Today in crypto bitcoin is maintaining a key line by just a razor’s edge but a scarily similar pattern for me up in the equity markets right now could actually still really big trouble for bit coin and of course for the entire global economy another multi billion dollar bailout is being planned in America at the same time analysts are saying that gold could hit three thousand dollars and why this could be a good thing for bit coin and a super super weird twist in that big hack for twenty five million dollars we saw happened the weekend you won’t believe this it’s wild the crypto learnt this release was crap all of the hottest all of the latest happening out there in the wild wild west of crypto and a quick reminder for those of you who are new to crypto hi by the way welcome but I have made an awesome beginner’s course to help you get started which will walk you through step by step everything that you need to know as a beginner to start investing in cryptocurrency confidently you can find a link down below in the description where you can learn more so let’s take a quick look at the charts here to kick it off today the price of bitcoin briefly dipped under the fifty day moving average on that big oil sell off that we saw happen yesterday but today we close back above the fifty day moving average but we’re just holding on to that right now by a thread if we were to do a retest and then a bounce from that that would be quite nice to see but it’s not looking super convincing at the moment a sustained break below the fifty day moving average currently around sixty eight hundred dollars a so that will do nothing good for the bit coin market overall and again I think we only really can say they were getting back that super bullish sentiment when bitcoin crosses back over the two hundred day moving average and we are a long way away from that currently is around the eight thousand dollar mark.
We need to cross to get back above the two hundred day moving average the lowest I could see us going at the moment though before the having if we do lose support on the fifty day moving average is always potentially back down to two hundred week moving average which is around fifty eight hundred dollars at the moment now with the having only twenty days away right now it seems that we may not actually get that big pump like we have seen in previous having this big going anything could happen but the crisis has really taken the wind out of the sales of the market here post having compiled we still expect a dump though unfortunately because all those miners will still have that same financial pressure that could drag us back down to that two hundred week moving average or potentially even with below that bitcoin has seen in your thirty percent drawdown post having after the previous having maybe something similar will play out this time however since the other pre having price action has had a totally dissimilar pattern to what has happened previously perhaps our post having action will also be different all that being said though the bitcoin network remains very strong with the hash rate seeing significant recovery since the mid March crash however at these current prices the bit coin having will be a blood bath for a lot of minors even though a whole range of new machines have been announced by Bitmain in EDC and other different companies it remains to be seen if the miners will actually be able to get their hands on them considering the strain being put on the global supply chains due to the crisis right now regardless the short term action happening over the next six to eight weeks in bit coin I am still looking for new market highs coming late twenty twenty one at twelve eighteen months after having keep your eyes on that bigger picture now is the accumulation time now is that stack and sat in children time one interesting chart from the guy.
Eyes were glassed no though surely we could actually be on the verge of some upwards price action for bitcoin the N. U. P. L. chart which is currently approaching the optimism zone which would be hit if we close above seven thousand dollars yeah there was a very similar pattern in this particular chart back in April twenty nineteen really before we saw that big run-up happen.
Twenty nineteen Sir good times aren’t they remember that way back in the day twenty nineteen but there are growing fears that the global economy is about to get savaged twenty nineteen come back which we think would be very bad for crypto because obviously seen bitcoin showing higher levels of correlation to the equity markets recently traditionally it’s a very low-level correlation of that correlation has been higher recently seeing a federal reserve study suggests that the U. S. the which is thirty-two percent unemployment rate which is far worse than the depths of the nineteen-thirties Great Depression which is a pretty bad time freak my read about history books course.
The rate of unemployment back then was just shy of twenty-five percent. And if you look at the Dow Jones back in nineteen twenty-nine you’ll see in your really similar chart pattern starting to play out you see there was a big drop followed by a pureed what looked like some kind of market recovery happening but it was just a fake-out because what followed was absolutely devastating drop in prices this is a chart of the Dow Jones today on the weekly.
Looking rather similar now I’m not saying that is what is going to happen I honestly really really hope that it doesn’t all this blows over very quickly and Hey look these are different times and the ability to governments to print just sickening amounts of money to bail out corporations in the economy overall may actually help us avoid the worst outcomes of this crisis.
But I bring this up just as a reminder to stay frosty we are still not out of the woods and speaking of bailing out industries Trump on Tuesday ordered energy secretary Dan Brouillette and treasury secretary Steve Mnuchin put forward a plan to get funding to the struggling US oil and gas industry.
Another bailout no there’s been no specification about how much money the oil companies lacks ability you know gorged themselves on but let’s just guess it’s probably going to be hundreds of billions of dollars I mean why wouldn’t it be just throw them some more money everyone else is getting loads of free money hedge funds are getting free money airlines are getting free money cruise lines get free money banks are getting free money everyone is getting their big fat stinking piece of the pie with extra cream on top and gold flakes except of course for regular people you know one time check of twelve hundred Bucks just a few little crumbs off of the table of money that is being given to the fat cats meanwhile fiscally responsible companies they just get trillions of dollars of money and loans and all this stuff in their CEOs course get sick sick bonuses crony capitalism only benefits the cronies as we know it fears around the government‘s insane money printing combined with their huge increases of debt and buying junk bonds in cutting rates along with the insane unemployment numbers have led analysts at the bank of America to predict that gold could increase by a whopping one thousand dollars an ounce to as high a potentially even as three thousand dollars over the next eighteen months as central bank stimulus and economic turmoil Dr record interest in safe haven assets like metals.
Just so you understand that would be around five trillion dollars trillion dollars moving into the gold market over the next eighteen months do you really think that none of that money will not end up in bitcoin right now the world’s monetary authorities what are they doing their spending trillions of dollars trying to keep their economies from sinking into the depths of despair this widespread fiscal insanity is placing incredible pressure in currencies the dollar the yen the euro the pound the Australian dollar New Zealand dollar and all pushing investors to gold because of its scarcity bitcoin also stands to gain from this trend because it is basically digital gold of course if you’re looking for a good place to actually trade on the future price of gold and go over and check out fan access link down below you can actually claim up to a seventy two dollar bonus if you’re starting a new account over there by the way this is only for experienced traders so moving on to some if the PM news now the Ethereum two point oh test that topaz has reached almost twenty thousand validators today this comes only a few days after the genesis block was successfully mined and validated.
This brings us one step closer to the initial launch of a theory in two-point oh is main that which is tentatively at this moment scheduled for July.
In other Ethereum news, almost two million contract blades to the Ethereum network in the month of March which is a staggering seventy-five percent growth from the previous monthly record all of those smart contracts by the way only cost eleven thousand dollars to deploy this is the future of finance it’s cheap to deploy its scalable and it’s available to everyone everywhere it’s amazing stuff in the final if you’re him story for today that big twenty-five million dollar hacks story of land AFT dot M. either I shared on Monday it is taking a wild wild west over the last day the T. force hacker has returned almost all of the stolen twenty-five million dollars in crypto apparently what happened is this guy accidentally docks himself by exposing his metadata not so clever now I have produced the way.
Or lessen your weird lessons are really important lesson your risks remain in the fight be aware of those risks plan for those risks and mitigate those risks so closing thought for today is actually from this great tweet from Robert Kiyosaki rich dad poor dad in Vietnam he said I don’t consider gold silver in bitcoin as investments to me they are insurance hedges against CEOs or is he says criminal executive officers in H. P. P. highly educated puppets running the fad the treasury Wall Street CEOs in HEVs printing trillions of fake money to cover crime greed and incompetence got insurance.
Yeah I got the insurance man I got this reduction of gold on the Gold I get that my four ways days but do you have your insurance I know you do at least two guys have big going anyway your question for to date how big of a bail out do you think that the U. S. oil and gas industry is going to get just for fun my guess is two hundred and forty seven billion dollars because why not why not I’d love to hear guesses down below and of course I know you guys all have your insurance plan your big point or your gold or silver but what is not in your insurance plan right now that you would like to have in it for me I would actually like to acquire some gold at this stage maybe not a mass amount but that for just a little bit to say got some skin in the game on gold but what is it for you would you like to get some gold guess and silver maybe some land maybe you just want to get more bit coin all are good answers let me know down below thank you so much for watching today’s video as always you are totally freaking awesome thank you so so much for continuing to support the channel but watching the videos hit that thumbs up button sharing these around the internet it means the world thank you so so much and of course I hope you have an awesome day out there if you are in the jail make sure to subscribe the channel long live the blockchain.
Man peace out the next time.