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Bitcoin Death Cross As USA Passes 2 Trillion Stimulus Bill – What Next for Price?

VIDEO TRANSCRIPT

Today in crypto the price of bitcoin keeps creeping upwards. Will it hold the U.S. stimulus bill has passed. What does that mean for you. Updates from Kiva networks synthetics crypto dot com and chainlink and crypto art keeps pushing the boundaries. The crypto lark. This is where you subscribe for all of the hottest and all of the latest happening out there in the wild wild land of crypto. Also if you are new to crypto and you are still struggling with all the basics of things like buying and selling and sending and storing your bitcoin then check out my course crypto currency explained. You’ll find a link for that down below in the description where you can learn more. So let’s start off today by taking a look over at the charts. Now we are looking at a classic battle of the bulls and the bears right now with a few very bullish looking signals and a few very bearish looking signals. So let’s start off by taking a look at some of the bearish signs first so we have just hit a death cross on the daily for Bitcoin with the 50 day moving average crossing back under the 200 day moving average. Now this traditionally signals that there will indeed be more bearish price sentiment to come. But in spite of this quite bearish signal Bitcoin is continuing its uptrend on the daily which is definitely nice to see. Let’s hope that we can continue to hold this very important line. But it is looking quite precarious at the moment as a sustained break under sixty five hundred would invalidate this uptrend. Right now what I am seeing though is a huge ascending triangle for bitcoin which as of course we know is a bullish pattern. We have already broken out of one ascending triangle. Then we formed another ascending triangle. We broke out of that and we retested that second ascending triangle and now we’re breaking out above that. And on the upper ends of the biggest possible triangle forming up we have resistance all the way up around eight thousand dollars. Now a break of that line above eight thousand dollars followed by a nice little retested AK support would be super bullish. Now we have about a week for that fantasy to play out. Now well sending triangles usually break out on the upside. Obviously this uncertain economic situation we’re facing right now makes really anything possible at the moment but something to keep in mind is that that eight thousand dollar mark that is likely to be a very significant challenge for bitcoin to overcome as the 50 day moving average and the 200 day moving average are likely to be serious levels of resistance and they are both right there around the eight K mark now. Well what I see is a cascade of ascending triangles forming up. There are some analysts that are saying that what we’re actually looking at is a bearish ascending wedge pattern. Now if that ascending wedge pattern breaks down that will send the price of bitcoin down to retest sixty five hundred and six thousand and maybe even five thousand eight hundred and fifty. So what is your bias. Do you see a bullish setup forming here or are you in the bear camp that sees that the price is going to be breaking down even farther. Let me know your opinion down below. Also one final note on this topic the bitcoin fear and greed index is sitting at 14 which shows extreme fear is still the predominant emotion driving the market. A slight improvement on last week’s score of 9 but still definitely showing us that we are in a very fragile market currently a big thank you to crypto dot com for sponsoring today’s episode so here is the latest news from the guys over at crypto dot com. The next syndicate event will be taking place on the thirty first of this month. This time you have the chance to grab Bitcoin Cash at a 50 percent discount. So definitely a great deal for all the Bitcoin Cash enthusiasts out there or just those people who are out looking for a sweet crypto deal. Make sure it gets signed up for an account run the crypto dot com exchange and to stake your C R O tokens if you want to participate in that sale. Now crypto dot com also has a one bitcoin giveaway going on over on Twitter at the moment so make sure you get down on that. All you have to do is to correctly guess what the price of bitcoin will be on the day of the having definitely easy money for one lucky person. All you have to do is guess the price and hope you’re right. Just head over to Twitter and put your guests in over there make sure to follow crypto dot com along on Twitter as well as are always doing great giveaways like this crypto dot com pay has just launched their merchant invoicing service so you can now easily create invoices and your customer can pay that invoice that easily created using crypto which is really awesome for businesses they’re out there actually pioneering at the forefront of the crypto payments industry and finally crypto dot com has listed a great new range of stable coins they have true British pounds. True Australian dollars and true Canadian dollars. So now people in Canada the UK and Australia can earn up to 12 percent by staking those stable coins in their local Fiat over on the crypto dot.com app and of course if you haven’t got yourselves a crypto dot.com card yet then click on the link down below to start earning up to 5 percent back on purchases and loads of great perks like free Netflix and airport lounge access and of course by using the link down below you’ll get an extra 50 dollars in free crypto when reserving a ruby red tier card or higher. These cards are now shipping to the UK USA Australia New Zealand and soon all across the E. You so onto the first big story of the day. The stimulus package has passed the Congress in the USA with more than two trillion dollars being put forward to try to save the economy and around twelve point five percent of that two trillion dollar budget is for a one time payment to the peasants. The other eighty seven point five percent is going to bail out corporations give loans to small businesses. Bail out the for profit hospitals and of course to shore up the budgets of state and local governments but yes there will indeed be a check coming in the mail for twelve hundred dollars for most Americans that should arrive in three to six weeks. Unfortunately this is not for everybody. It will be means tested so no not everyone will be given this twelve hundred dollar payment remember they don’t means test the corporations just you. But it should definitely come from most people in the middle class tax bracket in America. And while twelve hundred dollars sounds like a nice little bit of cash it’s just a tiny little fraction of what the corporations will be getting out of this deal. This two trillion dollars that doesn’t even account for the extra four trillion dollars being pumped into the financial sector to stop Wall Street from collapsing with the overnight repo and all these extra lending and stimulus that’s going on. So when you account for this money then it’s only around 4 percent going to bail out the regular workers 8 percent. If we add in the unemployment benefits it is just enough to keep people from rioting in the streets. But do understand that this is one of the biggest no strings attached handouts ever to corporate America. These companies have once again been rewarded for their bad behavior and total lack of responsibility just like back in 2008 that bailed out the corporations for their bad behavior. This is corporate socialism at its finest. This is why these companies year after year after year bribe politicians because bribing politicians it pays off big time. Now will this be the end of free money in America. I totally doubt it. Something to keep in mind is that these staggering unemployment figures that we are seeing coming out of USA right now is probably gonna get even worse in the next few weeks meaning that yes there will probably be even more bailout money in the coming months if this crisis continues for much longer. And that will mean more financial hardship for average Americans who are going to sit down and figure out how the heck they’re going to make 12 hundred dollars stretch for many many months before all of this is over. We’re going to see a lot more money printing. I really really think so and look I know I talk a lot about what’s happening in the USA but this is happening almost everywhere. There’s rate cuts there’s QE happening in most major economies right now the USA it’s just the most blatantly crazy in their money printing and bravado. And of course the USD remains a critical global currency thus gets a bit more attention than some of the other currencies anyway. Crazy situation. Let’s talk about some outgoing news cable swap is teaming up with Coinbase backstories tourists for one click. Wallet management there will now be an intuitive one click wallet creation and management process which will actually use social media log ins spilled create a wallet directly through Kiva swaps web interface by using your Gmail account or another social media account like Facebook or even your Reddit account for example. This new feature will not require any extra browser extensions or any installations or any downloads. Going to really really user friendly for people to use. And this is actually a really cool bit of technology that I wouldn’t trust my life savings in something backed up on my Facebook password but certainly useful for small amounts of crypto for people doing gaming swaps and stuff like this or doing different things like a basic attention token. This is just well there’s little things I can see making it just way more user friendly two on board new people into crypto so definitely awesome to see also Khyber has teamed up with the guys over unstoppable domains to launch their Khyber swap service on the unstoppable decentralized web. So those of you who have already downloaded the unstoppable domains chrome extension you can actually go to Khyber dot crypto and to be able to swap assets over there on the decentralized unstoppable web. I definitely like seeing good companies team up with each other to be able to build these these products that just better the entire crypto ecosystem by utilizing each other’s technology. Next up we have some exciting news from the guys over at synthetics. Now their latest update which is scheduled for release next week is going to bring in a variety of new assets to trade from the traditional financial world. So the three new additions they’re gonna be seeing are going to be Brent crude oil and also stock indexes including the UK’s Footsie one hundred and the S&P Global 12 hundred awesome awesome awesome to see these traditional assets coming in to decentralized finance. Now these new assets are made possible in part due to synthetics integration with chain link which already provides support for gold and for silver synthetic assets and they will now be expanding their range of data feeds to include these more traditional assets as well and in other chain link. News this week saw chain link partnering up with two of the most interesting stable crypto collateral backed projects that are not building on Ethereum this is decentralized finance for other chains. The first of these stable coin projects is kava so a chain link will be the official Oracle provider for their USD ex stable coin and will be the official default provider for all D5 projects built using kava. It will also allow Cosmo’s chains to leverage the power of chain links price feed data now cover in case you are not familiar is working on bringing collateral back stable coins but too many different chains including some of the absolute most popular ones. We are looking at a bitcoin backed stable coin ex R P backed stable coin a finance back stable coin and a cause most backed stable coin and the other project email chain link this week is bite out now bite out is the buying that’s backed stable coin project bite out chain is collaborating chain linked right decentralized pricing mechanisms for their buy stable coin chain link. Man it’s really really quickly becoming that like indispensible keystone of all the data moving across the bloc chains chain link man. Anyway to finish up fort today a bit of crypto Art News artist Matt Cain has created a piece of digital art called a right place right time. Now this art is noteworthy because it changes its appearance as the price of bitcoin fluctuates so every day a new look for the art is generated from the last 24 hours of Bitcoin’s price action. You can see that art piece here and how it changes depending on the price action of bitcoin so each hours price is programmatically controlling the rotation the scale and the position of different correlating layers within this art piece which is really really cool to see and also want to share this new piece with you from Jose Bellini. Now she of course is the artist that made my awesome ethereal piece back here on the wall called Nebula. Now her new piece is underlying the insanity of the money printing madness that we’re seeing going on right now. And why of course Bitcoin remains superior. Money love it love it. Awesome stuff Jose. Anyway that is all from me for today. Your question do you think that the U.S. stimulus bill does enough for regular people in America or is this really little more than a massive cash grab from corporate America. Or do you think that corporations deserve to get this scale of a bailout. Let me know your opinion down below in the comment section. Thank you so so much for watching today’s video. Of course as always really really appreciate your time. Thank you so much for your support. This channel is not possible without you so thank you so so much for letting me continue to get up here and talk about crypto currencies on the Internet. It is a great great time and of course hope that you’re staying safe that you’re staying healthy and that you’re keeping a positive attitude through all of the craziness that we see going on out there in the world right now. Long live the block chain and peace out next time.

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