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Bitcoin’s $1200 CME Gap Filled – What’s Next For BTC And Alts?

VIDEO TRANSCRIPT

Hey, guys, what is going on? Welcome to Young and Investing. So in this video, we’re going to re-evaluate the situation around Bitcoin because on Friday, last week, on Friday, I already said that I thought we would see a little dump after the whole thing. Well, what’s happened is that over the weekend, this dump happened, which created an s.m E gap. So CMG offers Bitcoin futures and it closed around nine thousand nine hundred on Friday and Monday, the price opened around eight thousand eight hundred eight thousand seven hundred. So there was an s.m E gap of almost 1200 dollars, which was the biggest Yemi gap in history. And then I said that I thought that I changed my mind. So I thought after the whole thing that it would not be a dump because of the CMG gap, I thought that first the CMC gap would get filled. And after that, B would readdress the situation. So that was my first prediction. And right now, it exactly did that. So it bumped in the last few days. Right now, just a few hours ago, the M gap, the biggest one in history, was filled. So it’s already time to re-address the situation. If we have a look at coin paprika, we see that Bitcoin is up to eight percent over the last 24 hours. Old coins are literally getting slammed. They’re literally getting smacked in the face by Bitcoin because as you can see, most of the old coins are green numbers, but they are less up than Bitcoin. So in Bitcoin value, they are again losing value. So that’s not a very good thing. We see the only one that is here up more than Bitcoin is Hacks. So, yeah, this is not really looking good for old coins, but let’s have a look at the s.m E charts to have a closer look at that gap. So this was where we closed on Friday. More or less. This is the one hour chart, around ten thousand dollars. And on Monday, we opened at this price. So you could see there was a huge gap of one thousand two hundred dollars or 12 percent towards this price right here of eight thousand eight hundred. And then actually there was the holding day where we had like a massive price going up and down and all the way. And since they’re having happened, we actually went all the way up. Where are we right now are at this point? So actually this hour we felt the CMG gap. So this gap was entirely filled. And since we hit the price of the CMG, yet we went down again. So a few percentage points. We went all the way down because right now the CMG gap is filled. There is no reason to pump the price anymore by. By the market maker. So they don’t have a reason to do that, I guess. Anyway, let’s have a look at the Bitcoin chart. So this is the CMU chart. It’s a little bit lagging. It updates only once in a while. But this is the real-time Bitcoin price. This is a daily chart. So we see where Bitcoin is and where it was. So we hit 10000, almost 10000 here on the real-time chart. And now we’re back at eight thousand six hundred sixty. So there is a little drop here, which is, I think, necessary because all the coins look at this here on the site, all outcomes are literally getting slammed. Once again, we will have a look at the Bitcoin dominance after this. But what is the most likely scenario from now on? Well, from a technical perspective, if we have a look at this, I would say that we’re pretty bullish and especially it would be very bullish if we make a higher high here because we have this high here. If it would make a higher high here at 11000. That would be very bullish for the price of from a technical perspective, even though we’re not hitting this level yet. I think it is very bullish because this is a very nice uptrend, daily uptrend with some higher lows here, another higher low year. And we’re currently retesting the previous high. And it would make sense if we go higher and if we get to this point, it looks very bullish for Bitcoin as long as we don’t get there. My technical analysis or my text from a technical perspective, I think still think that it’s bullish. But from a fundamental standpoint, I don’t think it’s bullish right now. We just had the whole thing hype. Altcoins had suffered enough, in my opinion. So I think there will be some reallocation of capital from Bitcoin to alter coins. Another high that is forming in 2020 is Curium 2.0. So I think that it wouldn’t make sense if in theory and would also get a chance to have a good run after this and would maybe lag like get a little bit of the hype that Bitcoin all also had in the weeks before its whole thing. So, yeah, from a fundamental standpoint, I think we go lower and I think we might even be able to close. The price below nine thousand five hundred here and continue or way down, so it would look like this. Something like this which were already in progress. So I think we could go back to this level eight thousand five hundred, retest this right here, and then maybe go up from there again. Slowly but surely going a little bit sideways for the next few months to something like this wouldn’t make sense, maybe even a little bit lower. But I think this daily close will tell us a lot. So where is this price closing today? If it’s closing above nine thousand five hundred, it would still be likely that we retest this one more time. And if it breaks, I think we go to eleven K if we close below this level. I think that this scenario, which I pointed out is very likely that we go lower again. Now, we have filled this gap. I think that bulls are a little bit slowing down right now and maybe are a reallocation of capital as I said. So this is a likely scenario. But Daley Close will tell us more about it. So very, very interesting today. And yeah, let’s keep an eye on the price of Bitcoin tonight. But I think it still looks good. And I really do hope that we are going to see this sideways scenario for a little while. It would make sense as well because the holding hype is now coming to an end. It is going down a little bit. The hype around Bitcoin, so it’s maybe time for something else. Anyway, let’s have a look at the Bitcoin dominance chart. Very important to have a look at. Again, a very short explanation. So here was the last whole thing. After that, we had a fall of the Bitcoin dominance during 2017 with a lower thirty-five percent than we had this rising watch rate here all the way to as high as seventy-three percent. This is a very important area here, between sixty-nine percent and sixty-seven percent. And currently, Bitcoin is testing this. This resistance. So so if it breaks above and it closes above sixty-nine percent, then I would be scared for all the coins because then it could establish support on this on the zone right here. And if this turns into support then it could be very painful for all accounts. So I really don’t hope to see this happen because, of course, like, you know, like 70 percent of my portfolio is an old coin. So it would be great after several years to finally see some article in action. So I hope to see this reject and go down a little bit more today so that we close lower and we can continue or way down. And this resistance will hold. I really hope so. So, yeah, this is how the Bitcoin dominance looks like. It looks very bullish. So I really hope I’m wrong and that we close under sixty-nine percent and continue or way down over the next few weeks towards 58 percent. So we will see about that. But it’s a very scary situation for all squints anyway. So let’s see where this brings us. I want to point out to charts how bad it actually looks for old coins. So I have the charts here off of Tasos. And Tasos is in this uptrend already for several months, for half a year. Tested this uptrend several times. And it’s right now closing below this trend line. This six-month trend line. So not a very good thing to see here, especially because Bitcoin bumping over the last several weeks. This made the price go down all the way from almost a new all-time high here. Maybe there is going a retest to turn this into resistance or we see a quick bounce up and closing above the trend line again. So that would be a very good thing. But it’s very scary for all the coins and a lot of gold coins look like this currently. So this is just an example. What is next for Tasos? If it’s closing below, then we re-evaluate the situation at this level right here. Twenty four thousand setto she’s. That would make sense if it goes there. But it would also make sense if we retest balance here and close above. That would also make sense. So the next few days are crucial for all. Ticona I think they really need to bounce. Now to see them Egert is filled. If we’re not bouncing now on the bitcoin bear for Alz coins, then it looks very scary. It’s just as simple as that. OK, the last thing I want to show you is this chart right here. This is the Ethiopian chart theorem not looking so good as well because it’s testing this support level once again. If we break below, it’s we’re going to test the previous higher low here. So it could be possible that we’re going to make like lower a lower low. So here that we can make a low here and then we have. High or low here. Sorry. Look at this now we have a downtrend established again for the fourth year and then it would look like something like this, like a channel or a watch or whatever. It’s more like a channel, but I don’t hope to see something like this. But anyway, there is no clear uptrend right now for a theorem anyway. So, yeah, I am not too confident in all of this. I really need to see this bounce happen right now, today and in the next few days because it doesn’t look very good. And this uptrend of a theorem is looking very weak. It looks like a theorem is in an accumulation stage still. But I would like to see these higher lows. But right now is the time to make this high or low and bounce on the support and continue or way up and make a higher high. Otherwise, we will establish a downwards channel to our support level here. This would also be a touch on a trend line. It’s been a while since I’ve been this excited about t.A. It looks very interesting right now from a technical perspective. We see the Bitcoin dominance being at a crucial level. We see Bitcoin having felt the CRM gap and right now having a little pullback. We see many old coins that are not looking very good. So they need to bounce hard to reclaim certain trends. So, yeah, it’s very interesting. I’m not going to do many t.Videos. That’s not the core of my channel, but I thought this was an interesting time to do one. So if you want regular more regular updates on the situation, I would say go follow me on Twitter. There is a link in description down below. So if you want regular updates, go follow me there. Anyway, guys, that is it for the video. I hope you enjoyed it. If so, please give it a thumbs up, as usual. I really do appreciate all of these thumbs-ups. If you’re new to the channel, please subscribe. By hitting that subscribe button down below to stay updated, all the latest cryptocurrency news reviews my own portfolio and much more. Sometimes t.a videos like this. Thank you for watching, guys. See you. Next video. Cheers. Bye-Bye.

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