 Hey everybody welcome on back for another video here discussing Bitcoin once again and mainly its relationship to the entire market For any one of us that's new to our YouTube channel. My name is Josh Levitin I'm the senior instructor here at Cybertrading University right away I'll get out the gate and say this if you're interested in learning more about Bitcoin or any sort of crypto analysis altogether Just do yourself a favor. Make sure you hit the subscribe button right on our YouTube channel that being at youtube.com Slash Cybertrading you give us a thumbs up give us a like and just spread the good word around here folks because you know Of course, we've been following Bitcoin for the last really two years here at Cybertrading University Throughout the afternoon meetings. I do weekly or daily right rather I tend to go over Bitcoin here and there but more so over the last month. We've been producing these types of videos So that's why I say that but let's hop right into it though folks So for right now we happen to see Bitcoin ended up making a nice little spike back above a key level that we were talking about Last month right around forty forty one thousand so most recently We ended up seeing Bitcoin begin to break that support and that was at the end of January and at that point I was telling you folks. Hey if we happen to see a big drop like this be really careful because in my opinion I think it's gonna hold as resistance to see a big support level break I'm expecting that to turn into resistance at first. So hey this ended up holding underneath resistance Fairly well right around the forty thousand mark generally underneath even the five hundred EMA But since that time we ended up seeing a bit of a spike up but not a whole lot's happened since So I want to kind of just bring us back to reality here because although this spike up seems bullish And it seems like there's a chance we could have a nice push-up over time I think that there are several reasons as to why we should think it's more likely to drop off and Hey listen, I'm a big bull when it comes to Bitcoin. I love Bitcoin I see a huge future in it for the next many years right like a lot of us But it's to say that we can't only think bullish because that's essentially thinking foolish And if we if we can't if we don't expect, you know Bitcoin to drop off and we keep buying What's gonna happen when it tanks if it tanks so we've seen that obviously over the last You know three to four months all together since the middle of November, but now at this point though It's to say I think that there's still a little bit more work to get work to do in order for bit Bitcoin to truly begin to push up and on top of that there is of course outside factors around the world That's affecting just the economy as a whole, you know, we ended up seeing the interest rates You know hold at least from the last FOMC meeting But we know that the Fed's gonna raise the rates several times throughout this year or at least that's what's being projected You know, it could the could the move have already been factored in could the drop from November 10th I've already been factored in with that. I don't think so I think that we're still gonna happen to see a bit of slippage within the entire market the US market as a whole and with Bitcoin fairly tied to it I would anticipate Bitcoin to eventually drop with the S&P and with the Dow and actually we're gonna get to that in Just a bit but in terms of the basic charting though, let's go over just this key level 40,000 roughly above 40,000 there, you know Hey for right now if this ends up beginning to pull back This would be a critical point to see this whole right around the 40,000 mark, you know Probably a little slippage around that 40,000 or the 500 EMA there So even if it breaks a little under 40, don't worry too much now If it ends up breaking under 40 pretty hard now That's something to be very worried about in the sense of a further drop ahead You know oftentimes when we happen to see a straight trend line like this build across the period of time There is a known pattern called the bump and run and that is a bullish pattern But it does require this to pull back down and retest this trend line as support When will that be? Will that even happen? You know that I'm thinking about little afterwards here. Let's see what happens right around this area 40,000 40,750 right there and the 500 EMA Again, if that holds a support for a few days or even a week of a time then it's showing some strength there So I'd be led to believe there's a better chance Should we see that for us to happen to happen? I just bounce back up if this breaks under 40,000 really hard coming up again in the coming days Then I'm anticipating a much bigger drop perhaps back down to that 29 line or you know as I said from my first Bitcoin video back In the beginning of January, you know Hey, if this if this is the beginning of a parent market, you know, we have to think about all possibilities What's stopping this from dropping down to like 20,000 or 17,000? I think that was the the 100 EMA on the monthly chart So, you know, that would be an incredibly strong support level in the grand scheme of things We just have to be very mindful of all possibilities and for right now At least this area of support here or these levels that create support, you know We hope to see this hold in the coming days and weeks Along with the interest rates being raised. Obviously, there's a lot of news with Russia and Ukraine I don't want to talk out of pocket folks. I don't know the first thing about International policies and all of that. So it's just to say obviously it's not a good headline for the market and any You know significant update on that could lead to a big drop altogether within the major indices All right now I want to go into the hourly chart pretty quick this year as a daily So, you know, that's why I'm more following these EMAs from the daily chart though In terms of just what we happen to have on the hourly one point of focus could be the 500 EMA on the hourly It's a little bit above 41,000 right now So perhaps that could also add to the support level here as it begins to pull back over time I haven't bought anything since here, of course I told you folks from the last video I made back in the middle or end of January that I'm expecting this to pull back and To see, you know, what happens from that point So I haven't bought anything since I'm gonna take my time here at least and wait to see what happens around this area Now I had mentioned before that Bitcoin, you know is strongly tied to the US indices, right? And that is true I wanted to find a good chart to show us all this because truth be told I didn't really have a great chart myself prior to recording this meeting But I ended up doing a quick little Google search and there's a little, you know stuff on here It's actually from a user on trading view. So it looks like white fox crypto is the user that made this chart There's a lot of noise to this chart and I can't hide it all so I apologize for that Let's just do our best to analyze Bitcoin here on the top. This this sim this chart here on the top is Bitcoin and Then this right here on the bottom where my cursor is moving. This is the S&P 500 index So, you know between seeing this chart here, it does go to show They are strongly tied together, you know, not perfectly correlated, but strongly tied together Most recently we ended up seeing the S&P begin to push back up a tiny amount here going back into the end of January Well, what's interesting about that? Although it did move up a little bit more later on and Bitcoin was relatively flat here holding underneath that 40,000 area as the S&P was pushing back up at first So alongside just the basic Bitcoin chart that we have here I just truly think that this could be something as well that we should really look to keep an eye on just the Correlation between the S&P and Bitcoin as a whole Lastly the last thing I wanted to touch upon here a quick water break in between But it's more or less just looking at the volume the order flow that's out there and we can look at FTX futures But for right now I want to show Coinbase So Coinbase is of course one of the biggest exchanges I mean in the world and certainly in the United States It's to say at least with the heat map that we've been using well One sign that could help us out at least a bit is the fact that we're now beginning to see a lot more liquidity added to the book here as support looks like we have about a hundred seventy five to a hundred ninety one Bitcoin worth of support right at thirty one thousand a little bit above that at thirty two thousand and fifty dollars right here Even bigger about two hundred forty to two hundred fifty Bitcoin right at that price You know think about that two hundred fifty Bitcoin times forty thousand or forty four thousand and whatever it's priced at right now That's a lot of money right there at that price. So we've seen this happen before we saw it happen recently here at forty two and forty five You know with lower highs Well, we ended up seeing the break of support here, right? But once this ended up breaking support at forty thousand there really wasn't anything Significant underneath that that's what led for this to make a much sharper drop heading into the you know end of January So since that time, of course, we've had Bitcoin begin to push back up a bit here But look at the support again We're starting to at least see a lot more liquidity over the last two weeks around that 31,000 around that 32 or even here at 35,000, you know, this seems to be a pretty moderate the size support level as well for about a hundred fifty five here You know so that actually is a pretty good sign for right now That doesn't mean that it's going to continue to pump of course I think the outside factors that could affect the markets and the indices as a whole will You know will kind of show you know what happens here coming up But this would be something to keep a really strong eye on and especially in the sense of what happens if this liquidity gets pulled You know, hey This you know volume got placed on the book going into the end of January doesn't mean that it can't get pulled Right. So what happens when we happen to see support pulled from from the book, you know It's essentially like saying what happens when you happen to have the rug or the floor pulled underneath you, right and Effectively you happen to have the pressure leading to Bitcoin allowing it to drop back down It should we happen to have that support pulled So that's just something to be mindful of like I'd said, you know in terms of the liquidity out there on the bit In terms of a significant resistance for us to watch here Nothing really out there on the order book that truly stands out It seems like there is a little something here at 45 So that obviously is a resistance for right now Above that, I mean hey in a bullish scenario where Bitcoin makes a nice break overnight or if good news comes out somehow You know, perhaps we could see this make a nice run back up I don't know if we're gonna see it move back up this 70 right away. This actually is the next major significant Resistance at least based off the volume out there in terms of at least a midway point or a level to watch otherwise here This would be something interesting to keep an eye on look at this line here And I made this kind of quick here, but back from June all the way to present day This price where this blue line is this represents Essentially the price that's had the most amount the volume traded off of it So that will create a big level for us to watch going forward for all the volume that was filled of course around this price But in particular right around 47 from consolidation, of course, you know from Autumn of last year into the beginning of this It's just to say though for all of that volume that's been traded across that 47,000 price That definitely should be a resistance coming up in between So even if this does push up a little bit more not fully out of the doghouse yet I would say wait to see 47 and go from there Otherwise if we just continue to see the drop off which to be transparent again, that's more what I'm leaning towards I am more leaning towards Bitcoin to pull back Coming up. Well, should that happen then we'll see what happens like I'd said around the 40,000 area Here's the daily once more so 40,000 and really the 500 EMA here from the daily chart All right folks, but again, hey, if you're interested in learning more about crypto Bitcoin as a whole Just make sure to give us a like and subscribe right to our YouTube channel YouTube comm slash cyber trading you Also, just go right to our homepage cyber trading university comm for more information regarding our live monthly classes Alright folks, I'm gonna look to put out another video going into either the weekend or going into early next week So stay tuned for that