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[Music] hey this is David for pig bits and this is the weekly clothes for October 20th 2019 now it’s not quite the actual time for the markets to close but we’re getting there and we’re gonna take a look at that in just a moment let me go ahead and show you the daily chart for Bitcoin and you can see there is a little bit of action though this is actually the weekly we’re gonna take a look at that again in a minute it’s go ahead and take a look at daily there’s been a little bit of action today which there’s been the bounce from the support which is around the 100 week and you can see it looks like there is potential cross coming up on the 50 and 100 I’ve pointed this out on my social media so if you’ve been watching ill or if you’ve been paying attention to my social media you’ll know that I had pointed this out and it’s expected to cross on October 26 and that’s if the price were to continue to go sideways and while we’re kind of waiting on the weekly clothes to come in which is just a few minutes away now yeah just three minutes away let’s go ahead and take a look at how different impacts in price could change that so with the forecasting indicator that I created with the triple moving averages let’s instead of having a neutral forecast which is the price predicted to be stay the same for the next several days let’s give it a push case because they didn’t really change too much you can see as we increase the magnitude of the forecast it did probably extended it out a day or two so unless price really jumps up like crazy it’s likely gonna be that death cross the 50 200 going down so let’s take a look at the bearish case which would be if price decided to start going down this is normal magnitude sorry that’s if price were to start going steadily down over the next five or six it might actually cross on the 25th so just something to keep in mind in the coming days is that is gonna be coming up and you’ll probably see some of that on different social media outlets and stuff but just give me the heads up that’s coming here but you also if you’ve been following along have the heads up on the weekly crossover which is going to be coming up later this year and that’s let’s go back to the weekly chart here well actually I wanted to show you the rest of the daily here and then we’ll get back on to the weekly chart so I wanted to point out there there appears to be a broadening wedge on the chart which is kind of odd you don’t see this a whole lot on the Bitcoin chart at least not since I’ve been watching it over the last several years and that’s where the price consolidates and actually starts fanning out in price instead of getting tighter so you can see here we consolidated in some sort of triangle pattern here it looks like it’s actually broadening out which is kind of odd I haven’t seen that too often I think in this case it would be a continuation still which means it would still break down but not sure on these like I said I don’t see these a whole lot but yeah I also pointed out in my social media I think it was this tweet yeah I put this out see that was at 9:18 this morning so it’s about ten hours ago so you would have seen that there that was before of course the price broke up let’s see where we are on the weekly right now oh yeah just a few more seconds let’s watch it close on the one second here this is something interesting with trading view you had the one-second candles okay so it close there let’s zoom on out on the charts like a thirty second I mean it looks like there was a nice pump too in the day though to an hour it’s been a steady increase on the day.the hourly had a 50 over 100 crossover that’s pretty good let’s go back out to four hours price jumped up above the 100 and the 50 and it tested the 100 again so price could play around in here and maybe even go up on the 4:00 hour we’ll see and let’s go back out to the daily of course it’s still the same thing let’s look at our other indicators as well that one’s a little too small a little too large excuse me uh MACD is actually improving thanks to the huge green candle the last day the smooth RSI through to buy signals yesterday for me so that’s usually a good sign that price is gonna continue to go up and the stochastic RSI is trending back up so we’ll see how much momentum it can have it’s trending back up after having went down for some let’s see this would be another example of it so you see that it’s shot back up and it continued to move up even though price went sideways so that’s something to keep in mind as the prices went down and the starch cascara size went down steadily as opposed to very quickly like this the upside might be a little bit limited on a jump up here just something to keep in mind alright so let’s go out to the weekly and talk about our weekly close here and what that means so it’s hide these drawings here we don’t need these alright so we close the week with a red candle trying to make sure these indicators stay on the screen so we closed the week with a small red candle here with a long wick on the bottom after touching support to me it seems like it’s pretty indecisive but with the new weekly close there is something new here on the MACD that wasn’t and that is the divergence is starting to decrease which is a good sign if you’re wanting to try and catch a bottom and our smooth histogram on the smooth RSI is trending up rather quickly and our stochastic RSI is still very over sold let that back on the screen for you so we’re still very oversold here aren’t really a lot of signs that it’s gonna shoot back up very quickly but if you’re trying to catch a bottom these are some of these things I think you would be looking for is you would be looking for it to test support and bounce up nicely there’s a long relatively long wick against supports there is a decreasing divergence on the MACD the smooth RSI has its histogram it’s smooth histogram trending back up after an extended period in negative territory and then also the stochastic RSI which is also been oversold for quite some time is also picking up just a little bit we need to get back in the neutral range and have it headed back up but that’s probably going to take some more positive price action to do that on the weekly chart I think things are fine honestly and this is kind of what I was looking at several weeks ago and I know not everybody was here then it is now but what I was kind of thinking back when the price was consolidating here above the Bollinger Band is that we were going to get a move to the bottom band and price kind of moved sideways and then maybe we’ll test that middle band again and if it does get back above that then maybe that trend upward can’t continue but as you’ll notice there is also a potential crossover looming here now it’s getting to be pretty evident that that’s what’s going to happen as we’re moving forward on the weekly chart the 50 looks like it’s almost inevitable that it’s gonna cross up above the 100 and how confident am i of that well let’s take a look at our forecasting bias here and let’s even turn the price super bearish and see how hard it’s gonna be to make it look to where it won’t want to cross even there it looks like it’s going to cross very simply okay you know we’re gonna need very bearish conditions to keep this from crossing over by the end of the year if price I would say if price stays above 5,000 for the rest of the year then it’s likely going to cross over on the weekly chart the 50 over the 100 that’s just my opinion and that’s been a very good sign I did post earlier this week and let’s actually remove the Bollinger Bands and let’s look at the whoops I unhit defeat PDR let’s take a look at BLX and on the weekly chart these crossovers are not very common okay we had a cross under here on the 5100 which didn’t really do a whole lot to the price but then you had a cross over here and the price went from 435 to $783 so nearly doubled in price over the course of a month after that crossover so it’s hard to say if that’s gonna actually happen again here but if it does that might be a catalyst to help increase the price in the short term so let’s go ahead and take a look at some other items on the weekly chart now that we’ve taken a look at Bitcoin in depth here all right this is a theorem in Bitcoin let’s take a look at a longer chart I hate when I go to those two charts that don’t have much history on all right this is Polonia X the weekly chart were still kind of stuck under the 50 and I had mentioned I think in an idea on trading view that we’re actually meeting this weekly resistance from past here where it bounced in the past we had met that resistance and now there’s actually some evidence that it might be wanting to head back down so there’s some mixed signals here I think it may be just be taking a break before it resumes its price action back up but we’ll see like I said I’m not here to offer a financial advice just kind of looking at the market and see what’s going on get my opinion on it here and yeah they’re in Bitcoin on the weekly nothing too great here honestly let’s go ahead and take a look at another one let’s look at X RP and I think this one is actually in the exact same kind of circumstance and that is the wrong chart then it’s a V versus Bitcoin okay so it’s kind of in the same position here it’s coming up against prior support which was here and here as well and stochastic RSI very much overbought and let’s see it looks like the divergence on the MACD might be peaking because they’re relatively similar here but we’ll see this is a pretty common theme you’ll see on a lot of the all coin charts is that they’re coming up against some sort of past support and on aetherium is very clear there were two different levels that were the same on Ripple here there’s one here and another up here but they all kind of tend to have been around the 200 week and that’s kind of where I would expect any upward movement to halt out I don’t really think it’s alt season right now if there is an old season it’s probably some sort of mini old season where things aren’t really gonna be going up a whole lot but ripple we’ll take a look if it can get past these resistances here I really could shoot up but definitely have to watch the 200 weekly on there I say look at another one one of my favorites is basic attention token and really I think it’s in a pretty good spot it’s got a lot of things going on for it that the other coin is we just mentioned did its Doge Urus eyes oversold the divergence actually on the MACD is actually continuing to increase and it is yet to meet its prior support as resistance once it broke these so it’s got one here and one here similar to how we were talking about ripple a moment ago it likely should reach these areas and it kind of already has and it’s been shot back down from it we’ll see if it has enough momentum to continue on and try and test against those again if it does I’m probably looking at taking some partial profits on my positions again I’m not your financial adviser I can’t tell you what to do but I averaged in through here personally so averaging out around up and through here probably not a terrible idea especially when we don’t have another example of stochastic RSI at 100 on this in the past and it’s this low coming up against resistance so probably worth a look at taking some partial gains on on ones like this all right let’s take another another one here link which has been getting a lot of publicity on like crypto Twitter and such this one is very interesting it has a continued momentum on the MACD and the stochastic RSI is continuing to shoot up if it can get above these prices again and close above those I think on the daily chart you can see this a little bit better but if it can get above these prices again and close above here which is the all-time high close it’s likely going to shoot up even more so it’s very interesting to note what’s going on the smooth the RSI histogram is starting to trend back up pretty quickly and it looks like you might be getting ready to pop back up at any moment but we’ll see about that the sketch Garside was very overbought for a while now it’s been oversold for a little while so we’ll look to see where the momentum comes in at on this one but overall not bad especially if you were in on this project I’ve been reading more about it it’s pretty interesting what they’re trying they do but there’s a lot of lot of projects out here that are trying to claim they can do all sorts of things so we’ll see all right let me think if there’s any other one that we should go through let me check coin market cap really quick and make sure I’m not forgetting any big ones I can already think of one right now and that’s like coined I haven’t checked like coin it forever I always seem to forget it and for some reason it’s always the one that moves like completely decoupled from Bitcoin and such all right so let’s take a look here this is a daily chart yeah things are really neutral here like everything is completely down the middle on all the indicators and it’s tucked under the 50-day ma let’s take a look at the weekly and see if it’ll make it a little bit more clear you uh yeah perhaps you know price has been going steadily sideways for several weeks smooth the RSI has turned green although stochastic RSI has not shot up quickly however the MACD looks like it’s almost ready for a crossover after an extended period of time in the red so it might be something to look at and here in the next few weeks as a potential play upward we’ll keep an eye on that one but that’s all for the charts let’s go ahead and take a look at some of the news I want to talk about several of these topics here and I’ve been away a lot this week I just got back from traveling last week and there’s a lot going on but let’s take a look at this article about Libra they sign their charter now if you’re not familiar with working with projects usually when you start a project there is a project charter which kind of tells you what you’re gonna do what the expectations are and really sets kind of the ground rules the most basic ground rules of what’s going on now this isn’t the exact same thing as that but that’s kind of what a charter is you get people to agree on what’s gonna go on before you move any further now they have 21 organizations they have came up with their board of directors and their executive team after meeting it said they’ve lost some of these major ones Visa MasterCard PayPal booking Holdings eBay stripe and Mercado Pago they all announced they were withdrawing there were fears about regulatory concerns and that’s completely understandable but if you’ve been watching my videos you had had known what I’ve been saying for a while and is that they surely have a ton of people lined up to join this project and that’s true they’ve had 1500 entities expressed interest in joining the project now only 180 those met the requirements for joining but there’s a lot of interest to get in on this and Facebook is a global company and you know they might be from America but they weren’t globally so there’s probably a lot of interest throughout the world to get in on a project like this especially if you can get through and like I said in the past there’s a risk to reward element on here even if Libra gets stuck in regulatory hell for years there’s a huge reward if it were to work out well now let’s see what else was that Markus wrote in a letter that Libra would become would welcome regulatory oversight and that the project was not looking to replace the dollar and this is a lot of the concerns that you’ve seen from the House Judiciary Committee where they’re talking about finances and what was the other thing it was Housing and Urban Development I think whose finances and Housing and Urban Development Committee I think it was the one that there they talked about these sorts of things but anyway the project is welcoming regulatory oversight and why wouldn’t you you’re a legitimate huge group consortium of corporations and you have a lot to lose if you mess it up and you do something that would cause punitive damages that could really set you back a lot so you don’t want to do that and you want the regulations to be in place that way you don’t mess it up and you don’t mess up the good thing that you’ve already got going now they also say that it’s not looking to replace the dollar I completely agree if you look at the project from the outside and you think that it’s trying to replace the dollar I think you’re probably not looking at it correctly now the legislators who are dealing with this and it’s been particularly democratic well the Democrats particularly have been rather worried about Facebook and giving their you know perspective on things with how the election went in 2016 with Facebook and other incidents with data and privacy and those sorts of things I could understand why they wouldn’t want Libra to be involved but to say it’s looking to replace the dollar I think it’s kind of silly and if anything it’s it would be beneficial to the dollar because the most part it’s backed by the dollar so just my opinion okay technical developments alright this is when they get into talking about it and now there is gonna be a lot of news next week on this because Zuckerberg I believe is set to testify on October 23rd there’s gonna be a lot of information coming out based on whatever he says and there’s probably gonna be a live stream for it going on for that committee so that’ll be interesting to watch you actually gain a lot of stuff from watching those live as opposed to just catching these articles later and I’ve really enjoyed doing that over the last year here but there they were looking for an early 2020 launch date now if they were looking for an early 2020 launch date with all of the concerns around the regulatory stuff going on it makes you think that they’re pretty far along on the technological side of this and if you look at the Facebook products you can see why they already allow you to send money with their product but if they were to integrate their own currency it’s just another layer on top of what they already have once they get their own technology set up it’s just a matter of integrating it into their own products and they already know where to integrate it at it’s already alongside the stuff they’ve already got existing so they’re very far into it with the technology now something I mentioned the other day and I think’s kind of interesting take on it is that if regulations hold it up for a long time perhaps it’s gonna be Bitcoin which can replace Libra in this project so say they’re working on this and they have a technology completed why are they gonna hire people to work on the technology if they think that it’s not gonna get approved do they continue to want to support a currency here if they do then they may not have any other choice than to use something that’s already been out there which would probably be something like Bitcoin but that’s just kind of a dream to have if you were a holder of Bitcoin here alright so he also said that they would take however long it needs to convince the regulator’s not to interfere which and he said it would he alluded that it could take years and yeah that’s entirely true particularly with how involved the regulators have been so far not only the regulators but also the legislators who are just seems like they want to take a stance on this they want to make this part of their platform and the upcoming election cycle for some reason so something to keep an eye on there as well is that not only is this in regulatory hell potentially but it could also be in legislative hell where they are working to come up with the rules and regulations around it from a legislative standpoint instead of just like the SEC or committee making the rules they might have to pass legislation to handle these sorts of things and something I just found out is they open sourced some of libres code base so I went to a video taking a look at that here in the future now another interesting thing the government of Bermuda decided to accept u.s. DC crypto and the reason I found this interesting is a couple of reasons one is that not only are they taking it for taxes which is pretty common but for fees and other government services so that could be all kinds of things any sort of government service it sounds like it’s probably limited to certain ones that support it but that’s pretty pretty impressive that it could do that now one of the things you need to know if you don’t notice already is that US DC it was created by coinbase and circle circle of course owns coinbase and you’ll note that US DC is a base pair on that exchange because of that and that they are offering I think was one point two five percent yield just holding us DC on that exchange so when they came out with us DC they obviously did it with a plan in mind on how to make this beneficial for them now I was one of the many people who did not like there being new tether coins why’d you need you know a hundred different tethered coins but if you think about it there’s tons of corporations out there who are managing these tethered coins these aren’t the u.s. digital dollar these are just random corporation tethers so you kind of do want them spread out so that there’s less risk if you are to own tethered coins or tokens you probably wouldn’t want to hold them all with one sort of tethered product but it made a lot of sense for circle to do this because now they get to promote that and offer their yield on it on coin base but they also had the infrastructure in place to be able to start working on making these sorts of deals to get people to actually use it so it’s kind of interesting to watch it actually grow I wouldn’t bet against us DC in the short term now if there is a digital dollar put out one day then yeah maybe alright so fidelity also said they were going to be opening their digital assets to qualified investors and really it’s not huge news other than the fact that there was a really good point made here and said coin base it really is still something that most people haven’t heard of even during the crypto boom 2017 when everybody started talking about it not everybody heard of coin base or if they did they might have already forgotten all about it and it’s just not a household name right now that’s for sure but one of the very important things to take note of is that this is part of fidelities large client base and network so while there is coin base and there are other exchanges and digital asset custody whatever this is fidelity and they have connections is essentially what they’re saying so it is something to take note of that this is coming and despite all the fun that you therefore Bitcoin and cryptocurrency you still see things like this happening so you can’t be too bearish right why are people wasting all this time there’s engineers out here working every day to support this this environment of digital currencies but yet for some reason people are super bearish on them at the same time makes you wonder what they’re really looking at like I don’t know maybe I’m missing something but between the market cap and the amount of work and value that people are putting in to digital currencies I don’t see how you can be bearish long-term on them for the next several years at least particularly what they have any coming up okay I wanted to get on to Bitcoin or the bye dance futures excuse me they offered 150 times 125 times leverage and this is just kind of insane they’re obviously trying to compete with bit max and the other exchanges that offer a huge leverage I think it’s a terrible idea but they’re doing it anyway because they want to dominate the crypto exchange industry they want to do everything there they don’t want to just be the best exchange for all coins they don’t want to just be the best exchange for you know stable coins and the most pairs listed and all these other things they want to be the best at everything they have a great wallet they have a lot of great things going on for me they’ve got a lot of money to back it up with so offering this I don’t really care for the huge leverage I’ve looked at bit mechs in the past 100 times leverage you get a tiny move and your entire position can be liquidated if you don’t know what you’re doing now it sounds like you at least have to opt into the service I believe so for those of you on Finance just be careful what you’re doing I can’t tell you what to do with your money like I said I’m not a financial adviser but 125 times leverage seems like a stupid idea to me all right I did want to bring that up and then also this week we hit the 18th 18 millionth Bitcoin mind which was a unique feat and it really got me thinking of how quickly we’re gonna run out so I did a little bit of math real quick and I posted this earlier in the week to those of you who think three million is a lot of coins left to be mined it’s gonna take 120 years to mine all of those even if everything was distributed equally every day between now and the next 120 years and it’s 7380 one days as if when I posted that that’s 406 Bitcoin on average per day now you’ll also want to note that those numbers are going to decrease faster now than they will in the future because the block rewards now are much higher than they will be in the future [Music] just in the next block havening cycle alone there’s gonna be 1.3 million rewarded thus removed from the potential to be to be mined so half of that 3 million essentially this is gone just in the next havening cycle alone alright and you have three hundred and seventy six thousand rewarded until the next happening itself and that’s just next year and next year she’s right around the corner so you got 1.6 1.7 million coins to be removed over the next four and a half years that’s more than half of the 3 million that’s left in the next five years that is going to be interesting to see what impacts that’s gonna have on the market it really is alright a couple of quick items here the sec court hearing on telegram token delayed until next year it’s kind of unfortunate for the people who invested in it that they’re not gonna be able to know what’s going on until next year it’s kind of crappy that it takes us long to do these things but it’s just how it is and kick they sold their messaging app but they’re still going to work on the Kin integration for it which is kind of interesting I think since they sold this to an international organization maybe this is their way to try and skirt the regulations but I don’t think that’s gonna fly so we’ll see about that and then also we talked about this earlier but a looming death cross they posted this a couple days ago actually but we have been kind of taking a look at that for several days now I know I posted it earlier in the day but you could have seen this was coming all the way back here as the 200-day was moving up and the 50-day was coming down it seemed pretty obvious that it’s it’s on its way how price is gonna react to that we’re just not sure yet but I think that’s gonna be all for today I don’t know if there’s much else I know that I do have a giveaway going on make sure you check that out in the social media go down to the description of the video and check out that that’s gonna end at the end of this month if you do all the actions on it then you come back and check in every day you get another entry it’s pretty neat just check that out and check out the videos I’m pretty excited about the progress we’ve made on the toriel for the trading view indicator scripting just coming out really well the the first video in a series is over 200 views and it’s less than a month old for a tutorial video that hasn’t had any marketing and it’s the first real video I’ve done since I’ve come back I’m really pleased with that it’s growing quickly got a lot of great comments on the tradingview profile is coming along really well I know there’s a lot of people who have left me some kind words and have liked a lot of the stuff that I’ve done you can see some of the ideas I’ve posted here but also importantly you can see these scripts you know I just came out with these the other day this one’s a few days old already has 13 to me that’s pretty good considering how big the channel is right now we’re still growing so I really appreciate everyone for watching thank you and stay tuned there’s more videos coming out I really appreciated everyone I have a good day thank you you
