 Welcome guys to another episode actually episode 24 of let's talk crypto I am your host Bitcoin Jay here with the BTC Queen. How are you doing BTC Queen? Pretty good can't complain. I think I Might take a trip to Asia soon. So that that'll be fun The problem is it's like on the other side of the world and that means like the time would be weird, but we'll figure it out Other than that not too bad been looking at The news the market Crypto is not too bad. I went to see the the movie the highest stake if anybody Knows anything about that movie. It's the movie about pecs and Richard Hart that came out Oh, no, which was filmed completely independent by Outsources no one in the community filmed it, which I thought was cool Originally, I was in the impression that like people in the community were like, oh, it's make this movie to elevate hex But like no, it was like a purely unbiased documentary Very controversial. So like what we'll talk about a little bit about that today later on In the news, but pretty pretty good. Otherwise Awesome. Well, why you were talking? I just went and turned off my AC which I forgot and left on At the start of it. Yeah, so it's been a crazy week overall. I literally just walked in the door After from getting off a plane. I went to visit like I told you guys I went to visit Cuba this weekend So I was there for a few days literally just landed this morning been running around just walked in the door so I Am I am definitely drained? But I'm putting all my rest the rest of my reserve energy into getting this podcast together getting this livestream together And putting it out for you guys. So grinding right through it. So, um, yeah, let's yeah today today. We're gonna We're gonna cover a lot of things. We have we have a big week on the economic calendar price has been It's it's been choppy, right price has been a little choppy and we have some potential a Potential double top on the charts that I want to talk about but there's also a bullish case for it So we're gonna look at both those both of those scenarios to end today's live-stream podcast and And what else? I know you have some juicy news for us as usual. You got you got the the down low the 411 and And yeah, and remember at the end of this we're going to go ahead and do a Q&A So if you guys have any questions, make sure to drop them in the comments This weekend. I wasn't since I wasn't using my phone I wasn't able to to ask questions on Instagram. So So we're gonna need some help from you guys the live viewers for today's show. So let's go ahead and jump right in The first thing we're gonna be talking about. Let's look at the price. So let's start there. I think that's a good place to start let's take a look at the price here and You can see that right now We're at 20 and so we actually just broke back above $29,000 and we go to the daily really quickly so you guys can get a clearer view and We were actually we went down as low as 28,000 690 today Which last week we actually went a bit lower than that. So what we'll talk about that but Yeah, so we're actually we just as soon as we went live Price started to go back up. So you already know it price was waiting for us to go live in order to start moving up So that's a good sign already a great way to start to show already Let's take a look at what's been going on around the market, I know it's been a little slow last week was pretty slow We didn't really have much going on as far as like in the economic calendar things like that and a lot of people were probably just kind of Waiting to see what's going on with the inflation report that's coming out this week. So We can see that in the last seven days Bitcoin has literally really done nothing. It's pretty much flat, right? It's down 0.36 percent Ethereum is down 2% And if we kind of look across the rest of the market, you can see that XRP is down almost 13 percent We know that XRP had a big run Over the last few weeks. So it's been kind of in that retrace has been probably retracing more than then More than it should as it not more than should but more compared to the other cryptos And that's probably do in part because of that big move to the upside It left a lot of imbalances in the market. So You know that means in liquidity to the lower levels and that's what it looks like it's been doing here If we keep going down the chart, you'll see Doge is down about six and a half percent We have Cardano down about seven and a half percent Solana down about four and a half percent and Tron down about two percent. So That and we could also see here a Litecoin down 12 percent which Last week the Litecoin halving occurred, right? Do you know the exact day that it happened on? I was watching the halving party actually It was like Charlie Lee and friends The first like half like two hours of it was just guys going back and forth about like charts and stuff, right? I feel like it was Wednesday. Like I want to say it was Wednesday. Okay. Yeah It was around the second or the third If i'm not mistaken, but we can see here that pretty much Um price has been dropping again And we ended up getting that the top On the third of july is when we ended up getting the top of that Wednesday the second. Okay. Okay. So I was on the second exactly So, uh, yeah, so it looks like we ended up getting the top on the monday july 3rd Um, which ended up being around 115 dollars I think when I did my video and this is back like in january february I my my guesstimate for a top was um, I think it was like june 18th or something like that And my price guesstimate for the top was between 120 to like 160 or something like that Um, so, I mean, I wasn't that far off and I was predicting it like six months in advance Uh, we got till at 115 and I was about two weeks off as far as the date the date exactly trying to guess the exact day It was going to top out. So, um, it has been a weird year overall Economically with the overall market. So I think that also has to do a lot with with why the price behaved A little bit differently than the previous halvings pre-halvings But we did get we did get a small rally up. Unfortunately, it wasn't as much as we would have liked And now we see prices dropping back down for this. Um, so like I spoke about in my video if you guys watch that usually Once the halving happens, there's there's a price drop and a bottom out period And then after that bottom out period usually after bitcoins halving Then you can see price start to jump again and reaching new all-time highs Historically, that's what it's done. So, um, that's what I'll be looking for next in uh, litecoin So let's look at the rest of the market and see what's been going on You can see here, uh, the top gainers in the last seven days. We have flex coin. We have caspa Bone sheba swap. So this is a new one jumping in here It's actually exactly at 100 in the top 100 gainers. It's up 8% Flex I forgot to mention how much flex coin and caspa were up flex is up 37.5 percent caspa up 28.8 percent Caspa's been on the top gainers list for like a few weeks in a row now When we've been doing this this this podcast so It it's it's been consistent We have xdc network here as well up 8 and fract shares is up seven percent As far as the top losers in the last week, we have, uh, pepe once again This one is on the other side of the coin of caspa, right pepe's been making Been streaking here on the top losers chart It's down about 15 percent on the on the week in the last seven days XRP down 13 percent litecoin down 12 percent Fida network down 11 and a half percent and uniswap down 11.3 percent. So It's it's been a mixed bag as far as what's been going on in the market over the last seven days I do expect to see Some some movement this week. So Looking over at the economic calendar to see what's going on. We can clearly see here August 10th. So the 10th of august, which is on thursday. So On thursday, the inflation rate reports are going to be coming out. Now. Why is this important? Because if we look all the way back Until you know as far as this year year to date every week that we've had the inflation reports Bitcoin for the most part has gone up. So we're with this is the eighth month this year Um, so that means we've we we have received seven of these reports so far Six out of seven of those reports those weeks when the reports came out bitcoins price went up So um, and then last month when we the report came out bitcoins price went up So just something to keep in mind there Um, I believe last time so last time did the inflation report come in at three percent Was that where we were last time? So the forecast right now is actually at three point three percent Is what consensus is that? So basically they're they're expecting The inflation the the year over year to go up In this report that that's coming out on thursday That that'll be the first report that we get in a year basically that um that this didn't go down the year over year So it'll be interesting to see what happens there during that report If remember, usually the way that it works when these reports come out, whatever consensus is That's pretty much what the prices what the market is expecting Depending on then once it comes out if we go if we come in below consensus Usually, um, we get some bullish movement within the market if we come in above Consensus usually we'll get bearish movement within the market So, uh, we'll have to wait and see how this plays out because this will be the first time that um That the consensus is above in the last year basically their consensus is above The previous reports, uh inflation rate and um, I'm not sure How the prices are going to react how the market's going to react depending on how that report comes out Because even if it comes in at let's say 3.2 3.1 or even 3 percent We're beating consensus, but we're not beating, you know, the move that we had last month Um, so we got to see we have to see what happens. We we're not really moving from that 3 percent And remember the the Fed is targeting to get into that 2 percent area So it seems like that 2 area is going to be a resistance to get into So, um, you can see here that the trading economics forecast is 3.1 percent So we'll we'll see we'll see who's right here the consensus or the forecast or maybe none of them, right? um So Yeah, that's basically what we're going to see this week. I'm expecting, you know, once those reports come out on Thursday, I expect to see some movement here within the market You can see here last this is the last month when the reports came out Um, I believe one was it had to be like mid month. I'm assuming So probably around here. I think it was Wait, this is I'm looking at June. I'm I'm sorry. I'm lost right now. So it was actually Yeah, it was actually in july. So I I believe it was here on the 12th last month And you can see that we did end up getting a uh, a green week there We went up. This is actually that during during inflation report week is actually when we topped out for the year highs Um, I I believe we hit 31,800 Uh 869 as our high there before, you know, we're basically down ever since ever since that week we're down. So let's see if Um, maybe this report brings in some inspiring news and some bullish movement back into the market We'll talk a little bit more in-depth about the um, what I think what i'm currently watching on the charts here And what I think could happen, uh, depending on which way we move this week But first, let's go ahead and break down what's been going on overall in the market with uh, with the btc queen So let me hand the reins over to you I've been out of the loop. So please fill me in. What has been going on in the bitcoin market? All right, so, uh I guess the bitcoin market but overall the news So first, let's talk about the movie that came out this weekend. Uh in correlation with the sec serving mr. Richard Mr. Richard Hart The movie called the highest stakes which is out in theaters now I believe regal is the only movie theater that is playing it So guys, um, if you want to watch a pretty interesting and controversial Movie that is on cryptocurrency and everything that's going on right now. Please go And see the highest stake in theaters. So um I'm not gonna ruin the movie for anyone because it's just like I said It's very controversial and it was filmed by somebody by a group that was outside of the actual community so I think that it highlights all aspects of um, I guess the movie well and all takes of the Idea of hex. Um now what I will say is that After seeing the movie and watching it, um, yeah, it wasn't anyone's favorite one two Uh, I pretty much I think that's pretty much why the sec served Um, Richard prior to that movie coming out because it was coming out because it was You know some movie that's like a major documentary that's coming out and like theaters like I felt I feel like they had to tell people something at that rate and that's pretty much why they decided to serve him now interestingly enough um on everything that Richard heart does and says throughout the movie online is Opposite of pretty much what the sec is like blaming him about Um, which is he is very honest and transparent about the cryptocurrency market He says hey guys if you put your money in this you can lose it all Um, and he says that all the time and he says it every time he streams and it's crazy because uh, nobody Like with that like has like invested in hex like that. I know personally has ever felt uh wronged by this man Um, and it's usually because he says things like this because he's actually extremely honest So it's quite funny. Um, how That is actually portrayed um In the documentation against, uh, mr. Hart And what he actually does, uh, you know every day A lot of some in some of the documentation that they had said was like, oh, you know He spent these people's money to do this on the third um, but I remember him being wealthy off bitcoin because he used to be a miner back in the day Which he actually goes over in the movie which is true Um, he he did mine. He I I didn't know Richard from being an og bitcoiner Just from way back when ironically, so it's actually quite interesting to see these two, uh, I guess Negating sides and aspects of like what's going on. So, uh, yeah highly recommend the movie. Um, I think after going with some friends Who are working on other projects They like saw the movie and their only thought was man. Am I wasting my life? Is this what occurred to us all of pal? It's quite funny. What's the name of the movie again? The highest stake the highest stake that's that definitely sounds interesting Yeah, no, it's it's it's a great movie. Um, it's um, it's at regal So so find your your nearest regal and um, hopefully they're playing at it. It was quite a good movie So anyways, uh, moving on, uh, the biggest news this morning is that paypal Is launching its own stablecoin That's that's basically the highlight of the day. Oh, yeah, I did see that. Yep He's officially having a stablecoin. I'm like, what what is the point of having a stablecoin like within like paypal? Like it's it's basically like like they already They already have like their own ecosystem pretty much. Um I'm assuming The stablecoin in my brain and it has to make sense at the stablecoin like you can like purchase it on the free market So that you can like redeem it in paypal But if it's something that just stays in paypal and it's like Just like oh instead of us offering, you know, like tether. We're we're gonna offer you this this, you know, paypal stable Um, which is in our trade your bitcoin into a stable. Um, that's that's really what I see here. So, um It's it's cool, but it's it like in reality. It's it's actually less underwhelming than it could be But uh, yeah, I think I think honestly They may or may not put it on the free market But for the most part they just might keep in an app as like an alternative of you holding all your crypto, uh, you know in a volatile state on paypal versus, um Yeah, not having this option. So That's that's pretty much that um So some not so great news in 2024 us businesses Will collect id name and addresses if you make a crypto purchase over $10,000 Now there's not a lot of things that you buy that are over $10,000 that usually don't require these things Like if you buy a car, uh, you know, you got to do your illustration if you buy, you know, just just different things Um, but I mean, I guess let's say I want to buy a boat or I want to buy like in a really expensive handbag And I want to pay in crypto and instead of paying my credit card these people now have to like Get all this information off me Why why do they need to do that if it's already not something that they like Have if I wanted to pay cash Like I could already do that without giving them my information But like now it's like oh you're gonna pay in crypto Whoa, wait a second. We got to get all your information now Um, so like there's a lot of privacy concerns around that there was a a group that had Brought it up to a judge when it was first rumored, but there wasn't any like official things about it So the judge is like, uh, I speculated they shut it down Now now that they push it and have like implemented it pretty much it's kind of like What the heck, you know, it's it's a little strange Definitely government overreaching my opinion because you know, you can't do that with cash now You know, if you if you're not telling people to do these things with Other forms of money that we already like transact in like nobody collects my idea if I pay cash Nobody collects my idea if I if I pay with my card I mean, I guess they have the card information, but you know, it's not your address. That's not these other You know pieces of information that like it's like why why do you need that? So, uh, yeah, that one that one's not too great. So, um in 2024 that is that is the latest Um, so in kenya if you guys haven't heard uh, the kenya police rated and seized All of the world coin orbs in operation So pretty much are saying that it is uh, it has there's privacy concerns around that around their citizens and that they are Suspended from continuing business in kenya while they are under investigation um I think that every country should do this because it's not not great. What's what's actually going on Uh, I I mean, you know, if these things are like truly voluntary, that's one thing Uh now I have a friend who used to work on things that you know, did like eye scanning and recognition Um, and he was basically saying online like, you know, look sam. Why aren't you being honest with people? um, you know This stuff collects like you're basically your entire face Needs to be collected when you're doing these scans, which is pretty much One of the reasons why they probably rated took their orbs and another like studying it to see like what exactly is it collecting because You're saying it's oh, it's collecting these eyeballs, but you don't actually know What it is all collecting, you know, it says it's collecting this but is it collecting more and there's people who have obviously built Similar things and have dealt with similar technology that say hey um You need to collect an entire face recognition scan And at that point in time that is not what's being marketed. So There's potentially false marketing over the information and data that's being collected Um, so there's a lot of speculation on that right now Um between smash the orbs and you know, kenyan police like raiding these people Uh, I don't know about you guys, but I have stayed very very far away from this world's coin ubi I don't have any interest in participating in it. I don't want ubi Um, I'm very good where I'm at. So I'm I don't know why I think that's like the opposite of what crypto is Like we're not about giving away information like, um, yeah, I'm definitely Staying far away from that. I don't know why anyone would ever would even want to do that But yeah, I mean this is like like if governments wanted to give like money away efficiently Maybe this is the way to do it. Maybe it's like, hey, everyone gets $500 a month and in order to For you to claim these $500 a month you need to verify your identity With you know, whatever documentation and we need to make sure that you know, you are in fact the person Who you say you are? Um, because sure there is fraud sure people claim other people's money on you know, their behalf I mean, I've seen endless amounts of People claiming dead people social security checks or you know, just all the way down the line Like these things happen. Um, so maybe if we wanted to do this efficiently Perhaps this is a way to do it. But at the same time, it's it's um You know, it's not these people's job to to provide ubi. Like this is not their job. Like it's cute Um, it's an idea but at the end of the day, I feel like it's definitely Overreach and it's starting to bother governments because not even them themselves are doing that. Right So, uh, Very problematic and like you like we already know what governments do like they're not trustworthy, right? And now you're telling me you're gonna give all this information to a third party. That's not even a government Like that that's literally you're literally setting yourself up So whatever ends up happening with these things one, you know, they eventually get hacked and get leaked And now it's in the wrong hands of the wrong people or you know, the governments Take them and literally there's people who you know, they they do eyeball Identification access and facial recognition access with your phone. You know people we do this on our phone We we do these things, but there's people who um, you know, they have high clearance security to certain things You know banks gold reserves Um, you know, you name it like secured, you know government areas All of a sudden now All this, you know facial recognition stuff is out on the internet and some guy Manages to like understand how to replicate it and like grant himself access because he has your eyeballs You know, what the heck is that that's that's not information that should be collected by anyone. Um, you know without Think you froze Someone they will try anything to get that money because Uh, she's cutting in and out guys She's frozen on my side right now Hopefully it's not me But right now, uh, they need it. They need something you you're you're coming you're cutting in and out for some reason I'm not sure what's going on. I don't know if you can hear me. Yeah Yeah, you're like frozen for like the last five ten seconds Yeah, I see Yeah, the government the government's watching right now literally so Yeah, literally they you you caught their key words. So, uh, they're they're definitely tuning in all of a sudden the viewers the viewership went up so, uh I said uncle sam just joined the chat and i'm just kidding. Um Yeah, that that that's definitely that's definitely wild though. Um Yeah, I I I recommend i'm staying away from it. I recommend people to stop to stay away from it Um, it you know and maybe nothing happens with it, but what if it does right? Um, I rather not give my information away just like that, you know, uh You know, I don't know. It's it's wild. It's wild How far things are going and and it just feels like the beginning of a direction that that we don't want to go in You know where government will eventually where we're basically giving up full control to someone else like the government or something And you know and and it's this is how it starts. It's not going to start as Hey, um, we want full control. We want you need to go Scan your irises right now. No, that's not how it's going to start. It's going to start like this Hey, look how fun this is guys. Look how fun. This is so fun Here we'll give you a world ID. Listen that and and it'll they're gonna make it seem, you know They're gonna make it make it so that people want to do it They're not gonna make it so that you don't want to do it if they come out making it look threatening You know, everybody's because everybody's woke now, right? So everybody's instantly. Oh, no, I'm woke You're not getting me with that. So they're not gonna do that. That's that's the resistant way to do it That's it's not smart to set it up like that. So I'm if they wanted to and I'm not saying that this is it But if they wanted to write if if let's say the government came and knocked on my door They're like, hey Jay, how we're trying to collect everyone's iris How can how can we begin this and I was like, well, you're gonna have to make it something fun that people want to do you know and and Let's find someone inspirational right now that everybody's like really looking up to Maybe the creator of the biggest application the biggest site, you know, since forever, right? Oh chat gpt Yeah, let's get him to to be the face of this right and and Build from there and this is the perfect way, right? Because and I and I'm sure when these things do happen if they do happen There's teams. This is not one person coming up But this is teams of people where they're brainstorming. They're setting up test groups They're doing all sorts of stuff Gathering as much data and information as possible and then putting a plan together and then going through each step of that plan You know to execute it. So you got to be careful guys Everything's not always what it seems. There's a lot of smoking mirrors You just got to be careful. I would say just stay away from things like that. Um, don't just give up your information For no reason. No, absolutely absolutely Anyways, and I don't do in other news. Um, so coin gecko now has a uh top alleged sec securities section So a quite that has been alleged as a security by the sec Is in this section on coin gecko I don't know why they have this Where is this section? I think it's quite comical if you go, um I guess if you go on a coin gecko and you look at the top where it says portfolio coins, blah, blah, blah Yeah, um, well, is it there in google google coin gecko alleged sec securities? Maybe it'll come up because it's I don't Particularly see it on something you can like click immediately, but the page is live. I want it now Um, funnily enough xrp is not on there Okay Quite uh quite funny I'm I'm looking through the website right now. I don't see it on the website. So maybe uh, yeah Let me do a share screen in the meantime, uh, because I do in fact have it up. Okay. Let me switch So there it is Hold on. It's loading. This is okay. They are wedged So it says top alleged sec security coins by that's hilarious. Wow Yeah, so so today today's market cap is 90 billion Of seven percent in the last 24 hours Um, so you can read more about the alleged sec securities, uh, but pretty much anything that has been Alleged as an sec security is on here. So it starts with bnb at the top at number four cardano, solana tron polygon And all the way down Binance cosmos internet computer file coin your protocol Algorand x infinity flow And then some so all the way into The thousands of market cap hex at uh, what whatever it is um, ethereum max pulse chain ftx, etc So, um, yes quite quite quite funny is what I think Oh a hundred percent a hundred percent. That's crazy. So, uh, there is that. Um All right, let me uh, unshare my screen and then we can go back to the rest Of the news here so Who will be who will be who will be this was a kind of like some speculative news last week, um Will be having potentially financial difficulty and I feel like that has been fluttering around for like maybe the past month I was hearing things around will be and um, I mean pretty much The top executives were arrested And now there is question around, um, their actual financial Books and whether or not those things are in place Uh, so guys if you have anything on will be if you use will be if you get anywhere near will be Um, please immediately withdraw your funds because there is a lot of red flags that a lot of people are currently unsure About at the moment. So, uh, please withdraw your funds from will be Let let us not lose money because, um Because no reason because you have no reason to so That is all I have to say and last but not least amazon is giving away fts So amazon has a partnership for their amazon prime games They have a partnership with an indy studio game Who is launching a a game on the polygon chain? And um, they are giving NFTs to every amazon prime subscriber. So that's over 200 million people They are giving these free NFTs to Um, so pretty much Yeah, there's a six month partnership for this and uh pretty much I guess the NFTs You can use them in the game. I suppose But you can learn how to claim them on the amazon game prime portal They have some available pack um So there's I guess they're they're gonna have different packs that come out over time something like that because because 200 Million packs is a lot of packs of the same thing. Yeah, so Yeah, over the next six months claim a pack if you want to pack and uh, yeah, that's it Very nice. So, I mean, it's it's interesting Um, and I and I like seeing these big companies getting involved with crypto So, um, so I think overall long term that could be some something bullish, right? Um, we see we see we're seeing it more and more these big companies, you know Slowly getting their hands within that crypto space Um and incorporating a lot of things within it. So that that's pretty cool Um, I appreciate the the updates and the news Um, since I wasn't around for the last few days, uh, I definitely wasn't keeping up with a lot of that So, uh, definitely interesting. I know there's no internet in cuba. Don't worry. I got you Yeah, it was definitely interesting. It's uh for the paypal news as well Um that they're they're gonna have their own stablecoin on paypal So, uh, we'll see how that plays out and I'm sure it's probably gonna stay on paypal I don't think they would roll it out, you know anywhere else, but we'll see we'll see how that goes and how that plays out too much sense too because it's like I feel like it's not necessarily a free market thing like they could but like Probably not right right right. Yeah, so we'll see how that ends up playing out. All right So let's go ahead and uh now dive into the market analysis for bitcoin. Um we're gonna basically take a look at it from a The bigger perspective we're probably gonna start at the weekly time chart And then we're gonna kind of go into the daily in four hour. Um now Uh, as a notice, I I didn't really have time to set up a you know, completely in-depth Analysis today since I literally just walked in the door But I did have a few things that I was looking at, you know that I looked at on my phone and stuff like that So I'm gonna be setting it up as I go through it And I'm gonna be literally just looking at it at you know live right now and uh and and sharing with you You know my thoughts on it. Um Remember after this we're gonna do the q&a. I already have a few questions I saw I saw one in the chat If you guys have anything else that you want asked that you want answered I'm sorry that you want to ask drop it in the in the comments and remember on sundays Usually I didn't do it this Sunday because I was out of town. I didn't have internet But on sundays usually I asked um on instagram on bitcoin.daily and you can drop your questions There is there as well and then we cover them if you're not going to be able to tune in live So um for those of you not able to tune in live, no worries whatsoever. Let's go ahead and Look at bitcoin. So currently sitting at 29,107. We're looking at bitcoin on the month I'm sorry the weekly chart And the first thing that I want to show you guys That i'm looking at this is one of the main things i've been looking at So first let's start off at the basics and you know what we already know right So first off we've we've set it looks like we set a bottom back in november Um and ever since we've set up highs new new higher highs and higher lows right So all that basically comes down to okay, we've bottomed out and we've uh started a new trend to the upside right so we we had this downside trend all the way from uh november the prior year in 2021 Basically bottomed out exactly a year later 2022 november and changed the trend right so most of the time When a trend changes um it continues right so you can see here when the trend changed Now this this chart doesn't go far enough back but Basically what you would see here is that in 2018 the trend basically we basically bottomed out here You can see these prices were you know 33 around the three thousand dollar mark And we the trend started changing and the only reason that we had a lower low after the trend had changed Was because we had a black swan event right the pandemic back in uh 2020 So what and you'll notice that this bounced right back up and continued the trend and we ended up going on that bull rally Setting up higher highs uh new all-time highs etc. Etc rest is history right then back november 2021 fast forward to there We went all the way to 69 000 and we had a trend change again And you can see it's very clear to see And then now bottomed out a year later trend change again So usually when there's a trend change the trend continues in that direction So right now the trend is bullish to the upside Um And it's all positive from there right however within the trend there's always other things happening that you also have to You know you want to keep a close eye on um Because things can happen right so the first thing that that i'm keeping an eye on and this is something I haven't really pointed out yet here um is this right here what i'm looking at for those of you that that are not seeing Watching this on youtube There is a potential double top that's been coming in right so We had back in april We went we ran we had a run. This is when we had a rally in march Through april right early april we topped out at 31 000 dollars and then basically consolidated downwards until early june right then uh june We had a big move up And then we've been consolidating ever since We have popped a few times back over that 31 000 area but Overall at 31 000 we have been rejected over and over and over again. You can see one two three Four weeks in a row. We've been rejected at 31 000 dollars Which is the same exact price where we got rejected back in march. I mean i'm sorry back in april So this starts to set up a double top pattern Now what's a double top pattern? Double top patterns when we get rejected basically at the same exact spot and it doesn't have to be the same number But the same range right Usually that's a reversal signal and the way that we look for Um, let me see if I can pull up an example here just to I always like to show examples of this Uh, let me see I had it I had one somewhere here. So here's a chart here And I'll I'll walk you guys through it for those not watching On the screen, but basically what it means is that we topped out once and then you know Retraced back Then topped out went back to the same spot bounce went back to the same exact spot We topped out the the first time and topped out again Then we start set to set a neckline So the neckline becomes basically where we retrace to after that initial top out Um, and then the way we get a target if this does become a double top is we measure the retracement Area where we retraced to to the top of the pattern, right? So you can't so for example Um, let's take a look back. I'm gonna take a look back at the chart We topped out at 31 000 we retraced Basically down to about 24 25 thousand dollars And then uh, we started moving back up and again topped out at 31 000 So the way that this that this chart would play out is we would put would measure the move from About 25 000 to 31 000 And then that move we would put it on the below the neckline, right? So I already have it set up, but just so you guys can see it visually if you're watching right now It's this move right here So this is actually a little bit higher. This is so 31 000. That's where we've been topping out Right now what I'm gonna do is I'm gonna just grab The measurement that I just made and put it at the break of the neckline, which is Basically around it looks like it's around 26 to 25 000 range. Remember these these are never perfect Ex uh spots or exact numbers but ranges So the bottom of this If we move it here, the bottom is around 23 000 So that 23 to 22 000 will be the double top target to the downside And if we look over to the left It makes sense to the left because there is actually support here at this range That 22 to 23 000 area So it makes sense for if we were to to have a massive drop like that It would make sense that This level 22 to 23 000 would hold also we can see that we have some imbalances in this area as well From looking from what we've seen as far as when looking for liquidity We know that in these areas we know that the biggest levels of liquidity for us is around 24 to 25 000 So all that kind of plays into each other and give each other confidence. So there's a possibility That's a scenario That can happen If we don't get this bounce here on this trend line So remember we've been following this trend line that's been setting up the higher highs higher lows um, and we bounced on it One two three and we're about to be the it's about to be the fourth time that we're that we're going to be touching this trend line now So this will be number four. The trend line is currently sitting at 28 400 ish In that range. So it's a bit lower than than what we've gone That's currently that's going to be the next big support area for us Um that we need to hold if we lose that trend line Then we can potentially drop lower to to these targets So that's something that that's a scenario to keep in mind right now Um, I do think there needs to be like that I do think that target at 23 24 000 area is like a worst case scenario target If we just get straight, you know Bearish news for some reason because it's it's gonna need some sort of catalyst most likely To be able to drop, you know, six seven, you know, five six seven thousand dollars It's not just gonna drop for no reason So, um, you know, maybe something with a court case, maybe something with the bitcoin ETFs Whatever it is, right? That could play a role into bitcoin Heading down to that level now. Another thing to note is that we're coming up on september september is known to be Pretty much one of the worst months overall when it comes to price action for um for bitcoin So again, we're that's why we're watching this. That's what we're talking about this now So we're kind of prepared if we do start to see a move to the downside for bitcoin now It's not it's not all gonna be, you know, I do have a a Better more upside scenario as well, but I always like to look at multiple scenarios. I don't like to just be biased Uh bullish right bias green. I don't I don't want to just I try as hard as possible. Sometimes it's hard Um, but I try as hard as possible not to be just biased in one direction or the other I try to always look at it from, you know, different points of views to see what other traders might be watching Um, and to see how they might be playing it and and to see where overall there's opportunity in the market So that's the bearish case scenario right now as of today Now how do we um Um Basically, how how do we get out of that case scenario? How do we I forgot what the word is invalidated? There we go. So to invalidate it. We have to break $31,000. Basically, right? That's how we invalidate the double top Is there anything technical right now that's showing me a reason for bitcoin without a news catalyst Technically to make that movement to the upside and invalidate this double top and go up higher And the answer right now is yes, and I'm going to show I'm going to share with you guys exactly what it is So going back let's now go to the daily chart, right? So we're going to zoom in a bit Look at the daily And here We're going to see something that we saw Very recently So let me grab my um trend line tool And kind of draw here Let me fix this real quick So it's not perfect, but just so you guys get an idea This here was a falling wedge and what happened when we had this falling wedge We broke up to the upside had this massive massive move, right? And this was after a another massive move previously before it and what do we have right now? What are we seeing right now in the market? This is a falling wedge This is the same exact pattern That we saw back here after a massive move And again, we got another big move and now we're again in a falling wedge So what exactly is a falling wedge a falling wedge is once again a reversal signal That points to a breakout and usually points to a move to the upside So, you know, this is it's basically saying, okay, this is the end of the trend And this is a small trend, right? And it and we're expecting to now now after that we've consolidated this we formed this falling wedge slash bear flag You know, we're supposed to break out to the upside here so The way that you measure a target for a falling wedge The same is it's very similar to what we just did for the double top, right? We look for the bottom and the top of the range. So it would be something like, you know, from here To here Then you basically grab that you put it where the breakout would be and guess what it gives us basically $31,000 as our target So a breakout here would give us a move to the upside With a target of $31,000 now the issue becomes On the bigger scale that it's still $31,000 that we're stuck at, right? Um, and we don't want to set up a triple top because a triple top becomes even stronger than a double top And a bigger reversal signal So we we definitely need something. Um, we need to be able we need to see we want to see prices right now break above this Um and break out of this falling wedge So I'd be looking at, you know, a close above 29,500 maybe Um, and I definitely would want to see a close above $30,000 We need to retake that that support Which now has turned into resistance. We saw that we got rejected there last week when we when we did retest it Got rejected and we instantly dropped all the way back down And now here we are again, right at that $29,000 area basically, um Trying to hold on for dear lives right now So we know we have this big big big support and there is there is a possibility for us to just kind of keep Bouncing within here until we hit this support and here Potentially have that break to the upside. So this would hit a lot of liquidity down here And it would hit our big trend line and then we would get a break out to the upside Um, then we'd we'd be waiting with we'd be basically looking at the target of $31,000 at that point. So That's that's pretty much the two things i'm watching right now Um, and i'm watching for this week because I think that this week is going to provide a catalyst here This week we have The cpi data coming out Depending on which way things break Based on that catalyst is where What what bitcoin, you know, which direction bitcoin's going to decide to go in So if you know overall comes out bullish Then I think that you know the market's going to go up risk goes back on And money comes back into crypto Bitcoin's price starts moving up We break out of the falling wedge now that gives a lot of traders a technical reason and confluence to go long And it's going to push prices up right um If the cpi data comes in negatively or worse or worse than expected, whatever it is Then you know price is going to drop down. We're going to end up breaking that neckline that we just spoke about On that on that double top we can potentially break down to that neckline area potentially lose that as a support And then we'll be looking at that 22 to $23,000 area for a uh target to the downside at that point Again, if that happens that that'll be something that doesn't happen very often because Once the trend changes usually we don't get a lower low again, right? Usually let trend continues unless there's you know, something a big catalyst or something that you know causes Bitcoin's price to to do something that usually wouldn't do so that's basically the main thing that we're watching here this week We want to see What happens on thursday with the cpi data which way things go and and then we're going to be playing things from there So um right now it's it's tough to to call the trade last week I know we spoke about longing at $29,000 and there was definitely a lot of opportunity there to long at $29,000 you can see that um That we on the next day on tuesday we went from $29,000 all the way up to $30,000 So you could have definitely made some profit there the way i'm playing it this week Um, it's tough to say. I don't like where we're at I i'm gonna need to see a break to the upside here and beyond 30k probably to um to think about Playing something to the upside if if I see we're getting rejected at 30k like this again Then i'm going to be looking to probably open up shorts at that position there if I see again If I also see a breakdown below, uh this, um trend line as well So maybe probably I'd be looking below $28,000 Then I'd potentially be looking for some short positions there So those are basically the the the main plays that i'm going to be watching this week and and that's how i'm going to be playing it Depending what happens on thursday is probably you know, how i'm going to decide which way i'm going to go with everything So if you guys want up to date every single day, you know The exact trades that i'm making you guys can join the discord is in the description below if you're watching On the youtube channel. If not, you can go to uh instagram as well have the links on there Have the links on twitter. Um, so you guys can find it in those pages Um, I think that's pretty much it. Let's go ahead and jump into the q&a for uh for today's video So, um, let's see. I'm gonna i'm gonna give this uh question to the btc queen So I could drink some water to me because That's what she said um Let's see. All right. Here it is. Here it is from ducky dave 92 Do you use any hot wallets? And if so, what is your favorite and why? okay, so That depends. So at hot wallets limitedly That also depends on the network Different blockchains have different networks. They have different consensus mechanisms and all the in between so um pretty much If i'm using something that's like Mostly bitcoin or erc I'll say i'll start with erc or i'm using something that's like mostly like erc stablecoin stuff like that Trust while it's not a bad one um, if i'm using something that I want to Have an extra layer of privacy Um, and this is mostly on the bitcoin network. I like samurai wallet Samurai wallet is pretty cool. It's uh, it Office skates, you know all your information um If i'm using something for cosmos kepler uh Those are probably the only three that I really like Kwanami is not bad. It's a little outdated though, but it does have a lot of options for um Using different uh wallets and networks. So that one's pretty good. Um I think it is a bread bread wallet a lot of people like bread wallet blue wallet is good for lightning network. Um Yeah, I think that's about it uh off the top of my head for for those main wallets Nice sounds good sounds good. All right, let's um We have 300 rivers. I don't he didn't really ask a question here But he said he had he has a million questions about a chain broker that he's learning All he can about uh about that website basically um Yeah, man Basically the best thing that you can do with chain broker is just play around with it man go go to the different um Uh, what do you call it the different, you know VC pages look at what their investments are look at their past see how often they're investing See what it is they're doing see what projects are investing in and and try to look for those patterns Right try to look for projects where there might be a lot of big-time investors with a history of Uh making a lot of progress right with the history of being successful investors and jumping into projects early That did really really well and ended up going very big in mainstream. So I would look to add things like that and then and then basically look at what the new projects that they're getting into are and um Making that getting basically making basically making a list of those projects and then doing research on those projects And then seeing you know if if it's something that I might be interested in if it's something I think might have a future with industry for it to grow If if it's already listed if it's already out, you know, how's it been doing? What's what's the the roadmap look like for the project? What's the team look like et cetera et cetera and basically, you know, kind of create a checklist on what you what a You know a successful project looks like um, and what you should be looking for so It it basically makes it breaks down instead of having to look through thousands of projects It gives you a list to focus on because there's a there's these proven vcs with proven history to pick Successful projects and put millions into it and make millions back Just they've already done a lot of the work for you now You just got to you know try to figure out which which because Remember not just because they're a vc and they're putting millions into it doesn't mean Projects always gonna work out. There's still a bunch of projects. They're gonna flop So, you know, you got to try to see which ones You'd like and you believe in and you think have a future in this industry and then and then you know Then you can you can you know invest in it in it if you decide to Um, but yeah, that's that's how I would approach it Um, and then we're doing one more questions also from 300 rivers He said how was your trip cuba is on his list? So the trip was awesome man. We only went for a few days, but uh, but it was a great trip Hung out with uh, basically my girlfriend's family and uh, she has family out there in cuba that lives there So it was awesome. Uh being able to stay with them and and really live in cuba basically and uh, and then I was also able to go back to where My mom actually grew up Before she left cuba and we kind of found it's obviously not the same It's been a lot a lot of time since that that happened But I was able to go to at least that area where it was and I kind of took pictures of it and videotape that around the area And it was she was able to remember some of the stuff in that area. So um So I was able to see that and all that and and it was really cool. It was a very cool trip great trip. I definitely recommend it Um, you know, there's a there's a lot of things to do with within there And it's just very and you'll see it once you go there. It's very It's very sad to see the struggle that a lot of these people are going through Because there is a lot of poverty there. Um, and you'll definitely that's the first thing that you're gonna notice once you get there There is a lot of culture like you're gonna see You're gonna see a lot of that You know, it's like it feels like the city is stuck in 19 and 1950s. Basically, uh, they have all the classic cars Um, it's crazy. The cars that they have there are insane. But at the same time you know, uh, the buildings are falling apart and you know, there's no maintenance at all to the city and It's just a lot of things that are sad to see but it is cheap once you're there You know, we were we're basically buying a bunch of beer a bunch of food and stuff And it would come out to like five ten bucks and we're like a group of six people or something like that and uh very cheap You know to to buy stuff there. It's just very sad You know how people are have to live basically, you know And and a lot of the struggles that they go through that we take for granted basically, um So yeah, man, it was a great overall trip. But uh But it was at the same time It's very very kind of sad to see how people are living how what they're going through and a lot of things that we take for granted In our everyday lives basically But uh, but yeah guys that's gonna wrap it up for us. Um I appreciate you guys and I hope I was able to give you enough energy for today I've been up since 5 a.m Uh, I had to to fly back over here to get here back in time to be able to do this live stream this podcast for you guys So I appreciate you guys if you did tune in. Uh, remember we're here every Monday either at 1 p.m Or 2 p.m eastern standard time We had to push it back one hour today because I got in a little bit late. So, um Usually that's the time we're gonna be doing it and then on tuesdays We're gonna grab this recording throw it on the podcast And you guys can check it out, you know, if you look for bitcoin daily, let's talk crypto It's up on spotify apple amazon Most big places where you're gonna where you're gonna be listening to your podcast that you'll probably be able to find it there So I appreciate you guys. Um And that yeah, that's pretty much it. Thank you btc queen. I don't see you. So i'm not sure if you're still there You don't see me. No, I don't see where I go. Yeah, I don't know. I don't see you So, oh, there there you go. There you go. Yeah, that's why I didn't I didn't ask you any questions because I couldn't see you So I wasn't sure if you were there or something happened, but uh, I appreciate you Yeah Yeah, it's all good. Uh, appreciate you. Uh, thank you guys for tuning in. I will see you guys next week As always peace and love guys. Have a good one