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[Music] hey this is David for big bits and this is the Bitcoin daily update for October 15 2009 teen and as you can tell I’m actually looking at in aetherium chart this is the etherium Bitcoin weekly I think my hair sticking up a little bit here sorry anyway so I posted this idea on trading view I wanted to share this with everyone and as always my trading view profile is in the description of the video but I noticed a pattern over the last you know several year year and a half now with fear IAM that it had found support in the past here in these areas and you can see the stochastic RSI had bounced up wanted to touch these areas and now it broke below those and is actually testing that area as resistance now as you can see this stochastic RSI is completely maxed out no even the smoothing line for it is a very high so yeah let’s see one hundred and ninety nine point nine four they’re very high on the weekly chart they don’t stay that high very long just looking at the idea that I posted you can see one back here where they’re both max out for a couple of weeks so this could be nothing but unlike this scenario where price was increasing at an increasing rate here it’s kind of slowly increasing so it makes me kind of hesitant on looking to going this on a short term position of any sort long term I think it’s definitely undervalued there’s a long term trend that’s kind of holding the price down this is on a logarithmic chart so if you look at this on a regular y-axis it’s not gonna look as intimidating as it is here honestly there’s the chart doesn’t look terrible when you look at it on a regular chart it just needs to get past this resistance area here and all I’m really saying in this idea is I’m not sure it’s gonna get past it this time just because of where the price is already but who knows it can prove itself wrong that and the idea that there are these moving averages all above it and they haven’t really went down enough in my opinion – really cause much of a reason for the price to bounce back up above those and form them as support again if you return the thing this is the 100 week as support again you know you’re about halfway to your all-time highs again so probably has to come down more just my opinion though one of the other things I mentioned in the idea and I’m sorry I did all this earlier today so I’m trying to remember some of this stuff now that we’re doing the livestream but also the mixed signals are coming from MACD and the smooth RSI now these look like they have kind of topped off but the MACD and the smooth RSI and the smooth Darcy is an indicator that I made its publicly available on trading view or you can add it to your chart if you want I like to use it on the fake and she candles it works a little bit better takes out a lot of the noise and the signals that you see on are a lot better in my opinion but you can see the smooth RSI started trending up and it hit a couple of key factors that I look for when I’m looking for potential long areas or myself and that is when the price changes direction on the smooth RSI or not the price but when the smooth RSI changes direction that’s usually a good one and that’s the arrow here and the histogram here is the difference between the RSI and the smooth value so when there’s a huge change and a change in direction on the smooth RSI it’s usually a good spot to look to buy at least it has looked like that and of course none of this is actual trading advice we’re just going over ideas here but that’s it’s big signals you know we’re kind of low here that MACD is crossed over it looks kind of bullish RSI is trending up at the same time the smooth histogram is actually kind of losing steam it’s uh it’s looking kind of like it did back here where it kind of topped out and it started heading back down and that doesn’t mean that the price is gonna continue to head down it could continue to move up that’s just kind of how the RSI works but just want to share that with you I’ll check out the trading view profile on that one let’s take a look at Bitcoin this is the Bitcoin daily update just a moment okay so where are we here looks like I had a random drawing there okay so this is the weekly chart I would get into this later but it’s already in the weekly mode but you can see the forecasting values on the moving averages makes it look like the 50 is still on pace to cross above the 100 week it’s gonna take some pretty sharp downward movement and even if it hits support on the weekly chart which looks here around six something thousand where it consolidate for so long back here it’s still probably going to cross over later this year and it’s looking like it’s gonna be in December sometime when the 50 is gonna cross the 100 on the weekly moving average which if that’s the case is a good sign if you’re long for a potential very bullish year in 2020 now look at the daily chart because I have been away for quite a while I apologize about that I’ve been traveling with my family we had a good time so I pretty much told you once the price broke down here that you could expect another bounce and a drop down and create a divergence on the RSI here I don’t have my drawing on here but something like this and just because there was a divergence here doesn’t mean it’s entirely over either you could get another drop down and if it comes back the end of this line again that might be your best chance if it were to turn around and go back into a long but it’s kind of hard to say where the price is gonna go because we’re when you’re looking at the daily here there’s really nothing that stands out as great support here I mean you’ve got some support built up back here but at the same time all of your moving averages all of your key moving averages are above it unless you know you’re looking at something really short like a 21-day MA or something that might be getting held above it but you know let’s check that out let’s check out the 21-day MA change that to EMA 21 okay so the Green Line actually the 21-day EMA has actually resistance you’re interesting you’ll notice it sometimes forms resistance and support on the daily chart but a lot of times the 21 week EMA is a more popular use of the 21 period EMA as you can see it held pretty good in a 20-17 bull run and it was fairly close his resistance and a bigger market as well so alright let’s head back and let’s go to the 4-hour chart I need to check this one out like I said I’ve been away I haven’t even looked at all these charts yet okay yeah so nothing really too great here either I mean there’s kind of range-bound if anything it looks like there’s probably some sort of channel forming an upward moving channel and these lines are really gross here but you kind of get the idea prices moving in this direction up a lot of times those breakdown from what I understand so not looking too great and still below the 200 there I’m not too excited about the price action so I don’t really have much of opinion right now but just giving you things to look at here that you should probably looking for in your own charts such as these types of channels and other moving averages and playing around with those you can also see the smooth RSI chart it’s really in no-man’s land right here I don’t really care for on the four-hour the smooth RSI will usually works better on daily and larger timeframes and none of these are really that great a got a good good signal here so you get a good signal there if you were quick and for our chart just move so quick there’s a lot of good opportunities like I said with the hey can I she and the smooth RSI you can spot a lot of good opportunities here but let’s actually take a look at the three day chart there you go you can see the trend lasted a little longer so that would have pretty much called the bottom for you with the smooth RSI that’s what I really like about that and the hake in oisin you didn’t even get a double cell signal until see where was that five point to a lot of people were probably worried about it getting shut down there too didn’t get you back in for a while later but you had a pretty good one there look at the daily and price actions been so sideways and it’s been trapped between these moving averages and this 100 week let me actually change this let’s change the 50 to the 200 week here so you can see that oh I did 200 excuse me okay so you can see the prices kind of been sandwiched between the 200-day moving average and the 100 weekly moving average so I mean it’s kind of hard to say what’s gonna happen right now has kind of got longer-term support here but to 200 days of pretty pivotal resistance so I guess said I’m not too worried about it long-term I think we’re good but for now I’m not really sure what its gonna do like I said most of the time channels up like this following the downtrend usually it’s a continuation pattern and I don’t have that chart pulled up that has all the diagrams for the chart patterns and stuff but from what I understand that’s what should happen next about financial advice yeah so I think that’s all we’re not gonna get it anything else although yeah we’re gonna get into one other thing be a tea that I’m very happy about this one and I’m gonna leave it on the fake energy because it doesn’t really matter too much here you can see it’s just continued to go up actually I want to fix this back to the 50s ma okay you can see the 50 is probably gonna cross the 100 here and there’s really not a lot of resistance here you can see one of the ideas that I posted a couple of weeks ago before I left on my travel was that we were gonna test this resistance here and it did and it came down a little bit but now it’s soaring straight back up it’s probably gonna meet some resistance around this area you can see the price line left to right here there’s a couple areas of support but really I’m kind of expecting it to move towards the 200-day moving average which is why I had kind of been averaging in myself at lower levels batts is one of the very few tokens that I actually have a lot of faith in it has an incredible product I’m using it now the browser and I’ve enjoyed it I haven’t found a reason to go back to Chrome so if there’s a token I was gonna get in it was this one for me so far but that doesn’t mean much I kind of expected to go back up here but the downward direction on that 200-day doesn’t look very good I mean it’s really gonna have to pull something like this where it just keeps going to correct that thing otherwise it’s gonna flatline out down around here somewhere probably Oh like I mentioned the tradingview profile you can see everything here tons of ideas have already been posted on my profile a lot tons but we’re getting there scripts the scripting tutorial series please check that out the smooth RSI script is on here as well if you want to check that one out you can add that that one is an open source because I’m kind of playing around with the code and they’re trying to learn some new things for myself but you can see a lot of the great things with the triple moving the triple many moving averages all that’s open source they’ve got a bunch of likes already so check those out like those if you want and finally I wanted to touch on a little bit of news and I tweeted about this and post it on social media earlier but I really didn’t bother reading the article but you’re seeing a lot of this stuff more often and it’s not so much the details of the article that I’m concerned about it’s these headlines that you start seeing because even though I epically read the articles most people don’t and that’s the news that they digest is just these two sentences at most so the headline is libera is a catalytic event for Central Bank’s says head of sweden’s Riksbank now if they’re worried about Libra which is a you know very much centralized currency by you know very large corporations I mean it’s a centralized corporate currency I mean I don’t really understand why they’re afraid of it as long as it’s actually backed by the dollar I think Libra also had some other assets that was backing I mean it was part of the reason they didn’t like it but and I’ll get into this point a little bit later in the video too once we talk about Bitcoin dominance but if Facebook were to create Libra this would be a catalytic event catalytic if you’re familiar with the word it kind of means it’s going to start a major movement and to me I think the headlines are pointing out that people are kind of afraid the central banks are kind of afraid of Libra and you can see the politicians clearly are or at least they’re trying to make you afraid of it I mean if you heard the Democrats speaking on the financial committee hearing with the SEC a couple weeks ago you would have heard they called it super scary something like that and you know dangerous whatever it doesn’t really matter I mean if you’re afraid of a virtual currency then you’re a government that’s that’s all there is to it they’re just afraid of it they I don’t really understand their points on this I don’t think it’s a good idea that it’s centrally owned but the fact that you know they’re so afraid of it and they’re pushing the agenda is what I don’t really understand I mean I understand that they’re afraid of for a good reason but just you know how they’re pushing it so hard you can tell it’s very much an agenda that they have now and one of the reasons why I think it’s gonna be a huge part of the upcoming presidential election is that it is pushing this kind of global view that Democrats are after a lot and you know it’s it’s also something that Republicans don’t really care for either you know they’re all for corporations and you know people creating their own wealth through you know capitalism you know Democrats are a little bit more socialist but for the most part think most people can agree Republicans are more for capitalism and a more true capitalist sense and even they don’t like it because they’re a little bit too I guess patriotic and you know I mean that’s your job you’re a politician you don’t want to see your government and its currency collapse so it makes perfect sense but the fact that they’re pushing this agenda I don’t know I’ve kind of rambled on but the fact that they’re pushing this agenda is just showing you that this is what they want people to think and it’s true for them Libre isn’t really a concern to me I could give a crap less I would like for my government to be stable but do I think Libre would ever overtake the US dollar probably not it’d be kind of dumb in my opinion whereas you know something like Bitcoin yeah I mean that’s something they should be afraid of you know Libre they can easily shut down if it’s centrally ran by private organizations okay all you have to do is sign a bill into law you can’t do that anymore and they have to shut down now you can even get an executive order or something like that probably or a judicial emergency order or something like that there’s all kinds of legal maneuvers they can pull to shut down private operations whereas Bitcoin they need to be afraid of that the fact that they’re not pushing the agenda against Bitcoin either they’re still unaware of the risk that it is for a decentralized currency or they’re clearly aware and they want you to focus on that instead and while they take that down they’re probably gonna try and lump Bitcoin into it if that’s there if that’s there ain’t but my guess is they’re probably not aware of what bitcoin actually is still yet they just know that a lot of people wasted money on it they think it’s a Ponzi this that I don’t think they know yet but it wouldn’t surprise me because there are some legislators who have actually spoken up for I think one tweet actually saw said that one of the legislators I can’t recall this Democrat or Republican actually said that the Facebook would be better off using Bitcoin instead of Libre I kind of agree I don’t see why you have to make a Libre if Bitcoin is already there I mean he’ll even use aetherium or any of the other ones that are already out there why do you need a coin if all you’re trying to do is help people transfer money why that exists why do you want to create your own you want control of it you something to think about okay another thing this is kind of like cultural indoctrination I guess but anyway the word Satoshi going into the English dictionary now this isn’t a huge deal it’s just a word in a book but it just kind of means that it’s getting accepted by society bitcoin is just a thing now it’s not this next new thing it’s just a thing it’s in the dictionary this isn’t some wild idea that someone has that’s completely bonkers it’s it’s in the dictionary you know you can look it up you don’t have to go online and google it and go on the dark web and figure out what it is you know even your grandma can open her dictionary when she buys the new version and see what it’s at oh she is so it’s just interesting that that’s part of the culture that our younger generation is going to be a part of that when they open these books they’re going to see Bitcoin they’re going to think Bitcoin and that’s just gonna be part of their life it’s not gonna be this revolutionary thing that it is now it’s just gonna be this thing that’s there that it’s always been there to them you know I mean it’s kind of like the TV for me I grew up with a TV my parents didn’t for a little while you know I mean they had one when they were young but they didn’t have nearly what we had they didn’t have cable they didn’t have those kind of things so bitcoins gonna be something like that where it’s gonna be just part of the way it’s gonna be part of the Internet it’s gonna be the money of the Internet and that’s just what people are gonna see it as because things like this are getting out there and it’s gonna mean part of culture okay I thought this was interesting I’m not really gonna comment on this a lot but the South Korean trade is wanting to be placed on the blockchain by 2021 this is actually pretty exciting and logging things like this on the blockchain is a very good use case for blockchain and when you want transparency so I’m glad to see people are actually adopting it in that way ie OS now I have a whole video planned about ie OS but they’re saying that more people are resorting to ayios they’re going to the exchanges and why is that that is because the exchanges are making more money then the projects are out on their own well at least the projects that don’t have connections if you have connections and you’re in a project then you’re probably getting investors in and making your money and getting started and going whereas other projects that are desperate want to get on iOS because they know people are gonna buy their tokens and why are the exchange is doing iOS they’re doing iOS because their own token is being used to fuel the i/o market oh you have to have so many B&B or so many of this other exchange token to be able to participate and you know maybe we’ll take those tokens and then we’ll burn them and it’ll make your other tokens worth more and then it creates a big barrier for the people who don’t have those tokens and BMB and just a finance requires a lot of tokens to be able to participate in their Launchpad and presumably these people have a lot of money already if they have a lot of B & B either they got lucky investing super early and held or they had a lot of money and just accumulated over time but anyway they take this money they burn they let the B & B go okay I’m not sure if this ad is actually working but you have to have the B&B I know that much I forget whether or not they take it from you or burn it because I’m not involved with it you know I’m American I can’t do it but they’re either making you hold it or they’re burning it anyway either way it’s locked up it’s not a part of the ecosystem and you’re participating in the ILO okay the price of the IE OS if you’ve looked at the charts have like skyrocket I don’t know if there’s a chart on here or not but yeah not the one I’m looking for but cz CEO of Finance posted a chart that showed the rates of return they ever trade a return on ie OS and Finance was of course the largest but you’ll see these people with all this money and all of these tokens on the exchange get involved first on these iOS ok they the price then pumps because these people control the market they’re the only ones with the coins for the most part unless there was already another distribution beforehand but in a lot of cases those iOS will pump and these rich people or the people who have most the tokens will distribute at these higher levels typically this is not the case for everyone but they will typically distribute at higher levels with the huge amount of tokens they bought at a low price and if you look at the BitTorrent chart on by Nance and you can’t do it versus Bitcoin anymore then I’ll get to that in a second but the price went up let me see if I do this right yep I’m gonna sure if this looks right but the price went up very quickly initially and it slowly bled down slowly and then it ticked back up and slowly bled down and then it got to the point to where it was below the initial price on the exchange and then guess what happened when all of the people who had the tokens distributed to them we’re holding bags at lower than the starting price on the exchange versus Bitcoin finance the list them they they had a launch pad earlier this year for BitTorrent token versus Bitcoin the price skyrocketed the people who got in early through the launch pad were able to sigh sell at these higher prices and the people who bought later on who weren’t available in that launch pad probably most likely bought at higher prices and we’re looking for an exit the price dips below the initial price and it granted it came back up above it before it ended but then they did list it versus vid point and that looks like a scam to me I mean you’re you’re really only helping one type of person when you’re doing that and it I think and it may not be a scam they may not be trying to scam people but it very well could be I could say that much and I can go into more detail on this in another video and I will probably but to me it looks like a scam all right another thing I want to touch on another video is the Bitcoin dominance you’ll notice it actually kind of took a hit you can see the alts are kind of rallying here and they’re not really making a whole lot of headway you’ll notice there were huge like gigantic leaps in 2017 and in 2018 those just aren’t happening it’s been a slow grind up so maybe this isn’t the all season you’re looking for or maybe it’s just getting started we’ll see but not as great as it would seem and I also wanted to point here the other video I think I’m gonna do is basically all about Bitcoin dominance and how it’s pretty much useless now it can be because some people do trade off of it and look for trends and you can’t find trends on it but for the most part I think the Bitcoin dominance is useless in the long run and that is because more and more coins are getting printed these numbers are definitely not accurate not even close like I said they are good for spotting trends so you can still find trends and it is good for that but if you’re looking for how it actually compares the numbers are pretty much useless you can see very well how it compares to the top coins and that’s completely fine I would rather just not include all of the others and just compare it to those other coins the top you know 10 or 15 coins because once you get below that and you start including the top 1340 fifth coin it’s useless and the market cap may say it’s several hundred thousand but for the most part it’s zero and then of course there are other projects and tokens that aren’t even listed on market cap at all that have actual market value and market cap that are on here and there’s another point there’s several more points but people can continue to make more and more coins and they can continue to fund them with their own money ok let’s go back to libra now say Libra was created by Facebook and all of those companies that were starting it decided to pitch in and create their own tokens backed with real cash up front okay between all of those who are involved in it originally MasterCard PayPal Facebook I think they have enough cash combined and I’ll make this point Apple has enough cash on hand if they were to make their own token fully back from day one it would have a higher market cap than Bitcoin just with their cash on hand so it kind of gives you an idea also how small it’s our in general if you can just have one company with more cash in their pocket essentially able to create a token and day1 have more market cap than Bitcoin just something to think about and like I said I’m not dissing market cap there’s a lot of good information on here I mean the dominance is what I’m I think is kind of silly and like I said it’s good for finding trends in the market but at the same time it’s not completely accurate so don’t go crazy when Bitcoin drops below whatever the low is slow here is 33.4 1% don’t go crazy if it ever drops below that there’s just more money entering and it’s gonna take a hell of a performance by Bitcoin for it to outpace the price of all the other coins combined I know those videos went on really long and appreciate you for watching but if you like the video please like subscribe and check out the other video series we’re going to be doing some other videos soon starting on some other content and just thank you all I appreciate it have a good one you
