 What is going on ladies and gentlemen? We are finally back It is 12 30 p.m. Today is a Wednesday the 27th of September 2023 And my friends we are finally back. I know it's been a couple weeks It's been a it's been a pretty hectic couple weeks I was out of town then it was my birthday Then I got six. I'm not six. I got sick Had some sort of COVID. I'm not sure I was sick for like two weeks So I've been kind of out of it for a little bit, but but we're back guys today We are doing the show solo The Bitcoin the BTC Queen is currently on the other side of the world out in Asia Not sure exactly where but she's out in Asia right now She's gonna be there. I think for a few months. So we're trying to figure out a Time that's gonna work for both of us going forward so that she could still jump on the show with us But without further ado, let's talk about what's going on today. What we're gonna be talking about The main things we're gonna be covering as always we're gonna be taking a look at Bitcoin's price We're gonna look at the overall market. We're gonna look take a look at the economic calendar For the rest of this week and looking into next month because we're about to where we're basically at the end of September And September actually hasn't been too bad, you know after a really rough August we thought maybe September It will continue a little bit But we're pretty much we've just kind of been consolidating after that August drop So we're gonna take a look at that And we're gonna take a look at a possible double bottom pattern that's setting us up for the fourth quarter for October November December as we jump into 2024 as you guys know, I'm very bullish on 2024 This could be that trampoline to bounce us up and get that momentum going for the end of the year going into 2024 so we're gonna take a look at that And and then at the end of it I'm gonna look at some trade setups. We've been doing pretty good in the trade room. We haven't missed a trade this month We haven't taken many but we've taken about four or five trades, but we've hit on all these trades So we're gonna take a look at some trade setups and a Q&A at the end If you guys have any questions for me make sure to drop it in the comments and I'll get to them at the end of this live stream. So Let's go ahead and jump in to Let's let's start with the price here. So let's go ahead and take a look at the price. Let me switch to my monitor here There we go So as you guys can see Bitcoin is currently sitting at 26,272 dollars So we've kind of been here for the last what one two three about three or four days, right kind of been in this little range here And this of course this drop here was back in August middle of August. We had the big massive drop We had a move right back up and then right back down and then we've kind of pretty much just been consolidating after that drop in August so That's currently where we are. If we take a look at the rest of the market We can see right here Over the last seven days, Bitcoin's down about three percent Ethereum's down about a point and a percent and a half B&B down about a percent and a half XRP down three percent card down or down four Taking a look if there's anything that looks out of this world Solana down five percent ton coin down twelve No, nothing really stands out to me polymatic down six and a half Bitcoin cash up almost seven Chainlink up ten percent. So that's a that's a surprising one You know, I spoke about chainlink a few times as one of my long-term projects there Let's go ahead and take a look at the biggest winners and losers over the last seven days So if we take a look here, we have curved Dow as the biggest winner up seventeen percent over the last week We have Terra Luna classic making a move back into the top one hundred up twelve percent Fract share up eleven percent chainlink up ten percent just spoke about that and maker up nine point six percent If we take a look at the worst performing Coins over the last week. We have ton coin down thirteen percent XTC network down twelve percent roll bit coin down nine percent Casper network down eight percent optimism down seven point seven percent so Let's go ahead and take a look at the Economic calendar for the rest of this week. So we really have nothing going on Not too much going on here today. Well, we have today. That's not on here is we actually have Gary Gensler the chair of the SEC Testifying in front of Congress and basically getting grilled I've seen a few clips on him getting grilled and they were asking him about Is Bitcoin a security or not and he refused to answer if it was a security like he would not say and the guy was like No, just tell me I just want to know is it a security and then he said I think he said well it Passes or doesn't pass the how we test or whatever it is and So because of that, it's we considered a came a commodity or I don't know. I don't think he said that I think the guy says so Bitcoin is a commodity is that we're saying and then like whenever he would Ask him directly. He would go back to that. Well, you know based on the how we tested So he didn't want to directly answer If Bitcoin was or was not a security He just he would keep taking it back to the how we test and how They based on the how we test is how they figure out whether something is a secured. It's just it's oh my god It's it's really annoying. Anyways That's basic what's been going on today, obviously hasn't really affected the market at all Tomorrow we have GDP. Oh, we have my dog Teddy I'm on I'm alive on air Teddy. No. Hey Teddy Sorry guys So we have tomorrow GDP growth rate That's gonna come out at 8 30 a.m. Again, I don't really think this is going to impact Bring a lot of volatility into the market unless it's something, you know out of this world that was not You know super really really far from consensus type thing that on Friday we have The core PCE Again, don't think this is going to impact markets too much Unless it's really far away from what the market was expecting type thing So if we look on to October, then the next big event is pretty much going to be The second week of October second. Yeah, second week of October the 12th of October When we have of course the inflation reports there, so The previous one came in at 4.3 percent. So it's kind of hot We don't know what the consensus is yet for the the one in October when we get that report So as we get closer, we'll have a better idea of what the market expects and you know be able to kind of Take some guesses and predictions on on what we can do based on on that information So we'll talk about what we'll talk about that once we get closer to that date now Let's go ahead and take a look at the news What's been going on? in the markets So the first thing here, I just pulled up a few articles here on some of the stuff that's been popping up in my feed First thing here is bitcoins being recognized as a digital currency in Shanghai. So You know kind of a big deal because if you don't if you remember like how many times has China You know banned Bitcoin So now it's being recognized as a digital currency out in Shanghai, you know pretty bullish overall would say for Bitcoin Another thing coming up that's that was popping up this week Chase Bank to ban crypto related payments for UK customers so basically what that means is If you have anything and it's the email the email setter right here If we think you're making a payment related to crypto assets will decline it So basically if you're buying anything that has to do with crypto either or buying crypto Or if they even looks like it has anything to do with crypto They basically will be denying it. So if you're if you bank with Chase That's something to be aware of In other news we have the Federal Reserve Saying that stable coins could become a source of financial instability So, I mean we've we've we've heard it a million times, right? Whether it's crypto stable coins, whatever it is that they're always trying to take shots at the crypto industry here And as you guys can see here Federal report a break the buck threshold for stable coins Notably the report identified a discrete break the buck threshold for stable coins around 99 cents The report states that below this price redemptions accelerate rapidly as investors panic that the dollar peg will be lost This mirrors tipping points in the money market fund runs. So they're trying to trying to compare it to money market fund runs and of course, you know, it's That is something that that has always been, you know, something in crypto We saw it with UST, right when that D pegged what happened, right? So it's saying stable coins are vulnerable to runs during periods of broad crypto market dislocation as was That word stress events so Now one thing to and look at an enemy says here terror USD stablecoin models Differ and algorithmic coins like terror terror USD lack reserves backing major rivals like tether That's also possibly one of the reasons that caused the downfall of terror USD. So terror USD Remember that fell because they did not have reserves, right? So that was the main issue there so You know something like tether I Don't know that there's always been a lot of things Trying to take shots trying to a lot of people trying to take down tether That that's always a risk and that would the same way that USD that terror USD Crash the crypto market, you know, if another stable coin crashed or you know D pegged it's the same thing would happen, right? It will crash the crypto market So because everybody will be running basically out of crypto at that point So that's why there's always been this risk on tether. So I mean for the most part I don't I try not to keep money in things like tether and things like that Sometimes you have to and I would say tether is probably one of the safer ones But you you know, that's that's a risk that that you do take so that's something you should be aware of not to have all of your funds or a lot of funds in one stable coin, so You know, that's just kind of part of crypto, right? In other news house lawmakers push SEC to approve spot Bitcoin ETFs. So The US Congress members asked Jensler, I don't know that what let me see was this today or yesterday. So I was yesterday It looks like they wrote the committee wrote a letter to Gary Jensler urging him to approve pending spot Bitcoin ETF applications And as we know That's something that they just continue to delay right Recently, I think we just we just saw one Let me see was it this week? I'm pretty shot. I'm pretty sure this week We saw another thing. I think it was ARC the ARC Bitcoin ARC ETF or whatever The spot ETF was delayed into January right so There's been a bunch of spot ETF applications and they all just slowly get delayed right when whenever the the Date of approval comes up. They just always they continue to delay them I think that's probably going to continue happening as long as The SEC chair is there Gary Jensler. So obviously he has a vendetta against crypto You know People in crypto did something very very wrong to this man. He has a personal vendetta against it So I expect that this will continue happening until he is out of office The presidential election is coming up Next year, I believe so once there's a different president then they'll be able to get him out of office Gary Jensler till then I I'm expecting that we see the same this same thing all throughout the rest of this year probably throughout next year and You know his job is pretty much on the line. So Maybe that there's a reason maybe there's a way where he cracks and finally approves one is these spot Bitcoin ETFs But it's not looking like like it. He's Seeming to be very very against it. So we'll see what happens Speaking of mr. Gary Jensler US congressman threatens SEC SEC's Gary Jensler with subpoena So I actually saw a clip of this It was congressman McHenry During his why he was talking to Gary Jensler It says his assessment of Jensler's transparency regarding the bankrupt Cryptocurrency exchange Moreover, he discussed Jensler's lack of responsiveness which continues to be unacceptable unacceptable amid committee oversight so basically he threatened the SEC chair with a subpoena because There's no no clarity. There's no Transparency, right? They're showing nothing. They're giving us nothing They're asking for things and they're not showing anything, right? So we have no idea What's going on and you can see the clip right here? But basically He got called out and he said if they don't get Transparency that they're gonna subpoena the SEC and it'll be the first time in the history that Congress has to subpoena the SEC or subpoena the SEC chair because they Refuse to basically set up a pathway for regulation for crypto they refuse to To even answer any type of questions to give clarity on that pathway and They're just kind of Attacking crypto for no reason right with with no there's there's no pathway to it There's no regulation for it and they're just going and attacking everybody and saying that that they're wrong right without giving any clarity so Ultimately McKenry stated that the committee's patience is wearing thin and I and he noted that the SEC is not Above the law while noting that compliance from regulators is routing regarding Congressional oversight finally McKenry called for a path forward where the SEC is responsive to request Alternatively the committee would have no choice but to issue the first congressional subpoena to the SEC So very interesting to see how this plays out In other news Hong Kong's mixing network hack leads to 200 million dollar loss So if you guys don't know about this, it's a decentralized crypto network and it was hacked for 200 million dollars Guys, we've talked about it Lots of times be careful with where you have your money You know Especially a significant amount of money very easy to get hacked for one of these one of these decentralized Exchanges in networks to get hacked. So be very careful with all that guys not your keys Not your wallet and if you just have it in an exchange There's a high risk of you losing that money. So be very careful with that guys on some bullish news Bitcoin For Bitcoin micro strategy buys an additional 147 million dollars worth of Bitcoin So they continue to add to their position You can see here micro strategy acquired five an additional 5,445 Bitcoin for $147.3 million and an average price of $27,000 as of The 24th of September so three days ago micro strategy now holds 158,245 Bitcoin acquired for 4.68 billion dollars and an at an average price of $29,582 per Bitcoin That's insane guys. That is an insane insane amount 4.68 billion dollars Wow So, I mean 4.86, right? Let's say that They get to Let's say that Bitcoin gets to a hundred thousand dollars Right right now. How much do they have? 158 245 times a hundred Thousand So they would stand to to basically Be at 15.8 billion If Bitcoin were to get to that price 15.8 billion from 4.6 billion. That's pretty crazy That is a pretty pretty good return, right? In the last thing that we have the last piece of news coin base completes registration with central bank of Spain So this is bullish for those in Spain You can you'll be able to I think you'll be able to use coin base Once I don't know if it's already available or if they're setting up. Let's see Let's see if it gives a date here. I don't I'm not sure I don't see a date, but basically You know, I personally use coin base. It's my it's the way that I use to Rant to basically get fiat in and fiat out of crypto And they are a publicly traded company That's why I trust it a little bit more in order to do that to get to ramp on ramp off type thing And it's it's very easy to use right? It's a very simple easy app to use So I think that's that's a bullish for crypto overall so now that we have covered all the news I'm a Give you guys a few moments if you have any questions If not, we're gonna continue on to the analysis here for For today's for this week, right? and Like the title on this video says is there a Bitcoin double bottom So that's one of the main things that I am looking at That I've been watching for this week. So we're gonna talk about that How that could potentially play out and and then we'll go from there. Remember at the end of this We're gonna we're going to do a Q&A at the end of this So if you have any questions about anything that we're covering that we're talking about here Make sure to drop it in the comments So let's go ahead and jump right in Let me pull up really quick where is Where is my report that I did for this week? So every every week basically for my discord members I do a market update or I do it basically a full breakdown full report where I talk about You know, I look at that we look at the economic calendar. We look at the DXY which is a dollar we look at for a top-down analysis on Bitcoin and looking at support and resistance chart patterns liquidity levels imbalances wickfills and then of course trade entries so We're gonna kind of go through the report real quick and And talk about some of the stuff that I've been seeing here. So let's see All right, so so yeah, so As you guys can see, let's start off with with the DXY review, which is a dollar and As you guys can see if we kind of zoom out a bit. Let's go to the weekly here We're at the the dollar is currently at a big resistance level here That's you know, it's it's been a big resistance Over here. It's been a big support over here Support resistance there resistance there and we're here once again, right? So obviously that's a big level Another thing is that Look at how many weeks in a row. This is this is a weekly chart guys How many weeks in a row? We've been going up one two three four five six seven eight nine ten eleven So eleven weeks in a row The dollar the dollar has gone up, right? This is a US dollar currency index So now at this current resistance, what's gonna happen here? So One thing that could play out Is something like this where we had this very clear support level, right? That it's used many times then all of a sudden it broke below the support level before Then running in the opposite direction. So this is called a deviation, right? That's something that could be playing out here where we're at this resistance level We've been rejected from it multiple times This could be a deviation here where we kind of break out a little bit trap some long positions and then head down Right because it how much longer are we going to be going continue going up like this? The reason that this is important is because that the DXY Correlates a lot with Bitcoin since Bitcoin for the most part trades against the dollar So that's why we need we always want we always like to look at the dollar chart When also, you know and and kind of having an idea and keep in mind what's going on there to see What could happen with Bitcoin because if if we look when this move started back in The 17th of July if we pull up Bitcoin chart here and we look up The 17th of July, let's use June All right, 17th of July is right there Let's grab this So from July to right now Bitcoin is currently down 13 percent Since this move up began in The dollar index right so with 11 weeks in a row of the dollar index going up During that time Bitcoin's price has dropped 13 percent So, you know, it there's definitely correlation in there, right now Let's look At at the current chart here and we're gonna take a look at What's been going on right let's start let's start here in the monthly and then work our way down here So on the monthly chart for Bitcoin here, you can see we had the big rejection We had the big rejection here at that was at that 31 30 $2,000 level and Then we've pretty much been consolidating going a little lower ever since right now as far as Resistance that's gonna be the main resistance there as far as the support levels here So if you look back on this chart, we look back in history for some support here We can see there's definitely support in that $25,000 area We can see right there right there and all of these here that's all in that 24 to $25,000 support We can see that $26,000 is a minor support here where Bitcoin's price has been basically hanging on So that that's the overview there and if we go lower, we can see of course, obviously we have lower support Supports down here. We have the bottom of the of this market that was way down here so Let's now let's go ahead and jump into the weekly here and it gives a clear idea on what's going on more immediately So this is this is where I was I was looking at that potential double bottom So first of all, let's look at what happened up here So remember of probably about a month ago. We spoke about this right here which was a double top pattern and When we saw this double top pattern We said all right the potential here if we lose the neckline is for a drop down towards that $23,000 area and Although we didn't go all the way to $23,000, which was our target from the double top pattern We did drop to 24,397 so we got pretty close to that target So now what what is it that I'm seeing here? Well It looks like price wants to jump back up, right? It looks like price is holding Price has been holding very very strong here. We see a lot of these Doji candles we see Basically Price getting bought up anytime it goes into that 25 to $24,000 area We see a lot of indecision and and also the volume has continued to drop as the price has gone down so when when price moves a Lot in one direction while volume is Continues to drop Usually that means there's a reversal coming or something of that nature So that's currently what we're watching. So if we expect price to jump here at this current range Then that would mean this is a bottom Just like this bottom, right? So that's why we started talking about a potential double bottom here Because if we get a break to the upside here Let me show you guys what the target is our target here is gonna be about that $36,000 range That's basically the target that I am looking at if we do if this ends up Being a valid double bottom pattern, right? So right now the main resistance that we have we have this resistance up here From that drop. So it's currently sitting around 27,500 which is exactly the top of where we were last week great that we got rejected up So that's currently where that's sitting And we have of course this strong support here at $25,000 as long as the support holds here Eventually a move has to happen, right? If we end up breaking to the upside My upside target is gonna be around that $36,000 range $36,000, $37,000 which also happens to be a big resistance level for for Bitcoin there excuse me, so This is definitely a big level that I'm watching here. I I want to see oh my god this whole time I've been showing you guys my face. I apologize guys. I meant to show you guys the chart I'm showing you guys my face that whole time my bad So like I was saying now that you guys can actually see the chart This is a double the double bottom here that we've been looking at We have this bottom here that happened last time before we had the big move up Then we had another another rejection that set up that double top, right? But now what's happening after setting up that double top we get the rejection our target was 23,000 We went down as low as 24.3 K, right? That was that bottom there and now Because price has been getting bought up It's setting up a double bottom So if this plays out the same way the double top played out previously My expectation my target is around 36 37,000 dollars doesn't mean we're gonna get 100% of the way there but If we get anywhere close to there meaning 34 35,000 dollars That's still a great start here now that and another reason another piece of the puzzle That points to this potentially happening is that September August September are the worst months for Bitcoin historically, right as We go into October November December. Those are historically bitcoins best months so if we think as We go into the fourth quarter that bitcoins price is going to go up during the end of this year and As we move into 2024 with the Bitcoin halving coming up with Interest cut interest rate cuts eventually coming up next year Guys, this is setting up for the beginning of that next move up, right? If we're expecting all that to happen Then that means that this is probably going to play out for this the end of this year This is a remember. This is the weekly Chart here. So this could if we look at this pattern here We could still stay here Through August pretty much. I mean, I'm sorry through October pretty much But I'm thinking in October Something has to give here and Bitcoin's price is going to have to pick a direction Historically October is a bullish month for Bitcoin We're getting closer to the Bitcoin halving I Think that if we break out here, we should definitely Get higher levels Towards that end of the year. So that would be put us above thirty two thousand dollars and And potentially we can go up to as high as thirty six thirty seven thousand dollars by year's end That's kind of my thoughts here if this plays out now if this gets invalidated We could potentially go go lower here You know my net the next main main support is of course twenty thousand dollars There's some minor supports on the way down, you know, you have a minor support at twenty three another minor support at twenty two twenty one Of course a big one the main one being twenty K, right? but From what I'm seeing right now I'm thinking I'm thinking there's a there's a potential here for a breakout to the upside here with this double bottom pat So that's the main thing that we're that we're watching here In at Bitcoin daily We have the clear the clear resistances there at twenty thousand dollars That we see here Right here around twenty thousand that's going to be the then around the neckline for Bitcoin if we break out of here We have of course a big support here at twenty five thousand and we have this downward trend resistance So we need to basically break out of there to then move into this range here Hmm So as far as If we go into let's jump into the daily now and look for some trade setups that you can potentially use if this happens here, so Let me get rid of these here, all right, so Right now as it stands, we're at that twenty six K Let me actually go to a different chart here We're at that twenty six thousand dollar level There's a lot of support here So I actually entered a position two days ago at twenty six thousand two hundred, which is exactly where we're at right now took profit at twenty six five hundred twenty six seven fifty here today And actually I'm re-entering this trade today as well twenty six thousand two hundred I I feel very comfortable entering here now what I'm doing on this trade is I'm Laddering my entry because even though there's some minor support here at twenty six thousand Price can go lower So I have my next entry set up around twenty five thousand eight hundred which is pretty much Where all of this has has been so price has gone there a lot of times So I have my second entry there at twenty five thousand eight hundred So if you're able to fill here at twenty six thousand two hundred if we go lower fill again at twenty five eight hundred and That be it basically gives you a price of Twenty six thousand dollar an average entry of twenty six thousand dollars you can set up your stop loss Just below twenty five thousand five hundred So it would be a five hundred dollar risk right a risk of five hundred dollars for Bitcoin's price If we look at these lows here there, that's basically where the majority of them have Stayed above twenty five thousand five hundred. We've had a couple Deviations of course we had this this deviation. We had these two and we had this deviation So there could be a deviation if there is you know close out the trade reevaluate If if we see the move if we see the goal kind of deviate like this and I start bouncing back up We could just re-enter the trade at twenty five thousand five hundred. So That's kind of the plan here We'll have a average entry of twenty six five hundred five hundred dollar risk five hundred dollar Profits, so it's a one-to-one risk to reward now if the second entry doesn't trigger Then just take profits as normal right? We're just taking profit. So we're taking profits twenty six five hundred twenty six seven fifty And then again as we get to that twenty seven thousand dollar area I'm taking profits again once we get up here Then that's when I'm starting to potentially look for a short entry because we've been rejected so many times in this range So close to that twenty eight thousand dollar area. I'm looking if if I see Rejections that I'm looking for a short right If not if I see that price is breaking through twenty eight thousand then twenty eight thousand dollars is enough Is a breakout potential breakout entry potential because that twenty eight thousand dollars could lead us To twenty nine and thirty thousand dollars, which was the range that we were in before So in in order for us to break back into this range that we were at we were at up here We definitely got to get that above that big resistance, which at which is currently sitting at twenty thousand dollars so That's a play right there that if you guys want to make that as a breakout entry there The last thing is if we go lower here, you know in 20 at twenty five thousand dollars in that range I am entering along positions here. I am buying here. So So that's basically the trade setups that I'm playing this week if you guys are interested in Seeing our our trade setups every single week every single day exactly what it is that I'm doing When I'm getting in and out because that as you guys know every single day as price makes a move these things change Teddy Apologize against once again for my pup You know once Once these things move then things change so when things change you got it You got to be all you got to be ready to also make a change with it So if you guys are interested for any of that you guys can join my discord We haven't missed a trade in September That link is in the description of this video here. So feel free to to check that out guys That's pretty much it guys We've covered, you know, everything that's been going on in the overall market We've covered the economic calendar for this week Talk spoke about some of the news going on this week in Bitcoin analysis on Bitcoin some trade setups that I am playing this week in Bitcoin and That's pretty much it Now if you guys have any questions about anything that we've covered so far Make sure to drop it in the comments right now and I must I'm gonna get to a few questions If not, then we'll wrap things up here. So I See ducky Dave and rivers in here shout out to them. Appreciate you guys joining Ducky Dave says good to see you streaming again. Any idea why by bit are stopping UK residents from trading? Um, I think it just very similar to to the US, right? They're they're trying to what they call quote-unquote protect their the the the people in the UK You know what happened in the US now there is a workaround I If if you're interested in it contact me Because you will have to KYC So you can no longer just use a VPN to trade on by bit You do have to KYC. There is a way to KYC. There's a way to get a resident a digit. It's called a digital residency In another country where that's where it's allowed and then you can use that to KYC Which is which is what I did on by bit So there is a work around if you guys are interested Let me know in the comments and and I and I'll I'll be happy to to either make a video about it or answer you guys on how to do it Rivers says just walking in hope I didn't miss anything. Yeah, you missed the whole thing man Yeah, man, no worries man we we Like like I said in the beginning of the stream It's been a few it's been a Crazy basically Month for me the first I was out of town and I got back into town. I had my birthday So, you know, it's kind of that was kind of blur a blur, right? Then I had to see a bunch of family You had to see friends, you know Then I got sick. I had like some sort of COVID variant or something I tested for it for COVID. I kept coming out negative, but I had all the symptoms so I Was that knocked me out for about two weeks. So that's why I didn't stream for basically a past three weeks Then I was also my girlfriend's Birthday, so that was last week. So, you know, we're doing a bunch of stuff for her So now, you know this week once again, I am back And I am healthy again. So hopefully we'll be we'll be able to hit these every week now Consistently once again. So That I'll see any other questions, thank you guys so much for tuning in I appreciate you guys once again If you stayed here to the end if you missed anything, you know, there's no worries you can watch this on replay Or you can watch you can listen to this in our podcast up on Spotify Apple music Amazon So wherever you guys listen to to your podcast, you guys are able to check to check this out I should have it uploaded by tomorrow So thank you guys once again for tuning in. I will see you guys on the next one As always peace and love