In this video where is the bitcoin support.
I want to show you to support levels that could hold and also Bitcoin seems to be failing as a safe haven and people are seeing that gold is the only safe haven.
However look at the gold price for the past few days. It is completely crashing. Also I want to talk about that and I want to compare gold to Bitcoin and also guys. Bitcoin broke a lot of key macro support and the question is Is this it for bitcoin is it over.
Are we back in a bear market. People are now seeing that the stock to floor ratio model is broken so I want to talk about the updates from plan B. Who is the creator of this Dr. Phil ratio model.
Because he has now due to this big crash given us an updated version of the stock to Flow Ratio model. And if you think that that sounds interesting then I think that you should definitely see Hello and welcome to the moon.
Where name is calling on me to bring you this cryptic crazy video and I want to talk about this head shoulders and this a very very interesting line we see here. All right so here you can see this huge flash crash that happened and you can see that this happened after Beacon broke down below this head and shoulders pattern that I was talking about a few days before this broke down. And this is where this Head and Shoulders actually confirmed and I made a tweet about this scene of this Head and Shoulders is now confirmed which means that we have a 50 percent chance of coming all the way down to the target of six point five thousand. Now as you can see something very very unexpected happened where this just completely came I mean this was just so unexpected extremely surprising. And it is still quite unclear exactly why this happened. There are theories like I talked about in yesterday’s video but I guess the summary is that there is a lot of fear going around in the world around Corona and the stock markets are falling. And this was a huge panic driven sell off and that’s why we completely blasted straight through all of the support that Bitcoin had built up here through this period of time. And I want to talk about a few support lines that could save Bitcoin from going much lower. First of all we can take a look at this line and you should be familiar with this line. It was the support in this previous falling wedge. So here you have this falling wedge that we were watching and this eventually broke to the upside. You might remember that I thought that we were going to break up here but basically we broke up much later and actually we failed to meet the falling wedge target because the falling which target technically should be all the way up here at fourteen thousand or the top of the falling wedge. And so this was a sign of weakness that Bitcoin couldn’t reach the target. And then we started to fall down. And at the point here where we broke the head and shoulders neckline that’s where we technically went really bearish. And you can see how this got much more bearish than I think anyone would have expected. But let’s not talk about this downwards trending support because we’ve seen so many points of contact. I mean we could see one two three four five six seven eight. At least eight points of contact. And as you see Bitcoin could actually trend all the way down to the mid three thousand range without breaking this level. I’m not too sure about that but also I wasn’t really too sure about something like this happening either so I am open to too many different scenarios here. But personally I think that we are severely severely oversold right now and I think that eventually whether it’s whether it’s happens in a few days or a few weeks or maybe even a few months. But I believe that the bounce back up in the future will be probably just as extraordinary as the flash crash that we just saw. I think we are oversold and Bitcoin does not deserve to be trading in these levels. But that’s just my opinion guys make up your own mind regarding that. But basically I think that we are in a fantastic buying opportunity. Remember be greedy when others are fearful and here when I zoomed out to the weekly timeframe we can see that bitcoin is struggling to keep above the 200 week moving average. I believe that it’s very important that we keep above this because Bitcoin has never decisively broken this moving average which means that if we break it then we are breaking key market structure and the two hundred week is approximately at five thousand five hundred dollars. And Bitcoin is trading slightly below it as I am recording this video. And right now it seems like bitcoin might be failing as a safe haven. So let’s compare Bitcoin with gold interestingly enough what we can see is that gold in two days has actually crashed six point five percent into the lower range of this dump actually 8 percent. And if you were to measure from the top of this this move which was just a few days ago we could see that gold to the lowest range here fell eleven point five percent. So just like I’ve been saying previously it seems like people are so fearful and in such a panic mode that they are even selling the safe havens and this is something that we should expect in the initial stages of a crisis because people have to cover their losses. Look at the Dow Jones for example. This is the Dow Jones and it has crashed severely. Let’s just take a look at from the top of this move. Back in February to the lower range we could see that the Dow is down almost 30 percent. People have to cover their losses and they have to sell their other assets like gold silver Bitcoin wherever they have profits or wherever they can cut some other losses. Now gold hasn’t sold off as much as Bitcoin of course but they are both actually seeing a dump. And here is the update for bitcoin yearly lows. These are the lows for the past few years and now maybe maybe 20 20 has its new low I believe personally that this very likely could be the bottom. And if so we could see that Bitcoin is still in an option here in regards to these yearly lows. And I have always thought that the yearly lows are more interesting than the yearly highs because this shows us the support of the holders of last resort. Basically where are the last holders. And I think this point is very interesting because we saw this huge flash crash and in my opinion all the weekends have left this space just like I said in this tweet. The good news right now is that all the weekends are gone because in this flash crash you need very strong hands and you you need to really believe in Bitcoin to keep holding Bitcoin. So this seems to be the new updated law where the holders are defending. All right so let’s talk a little bit about bit makes and the fact that makes was completely unusable during this flash crash. It was impossible to use. Most likely you got this order submission error and during the more volatile movements it wasn’t even possible to log into the exchange. And this led many people to start tweeting about all of the alternatives out there. And Wolf a famous Twitter guy says upset with bits mix and their scamming exchange come over to buy but it’s much much better period. And he also tweeted print screens of the fact that it was not possible to log into bitmex. And this is a problem of course that comes with high liquidity but bitmex should be able to handle this liquidity Big Bucks has been around for for many many years now. So we have just yet another clear example of why bitmex is not a good place to be. I am going to talk a little bit more about this towards the end of this video and if you are looking for another exchange there were actually only two exchanges that I know of that had no problems during the big flash crash and that is by bit and theme makes both of these two exchanges were up and running and you could smoothly trade whenever you wanted. All right guys that’s it for today. And if you like this video please leave a thumbs up down below. Let’s see if we can reach two thousand five hundred likes. Thank you very much for watching. And if you haven’t seen this video right there right now. I’ll see you guys tomorrow.