In the future good night, everyone - thank you. This is wheel of fortune. Joe bitcoin is the future yeah that's right all right guys. What's, going on it's kw here with another episode, we're just having some fun here.
It is friday. It is the weekend bitcoin still hanging around that same level. As yesterday we actually hit 60 000. We fell all the way down to around fifty six thousand. Lots of people thought that that was it.
It was the final shakeout. Well, it could be the final shakeout before the breakout, but let me tell you something guys: bitcoin is winding up right now for an explosive move, and we could see this again over the weekend, just like we did last week now.
We know that weekends get a little bit crazy right. We had the all-time high monday came and then bitcoin instantly dumped. So we're, going to talk about what to expect with this crazy move. That will be happening within the next 48 to 72 hours.
I also want to talk about the fact that the overall crypto market cap is almost at 2 trillion. Aetherium is actually at a very critical level right now we've, actually seen. Cardano actually have a bit of a pullback after that news right.
A lot of that excitement, but what i want to talk about specifically is the altcoins and why the altcoin space as a whole could be finally ready for that insane. Alt season that we've all been waiting for.
So if that sounds good to you, you know what to do. If you're, not subscribed, definitely consider it without further ado. Let's dive into the chart. So having a look right here, you can see that it did appear that we did have that fake out on the death cross.
On the four hour we've, actually been supported by the 50 moving average right here, and if we zoom out, you will notice that essentially bitcoin has really just been bouncing between these major levels.
Right we come up here. We have resistance on the heart line. We hit the top. We come down resistance on the heart line, the bottom heart line again, all the way up to the top. We bounced once again off the heart line and boom.
We are at the center. So, of course, this does ask the question: are we gonna you know eventually fall back down to these levels again? Well, as i've said there has been that potential chance to fill down around that 50 000 level, but we'll, get to that in a second.
What i want to show you is that we are coiling up right now and this triangle right here. This asymmetrical triangle is looking like it wants to have a move by monday. Now we do know that bitcoin is the impatient asset and it usually does not wait till the end of these to break out right.
So if we actually have a look right here, i'm. Sorry one second, if we actually, where is my tool if we actually come over here and start bouncing around you'll notice. Right here is the absolute end, and that literally is monday morning, so i am expecting an insane move for bitcoin now.
Obviously you're asking me, which way am i anticipating bitcoin to have the breakout? Well, like i said guys, broken record time. The trend is your friend and, as you can see right here, we are continuing to trend upwards, putting in higher highs putting in higher lows so, even though, if the weekend could get a little bit crazy, i do expect the ultimate breakout of this to be to The upside okay, and if we do break out, i'm, expecting some resistance at around the 62 000 level.
Actually, it's around 62 600. So how will we be playing this? Well, obviously, if you haven't had a chance to get in on that long. We did have another beautiful bounce again on that moving average. So right now it is a little bit of no man's land.
You're, going to want to wait and see how this plays out. If we do have a retest down around the 55 000 level, i would be looking to actually put in along there. Not financial advice, guys, obviously nothing on this channel.
But if you are interested in learning how to do this, how to make money with bitcoin whether the price goes up or down check out my tutorial in by bit uh popping up above 200 in bonuses and actually 600, so a total of 800 600 from buybit 200, if you use the link below, if you guys, are interested in trading these patterns trading these breakouts.
But, as you can see right here, we will be hitting some resistance at around that 62 600 level. So if you have not already had a chance to get in what you can do is you can wait and see if bitcoin actually breaks above the 62 000 level, and once we do have this confirmed breakout? I definitely think that we are going to the top of this trend.
You can see right here. You know we're gonna put in one two, and i think we're going to put in a third test right here, so that would be between sixty eight thousand and seventy thousand. So if you're looking to do a bit of a scalp trade between sixty eight thousand and seventy thousand, i would look to take some profit off the table.
Okay, so that is exactly how i would be playing this, like, i said to recap: break out above the 62 600 level. That would be an opportunity as long as we have a retest on the four hour go for that, and then i think we're hitting 68 to 70 000 bitcoin.
Now i know there's still. Some bears out there. So i'm gonna um. We'll talk about the flip side. We'll talk about the bearish side too, so we have been looking at these whale gaps right and you can see that whale map pointed important levels marked out on the new well volume profile chart losing 55 000 would actually potentially bring us down To the 44 000 level, so you have cme futures gaps, you have whale gaps but, as you have seen going back to our charts, we have had multiple support around that level right and we have seen a lot of support around the whale accumulation levels of 47.
000, so the fact that every single time bitcoin takes a dip, it's instantly getting brought back up. We're, having these giant wicks to the downside. We're, seeing the institutions get involved and also talking about you know.
Yesterday we also saw morgan stanley looking to finally offer bitcoin to their clients, but first of all we need to talk about the most important chart. I think the most important chart for bitcoin - and that is of course, the big sats index, that's right guys.
One bitcoin compared to one big mac, is now at its absolute low for big macs. That's right guys, one big mac, officially costs 9 614 stats, so obviously most important chart just kidding just having fun guys it's.
Friday loosen up it's the weekend, guys all right so one chart. We can look at, though, is the bitcoin amount of supply. Last active in over 10 years has recently hit an all-time high, so this is bitcoin that has not moved.
You know in a very very long time you got to take this chart with a grain of salt. It does seem bullish, it does seem like. Oh, these hodlers are in it for the long haul, but let's be honest. Guys, 10 years ago, a lot of people, didn't, take bitcoin seriously.
A lot of these bitcoin are actually probably lost forever. On old hard drives. People just threw out their computers. They forgot about it. They didn't think that it had any value. So in reality there are a lot of bitcoin out there.
That haven't moved in so long simply because nobody actually has ownership of these bitcoin anymore. However, on the bright side, all of these lost bitcoin does in fact create hodlers. In a sense, you understand what i'm trying to say, because they will never be moved and they are lost forever, and that is supply that will forever.
You know kind of hold the ground floor so just kind of an interesting thing, but speaking of morgan stanley and yesterday, that was the big news i mean now you're, seeing the first bank finally getting involved in bitcoin and all it takes is One right all it took was paul, tudor jones to start buying.
Bitcoin next thing you know, tesla's, buying it right, morgan stanley, starting to get involved. Now it's, just paved the way for all the other banks as well. Well now it looks like they're, possibly negotiating to purchase bit hum the largest korean exchange in south korea.
They have local media outlets, a g-a-g-e asia-e. Maybe i don't know and naver first reporting that the negotiations are uh happening with bit home shell shareholder biden. The company owns around 10.3 percent.
In addition, an anonymous source referred to as a high ranking official of bithum holdings, confirmed that morgan stanley participated in the bit hum acquisition deal. However, despite all the insider scoops, morgan stanley has not actually confirmed or denied the deal, but it's very interesting to see how first they want to start offering bitcoin to their clients.
Now they want to look to potentially it's. A rumor, but they might be looking to acquire an exchange kind of, would make sense right. You want to have that liquidity to help out your clients, so this is big guys.
This is definitely some big news and you know in yesterday's. Video. We were talking about deutsche bank and now that bitcoin's. Market cap is over 1 trillion. They say that there is potential growth to continue for bitcoin and, like they said yesterday, it is too important to ignore bitcoin.
So, according to the deutsche bank analysts, they suggest that bitcoin price could continue to rise further as long as asset managers and companies continue to enter the market. The firm emphasized that central banks and governments now understand that bitcoin and other cryptocurrencies are here to stay and thus are expected to start regulating them by the end of 2021.
Interestingly enough, you have jerome powell, head of the u.s federal reserve, said that state-backed digital currencies and official central bank, digital currencies or cbdc's can function alongside fiat money in the coming years.
Now he made these comments in a pre-recorded video to a payment conference in bazel switzerland, amid a bigger institutional push for cryptocurrencies and bitcoin in recent times, and we have seen that they have stated multiple times specifically in the u.
s. They are not looking to ban bitcoin. They're, looking to regulate it and they're looking to tax it okay, but they're, not looking to ban it. So lots of it's, just incredible. It's. It's such a turnaround you know than how it was in 2017.
. Like i said in 2017, it was like we were trying to find news. We were creating anything out of the thin air to try to pump bitcoin to try to make bitcoin seem like it had value right and everybody which it does have value.
But i mean everybody was mostly just speculating on the price of bitcoin, whereas now it's like you're just having all this news come out and it's. It's like finally becoming what we always knew that it would right it's really awesome times to be alive right now, if you guys are watching and if you haven & # 39, t paid attention to dan held um.
Obviously he's been a long time holder. He's. Growth lead at kraken, he's been in bitcoin uh. I don't know, i think, since like 2013 and he's still, he still thinks that we are in a bitcoin super cycle.
He still thinks that bitcoin is going to be going to 1 million and that this isn't going to be like all the other times because of all the institutional interest. Because of the companies and the banks and the acceptance and the widespread adoption right, he says this is a one in a hundred year moment mentioning the virus, the growing distrust in financial institutions, central bank, money, printing, okay, it's, just like how many More trillions of dollars are you gonna flood, the uh, the economy with right? People are aren't just in it for speculative run anymore.
People are buying it because they actually see the value. He also is convinced that bitcoin will reach its full potential as digital gold. It will challenge government's monopoly over money. He says bitcoin undermines the entire power and authority by removing money from their ownership, meaning the governments right at that point he says the governments will see crypto as a threat and crack down on it in what he defines as crypto mass extinction event.
Although i'm, not sure that we're gonna get that i mean we've already seen them pretty much embracing it, but he says that altcoins will not be able to survive the attack, since most of them Are degrading their censorship, resistance and decentralized properties in order to increase their throughput.
Bitcoin, however, was specifically designed to resist such censorship. He says: satoshi built the blockchain to build bitcoin and he built it to be incredibly resilient against government, so yeah. Let me know what you guys think i mean: do you think that the governments are eventually going to feel so threatened that they'll have to crack down? Do you think that altcoins are just going to completely die and burn out into oblivion? Let me know guys i'm, definitely interested in your comments below, but shout out to rect capital um.
You know i kind of forgot to look at these charts for a while, but, as he pointed out the last time, the altcoin market cap tested the old all-time high as support it rallied 27 000 in just over a year.
In recent weeks, the altcoin cap has successfully retested its old 2017 high and broke to new all-time highs, and we can actually confirm that, because we had this chart pulled up a few weeks ago. Um i haven't, showed it on the channel, but you can see in this little blue box area.
We had the two wicks from the high of january of 2018 um, the uh. You know the first and the second week essentially, which created this blue range right and if we zoom in right here, we actually had a beautiful retest on it in the week of february 21st right here and since then, we actually have had a rebound and zooming.
In right here, although we're sitting slightly lower, you can see that we did in fact wick and we did in fact break an all-time high for the total market cap. Now, one of the things that you want to look at when analyzing market cap for altcoins is bitcoin dominance.
Bitcoin dominance has literally been down here for one two, three, four, five, six, seven weeks, every single time having a bounce having a bounce having a balance having a bounce. Now you might think to yourself well doesn't.
This mean that now bitcoin dominance is going to skyrocket all the way up back to 73. It is a possibility, however. We do know that you know, like somebody jumping on a trampoline, or you know if you're, hitting uh punching a hole and just punching a wall right.
Eventually, you're gonna break through it. Eventually, you're gonna fall through the bottom and uh yeah. I mean the fact that we just keep hitting it and hitting it and hitting it and hitting it and hitting it.
It is making it look weak and it is making me think that if we don't have a bounce soon for bitcoin dominance. We are going to fall down here and in turn, as we lose the bitcoin dominance, you are going to see this altcoin chart start absolutely skyrocketing to new levels.
So keep your eyes on altcoins. Now, speaking of altcoins, ethereum is kind of at this do or die moment right here. You could see once again and this sort of also plays in the same way for ethereum. You know the more that you do hit um a resistance.
It's, hit it once twice three four five times and right now it's. Look at it! It's, really having difficulty breaking above it. So we are at a very, very, very, very tight level for ethereum. I'm looking if ethereum does break out uh, i could see it coming up to about 1950 just under 2 000, and that would be the next level for resistance.
But if we do break down, then ethereum is going to fall back down into this blue box territory with the next lower levels being 1615 and 1547. So ethereum, in my opinion, needs to prove its worth right.
Now it's struggling a little bit harder than bitcoin um, but ethereum does have a lot going for it with all of its d5 and all of its nfts right lots of interest. Potentially, we also saw me too, invest in both bitcoin and ethereum, and they actually split the weighted difference in ethereum's favor.
So this could be the first wave of institutions starting to buy ethereum, which in that case, that would be good for the price right. But let's end it on a funny story. So, actually, a nice story, a grumpy cat nft fetched more than 80 000, while the grumpy cat coin community raised more than 70 000 for an animal shelter.
The community behind the meme, cryptocurrency grumpy cat coin or grumpy as the ticker has donated 39 eth worth about 70 000 to sterling animal shelter in sterling massachusetts, and on that note, i think we can end today's.
Video. Thank you so much for coming back to the channel. You guys rocky. The reason that i do this every single day be safe, do not get chopped up. It is the weekend weekend. Prices get crazy, but bitcoin is looking for a massive breakout and remember when we are in an uptrend when we are in a a bull market.
Okay, obviously a bullish chart is bullish, a neutral chart is bullish and a bearish chart is neutral. You understand what i'm. Saying trend. Is your friend you guys rocky the reason that i do this every single day? Thank you so much for coming back to the channel.
My name is kdub. This is cryptozombie and, of course, if you haven't seen these videos popping up right here right now check them out until next time stay, crypto and, of course, peace out. You