that’s people investing into Bitcoin mining more money up front who want to expect greater returns later and they’re doing it right before they know they’re going to get less Bitcoin so it’s it’s interesting that the hash rate continues to increase right before the having so much and people are so worried about Bitcoin potentially failing a little are some people who are worried about that although the hash rate continues to increase and people put more resources energy and upfront cash with behind the equipment so it’s it’s definitely something to keep an eye on I think it’s gonna continue to go up of course and who knows about the equipment coming out I’m not really too worried about the exact numbers the important takeaway is the hash is trending up right before the reward gets dropped in half all right oh I don’t know why I got that one pulled up anyway one of the big things that’s been happening is over the last few years is the argument with the SEC and their securities or whether or not tokens or certain Kryptos are securities and one of the biggest fights has been telegram with their own network and their own tokens and they are saying right now you should not expect any profits based on your purchase or a holding of grams and they’ve already sold them this the ICO happened a while ago and what’s interesting is they are doing everything everything they can to kind of fight the SEC but they’re also kind of trying to cater to them more now as you can see in the past they’re now saying I forget what it was they would potentially you know stop working on the product or to push it more decentralized after it gets completed which that may or may not have been the case and originally plus there were a bunch of comments recorded from some of the blue because the executives at telegram saying that they think this this coin this token could be worth a lot of money and a lot of people are gonna get rich and so it’s interesting to see what the SEC is gonna do about that and where they are there really hasn’t been a lot of good rulings that really clarify anything most of the stuff that’s come out ruling in favor of it has been or in favor of crypto from the SEC has been these like stable coins that aren’t available to be traded on exchanges and nobody cares about that for the most part but there’s just really no one who cares about that people want to know about projects like Libre they want to know like Ripple they want to know the ones that are traded on exchanges that they’ve bought into and these sort of things so it’s gonna be a while you know things like telegram here that’s gonna be awhile before we figure these things out but something that’s interesting only to happen is they are going to be deposition soon I don’t know if it was this article that I saw it in or not but I believe I saw they were going to be deposed in Dubai so there’s probably gonna be a lot more news coming out about what’s going on with telegram and and everything going on there but I hope you enjoyed the video please leave a like if you did if you have anything to say please leave a comment I always look at those and please subscribe to the channel we got a lot of videos like this I mentioned the MACD forecasting earlier there’s gonna be video out for that and then you know we got tons of other videos on how to make indicators and do all sorts of stuff so check those out on the channel also don’t forget to check out the description in the video there is gonna be a new question in the contest the giveaway contest for a question regarding something from this video so if you watch this long thank you but yeah that’s about it check out that contest and you know have a nice day [Music]
