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you [Music] hey this is David for big bits and this is the Bitcoin daily update and we’re gonna take a look at several big items that are coming up most notably if you’re looking at the title of the video is the Zuckerberg testimony his statement his opening statement has been leaked there’s a really good document out there with information well with notation really on important things that are being discussed by him in there so we’re gonna take a look at that briefly there was an article came out that claimed the Trump administration popped the 2017 Bitcoin bubble and a couple of other things we’re gonna get to again some things cover gonna try and be really quick one thing you may notice if you look at the screen is I did publish the 9th script in the tutorial series for scripting on trading view and we created a strategy you can look at the performance summary of this it’s it’s very simple strategy just moving average crossover is using the indicator we’ve built in a series but you can get a kind of an idea here of what you can expect there’s a performance summary down at the bottom there’s a list of trades I know my head’s kind of in the way let me move that real quick now you can see the list of trades their profits performance summary and also an overview here so look for that video to be coming out soon and as far as Bitcoin prices going right now really not a lot going on it’s about all you can really say the indicators are all fairly neutral RSI is kind of having pressure relieved back up closer to neutral territory although it is kind of staying on the bearish side of things but my other indicators I typically use the MACD and also the stochastic RSI this the moment tie that strategy information okay yeah MACD is still bullish but you know it’s really low and it’s just kind of gradually floating back up to neutral territory a lot of times that happens it’s gonna continue to slowly move up or it’s either gonna cross down first or make a big move up and really head up so we’ll take a look for that you can see there’s also some sort of a divergence here so honestly to me it doesn’t look that great because you have a 50 under 200 crossover forecasted here and that’s generally a bad sign with testimony tomorrow from Zuckerberg it’s probably gonna be a news event tomorrow so those usually aren’t good either I’m keeping my eyes open for potential another drop in price and maybe we break out of this consolidated area but we’ll see yeah that’s really all there is on this I did want to point out a couple of other coins out look at basic attention token I mentioned we were hitting resistance there and price really shot up today and it hit those areas I was talking about I don’t believe it hits oh yeah it did hit that target 3000 satoshis went a little bit above it so I would look personally for myself to take a little partial profits here of course not financial advice for you but I have been accumulating down here personally gonna be taking some profits around here I’m hopeful that it’s gonna get up to the 200 but I’m not entirely sold that it’s gonna break above the 200 but I don’t know if I’m gonna sell any more because I really would like to catch a move like this where a price goes up very quickly and we’ll see if that’s yet to come so in if it doesn’t happen now then hopefully the price can come down and I can accumulate more and catch one of those big waves eventually because this is one of the projects I really believe in so we do have that 50 over 100 cross it just happened on that candle so maybe that was part of the reason the price was propelled upward so much there’s really a lot going on with some of these altcoins aetherium it has crossed over recently versus Bitcoin casick RSI is incredibly low divergence on MACD is decreasing the smooth histogram has been negative for a very long time this could be something I would look at in a very short term to come up and test around here around twenty four three eighty so yeah where’s that at about right here yeah so that happens to be the 200-day moving average so we might come up there pretty soon on theory and pick one but we’ll see all right so if you want to check out that script and the strategy and stuff check out my trading view profile it’s in the description of the video [Music] there are other ones as well you can see we’ve got a lot of likes on these scripts and several ideas posted check out the trading view profile and if you follow me on there you’ll get updates whenever I post the new scripts all right so one of the key things coming up tomorrow is there is this Zuckerberg testimony he is going to be before the House Committee I forget the exact name of it the House Committee on financial services okay he’s gonna be talking to them he has this statement that he’s prepared it got leaked and people have left notations I recommend you search for this tweet I’ll put it in the description later I’ll put all these links in the description later but look for this tweet this guy went through and he did the notations so gotta give him credit he did a really good job there’s a few key things of course he highlighted essentially they’re trying to distance the rows occur burgers trying to distance himself from Libra personally he’s trying to make it seem like it is his responsibility as a US company to combat China as you can see here essentially he’s painting the picture that you know they’re the good guys trying to protect those from the bad guys which is China and they’re trying to protect free speech and then he goes on to say that you know Libra is another entity all of itself I’m not a part of it there’s a bunch of people working together and then he goes on to essentially defend himself versus all of the accusations or the terrible accusations that they’ve made with Facebook so really the entire second half is just him defending face book on this and he has his own final thoughts but one of the things that he mentions and something that I’ve kind of been mentioning as well is that with other legislators mentioning recently that they would consider a digital dollar and other financial services members considering a digital dollar this might be the catalyst that triggers perhaps a committee he says that down here I don’t think yeah my head’s kind of in the way that’s okay but he says they might say that they’re gonna start a committee to look into it and prevent Facebook from making their own and if you didn’t see there was also another article today that came out that said that there was legislation pushed forward to potentially label stable coins or tethered coins as securities and that’s pretty much what Lieber is it’s gonna be mostly backed by the dollar it even says that in here so if that law passes this is clearly a security and it will never happen so it makes you wonder and they also there’s such a thing called competitive disadvantage and when you’re talking about having the global reserve currency if you are the leader in the market and you want to maintain your edge you want to keep your competitive advantage and when everybody else is adopting the technology if you don’t you are at a competitive disadvantage so the the lawmakers may look to form a committee to look into a digital dollar or they might tell Libra to just go with Bitcoin or do something else that isn’t a security honestly it doesn’t make a whole lot of sense to me why they need it when they can just use the dollar or something else that’s already out there but please once again look up this person Nathaniel Whitmore on Twitter he posted his notations on the Zuckerberg hooker perk testimony they’re pretty good and he gives a pretty good conclusion at the end of it and we’ve already talked about all of this in the past but this is going to be news tomorrow so keep this in mind especially with the price if something were to happen tomorrow it may be good it may be bad just keep an eye out for tomorrow all right so one of the other articles that came out today says that the Trump administration popped the 2017 Bitcoin bubble and the way the headline reads it’s like Trump told people to do something about Bitcoin that’s not necessarily true I believe this is one of the people he appointed which was Gary Cohen and it says he believed that the launch of a Bitcoin futures would have the impact of popping the Bitcoin bubble and it worked well that’s true and well the first line out of here says that the Trump administration acted to deflate the Bitcoin bubble of 2017 by introducing the future products introducing the future products excuse me now they say that they saw the bubble was building and they thought the best way to address it was to allow the market to interact with it and by that what they mean is that if you do believe it’s ridiculous price and they and people thought it was a bubble they thought it was crazy it was insane I thought it was tulip mania whatever they didn’t have a way to short it at least not legally as a u.s. resident so they allowed the creation of that derivative and now it was no longer just the believer’s market and it could be more fairly traded in their opinion so that’s one of the reasons they did it and one of the lessons that they learned was that they can’t be complacent whenever there’s a bubble they can actually try to do things to interact with it that doesn’t mean there won’t be bubbles again in the future but as a lot of the log charts predict the Bitcoin they’re probably not gonna be quite as large anyway and also the 2017 bubble was also very much over overextended already and just the introduction of the futures gave people the opportunity to do something different and that’s why I did crash we’ll see if that has a long-term impact or if we go into another bull run soon another thing I wanted to look at was bit Maine is building the world’s largest Bitcoin mine in rural Texas I know what the first thing most people are gonna think is why would you build it in America aren’t energy prices so high well apparently Sexton says abundant power resources so it’s probably not gonna affect electrical prices for those people in that area now it’s also going to be bringing jobs and revenue to the people of that town one of the things you might expect to happen is people are confused they don’t know what that is and that’s happening I’ll come back up to that comment in a moment but it says that people are skeptical because nobody really understands how it works and you can see the people that they’re talking to about it and I’m I’m a white man but you know these people look like country folks is a country setting in Texas most stereotypes of people into crypto are not pictured here so you can imagine why that might be the case these people are probably farmers who are working they don’t really care about Bitcoin all that much I used to be a farmer myself and I didn’t care about computers at all until I started growing up so they don’t understand it they don’t have to it’s bringing jobs and spring in revenue and they like it for that all right but one of the key takeaways from this if you’re gonna remember anything really is that it’s gonna be using 25 megawatts which is about 20,000 average household’s but they say it has the capacity to potentially reach 300 megawatts making it the world’s largest that is very large very very large all right and the last thing I want to talk about here is New York’s Financial Regulator looking at the bitlicense and if you read the quotes it makes it seem like they realize that it needs to change so it says they look and see how the regime is fitting the current market and has the industry grown as it matured in any way and it has quite a bit and one of the key takeaways is that for a long time they had only given out a few bit licenses but yes see six licenses between June 2015 and June 2018 but since then over the last year and few months there’s been 16 added in the last 20 months that’s a lot more so that kind of leads you to believe that when they started out they were probably a lot more strict and it makes a lot of sense if you’re a regulator to be more strict upfront and to not take a chance on letting any bad actors in so they’re going to review it and look to change anything so that’s all for tonight if you like the video please like please subscribe check out the tradingview profile and check out all the scripts for the tutorial there’s a video series here on YouTube so leave a comment if you like let me know what you think is gonna happen if this Zuckerberg thing’s gonna cause any news driven price action or if you think the 50 under 200 crossover is gonna do anything but thank you all and have a great night
