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[Music] you hey this is David for big bits and this is our Bitcoin daily update I also wanted to give an update on the giveaway that we had started last week and as you can see it is over and there was a winning entry and there’s 785 total entries which is pretty good I didn’t really advertise the giveaway much at all it’s mostly for the people returning to the channel and those who are just kind of finding their way on here now so congratulations to the winner I’ve already contacted them and paid them if you’re curious this is the transaction that shows the $10 I guess theorem has dropped some in price so the value went down somewhat but you know that was the contest rules I was going to about $10 in theorem at the time and it was and paid the winner so going forward I think we’re gonna continue to do giveaways I’m going to bump up the amount and I’m going to start advertising those just a little bit maybe well not advertising them but listing them on contest giveaway sites and things like that so that more people become aware of the channel and hopefully start watching the videos so that we can continue to make content now the content that I’m speaking of if you haven’t seen is the indicator development series for trading view right now that’s just where we’re getting started we’re gonna continue and do a lot of different stuff on this channel but for now we’re starting there because I am very much focused on trading development related to trading and so forth mostly crypto trading if you’re not familiar but we’re going to continue to do the giveaways I think the next giveaway is probably gonna be $25 or $50 and I’m not sure if it’s gonna be in aetherium again or if I’m just gonna do an Amazon gift card if you have a preference or you think you know what people would like please let me know in the comments because I’m kind of weighing the pros and cons of this and I think an Amazon gift card would probably get more people involved but I think aetherium is more in the spirit of the channel since it is crypto related content a lot of the time so just leave a comment and let me know your thoughts on that if you have one but anyway let’s get to the daily update now the big thing that I did today was I published the seventh script in the scripting tutorial series that we’ve been working on the video isn’t out yet have those scheduled to come out every few days at this point so there will be another one later this week and then hopefully another one a few days after that and a few days after that and then we’ll see where we are I’m probably not gonna have a an eighth script in the tutorial ready by the time the seventh video comes out because of some plans that I have coming up but we are gonna continue to do some things here and continue to push out some content over the next week or two and then it’ll ramp back up again later on I’m probably gonna wait to do the giveaway then but anyway back to the script as you can see here this is the Bitcoin daily chart which is close into the green candle here nice wicks on both ends it looks like it tested the 200-day moving average yet again it actually wycked above it so there might have been a lot of buying from people who were expecting it to break and it did not hold that break anyways with this particular script I have added in the ability to chart different time frame moving averages so this moving average is actually the 100 week moving average so what we have here on the yellow is the 200-day moving average and you can see that prices are holding just below that 200-day moving average but the 100 week moving average is acting as some sort of support now another indicator I worked on on a live stream the other day was this smooth the RSI and I like this one to kind of get an idea of when RSI has been oversold for an extended period of time because the smooth value this yellow line tends to come towards oversold and as you can tell a lot of times when it goes into overbought or oversold territories and it starts to change directions it’s a good good point to change your position so I mean it called the peak pretty well on these two and if you’re curious it is using a double exponential moving average on the RSI line itself so it’s an EMA of an EMA and it is looking pretty good on the daily chart here recently as far as predicting these reversals on the tops and the bottoms I’m pretty impressed with it and if we get another green candle it might move up again but of course this stuff it’s all very subjective because let’s go back here yeah so the major and I’ve called this an anomaly in the past and it was because Bitcoin has never seen oversold levels for this long but anyway when it started to change directions here on the smooth RSI you can see this was actually a pretty good spot to buy some but it continued the price continued to drop even though the RSI stayed low and it even started heading back down again and that’s just how impressive the selling was during that particular period of time now this could it be like that perhaps and a lot of times this is the case when you go oversold or overbought like up here a lot of times it’ll come back down again and either form a divergence or just kind of do like a double tap down here and then the smooth line either pops down below or it’ll kind of confirm that it’s moving back up I have a feeling [Music] based on my other indicators that are typically used the price is probably going to come back down you can see I charted that idea out on here the other day let me add those indicators back on the chart and that would be the MACD and the stochastic RSI and it looks like I was typing in the wrong thing let’s get the stochastic RSI up there now this honestly doesn’t look too bad for as bad as of a dip that was for the MACD to have levelled out that’s pretty impressive now just because the divergence between the the MACD line and its signal are narrowing does not mean that it’s going to be guaranteed to cross as you can see like right here the divergence started to lower and then it increased again is there is more selling and it doesn’t it just doesn’t guarantee that it’s gonna cross but it’s usually good sign particularly when you cross from oversold on stochastic RSI going into the neutral zone and we have our smooth RSI holding above here it’s pretty much a deciding point and from my opinion I think that this 200-day moving average if it’s broken then we’re probably going to resume the wonderful bull market that we had before and things are gonna continue to go up again whereas what I kind of expect and I don’t know why the drawings aren’t on here now I must have cleared them out but let me draw this again at my red line here what I expected was on this stochastic RSI with some sort of movement like this where and you can see that over here where the price would come back up here as it has and then it would go back down and then come back up again and you can see it did something like this here in here until it finally shot back up to stochastic RSI oversold and essentially what this is gonna look like I’m a chart on the RSI is we’re gonna have this first dip down here you can see this lines up well with RSI going oversold and then you’re gonna have a second dip into oversold territory or if the RSI climbs up closer to this neutral range then it’s gonna dip down just a little bit and that’s probably enough to get the stochastic RSI to go down low enough if the red candles are big enough but that’s kind of what I expect and that doesn’t mean anything these are just kind of lines I draw for fun trying to predict what the indicators are going to do but for now to me it seems pretty clear we’re stuck in between this this 100 week moving averages support and the 200-day as resistance and I kind of expect to see something here and this is one of the things that I really like about developing indicators and doing this indicator development series is that we can do whatever we want with these indicators we don’t have to rely on other people to code what we want so I wanted to see these different moving averages but I also wanted to be able to control the resolution for them so being able to see this on a 100 week is great let’s actually zoom in kind of speaking on the 4-hour chart now let’s take a look and let’s change the 200ma their to the daily resolution and you can see this a little bit better on the 4-hour chart how it’s acting as support there and now resistance where the 100 week was and it is support still for the time being so it’s gonna be interesting it looks like stochastic RSI it’s ready to flip here and prices may start to trend downward now this red line it was just for fun here you can kind of ignore that one okay so yeah that’s about where we’re at and it looks it looks like it’s dropping beneath this 50 moving average so that caught it back up to its 50 period moving average on the 4-hour and now it’s heading back down it’s meeting that as resistance so I see another test at the 100 week coming up most likely and you can see the divergence on the MACD on the 4 hours lowering and usually a cross when like so when the MACD goes really low like this a lot of times if you follow me you’ll know that it’ll come back up the MACD will on pretty sideways action I grant there’s been some pretty good ups and downs here but for the most part it’s been sideways in this range and the MACD has continued to climb all the way up here a lot of times when it does that the next cross if it’s in the same direction as the one before will be around this neutral range around zero so a lot of times it’ll climb back up to around zero in a neutral range and it’ll dip back down so there’s a lot there’s a lot of learn just from watching the charts to see what kind of happens over time and that’s kind of a tail on the MACD that we’re kind of getting close to some action and from experience I think it’s going to him but not financial advice definitely don’t long or short on any of this this is all just for fun I’m mainly focused on doing the development here and keeping up with Bitcoin for myself so if you’re following the channel don’t think I’m telling you to buy or sell please it’s in the description of every video but that’s it for now on Bitcoin I’ve given you my thoughts I think it’s going down please check out my profile on trading view I have just posted like I said the 7th in the description tutorial also have the smooth RSI so you can find that there and let’s see I also post my ideas here now I need to get back in the habit of doing this more but essentially when I have things like this come up where I can spot these resistances and supports then I like to post those there and my time has been very busy lately so I haven’t been able to do this much as I like but that’s what we’re gonna come back to and we’re gonna start doing that again now if there’s anything you’d like to see as far as the indicators please let me know we’re coming to an end I believe with this resolution stuff on the moving averages and I mean I could always do more on this smooth RSI or you know we could work on some sort of other indicator but if there’s anything else you’d like to see just let me know I really don’t mind to do these they’re mostly just for fun and to get some people watching the channel honestly so if you have something you like to see please let me know and just keep watching thank you I appreciate it but there’s actually one more thing I wanted to cover the EO snooze versus the SEC and there was also a new and today with block one I did want to talk about that for just a moment let me pull this up this will take just a moment I forgot to do this before I was getting ready here you okay all right so you can see SIA or SIA however you want to pronounce it they sold some securities some tokens for and they raised one hundred and twenty thousand dollars which not that impressive honestly for these icos but you’ll notice they had a two hundred twenty five thousand dollar settlement with the SEC now if you read the article you’ll know that what they did was they clearly sold a security to u.s. citizens it’s really straightforward they they had the security they marketed and sold to US citizens is really straightforward and I think the reason that they were settling for so much is it was pretty punitive a punishment you know so a lot of people were upset today especially after yesterday that this happened and yet EEOC OS which raised I think they said like four billion dollars or something like that was only having to settle for twenty four million dollars that seems like a slap in the face to these people who settled today I mean you have to wonder how you feel yesterday if you’re on the SIA team and you’re watching the news come out that somebody else settled for a fraction and then the next day you have to pay pretty much twice what you what you gained so there’s a key difference here though and I was trying to point that out earlier but with this particular security they marketed and they tried to sell specifically a guaranteed profit to US customers and that’s just not okay you can’t do that unless you have a registered security that you’re selling so this is why it’s so egregious I agree just saying they deserve I think the punitive damages here and it’s not too significant it might put them out of business but I doubt it I think this was just one of several coins that they used to raise money yeah but essentially yesterday with yose they had a 24 million dollar settlement on 4.1 billion dollars in security sales so why is there so much smaller I’m seeing a lot of people on crypto Twitter on all these different places complaining oh my god well you know they they’re they are in on this they are you know paying off the Mafia they’re doing something stupid read all kinds of dumb stuff on crypto Twitter don’t believe half the crap you see there my goodness anyways if you actually look into the case you’ll see that yo s blocked us IPs and made people confirm that they weren’t US citizens but still US citizens got in so apparently that wasn’t enough I think maybe the only thing lacking there was kyc they didn’t collect an identification to confirm identities of the people who are investing which to be fair that’s probably why they had to settle and honestly they were able to show that because of all those measures that not everyone and even in fact a very small percentage of the 4.1 billion of the investments came from US citizens to me I think that is the reason why they only had twenty four million dollar in settlement is because they were probably able to prove where a lot of their funds came from and the fact that they went through all of the measures to try and prevent it from happening now it still happened and they probably had to pay for it because of that but and I mean what else can you say I mean they did just about as much as you could hope for other than actually registering the security and they did go through a lot of links to prevent it from being sold to US citizens so I think that’s the reason why theirs is frankly puny percentage-wise compared to the one today we’ll see it and I just I don’t get why people just look at these headlines and they see these numbers and they think oh my goodness they had to pay 200 percent of what they made and yet yesterday US only had to pay a fraction of a percent this isn’t fair every case isn’t the same look at the cases and determine the facts for yourself in my opinion this is why it happened and I don’t I lose a lot of respect for some people who are making comments on this stuff and they haven’t even put one ounce of thought into it so please when you’re out there pay attention like I mean it people are out there to tell you their side of the story or they just want your attention they don’t care what they say I’m trying not to be like that I’m trying to give you a clear honest picture of what’s going on and in my opinion that’s what’s going on I’m a lawyer or anything but for my view that’s exactly why they did and I don’t think the SEC is gonna do anything stupid to where they’re not gonna get the money they deserve out of something they know a OS made 4.1 billion dollars do you really think they’re not going to try and get every penny that they can out of that it doesn’t make any sense especially when they’re pulling everything they can out of a out of a sail that only raised 120 thousand they’re doing everything everything they can to get it out of that but yet there’s 4.1 billion setting aside somewhere else you think they’re dumb enough to not come get any money that they think they have the right to I mean you can say what you want about the sec and some of the people on it and their opinions on crypto but they’re not stupid they they understand cryptocurrency they understand security they understand all this it’s their job they’ve been doing it for a really long time and if there was more money to be had from the 4.1 billion they would have had it but thank you that is all for now I’m gonna be done I look forward to seeing you all again and like I said we’re gonna start another giveaway soon so keep your eyes follow on social media you’ll see it posted there thank you and have a good one see there’s one more thing I have to do here you
