Bitcoin Crash I’m Losing SO MUCH MONEY!!!!
okay serious talk at the moment crypto
currencies are absolutely in the toilet the whole world is in a financial crisis
it's been going on for months bitcoin is lower 70 from its high ethereum is lower
78 from its peak it has not seen this price since December 2020
not the same with bitcoin December 2020. it's absolutely ridiculous
and let's welcome it back to the channel everyone my
name's article and it's the moving average a program where we
discuss everything day trading to keep you profitable on a consistent basis i lost so
much money with these cryptocurrencies it is not even funny
like when i look at what the balance was in november
of last year versus what it is now i mean it is ridiculous how much money i
lost and you guys are probably in the same boat I do no longer short
cryptocurrencies, I did it a few times because we were on a bull run and I was
just like shorting the withdrawals , but now as I wish I would d it
all sold and then just bought back what would have been great
, let's look at the charts and determine some price action things I
noticed and why I was wrong about it the bottom of bitcoin is exactly why
I thought it what you probably saw in the previous video and what my
price targets are now so as you can see here is ethereum 78.21 lower
from its peak and bitcoin is lower by 69.44 from its peak
, both are absolutely ridiculous figures but here is the main problem i
see with typical price action
technical analysis, so if you think about it , you know this big bullopie we had
and then as the price drops and an uh or the falling triangle
usually creates in a typical market like something that is more stable like
forex or indices or even stocks when you see this type of price
pattern.
looking for an outbreak at the bottom of it, but what
cryptocurrencies usually do is break out of the top and have these crazy
bullopies now again, we had that big downhill and then we had that
d rising triangle again that the bottom should have broken out but instead
it broke up, it gave us false hope and when it first broke that trend line it
just started to fall off but then again we got that triangle right here
and it has the typical thing done that it was supposed to do and just
by the bottom of it destroyed the same thing with bitcoin as we get these
falling triangles it breaks out upside down it's awesome like this is
a typical you know good bull move we have had a
sick 0.5618 Fibonacci retracement on this
first run and it got exactly to the negative 0.618 and then looking at the price action
, we finally had that kind of flag pattern I was talking about
i n my price action videos, we broke through it and we have now
gone down the [__] top thing is that it is probably not the bottom
, unfortunately we still have some room to go down,
for example with that previous run up just here where we went back to
the Fibonacci zone and went up to the negative 618 if we were in such a strong
bear market, you know we came down to retest the 382 and are on our way down,
we are now on a negative three eight two
thinking about this right if we look at this on a Fibonacci level right, it went
back to the gold zone to the negative six one eight if we
went back to the 382 and then hit the 382, it belongs to the price
point to be, but from what I see when you see
things like this, lower lows are made that you want it to be accompanied
by a deviation as well and that is not the case here, we are looking at a low
and a lower low so it means to me that the price is likely to
fall, which sucks so if you I look at di e moment to get into the
market it's way too volatile there is chaos and blood in the streets
so do not do it but what I'm telling you is that it probably is not the bottom
and it's going to do a little crazy fuse
to where it should actually go which here at the negative is 0.618 and I
think at that point we might have that difference
we're looking for in the higher time frame, that price point for bitcoin is
thirteen thousand two sixty four and I really really really not
having it happen this one thing that keeps me from thinking it's going to
happen is the previous high point of all time before the crazy accident where it was at about
twenty thousand dollars, hopefully keep that level and go from here down on so that
we keep that 382 repetition and the negative 382 forward level and from this
point we go up without the divergence the divergence is not always an
indication or a thing that happens absolutely every
time because it makes m y certainly no more confidence in
any trade I take because price action and Fibonacci levels and
technical analysis can take you just as far in cryptocurrencies you have to look
at the news and the markets and the panicky and the all the global
economy as a all because cryptocurrenci it is seen as a risky
asset so when the economy is in the chance
you pull your money out of risky assets and so many people are panicking and selling
to get out of these high risk assets and put their money into bonds to move and
whatever there is.
a lot of price manipulation happens in the markets
with the whole terra luna thing the whole celsius thing
uh stop withdrawals on binance as if there are so many variables to this that
any type of technical analysis is it is no longer a guarantee it is not
even like a higher percentage chance you just have to drive out of the market in
whatever position you go, so I mean if you like
me it's good because you just do not sell unless you are in profit, so
eventually it will get there is not it as these cryptocurrencies are going to
drop to zero as if you think of all the cryptocurrencies as a
whole there is a gajillion freaking coins that could possibly go to zero as if
there is a high probability because a majority of the I am just pump- and-dump-
scams that people who started, made a lot of money and then
paid out money and then went to buy islands in different places,
but with bitcoin and ethereum they are different players as
I know many people love bitcoin and ethereum which 70
percent ge but if you look at Amazon as the
richest company the most , you know the biggest thing in the whole
world, it's 50 lower , so
the whole market is [ __ ] now and the more risky assets like cryptocurrencies are
taking a hit harder it's best to just be patient, drive out of this wave when
you are stressed about it, then simply do not look at the cards and then
when it's up again and you hear the hype in the streets of like oh, man, have you
seen what crypto you have then go look at it
so essentially at the moment do not trade short do not wait long for an absolute
break in structure like an absolute absolute break in structure and for
bitcoin that looks the
way you want have a break from de at a retest of it and then a break of this level
anything above 48,000 and I know it's like a very very good position to go
from 21 to 48, but if you are after any type of
movement look at the bulk of the market it should do something like this
with ethereum you are waiting for something like this and it should do
this level v and 3,500 breaks.
I'm sorry about my assumption that says it was
the bottom, but usually with these triangles it breaks out to the top
not the bottom so I mean I'm not right all the time
anyway this is what it is I hope you have
got some value out of this i hope it has calmed you down a bit with your crypto
ownership if you are in a long position on leverage and you are just
like bleeding money out, it's probably going to liquidate you is the chance it's going to
decrease to like an absurd level like 800 or 750 dollars with ethereum
and you are just going to be liquidated so
expect a massive massive like shower candle
that might tu rn in a fuse and then a big rejection at that point, this
is it is the most probable scenario in my head so I'm just sitting
patiently here waiting to see what happens , but the good news of it all is that
my dad made me the other day and was really crazy about cryptocurrencies, so
it's probably like the best buy indicator what
you can get, thank you very much t you watched and we will see you in the next
video
