by birtanpublished on October 1, 2020

Wow mirror mirror on the wall will
Bitcoin continue to fall I wish my
psychiatrist would return my call
because we have so much to get into in
today's update in fact Bitcoin did
actually come down and you can see the
first time it did actually dip its toes
into filling this gap now it is actually
completely filled this gap no if ands or
nuts about it absolutely huge but guys
we have to take a look at this is there
yet as we mentioned in the last episode
another gap down here at the $7,700 mark
guys the question on everyone's mind is
Bitcoin going to continue to fall and
everyone it would be silly for us not to
mention what is going on in the broader
economic space right now will that have
an impact Bitcoin was created as a
refuge to this sort of market bitcoins
purpose is to sort of battle this but
guys the transition might not be as
quick and as seamless that some people
might expect there's so much fear going
on in the markets right now guys many of
you are aware of that so we have to
factor that into this analysis not only
cryptocurrency we see gold we see
markets abroad taking a little bit of a
tumble but primarily what we want to
focus on in this update is the lowest
that Bitcoin can go and still maintain a
healthy pattern guys we mentioned this
potential cup and handle forming there
is in fact still another bullish pattern
that could happen if this pattern did
breakout again it's not my favorite
pattern but we can take a look at it it
doesn't look very pretty but we can take
a look at that here because again if we
hit this support level which is much
lower than we are right now not much
lower but is significant there's still a
mega balance zone and we have to take a
look at this right here guys this is
going to be the key level where you have
this red line converging on this key
market structure line and every day that
goes by this gets higher and higher and
if we would hit a certain target if we
would have to come down to fill that
certain level the longer time goes on
the worse I personally think that would
be I think it would be better if we got
it over if we wick down there sooner
than later and with all of the news
culminating right now in the markets
everywhere I think again that a massive
flash crash bounce up would be the best
situation right now instead of a
prolonged prolonged period if we see
this continue for the next few weeks
that would not be good so guys we're
gonna talk about all that situations and
sit back relax and hide your toes
because this tickle monster is coming
for you guys let's get into it
Wow what's going on everyone welcome
back to an emergency update there is so
much going on in these markets look at
trends for you the first thing trending
for me right here hashtag stock market
crash 2020 I just refreshed this Twitter
page and that is what's showing up as
the top here guys
Dow Jones look at this we have so much
going on here but guys to brighten up
the mood as well we are doing this
ledger giveaway tomorrow so I have to do
to make sure is leave a comment below
and make sure you're subscribed like
Trump will do that you bananas what
we're doing one on Twitter as well you
guys so I have to do to enter that one
is give this tweet right here a retweet
so far not many people are entered so
your chances of winning are pretty good
so guys we have to take a look at these
charts bitcoin is obviously having a
downturn but as of the last day it was
actually holding in a key level right on
that 200-day moving average earlier
today we actually dropped about $200 so
submit currently we're actually below
that we are at a significant point of
support but for the time being I'm gonna
go out on a limb here and say I think
this would be better right now if within
the next day or two we had a continued
drop into Bitcoin and I want to tell you
why you guys so first we can take a look
here at the CME gap now many people were
talking about this gap here this one
here right around 85 for the past few
weeks right here now that one you can
see pretty sizable okay you can see this
is where the gap was right here and you
can see now that gap has actually been
filled not only did it actually go
through the top but it sliced through it
and actually went about $100 below that
as well I didn't necessarily like seeing
this because I was like you know this
doesn't look like it was filled I was
reading comments everywhere saying it
was filled but to me that does not
necessarily look filled now this is what
looks filled however with that in mind
we have to go down and we have to take a
look at this again I've read somewhere
on Twitter actually that like 95 percent
of these gaps get filled is this one of
the five percent that doesn't have to
get filled or could it be one of the 95
many of the 95 that does have to get
now you guys currently we're in a
downtrend over the last few days okay
now these are natural and healthy in a
market but considering what's going on
with the stock market we have to maybe
zoom back out a little bit and adjust
that statement however in general this
pullback and everything we're seeing
with Bitcoin as well is still actually
not even that bad right now
now it's actually looking pretty decent
I'm actually surprised Bitcoin has not
dropped a lot more considering stopping
stock in gold everything everything is
kind of plummeting right now however if
we were to come down and actually fill
this gap I think doing it sooner than
later would be the best
I think getting this out of the way and
then maybe continuing up over the next
few weeks would be the best thing but
right now we really have to see how
everything plays out in these broader
traditional markets again it's very much
unknown right now this entire thing
could be over in the next week this
entire thing could be prolonged for the
next few weeks nobody knows quite yet
but in fact we do if you know what while
this thing is red hot right now it's red
hot right the markets are coming down
everyone's talking about everyone's
talking about the SNP the Dow look at
this look at this guy's this is not
Bitcoin this is in fact the S&P 500 look
at this what are you trading altcoins no
this is actually one of the most
respected and trusted indexes stocks and
look at this it looks like some kind of
absolute garbage coin just dropping like
crazy now if bitcoin did come down again
like I said on this chart here it would
be nice to see that happen soon it would
look pretty ugly on this chart okay down
here or maybe not even necessarily a big
bounce but like coming down here if that
would be possible again we don't even
know necessarily it doesn't necessarily
have to be filled but just to err on the
side of caution that could be a
possibility that we're looking at now
how bad is that so this is the 4-hour
chart so that looks pretty drastic if we
zoom out let's actually go to this chart
if we zoom out that would actually be
right down to here on this chart which
would still put us above where we broke
out of back at the beginning of January
so again it is not actually that bad if
this would happen now this is key here
though because that gap is right where a
key market structure line converges as
well so let's zoom out we kind of give
you guys a big picture of this okay
because this has been key you know i
zoom back out to you know the end of
2018 so you know over a year ago and it
looks like oh is that how far the trend
goes back no and in fact goes back much
farther than that you guys can see to at
least the beginning of 2015 so this goes
back at least five years
okay this key market structure line is
very important here and again it is
where we bottomed out along with the
200-day moving average I'm sorry the 200
week moving average is where this was
we'll have to take a look
that's here this could be the perfect
bottoming zone before bouncing back if
Bitcoin is able to do that now this
could play out over the next week or so
again I don't want to discount the
influence that traditional markets and
the entire economy in general could be
having right now for the most part
Bitcoin has been able to thrive in the
past 10 years without too much
interference from the broader economy
but with the potential looming threat of
this going on
will this see Bitcoin soar over the next
year and Bitcoin really actually explode
could that be the case because we have
to take a look at two scenarios here
there is a scenario that you know some
people say well you know if the stock
market's crashing and they're losing
investments in everything like that why
would they invest in Bitcoin which is a
valid point that could hold some
credence there but we also have to
remember why Bitcoin was created in the
first place back at the end you know
2020 2009 2010 as a response to the
crash in the first place of 2008 okay
Bitcoin was created as a hedge as a
response to this in general that was why
Bitcoin was created so in a sense
markets doing stuff like this this is
only the beginning I personally think
mark is doing some stuff like this this
is exactly what Bitcoin was created for
now the transition might not be very
seamless like I mentioned the beginning
of the video it might not like
automatically within the next obviously
a few months you know stocks continue to
crash and Bitcoin goes sky high or
something like that but over all over
the next few years that is kind of the
point of Bitcoin the point of
cryptocurrency the point of
decentralized currency I do agree that
like people are not going to be rushing
in to buy Bitcoin over the next two days
if the stock market goes down another
thousand points obviously that doesn't
make any sense however in the broader
scheme of things long-term I 100% do
believe that that would be what what
would happen because again that is what
it was created for and the people
invested in cryptocurrency understand
that as well so we take a look at this
chart and some people have actually been
mentioning this potential inverse head
and shoulders this is a really ugly
chart I really don't like this
considering this so ugly there again the
head of here there's like three heads
here so I don't really like looking at
that either but again this could be a
very similar pattern tech like what
we're already seeing anyway there are
many reversal patterns again the cup and
handle potentially within this chart
right here so I do tend to think there
will be a balance here anyway and
actually where the balance would be
if this would be an inverse head and
shoulder would actually be around that
$7,600 level guys so I have these lines
here you can see where it gets really
dicey in terms of this last inverse head
and shoulders and where the bottom could
be for that okay but we have this
potential shoulder here the left and
let's actually use the actual tool for
this because actually use actual tool
for this let's say this is the shoulder
again it's really ugly so I don't like
drawing it on here exactly but let's say
then it came back down to this
okay guys right here and then let's go
down to here okay so let's even say even
coat it on a 7576 I think would be much
like it would could not go below that I
personally think so again that is the
potential pattern we're seeing playing
out here now that actually looks kind of
interesting and when you draw that again
there are some outliers this is kind of
ugly like I said the left here the left
here does not match up really nice we
wish we could kind of race that to make
it look more pretty but again that could
be a pattern that we're seeing that
would play out over the next week or two
okay that gotta have them pretty quickly
over the next few weeks but again that's
what I'm seeing with Bitcoin it looks
actually pretty healthy but the thing we
have to keep in mind is we cannot
discount what's actually going on in
these broader markets if this recovers
within the next week I highly doubt that
it will if this recovers in the next
week then we can continue on with our
solo Bitcoin analysis as usual but again
I just think for right now we do have to
factor in these other markets because
guys these are global markets Bitcoin is
a global currency whether or not they're
exactly correlated there is some
relationship if the Dow Jones went to
zero tomorrow do you think that Bitcoin
would be sitting at eight thousand US
dollars absolutely not okay there is at
least some correlation if every single
dollar left stocks tomorrow you bet your
butt that there there would be maybe not
every dollar but there would be a lot of
money that leave Bitcoin as well
obviously Dow Jones is not gonna go to
zero dollars until maybe crypto currency
actually is the preferred solution and
is used more maybe you know 10 15 years
down the road something like that who
knows guys but crises like we're facing
right now is where massive changes can
happen it's where they do happen when
panic is in the air because there's some
panic in the air believe me there is
actually some right now but the full
extent to how much panic there could be
I don't even think we have seen yet so
as thanks so much for tuning in to this
amazing episode make sure to get your
stock up on that water
so you never run out of juice and water
to drink you guys so guys thanks so much
I'll see you the next one

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