You just practice what’s going on guys it’s Kate up here with another episode of crypto zombie Welcome back to the channel. Hope you’re having a great weekend so far. Having a look at Bitcoin we did in fact have that pullback that we were anticipating potentially if we were to break to the downside out of this ascending wedge which we noticed bitcoin does tend to do a lot of the times now we didn’t have as much volume as we usually would have expected to have on a move like this. So the question is is that actually short term bullish. Well I don’t want to get too far ahead of ourselves. You could see we might have had a little bit of a double top at around the six point nine K level but I do want to actually go into what exactly is going on in the background because there’s two things specifically I wanted to mention today. Number one being that we do actually have proof that the miners have been selling more bitcoin than they’ve actually been mining now this actually is both good and bad. I’m going to go into why and also want to talk about what is going on with crypto inflows and outflows from exchanges we’ve actually seen a lot of cryptocurrency specifically Bitcoin moving away from the exchanges however interestingly enough it’s not being sold off and I want to talk about what is actually going on and what the significance is of that moving forward. I also want to talk about a realistic end of the year target for bitcoin obviously granted what’s been happening lately in the markets traditionally end in the world with the virus which shall not be named. I don’t think we’re going to be seeing some of these highs that we were calling for last year and finally I want to end on basically the mysterious disappearance of crypto bit Lord what is going on. He just absolutely vanished from Twitter. I want to talk about that. And finally one very sort of creepy patent that they’re calling it that Microsoft now has filed for a new cryptocurrency mining system you’re definitely gonna stick around for this is a little bit weird a little bit kind of sci fi out there but we’re going to get into all that today and if that sounds good to you you know what to do if you are not subscribed to the crypto zombie channel. We do this for the most part every single day. And without further ado we are going to hop directly into the charts. Now you can see right here that Bitcoin did in fact fall out of this ascending wedge pattern that we had. We did get supported perfectly by the six point one K level. Now keep in mind we do have once again this previous support turn resistance. So if we were to pump straight up today we’re gonna have some resistance out around the six thousand four hundred eighty dollar level the next level seven point two K with the ultimate level and I’m not going to change my story until we get back above it is I want to get back above the seven thousand eight hundred and sixty dollar level where we basically had this sideways movement that started around March 9th. If we can get above that that is actually good for me. Now also I do want to point out though just having a look at this if I take everything away you know you can clearly see that we have put in a higher low so we had a higher low here and a higher low here so I mean technically Bitcoin could still be considered in an uptrend as long as we don’t breach five thousand eight hundred if we fall below that then. Now we are reversing the trend right. Having a look right here you could see we’re sitting back on top of basically this downwards channel that we were in we may be headed back down to the heart line now having a look right here. We are still technically trending upwards although we’re now underneath the support support acting as resistance. I went over a lot of the targets in yesterday’s video. I don’t want to repeat myself again if you’re curious about some of these lower levels you know potentially going down to four thousand five hundred. Is it possible well like I said the other day it does kind of look like bitcoin has put in a double top. Usually when bit bitcoin does double tops or double bottoms it usually signals a reversal. You know so but you know you could be looking around the 5.0 K level to have a bounceback as well. However having a look at is sort of kind of having an eerie similarity to what happened here just before the major dump you could see Bitcoin was a cent essentially trending upwards in this ascending channel some people were calling it a bear flag we had the massive dump. Well this kind of also looks like it could be a bear flag as well. Now keep in mind this doesn’t mean that we couldn’t pump back up to the top of it. You know that being around the seven point two K level. But the question is how long can we remain in this channel and what would potentially happen. Well the question is you know where would we break down to. Well actually if we have a look at what crypto cactus says he’s also looking at this as well. He sees this as the distribution phase you know essentially that we might be having right up here at the top with a potential pullback. And he is looking at around the 5.5 K level now once again talking about the significance of that level right around here. Don’t forget five thousand five hundred and fifty dollars is where we have the ultimate support which that’s the yellow line right here which essentially was the two hundred weekly which basically supported Bitcoin pretty much forever. We’ve literally never fallen below it. I mean even when we fell below during the massive crash right here we only worked down to the VIP VR right. So staying above the two hundred weekly would you know I’m not going to say like bullish to the moon but it would signal more healthy for bitcoin than it wouldn’t right. Also I want to point out this green line you’re probably wondering what that is that is the two assuming the 21 exponential and it has played a significant part in bitcoin basically since we had a lot of the downwards pressure here you could see back during the twenty eighteen bear market. Obviously Bitcoin kept topping out right around that we would pull back. Finally we had the ultimate resistance here. We dumped and look at this guys as soon as we broke above it in April. Well it was basically blue skies and Bitcoin went on a multi month tear all the way up to the fourteen K high of twenty nineteen. You can see we danced around it for a little bit but once we got back below it again I mean it was just straight dump down right now keep in mind we did have a lot going on obviously in the world but let’s talk about what’s actually happening in the background realistically who is selling what is going on and where and basically where these coins are moving because a lot of them have been getting pulled off the exchanges. I’m going to tell you why in just a second but you can see right here according to what’s called miners rolling inventory or m r i. Which is essentially a measure created by a big tree that tracks the changes in inventory levels. It’s basically showing that throughout this 81 percent recovery rally that we had from the 3000 kind of Wick a three three thousand eight hundred million wick up that miners were actually selling more bitcoin than they were generating now there’s two ways you could look at this. OK. You do have Connor ad shine whatever his name sorry I Price said that wrong but he’s a crypto research analyst at digital assets data. Now he said that when prices of Bitcoin can rally sharply from local lows and buyers can actually absorb the bitcoin those extra Bitcoin sold by the miners with not really seeing a lot of impact on the markets really. We were only really fluctuating between these sort of key levels. He says that actually shows that the overall market is relatively strong. Now on the flip side if we look at a lot of the selling that took place on Wednesday this week which was around two thousand seven hundred and eighty a bitcoin they’re also saying that maybe that wasn’t statistically enough to have a meaningful impact on bitcoin‘s price movements. In fact if you look at all that Bitcoin sold compared to the total amount of bitcoin in the world these miners were selling less than 1 percent of the total supply. So take this with a grain of salt but you can look at it as the miners are selling and it wasn’t really affecting the markets. So that was a good thing that meant that people were willing to jump in and buy coins at those prices meaning that maybe that was looking like a good price for them. But at the same time it wasn’t really a lot. It was less than 1 percent. So take that you know as you will. But what I do want to talk about is what’s been going what’s been going on with the bitcoin so having a look at essentially the inflow and outflow of cryptocurrency exchanges glass node actually pointed out that a lot of crypto traders have been withdrawing Bitcoin from exchanges at a very rapid rate and moving them to private wallets bringing the amount of bitcoin on exchanges to their lowest level in approximately eight months. Outflows have been increasing you could see right here since March 18th. Now why is this happening while they do say there’s three possible reasons. They just maybe want to hold their own bitcoin. They might not trust exchanges which to be completely honest with you guys if you don’t have your crypto currencies on a ledger I mean and you’re not and you’re not actively trading you are basically leaving your coins on an exchange and that exchange could get hacked. Something shady could happen right. And you know remember not your keys not your coins. They could just be deciding hey man I’m just gonna put them in cold storage. Going to be a long term Hadler and that is it. I agree. I have a lot of crypto in cold storage you know and I’m not touching it. I don’t care what these prices go to. That’s what I’m doing personally. You do what you want. And then number three they’re obviously concerned about the liquidity of exchanges amid the market downturn. Now I want to point out one thing. If people are in fact taking a lot of cryptocurrency off of the exchanges and they’re choosing to hold it. This could have both a positive and a negative effect on the markets. We could start with the negative the negative effect would be that this does decrease the liquidity on exchanges meaning that there’s less actual coins to be traded meaning that the order books are a lot thinner which in turn means that you could move the price a lot easier. Right. If there’s less liquidity you can seriously have more volatility which means we could see crazy or price swings for bitcoin which would not be good short term which means we could see some crazy lower levels if we do have some panic selling. So that’s sort of the negative. The positive is that we are seeing that these wallets are increasing right here you can actually see the three day moving average of new addresses jumped eleven point seven percent. That’s it. That’s a pretty incredible number almost 12 percent in a 24 hour period. This was between Wednesday and Thursday when they were looking at you know a lot of the selling happening in a lot of the prices when the prices wasn’t really fluctuating but the coins were being moved off of exchanges. So you could take that as a good thing. Meaning that they’re not selling you know what I’m saying. They’re moving it into wallets that are that the addresses are increasing. You know it’s not like they’re moving them into the wallets and then they’re just you know those wallets are emptying because they’re talking about active wallets new addresses. So just keep that in mind that you know there is a plus side and there is a negative side to this as well. Now you can see right here according to bit Max research they do say that strong fundamental trend does remain in a recent report that they basically said that the record influx of monetary and fiscal stimulus we all know what’s going on right now which we’ll get into we’ll give Bitcoin one of its quote biggest opportunities yet as the potential inflation that will come to provide the necessity for a deflationary asset like Bitcoin. You know obviously gold we’ve seen was doing pretty well too. They say in our view in this changed economic regimen where the economy and financial markets are set loose with no significant anchor at all not even inflation targeting it could be the biggest opportunity bitcoin has seen in its short lifetime. Now just to do a quick recap before we get on with the rest of the video we do know that President Trump has signed a 2 trillion stimulus bill into law. This is to try and get funding to those who need it the most. At this time another four trillion asset purchase program is expected by the Fed. We spoke a couple of days ago about you know the potential six trillion right that was just a potential it didn’t actually happen. But in any case the Fed has hinted that more money basically does need to be flooded into the system and what is being dubbed as QE infinity. This program aims to enable a limited on limited. Keep in mind purchases of assets ball the pandemic that shall not be named is still happening. And the truth is that no one knows that it will. However I symptom Mel actually mentioned over here he said. So basically how much did they pay Trump to advertise bitcoin. I actually want to play this clip for you kind of quick. The audio quality is a little bad but it’s 50 seconds and then we’ll we’ll continue talking about it. Sighs We’ve seen an entire courses. Before which is more overtime legal fees for you see a horror movie maybe something more to. Since. Because the since and. The countries since 2013 because it isn’t going to last for six point two trillion dollars. And we can handle this. Easily because it’s who we are. What. Is our. This is our. We are the ones it’s our currency. We can use it and we’ll give you. A. To. June. And. He said what we have to do to me to do it. We have to do not really sure what was going on there. However talking to a survey that was done by cracking intelligence now this was over 400 clients from around the world they were essentially asking them to gauge their crypto expectations for 2020. Interestingly enough a lot of these guys are still bullish. However the end of the year price targets are a little more realistic than what we were seeing last year obviously due to a massive shift in global economic policy and you know what’s going on with the you know pandemic thing. However they do say that the average 2020 price target cited by the survey says that most people are looking at around a twenty two thousand eight hundred sixty six dollars Bitcoin by the end of the year not too shabby still looking kind of good right. They’re also calling for a 810 dollar a theory I’m also outside a bitcoin their favorite cryptos were a theory of Monaro SRP like coin and Tasos with 60 percent of them preferring tether to be used as their go to stable coin. Also just as a another positive affirmation we did have ben Zu who is the CEO of buy but he actually chimed in on his opinion and he said this is all right crypto briefing by the way. He said in light of the recent events it would be somewhat foolish of me to proclaim that the broader economy won’t have any further impact on the crypto markets you have to be realistic about this you know if more people are losing their jobs more people are going into this unemployment and they’re looking for that cash they’re going to sell the most speculative asset they’re going to sell bitcoin especially if they need this cash to survive just the other day we found out that over 50 percent of Americans only have about 400 dollars as an emergency reserve. Think about that. And especially if you’re out of a job you’re going to need to use that money to pay for expenses right. So he does say that you know ultimately other factors will be important as they have seen this but the bitcoin having. Keep in mind is also coming up in May. He says he is confident that this will have a positive impact on the price of bitcoin just as it did the previous two times. Also he says he still is very bullish about mainstream cryptocurrency and block chain adoption. In fact I’ve actually heard some people using Warren Buffett sort of as their when to get back into the market strategy. We all know that he’s sitting on a massive amount of cash and he hasn’t deployed it yet. So basically people say that when Warren Buffett feels confident to get back into the markets that’s when they’re looking to get back into the markets as well. Dollar cost averaging is also a great strategy for the average individual. Obviously not financial advice but actually speaking about buyback I did want to mention one thing over here. They have actually introduced their new USDA contracts now also in the same article Ben mentioned. What does this mean while essentially traders are going to be able to long and short positions at the same time with different leverage. So this is going to incent essentially enable traders to minimize the liquidation risks by opening a long term position and hedging this with a short term position. So in the eventuality of a sudden drop in price the profit yielded from the short position could then be used as an additional margin which could prevent the liquidation of the long position. So essentially on buyback you can now you know you will have longing and shorting available and it’ll be easier to move it around using USD. So that is basically the news for that you guys know how I do feel about buy it it is still my go to exchange for futures trading. I do not recommend this. I stress I do not recommend this for beginners. It is very risky very volatile. However if you are looking to potentially make money longing or shorting betting against the price of bitcoin you can check out buy it. I do have a tutorial popping up above. If you want to use my link below it does help the channel out you are supporting me. I do receive a small commission you guys can also get up to 90 dollars worth of rewards if you are interested. But I also want to talk about crypto bit Lord the mysterious disappearance of this very popular crypto Twitter character. We’ve actually spoken to him before as well. So he basically had this tweet that came out. He says I’m over Twitter. And I think it’s best to leave this platform peace and prosperity to all. Now some people are saying that it could have something to do with this he’s saying he’s going to court they’re going to use some of his tweets he might get three to five years if I’m very lucky if I get probation I don’t know any of the validity of this I’ve just read tweet I’ve just basically mentioning what I’ve seen right here. So I don’t know. We have to see what’s going on. There was this video that came out and I wanted to play this video because it is an entertaining kind of kind of funny video whatever but I actually don’t know if I really want to play this on my youtube. Essentially I will drop the link below. But this was him in a hospital bed basically being potentially tested for the virus. You know and essentially he actually lights up he sparks up a cigarette and starts smoking it. And the lady in the back calls for security to come in. I want to play this clip but I’m not gonna play it so I’ll drop the link below if you guys are interested you can watch it over on the Instagram. I don’t know how long that clip will be up but I do want to end on this very strange news that came out from Microsoft. So they’re saying is this creepy or is this cool. Check this out. So Microsoft files a patent for new cryptocurrency and mining system. So let’s get into this as per the pattern. Microsoft states that the are you ready for this human body activity needed to mine cryptocurrency. Could be very simple. We’re not talking about forcing tribes of gym goers to run 20 K here. In fact it would be as little as a brain wave or a body heat emitted body heat emitted from the user when the user performed the task provided know information to the server such as you could be viewing an advertised ment or using certain internet services and that could be enough to mine the crypto. The document goes on to say that this type of activity would replace massive computation work proof of work like a sick miners currently required by some conventional cryptocurrency systems. This is because the data that is gathered from the body activity could be regarded as proof of work. Therefore a user can solve the computationally difficult problem unconsciously. So what you guys think about that. You could be mining cryptocurrency just by a brainwave or a heat pattern or some other type of response. OK. So basically just to be clear at this stage Microsoft has not stated whether there’s going to be a new cryptocurrency associated with this or what they’re going to do about it or whether or not it’s going to be based on a block chain it’s pure speculation. I don’t want you to kill the messenger but I just want to let you know that this could be possible. And yet in a case that you were thinking about using the human brain waves to replace hash power. It’s possible. And if that ever does happen Microsoft could be the first to do it. So on that note guys let me know what you think about that. Let me know what you think about this price. Do you think we do need to hit some of these lower levels do you think we’re going to put in an ultimate double bottom down at around the three point A.K. level. Are we gonna go lower than that. You know let me know what you guys think. Was that it obviously today we did have that pullback. We were anticipating it with the wedge. But let me know what you guys think long term. Obviously I am definitely you know bitcoin to the moon. Short term it could get crazy out there guys you know if the stocks take a hit more people lose their jobs it could get it could get crazy and it could be a lot it could get a lot worse before it gets a lot better. Basically what I’m saying you need to be prepared for that do not invest more than you can afford to lose. I know everybody says that but it’s true. It’s honest guys you know don’t be gambling away the rent money the mortgage money especially in a situation where we don’t even know if we’re gonna have jobs. You know in the next self up and coming months and what’s going to go out with this. So hold your being safe out there. I freaking love you guys you’re the reason that I tried to get a video out every single day. Thank you so much once again for your support. If you guys want to join my absolutely free telegram group I do have a link above here. I do have a link in the description as well. Totally free no catch just hang out talk with a bunch of other people that love crypto currencies. I think that’s about it for me today. Hope you’re enjoying your weekend be safe. We could go lower. It’s possible but like I said I’m trying to get above that seven point eight K level for me that would really be pretty good for bitcoin. But you know hey we’ll have to see what happens. Things could get crazy. Thanks again. You guys rock I love you. My name’s Kato. This is crypto zombie. Until next time stay crypto. And of course.