 What is going on ladies and gentlemen welcome to another let's talk crypto episode 31 hope everyone has had a great week so far it is Tuesday October 24th 2023 Bitcoin's price is sitting at $33,900 it has been an insane 24 hours to say the least right there has been a bunch of things going on in the news specifically yesterday when some news broke out that they found the black rocks spot Bitcoin ETF ticker on a certain website that's for settling and clearing so we're gonna jump into all that today we're gonna talk about that because the SEC has still not approved the Bitcoin spot ETF so we're gonna we're gonna go a little bit more in-depth into that about what's going on and what might happen from here what could happen and what to expect going forward with all of this craziness all of this news going on also we're going to be of course looking at the price of Bitcoin just kind of doing an overall look at the market going over any other news that's currently circling through headlines and and we will of course be doing a price analysis on Bitcoin now the reason of course we do an analysis on Bitcoin is because everything else follows Bitcoin so when you're going when you even when you're going to analyze another crypto you got to start with Bitcoin first because if you don't know what Bitcoin is doing your your odds of being right on your on the other analysis go down so let's go ahead we'll do that at the end and then okay when a of course so if you guys have any questions about anything that we cover in today's live stream if you have any questions about just anything going on in crypto overall drop it in the comments if you're watching live and at the end of this will try to get to all of those so let me say what's up to the people here that have commented already in the chat and if you're watching live make sure to drop a drop a high right say what say what's up I see 300 rivers is in here what's going on 300 Giannis from Greece how you doing Giannis and Rodrigo oh Rodrigo music is still playing I appreciate you letting me know I'm there blasting the music in your ears and trying to talk over it my bad for that one guys appreciate you letting me know Rodrigo yeah I didn't plan that so I appreciate the heads up I lowered it so hopefully now all the volume should be fine so let's go ahead and jump right into the price of Bitcoin this right here what I'm showing right here is actually all a trading algorithm that I've been working on we'll talk about that a little bit later let's go ahead and just kind of look at the price of Bitcoin overall let's go over to the daily and we could see this massive massive rally here how let's see how big to see how big exactly from the bottom here to the top of this it's been guys a 35 percent move from the bottom of this breakout of this retest over the weekend what was it two weeks ago I guess to the high 35% move there if we want to see exactly where we're at right now it's been a 28% move so massive massive move over the last two weeks guys in Bitcoin and and I think it's only gonna get crazier going forward because the Bitcoin spot ETF isn't even approved yet guys so yeah it's gonna get crazy when it really does officially get approved so let's let's also look at here the fear and greed index we've hit a high that hasn't been hit any while if we go let's look over the last year this is the highest that this has been since let's see in July we hit 64 64 65 69 so since April so since April this is the highest the fear and greed index has been at 66 let's let's take a look at part of what happens yesterday you know when the news broke out of course price started shooting up and then what happens that speeds everything up is a short squeeze right and as you can see over 300 million dollars in shorts have been liquidated in the last 24 hours overall 481 million dollars got liquidated in the process of everything that happened yesterday almost half a billion dollars just poof gone right from people's wallets basically so it's it's been that definitely adds on to the rally into why a lot of this move happens Rodrigo from Mexico appreciate it Rodrigo mi amigo Rodrigo mi amigo so let's go ahead and take a look here at the overall market let's see where things are and what else has been moving over the last seven days so Bitcoin of course over the last week it's up over 18% almost at 19 Ethereum is up over 13% currently sitting at 1783 it was actually at like 1850 a few hours ago so it's it's pulled back a bit there we also have let's see what else we got XRP is up over 13% of course we got some XRP news as well recently that the SEC was dropping charges on their CEOs so we'll talk a little bit more about that we got Solana Solana Solana has been on a just killing it right now right over the last week it's up over 28% so it's actually outperforming Bitcoin is the only one outperforming Bitcoin in the top 10 up over 28% on in the last week that's been one of the the ones that we have spoken about over the last year to to basically DCA into right we've been telling you guys that that's that's one of the projects that we have been a dollar cost averaging in and just kind of building up a nice position in over the last year so another one that we have spoken about similar to Solana chain link we love chain link for a while it's up over 34% in the last seven days finally got a breakout to the upside we're expecting this to hit you know over $50 during that next bull rally Solana we were expecting it to go potentially back over $100 potentially back over $200 in the next net next rally so two big winners there in the last week some of our favorite projects there as well and anything else in the top 25 and nothing really of note we have avalanche up over 12% Bitcoin cash up over 10% like coin up over 9% almost 10 polka dot up over 13% another one of our favorite projects there and Maddox is up and over 19% so Maddox been bouncing back as well let's take a look at the top gainers and top losers over the last week in the crypto space the biggest gainer is Mina protocol it's up over a hundred percent in the last week then we have injective up over 50 over up over 51% we have baby baby's back in the new cycle up over 46% Thor chain up over 36% and con flux up over 34% on the other end of it and there's really not a lot of the losers over the last week and the losers are very very small so we have okb is down two and a half percent we have Hubee down 0.3% and that's basically it the others are stable coins so pretty much everything is up except those two projects right everything else is in the green over the last week so let's jump into the economic calendar this could bring some sort of volatility into the market so this is something that we always like to be aware of and show you guys so that you know what's coming up on the economic calendar and so that you're prepared for it so the first thing is this week we have tomorrow Fed chair Jerome Powell is going to be speaking again I think he's he spoke up again he spoke also last week not didn't really affect markets too much I think I think it's pretty much a given now that the interest rate decision is probably going to be paused once again and that's upcoming next week is that next week yeah that's next week on November 1st the Fed interest rate decision is going to be on Wednesday at 2 p.m. Eastern Standard Time and from everything that we've gathered I think we were expecting another rate pause so I don't we're not expecting a hike and if we pull up here the target rate probabilities for this meeting we can see there's a 97.2% chance that there will be another pause and there's actually for the first time a 2.8% chance that there will be a rate cut now I don't see a rate cut happening not just yet but I am expecting a pause just like the rest of the market is so that's definitely been playing a part into things going up as well as your pricing in a pause so now that we've covered kind of the overview of what's going on over on the market where prices are at and what's on the economic calendar let's go ahead and take a look at the news because this is what's been driving everything driving prices and everything in the market over the last 24 hours so let's start off here with not the main not the headliner not the main card right let's start off with the SEC drops lawsuit against Ripple XRP executives so this is actually pretty big it's kind of gone under the you know it's kind of gone under the radar because of everything going on with the Bitcoin ETFs over the last few days or the last week but this will this was a pretty big win for XRP and it's kind of showing that the SEC is pretty much backing off of crypto that's that's what this is is a looking like really yeah it's it's pretty it's pretty wild so this is something we've been we've been watching here and it looks more and more like XRP is going to eventually when that case is looking more and more like SEC is you know going to stop going after cryptos like they've been doing over the last year because they continue to lose they continue to lose in their cases and everything that they've been doing they're continuing to lose and and I think we're gonna see it more and more the SEC is going to continue to back off very bullish long term for crypto in other news Bitcoin at $31,000 as court formalizes grayscale win over the SEC just like we spoke about right now the SEC just continues to lose not only are they losing their battle against XRP but now they're losing their battle against grayscale or they've lost their battle against grayscale so now the SEC and intent it says it intends to move as expeditiously as possible in its quest to convert GBTC to an ETF so that's something that's been going on for a pretty long time there and finally you know we're getting we're getting some movement we're seeing once again grayscale has won and is winning SEC is the loser here and we can see here let's see the court said that at the time the the Commission's order denying GBTC conversion will be vacated the final mandate affirming its decision filed on Monday comes 10 days after the SEC's 45-day window to appeal the court lost to grayscale expired so the grayscale team looks forward to continuing to work constructively with the SEC to convert GBTC into an ETF GBTC is operationally ready and we intend to move as expeditiously as possible on behalf of our investors and then we we see some other stuff here but guys it's coming right an ETF is coming and we've all known that I think the market overall is just kind of waiting for the official first approval which hasn't happened yet by the way even though it might seem like it with where prices are in Bitcoin but it's only a matter of time so the crazy thing is that the SEC Commissioner Hester Pierce set in an interview with CNBC Monday she has believed the regulator should approve a spot Bitcoin ETF for five years five years she just went on air and said that yesterday that it that she believes it should have been approved five years ago she went on to say that the logic for why we haven't approved one has always mystified me the court case obviously an important factor in the landscape but I can't guess as to my colleagues approach to the topic so basically she's she's she's a SEC commissioner and she is putting Gary Jensler basically under she's throwing him under the bus basically but yeah it's crazy guys it's crazy it's gonna happen it's just a matter of time we just got to be patient and we got to make sure that we're prepared for it we got to be make we got to make sure that we're positioned correctly for when this officially happens because just like we saw yesterday that that's the type of move that you can expect so now that that we've covered all of that let's go to the main card here from yesterday the main card in the news cycles today BlackRock takes a parent new step in Bitcoin ETF prep the proposed ice shares Bitcoin trust ticker and all is now listed on the depository trust and claiming corporations website alright so we're gonna we're gonna dive a little bit deeper into this so this is this is the whole reason why Bitcoin went crazy yesterday and it went above and beyond $35,000 right BlackRock they're basically the leaders I would say they're leading the charge for the ETFs right that that that's the best way to explain it they I think they have an accuracy whenever they they've ever applied for an eat and filed for an ETF they have like a 99% accuracy of getting their ETFs approved I think they're like five five ninety six out of five ninety seven something like that so they're pretty much leading the charge another thing with BlackRock is that they're the biggest hedge fund hedge fund managers in the world that basically they have the most assets under management in the world which is trillions and trillions of dollars so they have it I think it's safe to say they have a lot of influence in the not only the monetary and economic landscape but in politics as well including in the SEC in the SEC so now why what does the DTCC have to do with anything right why why does this matter that this popped up so the DTCC basically settles most securities transactions in the US including ETFs and if we go here we can see it has a process for clearing ETFs that include the ability to review the ETFs portfolio constituents which is also used to automate the creation and redemption of ETF shares and their subsequent settlement so that's why this is important this is basically part of the process to get an ETF approved and launched right for an ETF to launch it has to be listed on one of these because it needs clearing and settlements once it starts trading once it launches right if a Bitcoin spot ETF was to be added to the Nasdaq once it began once it began trading it will be cleared through this the DTCC so this is all part of the process of bringing the Bitcoin spot ETF to the market now obviously the market took this as a signal that BlackRock already knows that they're going to get approval soon because if they weren't gonna get approval soon then why would this it already be getting listed here right so as and as you can see in the headline BlackRock takes a parent new step in Bitcoin ETF prep so the market basically is taking this as okay BlackRock obviously has inside information that they already know they're going to get approved and we know that last week they they amended their their filing for the Bitcoin spot ETF and that the SEC was reviewing it now it is important to note that the SEC has yet to approve a spot Bitcoin ETF including back BlackRock spot Bitcoin ETF but brace yourselves guys because when this does get approved once the official it's only a matter of time right once official approval hits Bitcoin will probably move another for maybe five thousand dollars I we're currently sitting at thirty thirty four thousand dollars right now I wouldn't be surprised if let's say next week right let's say next week if we got an approval next week I honestly wouldn't be surprised if Bitcoin moved you know another maybe up to this forty two thousand dollar range the reason I say 42 is because if it's a it's a previous big resistance if we if we kind of look back all the way back here forty two thousand dollars was a previous all-time high last boron right in twenty twenty one we broke above it then when we came down we came down to where forty two thousand dollars when we were trying to get back up we were getting rejected by forty two thousand dollars and then when we finally broke above forty two thousand dollars we rallied all the way to new all-time highs so and then of course when we came back down look at the support forty two thousand dollars when we broke below it and came try to go back up resistance at forty two thousand dollars so forty two is a big number for Bitcoin so I honestly would not be surprised if we remain in this current range where we're at which is around thirty four thirty five thousand dollars I wouldn't be surprised to see Bitcoin go up if we get an official approval news I wouldn't be surprised to see Bitcoin move up to that forty to forty two thousand dollar range and kind of you know be there be between I would say that range the way that range looks like it's probably between thirty eight thousand to forty two thousand so that's a what two four thousand dollar range and that's a range that we've seen plenty of times here in Bitcoin you can see here thirty eight thousand dollars up to forty two thousand dollars again here thirty eight thousand to forty two thirty thousand forty two so it's it's a it's a popular range for Bitcoin to consolidate within after a big move up or a big move down I think that's the next range that we would be targeting now if you guys remember for the last few weeks we spoke about thirty five thousand dollars guys this is this there's it's not a surprise as to why we hit thirty five thousand and we'll talk about this a little bit more in our in our technical analysis and not saying that I knew that this news was gonna happen and that Bitcoin was gonna break out based on this news that's totally not what I'm saying but what because there's no way to predict news like that right but what you can predict is the levels of high interest where Bitcoin's price could go when there is something that catapults there's when there is a catalyst for the price of Bitcoin to move up like like we saw yesterday right and thirty five thousand dollars was that number for us so we spoke about a break above thirty two thousand that next target is thirty five thousand dollars that's the next highest point of interest right next highest point of interest right so we spoke about that target and we showed you guys a technical chart pattern that was on the chart that would get us to that target that was showing us that exact target as well and we didn't expect it to happen in October we spoke about it you know towards the end of the year for thirty five thousand to be a possibility as a new yearly high for us before the year ended and it's exactly what happened we didn't expect it in October but it happened in October and in the beginning of month we spoke about October how it's the most bullish month for crypto overall so I don't know why but for some reason all these big news events happen in October and November right so you know that ended up playing a part into it and it ended up happening a lot faster than I think any of us could have imagined so with all that said there's some the and the crypto Bitcoin actually just dipped recently and the reason why let me put this up on the screen here so just got we just saw this earlier just in black rocks ice shares Bitcoin trust has been removed from the DTCC so we just spoke about the DTCC and I think from the looks of it it looks like it's right back up so that's why Bitcoin's price went right back up so if we look at the last let's look at the hourly here so this is the move up then in the last few hours you can see that the price we're at almost we're around 35 thousand and the last hour it dumped basically over 2% because that news came out and then now that it's back up we're back up another 1% 1.3% back above $34,000 so the the issue with this it's really really difficult to trade news driven events like this because like you just saw there there's no way that we can ever anticipate these things there's no way we can first of all anticipate that it's gonna is gonna show up on this list yesterday right then there's no way to anticipate that it's gonna get removed right away and then there's no way to anticipate that's gonna get put right back up so it's difficult to trade when there's this much volatility in the market based on news driven events so you got to be very very careful if you're trying to trade current markets right now current prices I think the the best thing we'll talk about a little bit more but the best thing is is my favorite thing is always to look for for big support and resistance areas and kind of base your plan off of there so now that we've covered we spoke about the overall prices in the market we took a look at the at the news on the economic calendars and now we're gonna jump into a Bitcoin analysis so let's go ahead and jump into that we're gonna talk about what this what this after this entire move what can potentially happen next what it could mean going forward and how it is that I'm personally looking to trade Bitcoin at its current prices remember after this and we're gonna do a Q&A so if you have any questions about anything that we're talking about that we've covered or it just anything in general that's going on in the crypto market drop it in the comments and we'll answer those questions for you guys at the end of this so let's go ahead jump back into the monitor here let's take a look here at Bitcoin and and and what we can potentially be seeing next so let's start off on the monthly I always like to take a top-down approach here so let's zoom out a bit take a look at the monthly here and we can see right off the bat we were within this range here for the last what one two three four five six seven months this was the eighth month that we were within that range and we finally broken out of that range so we got the clear breakout not only did we clearly break out here of the range but we broke out of this descending resistance line that basically over the last three months we kept kept you know shooting us back down every time we tried to break above so two good things there that just recently happened they're very bullish now if we zoom in a bit here and overall if you if you kind of look at this chart staying on the monthly it's basically a bull flag right so it's something that we've spoken about we got the the move up then we got the consolidation that creates the flag and continuation so if if we're trying to figure out a target based on this pattern here basically the way that you would look for a target is that you would get the move up right then grab that and put it on the breakout point the breakout point was on the breakout of the actual bull flag which would be right around there and that gives us a target of about $50,000 now this is on the monthly time frame so this doesn't mean that this month you know by the end of this month we're gonna move up to $50,000 it just means as you guys can see look how long this pattern took to develop we got one this this was in January of 2023 and we're in October so this this pattern is based off the beginning of this year it's been it's taken 10 months just to get where we're at right now it wouldn't surprise me if it took another 10 months to get to this target here $50,000 now you know I don't think it'll take 10 months I think we get there before that in 2024 I don't see that as a target yet in 2023 I think that's rather ambitious for to expect Bitcoin to move from current prices all the way up to to $50,000 because that's a move of about 45% from where we're at right now now I'm not saying that's not possible as you guys know this month we've moved up 26% so what's another 35% right but typically prices don't work like that where they just gonna continue in you know up in one candle like that as you can see whenever we've had a massive massive candle like this if we look at the next months after that there's usually some sort of consolidation so if you look back to this year we have did this massive 39% candle then we have consolidation here where basically the next month crypto is flat excuse me then in March we got another 23% candle and then what happened over the next one two three four five six months basically there's just price just consolidated right so right after the big move we had consolidation candle then we had a red candle then we had another somewhat of a big move in June up 12% move up and then we had two red months after that and then last month we we had a green month for the first time in the last three months basically and now we have another big green candle so I'm usually here I'm usually expecting some consolidation and you know we could continue to move up in the next month depending on what news comes out because when we're in the bull market if we go back to the bull market look at these candles we have a 28% candle 42% candle 46% candle 14% 36% 30% so in the bull market it doesn't matter right these candles don't care they don't care about anything they don't care about technicals they just want to go up and that's the way it's gonna go so if if we're saying that this is the beginning of the bull market then we can potentially see another big big green candle here and you know maybe as many as we saw here but I'm still I'm still thinking that the main and the biggest moves are gonna come after the Bitcoin halving event that's still coming up so I'm not expecting this type of run quite yet because if we look at that that that's a massive run guys if we look at that move that's a 445% move right that's insane if we think that we're gonna get something like that again if we put it over here and think alright we're gonna get another 400% move that puts us at $136,000 right so just to get to a hundred thousand it's a 272% move which is not that much for crypto so again I'm not expecting this move yet but it's coming right we know it's coming it's only a matter of time and that's basically what we're looking here on the in this again this is a monthly timeframe so that's what we're watching here on the grand scheme of things right the bigger timeframes a long timeframes this is for your spot bags that you're holding for a long term right now once we start going into weekly daily and under that now we're looking more for trade setups day trade type of setups right so just kind of keep that in mind because that's basically what the analysis from here on out is gonna basically look at more more so when we get into the daily so let's remove this here and let's talk about the pattern that we've been talking about for the last few weeks and this is nothing new we've been talking about this pattern here for I'm gonna have to go back in our live streams but I'm pretty sure probably for one two three four at least for a month at minimum we've been talking about this double bottom pattern for a month I think we've been talking about it more than that I think we started talking about it back here so possibly for two months or so we've been talking about a double bottom Bitcoin pattern and while we were talking about this everyone else was was trying to talk about a head and shoulders pattern but you know everyone saying oh the head and shoulders pattern has a 70 you know like 75% accuracy right and I was like well a double bottom pattern has the same accuracy so why why are we ignoring the obvious double bottom pattern and looking for another bearish Bitcoin pattern instead so you know everyone in the market kept talking about that the the head and shoulders head and shoulders head and shoulders and and the same way that when this happened they're only talking about the double top so I I don't know why they talk so much about the double top but ignore the double bottom it's basically the same pattern right and we and we can see here that we got the breakout now we spoke about this target the target our target for this double bottom breakout was basically if we if we measure the bottom to the top and it's a more or less measurement it doesn't have to be exact the neckline was $28,000 and look at look at the target that it gave us and look at where the price is at right let me see if I can draw this out a little bit better right unless the head and shoulders that's not what I'm looking for so basically we spoke about this right and and again this gives us 33 but if we if we redid it you know it's base you're supposed to measure the bottom to the top so if you measure bottom to the top go to the breakout point which is $28,000 a little bit lower right there $20,000 this gives us a target of $36,000 where did prices go prices went to $35,800 and $11 depending what chart you're looking at I saw some charts go up to 36 I saw a chart go up to $37,000 so depending on what chart you're looking at this price could be different the top here but more or less we hit our target this is and we spoke about this the same way we spoke about the double top pattern because we're we we tried not to be biased here so we spoke about the double top pattern and when we when we looked at the double top pattern we gave you guys a target of $23,000 what was the low the low that we got here was $24,359 so again we didn't hit exactly $23,000 but we got close enough $24,300 I think that's a win on the now on the double bottom we gave you guys a target of 30 about $35,000 $36,000 and that's basically what we hit a high of $35,811 that's way closer than our target for when we told you you guys about the double top so another win and again like like like I said before there's no way to to know why the price is gonna go up there's no way to know what the catalyst is gonna be and there's no way to know the exact timeframe that this is gonna happen but what what you can basically what you can know is your points of interest your patterns and where those targets could lie right you can you can kind of see where those breakouts can occur and where those targets can be for that move up so you know why have we been talking about $35,000 $36,000 so much and once again it's I'm not I'm not an oracle I'm not I can't see the future if anything if anything like I can barely see the past but what what I do is I look at history I look at the past I look at and I think back because I've experienced it over the since 2016 I've been in this market so I remember all these painful times or glorious times when we when I either when we hit resistance or we drop to below this as support or when when it was resistance right so if we look at 438 so here's 38 right here look at 38 look at all that going on and again not 38 I'm sorry 36 is what we're looking for so 35 36 look at support right here for 35 36 look at all of this right here that's in that range of 35 36 and once again right here so many many times over the last few years that range there of 34 35 36 has always played a part as a point of interest in those levels if we pull up let's see I haven't I haven't looked at this in a while but if we pull this up let me see if this shows us here we go as well so if we look at this once again what number where does his resistance begin here guess where it begins right at $35,000 in that exact range look at this right so there is a gap after $30,000 basically there's a drop-off you can see it right there in volume so when there's a drop-off in volume what does that mean for Bitcoin it's easier for it to go up as you guys can see but as it goes up volume starts picking up so more more buying and selling is that means more but more buyers and sellers are coming in so that's that tends to slow down the market and as you can see right here is where it really picks up that starts at $35,000 all the way up to about $38,000 $40,000 this is this up here this top bar up here is between 38 to $40,000 we have another drop-off all the way up to about $45,000 to $50,000 which is where this one is so what does that mean those are big points of interest right those there's gonna be a lot of price action there price is not just gonna break through there on in one shot so that's how we we kind of have it we can we can get an idea of what a target is and where a potential target is so that's how you know once we spoke about once we looked at this double bottom pattern we knew that potential breakout above $28,000 was gonna move up and it was gonna give us a target right so we measured the target of the double bottom and the target it gave us $35,000 that made sense with the rest of the puzzle because $35,000 historically has been a main point of interest a big level here for crypto so it all made sense to us so that's pretty much how we got to that target there now now that we've kind of broken that down right let's dive into the daily and now here's where we start looking for potential trades basically right we pretty much know what's going on on the longer term so if you're if you're not a trader if you're just holding for long term I think it's still a great time to continue to dollar cost average I've been dollar cost averaging for the past two years basically right since Bitcoin's price plummeted that was a time to begin dollar cost averaging so if we look back in time and again we're never gonna know when the bottom is when they're when we get into bear markets like this but after this drop here down to 37,000 we knew that this would continue down we didn't know exactly how much but we knew it would continue my guess personally was $20,000 but I was a little bit off as you guys can see we broke below 20,000 and went down as low as $15,000 so I was a little bit off my guess was 20 I was a little bit off but that's fine because even though I bought here at $20,000 I started buying here back in 2022 so it's been over a year since I've been dollar cost averaging back into my positions guess what when it dropped down here I bought some more and there was plenty of opportunity to buy down here it's not like you had to catch it fast or you missed it no you had one two three four five six seven eight nine you had nine weeks you had two months to buy at the bottom here this wasn't something that it just you know but you have to be on your computer hit that buy button right away and that's it because if not you missed it no you had two months to buy this bottom and to start accumulating you don't have to do all your accumulation here but you can begin your accumulation here and where are we since then so if we just kind of take a look at that from the very bottom to where we currently are right now over a hundred percent already we're 119 percent is where we're at all right so that's already you've doubled anything that you bought up down here you've doubled your money basically so in January basically is when this rally began really began as you guys can see and throughout all of this I've been accumulating even when we moved up here to the 20 thousands accumulating moved back down below 20 thousand accumulating moved back up above 25 thousand and this whole time here since March of this year so now I've been accumulating and guess what in the 30 thousands of dollars even if we just kind of bounce around in between 30 to 40 I'm going to continue accumulating um where where am I going to stop probably um I'm thinking maybe above 40 definitely above 50 is definitely where where I'm not going to be accumulating anymore um below 50 I think I I'll still potentially be accumulating um and then once we're in the board run we start doing the opposite right basically the way the way you play the board run is exactly how you play the the boat the bearish market but you flip everything so instead of now dollar cost averaging into it you start dollar cost averaging out of a position so that's that's how you figure out when to sell is that you know you there's no way that you're ever going to know what the top is so your best bet is to just sell a little bit at a time um and your average your average selling point is going to be somewhere towards the top rather than somewhere towards the bottom right if you're just kind of writing this out and trying to figure out where to sell you don't know where the top is right and then you see this drop you're probably selling here you know you're probably this you're probably going to sell you know at some point in this in this range all your crypto and then you're going to miss out look at this you would you missed out on this new high so you would have probably bought back up up here again and then when you saw the prices move down here you were probably sold down here again so um the trick is that as it starts going up you know I'm not selling until we start getting to the the all-time highs so once we start hitting all-time highs that's when I start dollar cost averaging so I'm thinking around 60 to 60 to 70 once we're in the 60 range I'll start dollar cost averaging out of positions um you know anytime we set a new all-time high I'll dollar cost averaging you out of positions as well uh and and basically the idea is that by the time the bull run is over you want to be out of the majority of your positions so that you know you can buy this bottom you can start buying here and accumulating once again and you just do the entire process all over again basically so um that's for a long term uh investors for day traders like myself basically what I'm doing here is okay now where's the next point of interest where is this going to start setting up uh support and resistance right because that's basically where I'm looking at to start building my trading plan so um what do I do to find that again gotta look back in history look for previous uh points of interest right so I'm gonna just kind of take this and say okay 34,000 which is currently where we're at if we kind of look back you can see 34,000 has has been a kind of a pivotal role I'm sorry up here has played kind of a pivotal role you can see there's a lot of price action there lots of price action there lots of price action there so we can draw a line there right 34,000 seems like an important number and once again it's a whole number right so remember psychology whole numbers humans they love whole numbers so that's exactly where we're kind of sitting at right now so is this going to be a resistance level here potentially right um then we have to find the bottom of that range and from looking in history the bottom is going to be towards that 30,000 dollars however there are some minor supports on the way on the way down that's not going to be the only one we have one right here at 32,000 so I think this is a good uh start to planning on where to potentially take a position because of the current momentum in the market because of current news because of current events I'm not looking to take a short at this moment in the market because we're we are at a resistance level but I'm not I'm honestly not going to look to take a short what I rather do is wait be patient and look for a potential long opportunity if we do get any pullbacks to the downside um so if we if we kind of zoom into the four hour we could start getting a clearer picture on okay where could we potentially find those those moves right and we could see that here at this level it's kind of played that as a minor support that's 33,400 at 33,000 we can see it's played as a resistance and support here as well we of course have 32,000 that we just spoke about and then 30,000 dollars so those are all going to be areas of interest for me when I'm looking to build a position because remember right now I'm not looking to short the market there's too much momentum in the long you don't want to be on the wrong side of it when news breaks out that a bitcoin spot ETF got approved because then you're gonna end up like the 318.99 million dollars that got liquidated over the last 24 hours you don't want to be on that right so I'm looking for a long position I'm just trying to figure out where to build it is basically where we're at right now so is 34,000 gonna be support is it gonna be resistance that's basically what I'm trying to figure out so I can see how to play this going forward now as you can see that not enough has developed here for me to really have a lean until where I want to open up a position I know for I know for sure if we get a pullback to 32,000 I'm looking to build long positions at 32 I'm looking to build long positions at 30 right those are two two areas that for sure I'm looking to build long positions but before that there might be an opportunity but not enough has happened yet we haven't seen enough price action yet to really find an opportunity yet so right now at this point in time I'm not looking to short the market it's too much momentum to the upside I'm looking to kind of sit on my hands and wait be patient if we do get a pullback here then I could potentially be looking for something maybe around 33,000 if not for sure at 32,000 is going to be the main spot that I would like to that I would love to fill the position right for a long entry if not I'm just kind of waiting to see what develops and how things play out here I might set some breakout small breakout orders above our previous highs here in case we do get a new breakout and set up some new highs usually when there's a breakout above new highs there's a lot of momentum that goes in with it so that's one potential play you can do set up a breakout above the new high since since this new high was so close to 36 I might you might as well just play the 36,000 dollar the big psychological number there's probably going to be a lot of sell orders at 36,000 so place my order just above 36,000 as a breakout order it'll enter it and like that you know you'll be able to catch if there's another big move up if it's either you know ETF news based or whatever the case may be other than that I would say here just kind of sit on your hands wait let things develop a little bit if we get a pullback at 33 I might be looking to enter there depending on what the rest of the market looks like and at 32 as well so that's that's pretty much the main things that I'm looking at here if we if we look here I always like to look at at the the heat map here liquidation heat maps again we can start from the top this is the one month the one month the liquidity polls are currently sitting all the way down they haven't really moved they're down at 26,400 is price going to go down there who knows right price likes to go usually to where there's a lot of liquidity but I don't think it's going there any anytime soon as of this moment if we zoom in a little bit this is now we're looking at the seven day heat map and we can see once again we've taken out all the liquidity to the upside so there's only liquidity to the downside the biggest level is at 27,350 once again do I think we're going to drop down $6,000 I don't think so unless there's a reason to right I don't think we're just going to randomly drop down and six grand for no reason and then if we zoom into the 12 hour this basically gives us the more the more immediate liquidity polls right now we can see that we have the biggest poll is currently forming at 33,200 so remember we just spoke about 33,000 that it's a potential play for us here if we were to retrace that level because we can see here there was some price action and price held there so now I'm interested if we retrace to that level I that that's an interesting spot for me for a potential long and this kind of gives me confirmation that we could retest that level because we have some liquidity down there now we do have some liquidity build them back up to the upside because of course people are longing basically right and shorting so people are going to be shorting up here they're going to start to short especially if there's any move downwards we'll see liquidity pulls build up up here but right now you can see there's some liquidity at 34,600 and some just above the recent high which is 34,950 in that range up there so those are the those are the main liquidity polls and that gives us an idea of where price might go next because as we all know price loves to go to liquidity polls so those are basically the spots that I'm currently watching and potentially targeting to open up a position so let's go ahead and jump into some Q&A I know I kind of rambled on for a pretty long time there but I did have a lot that I wanted to kind of break down for you guys and discuss since a lot has happened over the last week since we last spoke so let me let's take a look here in the comments if you guys have any questions about anything that we've covered so far drop it in the comments and I'll be more than happy to answer it for you guys um and yeah let me take a sip of water while I let you guys post any questions you might you guys might have st. Charles what's going on Charles nice to see you in here appreciate you all right so we have Yanis in here uh Yanis Anta Tecumpo is this is it are you the basketball player the pro NBA player I'm just joking um so Yanis says stocks are in a big downtrend NASDAQ S&P 500 etc do you think that bitcoin is just finally decoupling or if we will not not see soon uh a bitcoin ETF will will it follow stocks and will we have a big correction that's a great question so let's kind of take a look at a few things um first let's look at the DXY so DXY is basically the dollar and we've been speaking about the dollar I'm sorry you guys are on my face though here we go DXY DXY is a dollar the dot the the US dollar currency index right this is a value of the dollar and we can see that it was on on an uptrend for a very long time this is a weekly each each candle here is one week represents a week basically for about 12 11 or 12 weeks straight prices went up right and now over the last two weeks prices has have dropped again have began dropping because we are at a big resistance level so this is resistance resistance support support right we spoke about this a bit um over the last few weeks so during this time that the dollar was going up bitcoin actually dropped 12% until recently of course um but as you notice over the last couple weeks when that bitcoin has been going up the dollar has also been going down so this is this is correlated although it might not be like very very correlated the dollar and bitcoin they they're always somewhat correlated because bitcoin trades against the dollar right so if the value of the dollar is going up bitcoin and anything else that's trading against the dollar its value is probably going down so that's just something I always like to kind of look at and keep in mind now if we take a look at uh this is the S&P 500 so if we take a look and let's go into the monthly here let's look at the monthly and we can see that we are definitely in a downtrend here however we are at a support level but we've we've basically been down for three weeks in a row now um and let's see we've let's see how much we've corrected here so down 8% over the last three weeks in crypto that's nothing that happens in a day in stock market uh 8% in an ETF is a lot right in the S&P that's a lot so that's currently where we're at um overall market has been kind of going down and while bitcoin's been going up now bitcoin although bitcoin is very correlated with um the stock market it's it's not super correlated with it right especially and and the times it decouples is when there's news events that has nothing to do with the stock market and everything to do with crypto right the same way that um when the stop when this was going up from let's see from january so from january all the way up to july let's let's see how bitcoin did during that time so we can see here from january started here to july so bitcoin stopped going up in april so april may june july so the stock market for these one two three four months it kept going up while bitcoin just kind of stood still right and then when the when the stock market finally dropped while bitcoin was already like hesitant on going up when the stock market dropped then bitcoin dropped with it as well so it sometimes is correlated with it sometimes it is not it just depends there's a lot of factors that go into it a lot of variables it right now as you can as you obviously can tell is not coupled with it because you can see here right now over the last two weeks compared to this over the last two weeks so and this has more to do with things that have nothing at all to do with the stock market so um you know a bitcoin spot etf although that would go onto the spot mark onto the stock market there's no reason that it would affect the overall economy right so that that's why we have to think in in bigger terms because the bigger economy bigger things in the economy is what affects crypto and the economy um big things in crypto that have nothing to do with the economy are only going to affect crypto and not the stock market right there's no reason no there's no reason for the s and p 500 to go up just because there's a bitcoin etf coming onto the stock market right it has nothing to do with the overall economy of the world right so that's why right now we see this decoupling because those two they they just have nothing one one thing has nothing to do with the other right now now things that do have to do with with each other that are that that will affect both crypto and bitcoin i mean both crypto and the stock market will be things like interest rate hikes right whenever we see interest rate hikes both crypto and stock market drop whenever we see inflation right with inflation if inflation comes in high that's bad for the stock market it's it's bad for economy it's bad for crypto overall even though in some aspects it's good for it crypto is a hedge against inflation there's also there's other variables that come into play that are bad overall for crypto so that's why you might see crypto move with the stock market when inflation was coming in high last year right and now that it's been dropping you'll notice that the overall economy it was good for the economy the same way it was good for crypto and inflation dropping is actually what has fueled cryptos move in the beginning of the year the same way it was fueling a lot of the economy's move as well back in you know starting all the way back here so there's always things that are are going to affect both crypto and the economy and there's things that are only going to affect crypto so that's when you see the decoupling like you see it right now when there's big big things in crypto that are affecting crypto that have nothing to do with the economy right another example is is the FTX thing right when when FTX happened that in that entire thing had nothing to do with the economy it had everything to do with crypto so crypto you know saw some of its biggest moves down let me see one was that in November i'm trying to remember when it was here june so i think it was in november of 2022 i think is when when it happened that was a 16 drop down let's see november 2022 what happened during that time november you can see here november 2022 the stock market actually went up the s&p 500 went up five percent so once again but that's that's an event that had nothing absolutely nothing to do with the world economy nothing to do with the stock market but it had everything to do with crypto so we saw in that aspect bitcoin decoupled from the stock market from the s&p and from the overall economy again because it just there are bigger things going on within crypto than out here so that that's just kind of how you have to think about it when you see them moving in opposite directions will there be a bigger correction there could be a pullback but it wouldn't be i wouldn't say that that we're going to see a massive pullback just because the stock market is going down right where if if we get a pullback it's just because of whatever is going on in crypto and as far as you said if we don't see a btc etf soon will it follow stock so yeah so i mean i'm not saying that it would be a big correction but it could couple back up with the stock market right if there's let's say for the next month there's no more news about the bitcoin ETFs we can see it on the day-to-day aspect start moving with the stock market so if the stock market on on a particular week goes down we might potentially see bitcoin go down as well it goes up you might potentially see bitcoin go up as well because it's going to move with the cycles and it's going to move with the the overall economy but if there's news that decouples it then that's when we're going to see it moving its own direction regardless of what the stock market is doing so i hope that answers that question for you and i hope i didn't over complicate the answer for you okay so that's the only question that i got here i think that's pretty much going to cover it for today we've been live now for over an hour so i think that's that's going to be it for this episode yannis gave us another question here the bitcoin dominance it is in a rally do you have any specific targets for dominance uh the dominance is always interesting and i look at it the same way i look at everything else i just kind of go back in history and i look for points of interest that could potentially give us a target right so um in 2018 that's my dog in the background there in 2018 we saw it in the same range and we saw the dominance move all the way up to 70 percent then we saw it drop all the way down then in 2020 kind of where we're at right now right um we were in we were we were actually much lower so we didn't even go that low during the last one um and we saw it go all the way back up to 70 percent again during the peak of the bull run so that's a potential for that's a potential that could happen we we we've seen twice in two different bull runs that um that it's gone to this 70 percent area so that might be the potential here to go back up here to for the bitcoin dominance to work its way back up there um we're currently sitting down here where we've it's been a support right there that's that's been a support and resistance area 52 and you see that we just broke above that you can see when we first tested it we kind of got rejected there and now we've broken back above it so what you're gonna notice during the during bull rallies bitcoin always moves first so um bitcoin's gonna outperform uh outcoins and then eventually outcoins start catching up and outperform bitcoin and we can we can see that um i don't know if i have the picture i have the picture somewhere here where basically i break down the uh how the the cycle works but basically the way the cycle the way the cycle works is bitcoin dominance and bitcoin price goes up while outcoin dot while outcoins just kind of they move up a little bit with it but they don't they don't outperform it so bitcoin outperforms outcoins then eventually bitcoin starts just to kind of consolidate and as bitcoin consolidates bitcoin dominance drops as it drops outcoin prices go up and even and start outperforming bitcoin so um but to lead the rally is always going to start and i i just noticed i've been showing you my face the entire time this is a bitcoin dominance this is um the the high up here in 20 in 2019 2018 19 that's the high once again the high again in 2020 and 2021 so um this is where we're currently at right now and you can see that that's a big point of interest here over the years in its history we've already got rejected by this level once and now bitcoin just broke above it if we expect bitcoin to continue up then we can expect this to continue up as well i'd be looking and and my point my area of interest is going to be bitcoin dominance hitting the 70 percent mark i think if we hit that 70 percent mark that's when you can really look to shift your focus from bitcoin to outcoins if we get anywhere near there i'm not saying that we're going to get it's going to get there again but if it does um that's going to be interesting uh way to play it um and yeah once once the bitcoin etf gets approved i'm expecting this to to shoot up even higher potentially even going up as high 60 percent so something to look out for um because as this goes up you can see that everything else kind of slows down behind it you can see here bitcoin up over two and a half percent ethereum only up one percent and then we have all these other coins down right salana down three percent at avax down two percent doge down two percent so that's because bitcoin is taking all that dominance right now so um just something to to to look at as you play that so i appreciate you guys for tuning in everyone that came here everyone who stayed into the end um appreciate everyone who chatted we had rivers yannis rodrigo charles um and you guys were from around the world because i know yannis from greece rodrigo from mexico um charles from southern virginia i'm not sure where rivers is from but uh and i'm in miami florida so we're we're literally from around the entire world that's one of my favorite things about crypto we can connect on a scale above and bigger than ourselves right so um because this is way beyond just us and and our lives and ourselves so it's amazing guys that's why i love the crypto space that's why i love the crypto community so i appreciate you guys for tuning in hopefully some of this information uh helped you guys hopefully you learned something from this if you did make sure to smash that like button make sure to subscribe to the channel we are live once a week every single week um and we're gonna start doing more videos again because we had we took a break from creating content because i'm not gonna lie it got kind of exhausting uh i got it was tiring uh creating so much content but um we're gonna start back up i i did record a video on friday it was the video on the double bottom pattern but i don't think i'm gonna put it up anymore because we hit the target already so really what's the point of putting that video up at this point um so i have to come up with something else out that was a video is going to release this week so gotta see if i come up with something else in the next couple days so i could put something up this week thank you guys for tuning in i'll see you guys on the next one as always peace and love