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[Music] hey this is David for big bits and we’re gonna do a quick stream tonight took the night off yesterday definitely I keep it short tonight but I want to remind everyone that the giveaway is ending soon it is in the description of the video let me pull up that link and I’ll actually so if I can’t take is there okay so you can see how many entries are in here how many days are left so the chances of winning are still pretty high I haven’t really advertised this a whole lot because it has been mostly for the people who’ve been following me and have joined me early on here so just take a look at that if you want it’s in the description of the stream here but let’s get to talking about Bitcoin this is the Bitcoin daily update that I do we’re gonna focus mostly on Bitcoin here but my my talk about a couple other things shortly but like I said I’m gonna keep it short because I need some things to be taken care of tonight but all right let’s take a look at the Bitcoin chart and I post an idea the other day that and I posted it here that what I’m expecting since the 200-day moving average broke is that we are currently retesting that 200-day moving average because it did act as support let’s drill down into the hourly chart okay those drawings look awful right now let’s take those off and let me change this to where it’s going to show us this as the 200-day moving average okay so you can see when we had the initial breakdown at a consolidation period the 200-day moving average acted as support for a little while and then it was broke and now as acting as resistance as price continues to test it you can see it got a pretty good test here it was struck back down pretty quickly which kind of leads me to think that it’s going to make another move down soon now there’s no way to guarantee that of course but what I’m thinking is going to happen is it’s most likely going to wait to dump the before the well after the weekly candle close and that is because I think they’re going to try and well the market makers whatever you want to call the manipulators I think they’re gonna try and make you think that it’s being held at support now if it shoots back up above the 200-day moving average for a short period of time and then goes back down then maybe that will have flipped but even then let’s take a look at the weekly chart then remove the Bollinger Bands even then even if it closes slightly above this line there’s a lot of momentum down on a few things but at the same time you know the stone Chartres SIA has been oversold for a few weeks now and RSI is becoming neutral so if it does go back above the 200-day moving average and reclaim that as support it might be an opportunity to get a good bounce in the coming weeks but the one indicator that I don’t really care for is the MACD on the weekly chart because it has recently crossed over and began moving down now if it does happen to come back and reclaim the 200-day as support it well I’m sorry you can’t even see the MACD here because I think my head was in the way you might not have been able to see the other indicators it either but the stock RSI oversold RSI neutral and the MACD has crossed over in recent weeks on the weekly chart and it’s moving down now this doesn’t have to even the downward movement on the MACD doesn’t have to mean that the price is going to continue to move down when you’re looking at the indicators they’re just looking at moving averages and just having this huge red candle closer to the end of your exponential moving averages puts a lot more weight on this red candle than there is on say these green candles further back so with that in mind the MACD can continue to drop even though the price could just kind of go neutral here and follow along the 200-day moving average so that’s something to keep in mind that if it does reclaim the 200-day as support then it could bounce but in my opinion more likely the momentum is down here let me turn back on my drawing tools and go back to the daily chart all right let’s change this indicator let’s change this back to our current and put it back at 350 okay so what I am actually kind of expecting to happen is that there’s going to be some sort of divergence built up here and that since the prices went below the 200-day moving average and has come back up to test support that it is going to kind of remain up here for a short bit and that’s why I’m thinking the weekly close and then it’s going to move back down and as you can see on the RSI it’s gonna have an impact of kind of building a divergence upward now this usually means when there’s divergence that if you can catch it over here it’s probably a good time to go long but it’s gonna be hard to say in this situation this is fairly unique for the bull market that we would like to believe that we’re in because if you’re in a bull market traditionally in Bitcoin it doesn’t retrace so much and this is a pretty big retracement the other thing the stochastic RSI what’s going to happen here is if these numbers stay relatively flat and then move back down you’re gonna get this kind of movement to where it stays oversold dips back down and then it’ll finally leave and then you’ll get some actual relief and it might come back up to the 200-day again but from these lower numbers wherever they may be be they here or all the way down at the 50 week here another retest of the 200-day would be pretty significant gains if you managed to find the bottom of that so that’s kind of what I’m looking at to possibly happen I don’t think that this is going to go below this 50 week personally just because there is so much support and the 6k range I don’t even know if it’s gonna get close to this honestly we’re already very oversold on the RSI and it’s been oversold for quite some time and it’s gonna take this little bit of relief and another punch down in the price to get the our RSI to stay oversold for a larger period of time so I’m liking the the chances that the price kind of does this thing but like I said there’s also that opportunity to where the price is gonna come back up above the 200-day and serve to close above it and if it closes above that that would be pretty bullish if the price can continue to stay above it going forward but this is all yet to be seen just something to keep in mind when you’re looking at the prices and I know I didn’t get to do a livestream the other day when it came to this but if you go back and you look at my ideas on my trading view profile and a highly suggestions you do because I’m posting on here pretty frequently you would have seen I made an update on my Bitcoin idea and where I included these drawings right here several days ago you know so pretty much right after it came back up to retest for the first time that’s when this idea hit and I posted and I shared it I just haven’t been able to get around to doing the live stream until then so you can also find the scripts that were working on there I really don’t want to get into any all coins tonight I’ll say that for the weekly live stream that I would like to do but I thank you all for watching and make sure you check out the description of the video for the giveaway and that only lasts for a couple more days so if you’re watching this as a recording it’s probably too late unless you’ve caught it within the first day or two but thank you all very much and I hope to see you again soon in the next video have a good one you
