In today’s video Bitcoin broke out to the downside of this ascending triangle. I want to show you at which level Bitcoin is right now and where we can go in the near future. If you broke out this will any bitcoin comparative to the upside of the falling which I want to have a talk about that and the stock market the S&P 500 got a rejection from the 200 weeks moving average. I want to have a quick chat about that and the influence of the S&P 500 on the other markets. Well, guys all about that in today’s video WITH THAT BEING SAID MY NAME IS YOUR OWN THIS IS abducted today D channel where you subscribe to daily crypto videos. Right now let’s jump into the content. Bitcoin broke out to the downside of this ascending triangle it couldn’t hold any support anymore and we had a drop of approximately 9 percent. And right now Bitcoin is down approximately 7 percent. And as we have talked in yesterday’s video we expected bitcoin to break out yesterday. And there were quite some arguments to believe that it is likely that bitcoin is going to break out to the downside rather than to the upside. But I said I think it is 50/50 because they ascending triangle is a bullish pattern but we are getting bearish momentum signs and therefore I put the chances of breaking out to the offset or downside at 50 percent. But right here we can see a nice bearish divergence. The price is making a higher high end at our side. We are seeing a lower high. And this year clearly tells us that there is some bearish momentum in the background of Bitcoin. And we also got a bearish divergence right before the breakout and here we had a high and a low iron ore price in the arrow so we were making a slightly higher high. And this shows us that the bullish momentum is getting weaker and that the bearish momentum is stepping in. And if we should weigh in on the price action we can see that the moment we broke this report we saw a drop in the Bitcoin price but we were forming a small opinion as well why it’s here. And I think that could be a great explanation for a price action where we are right now because every measure the target of this pendant right here then we exactly met that target. The only thing that is less significant right now that if these volume because we didn’t have a huge increase in volume we actually want to see something like this because right now when we have a look at the volume we see that the volume is still declining and with a break out we would like to see a increase in volume but guys it is as well the weekend right now and in the weekends the trading volume is lower than on the working days and guys this also means that if Bitcoin stays in this price range where we are right now that we are forming a gap on Monday because the bitcoin CMC futures market was already closed the moment that Bitcoin broke out. And I think this is quite interesting. If we used to Fibonacci retracement too and we measure the retracement from the bottom till the top right here then right now we are getting support and we are getting a bounce from the first Fibonacci level. The 23 percent level and that level right now is at approximately sixty one hundredth. And that also means that I think the moment we break that level we break that twenty three point sixty percent the sixty one hundredth U.S. dollar level that we could expect the price of bitcoin continuing to the next we will actually level that is the thirty eight point twenty percent level right here. And that is at a production below the five thousand six hundred level and if we have looked at previous price action then we can see that this is a significant level a level where we have seen support in the past but as well resistance. So if we continue this downtrend then that would be a logical next target. And I do think we will reach that Fibonacci level if we are breaking decisively below the twenty three point sixty percent the sixty one hundred dollar level below volume in this breakout tells me that this might not be the will break out where we were waiting for but that we are still going to see some more volatility and that is because the volume is still declining and we did and saw a huge volume spike the moment we broke this upward support so that is something to take in mind maybe in the next days we can change this formation and guys some quick news about the bit exchange by bit has added some new functionalities to their platform which are quite interesting. Same as on the famous exchange you can right now open long and short positions on buy it at the same time and you can right now as well exchange your bitcoin into dollars and hedge your competition and I personally think that that was a very nice future underfed mix exchange that you can switch your bitcoin holdings into U.S. dollar so you can hedge your assets without opening a position so wide. Here you can say for example I want to exchange my bitcoin into a U.S. dollar debt. And here you can select the amount that you want to switch to U.S. dollar. Then you click on get quotation here you can see the rate. And here you can see the amount of U.S. dollar debt that you will get in your account. So when I will click confirm it then my bitcoin will be exchanged into US dollar data which I can use as well to trade Bitcoin and you can go to the new U.S. dollar perpetual contracts dashboard and that is right here at trade USD perpetual and they have added some cool new futures to the platform. Now you can crack open quick close but as well flip your position. So if you are long you can flip it into a short. So that’s actually quite nice for traders that right now we can hedge our positions on buybacks as well into U.S. dollars. We can open multiple positions at the same time so long and short at the same time and we can as well quickly flip oppositions from longs into shorts or from shorts into longs. So if you want to trade over on buybacks you can sign up using my affiliate link down in the description below or it depends. Comment and you could get an additional bonus up to 90 U.S. dollar. Any past videos I have been talking about a furious indie Bitcoin comparative and that we are approaching a very important level in the chart. And that is the 0 0 to Bitcoin level and we as well were forming this falling wedge pattern and it looks like we broke out to the upside right now. But here as well guys we don’t see that increase in volume like we want to see when we are seeing a breakout. So we did got a bounce from this 0 0 2 level from this blue horizontal line right there we created a higher low as well. But yeah on the one hour time frame it is less significant and we haven’t seen the spike in the amount of volume that we normally would like to see when we are seeing a breakout. But then again in general the overall volume is quite low and we are trading right now in the weekend as well. But to get a little bit more bullish on the freedom I would like to see some follow-through some more volume coming in in the next couple of days and guys yesterday one hour before the S&P 500 closed we saw a drop in the S&P 500 and actually from a quite interesting level two guys you probably know what I’m going to say right. We got a rejection from the tour this week moving average which is bearish for the year general trends in the overall markets. And I do think that it could be bearish for other assets as well such as gold and bitcoin and that is due to the fact that if we are getting a not a huge drop in the stock markets then we will see a continuation of the liquidity crisis. People want to go into cash positions to buy the things they need. And if we are seeing a liquidity crisis then we are seeing liquidity getting taken out of every market. So here we have a nice graph of what is happening in the event of a liquidity crisis. So we have a lot of people wanting to grow into cash positions to buy the things they need because they are not trusting the economy right now. Then we are seeing a market crash because a lot of liquidity is getting taken out of the markets and that process is a loop right because people are taking liquidity out of the markets. The price is dropping. People are getting more scared they capitulated and getting their positions as well out of the market rich ratios and that the price is dropping further to prevent the economy from completely collapsing. The government is stepping in with their instruments to help the economy to prevent it from completely collapsing and they do that with cutting the interest rates and stimulating the economy with quantitative easing. That is what we are seeing right now. A lot of money is getting injected into the economy but guy is very important to realize that it doesn’t strengthen the economy. It only makes it artificial and it will we should add a high amount of inflation which eventually will we showed in people rushing into shout money rushing to squash assets like Bitcoin and gold. But for now I think we are still in this liquidity crisis and if liquidity is getting taken out of the market I think we can see that reflect on different markets as well. And that could be the reason that Bitcoin as well broke out to the tower sideways. We got a rejection from the stock market at the 200 week moving average which was bearish. And right now we are seeing slightly bearish price action in Bitcoin as well. What would happen if we see a huge drop in the stock markets? Well guys in the direct situation I think it will be bearish for Bitcoin as well. We’ll be bearish for gold we’ll be bearish for oil silver and actually all assets. We know what eventually is going to happen. We know that eventually bitcoin and gold such assets will he will fly if will gain a lot of exposure will gain a lot of liquidity after this liquidity crisis. But in the midst of a liquidity crisis, I think it is still possible that we could see lower levels due to people going into cash positions. And right now it doesn’t look like this Corona fibrous crisis is coming to a end. It looks like we are actually still at the beginning of this crisis. That is important to realize. So guys dead losses for today’s video. I hope you enjoyed it. If so then please leave a thumbs up if you want to learn how to trade. You can watch my fair mix exchange material on my Bible with exchange tutorial and I will see you all tomorrow. And don’t forget to hodle houtvlot.