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YouTube Video Transcript
[Music] hey this is David for big bits and this is the live stream for I was at Wednesday now October 16 2019 and gonna be a pretty quick video tonight oh my goodness I left that on there didn’t uh whoops that’s for a video I recorded earlier I’m just gonna let it go but yeah oh well we’re gonna get going here gonna be a quick video and let’s see let’s take a look at the Bitcoin chart I’m kind of embarrassed by that that was a huge mistake oh well we’re gonna continue on all right looking at the Bitcoin chart pretty much the same place we’ve been at the hundred week is down here still holding a support we’re still kind of in a channel see pitchfork isn’t really the right thing for that one whatever I’ll just draw the lines anyway you can kind of see most people who are putting up chart right now all have a channel kind of moving for the price range something like this I talked about it last night it’s likely a drop down beneath that so I mean well I’m having a hard time tonight man anyway a continuation pattern makes it look like it’s likely for our continuation from this pattern down below there a lot of people are calling for 6k there’s probably gonna be a lot of interest there considering that was support for so long and it’s gonna be the first time retesting that area really since breaking it and yeah gonna be interesting I think we’re coming to the point to where it’s time for a move the Bollinger Bands have tightened up again on the daily things are looking pretty good pretty good for action that is so we’ll have to keep an eye and as I mentioned in the last few videos I’m not really too concerned about the price action right now I think the long term we’re probably pretty good let’s switch it back up on the weekly chart kinda keep things into perspective it’s still looking good of course for the 50 week to cross over the 100 week later in the year I mean price is really gonna have to drop down here and if you have been watching the videos before you’ll notice there is a new feature here and that is the ribbons and that’s part of a new script that I posted I rendered the video earlier for the scripting tutorial for how to do the ribbons so if you’re interested in that check out the trading view profile the description the video should have a link to the trading view profile so you can get to the scripts and stuff from there getting a quite a few likes on those now I’m pretty happy about that and even the one that’s open source you can see the ribbons are pretty neat kind of fade in with color and outs and there’s a lot of good information coming in that video check it out and then hopefully after that we can get started on some back testing and strategies and stuff like that through trading view to make them a little bit more useful than they already are but as far as the Bitcoin price I’ve I’m kind of expecting it to drop down myself personally I’m not even considering anything I’m kind of actually hoping it goes down and retest 6,000 but I’m not gonna hold my breath it might not get that low so definitely as always no trading advice no financial here just kind of my picture of it I mainly focus on the development but that’s kind of my thoughts here I hope to see it go down that low because I would love to get some more there because I think 2020 is gonna be a great year I really do and look at the other indicators it’s looking a little iffy here on the MACD on the daily chart it looks like it’s getting ready to turn over my smooth RSI which I’m trying to get that to zoom in a little bit better oh yeah I forgot we can double click them there to zoom in on them you can see the direction changed on it and it had a double signal here so the trend change and the smooth and the histogram now below it those typically indicate a good cell signal and we’re already at the bottom of the range so it’s not for me to keep an eye on it’s another reason why I’m kind of expecting it to break out of the range down from here as I’ve mentioned the stochastic RSI as well this is heading into the neutral zone from overbought which means price typically headed down so nothing really great about it and in the previous videos I had mentioned to look out for a divergence on the RSI and it did occur and price did bounce but it looks like it’s wanting to come back down here and you know this line where the divergence would be isn’t being hit yet and the price is already at the bottom of the channel so when it breaks out I would look for a potential area here on where that divergence was before to see if that holds and if it does then that might be another opportunity to look at trying to find a bottom in my opinion okay let’s get off a Bitcoin now I didn’t want to mention I did start another give away $25 aetherium giveaway you know make sure I’m paying attention to the chatting but $25.00 etherium giveaway I’ve posted it we’re sharing this out a lot of people there’s already 73 entries in here just pretty good there’s only there are only worth one or two maybe three entries each but if you do all of them you can check back in daily and you can get another one for each one I just want to go over a little bit of the news real quick and one of the key things that keeps coming up here recently is that the Fed officials and the government officials are starting to look at creating a digital dollar and you know the more people that start to speak about it and the more it gets put in the public public eye the more it makes you think that this is the agenda that they’re pushing like they want to set these feelers out there to get people’s opinions from the public to see what it would be like and I’m not sure this is reaching most people I haven’t checked you know mainstream news or anything to see what you know they’re saying on the network news about it if anything but the crypto community seems to be in favor of it personally I am because if you have a digital dollar that’s on its own sort of blockchain then if you can get that and you can essentially turn coin base or these other exchanges into a bank you have got the ultimate on ramp into crypto you don’t have to connect to a bank you already are your own digital Bank with your own money if they do the system that way so it’ll be interesting and it’s got a lot of potential but this is the government so I am NOT holding my breath as I’ve said before in previous videos even if they do decide to do this it will take a long time a very long time alright that the thing from the government they announced that US law enforcement traces Bitcoin transfers to tab to nab child porn site and the key takeaway from this is that they use chain analysis which is a company that analyzes the blockchain to track where transfers we’re coming and going from to figure out who was involved in this and this is something to keep in mind if you aren’t doing your taxes you should on your crypto and this is the perfect reason you know this is for now hey I got a chat there Ken sorry if I hadn’t noticed yet it’s on the other screen kind of questions let me know them but if you haven’t done your taxes yet on your crypto and you’re American you definitely need to because if law enforcement is using this and you’re claiming or they find out that you haven’t been claiming your crypto on your taxes and the IRS and you know that are mentioned right here if they start looking into you they have this tool they’re using it to track people down for illegal activity and believe it or not not paying your taxes kind of the same thing it’s not child porn but they don’t like it so the IRS is after it then it’s probably going to come back around the dude back around so you do your taxes if you’re American for sure I would definitely recommend that okay all right only a couple more pieces of news here it’s all about labor actually so they’re still expecting a hundred members by launch’ they’ve lost a lot of key members and they just don’t want to take the risk and I don’t blame them Libre seems pretty undeterred this is what you should expect they obviously knew that this would be a challenge when they started the project and losing these key members is not a good thing and they say as much but I don’t think they’ll have a problem coming up with a hundred members you don’t have to be a huge to be a partner with them you just need to be a good one if you look at the partners they have I forget what they have but they have some relatively small partners compared to Facebook and Visa and MasterCard the ones who’ve already dropped out so I don’t think there’s gonna be any problem with them getting there it’s just who’s gonna take that risk they’ll get there it’s just finding the companies that are willing to take that risk with them and I think we’re gonna find out a lot more later on and one of things that they want to mention is it’s gonna take them time to find those people who have the risk and they acknowledge that it might take them a few more quarters to launch it was just completely reasonable to expect all right so what I was getting at there is we’re gonna find out a lot more about Libra because the Zuckerberg is gonna testify on October 23rd at 10:00 a.m. I think the the tone from the legislators in the hearing who are gonna be part of the committee what they ask him is gonna give you a good idea of what’s going on and if you watched the other committee meeting with the sec and Commissioner J Clayton you’ll know that the Democrats who were in there were very much against this they called it I think scary was the word the Republicans I think there was a couple who were kind of like that as well but they weren’t quite as worried about it and didn’t seem to have quite the agenda that the Democrats did so keep an eye on that and I know Andrew yang who’s a Democratic candidate for the the nominee is very much Pro crypto and once legislation and stuff but if his party is looking at it like that he might not get this poured in the party so even if there are people you like and they have viewpoints in these political parties you have to keep in mind what the party itself is pushing there’s not a lot of people who come through and force the party to change so just something to keep an eye on Libra will not really fan out uh you know it’s very possible but they’re gonna do everything they can to make it happen I think they’ve already went through a lot of trouble they’ve already wasted a ton of money I think the thing is they’re willing to take on all of this risk because the potential reward is insane they kind of want to be the Bitcoin of the Internet going forward they kind of want to replace it in a sense they want to be able to power transactions over the internet with money with their stuff and that’s a very powerful thing to have and if it costs them a few million then it’s completely worth it for them for sure but anyways thanks for the video that’s all the night make sure you check out the giveaway I’ve posted it on some social media and stuff but thanks for checking everything out everyone have a good night thanks you you
