What’s wrong with Crypto?

What’s wrong with Crypto?
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[Applause] All eyes are on the SEC to see if they approve this spot Bitcoin ETF my favorite part of that video was the tuba player down on the guy’s head BB listen we know that these big players are G to make this happen but the question is how is it going to impact us

I’m going to break down some of my questions on what’s different right now about the entire crypto Market especially as we’re running up to the having cycle things have changed things are not going as usual some are but some are not and I’m going to lay out some of

My concerns today and I’m going to show you in the charts where we might consider taking profit on bitcoin and the miners guys we are kind of there right now and I’m going to show you some things in the charts but I can’t tell

You guys what to do I can only show you what I see in the charts and let you make decisions on your own and do your own due diligence but this is going to be a good show this is the stock switch Jos show as always I appreciate you guys

I appreciate the community I appreciate the stock Josh fam on Mumu all of you guys are great thank you for already hitting the like if you’re new to this page you’ve got to hit the Subscribe button to keep getting my updates in this turbulent and choppy Market okay

Guys what exactly is going on and what caused Bitcoin to take off like a rocket over the last couple days it’s a tweet by Gary Gensler that’s been attributed to impacting the move of Bitcoin after things had been falling for a week since Jim Kramer came out and said Bitcoin was

Unstoppable it was Gary Gensler to the rescue with a positive or interesting tweet here’s what he said some things to keep in mind if you’re considering investing in crypto Assets Now basically he went on to talk about volatility and all of the rampant frauders that are involved in the cryptocurrency industry

But a lot of people took this as an early signal preparing the broader American audience for the acceptance of these ETFs and that’s what got this thing moving 28 million people viewed that tweet and brought a lot of attention to bitcoin and we had this massive pump up you know it’s concerning

Though to me that some of the altcoins still have not followed we do know that the altcoins tend to pop after Bitcoin has reached its peak and so there’s a lag there that may give us an additional bump up on the altcoins to consider but Bitcoin sure has been running and where

Exactly are we at today we are 200 105% up from the bottom we are 205% up from the time where I told you guys that we were not going to 10K on bitcoin despite all of the fud and negative voices that were against Bitcoin at the time I told you guys that

It had bottomed and I I knew that because of the crypto cycle and the amount of time that the winters typically last we had achieved it it also bottoms typically on really bad news and we got bad news with FTX back then and all of those things had come

Into alignment we dropped to 15 and then we quickly recovered back to 20 and it gave us the solid signal that the move down was over well things have changed here we are getting ready to get a spot Bitcoin ETF approval and we are up 205% from that number and the the way

That I feel today is the opposite of the way that I felt then at that time I thought that we had surely bottomed and today I feel like we are getting darn close to the top of this move I had told you guys that the most that seemed

Possible right now would be to get to 48 or 50 but that really seemed like a far reach but we are right underneath those numbers right now and so it could be that when this spot ETF gets approved that we could see a final push up and

Touch of those numbers and then we could see rejection now nobody knows and you’re hearing me say it you’re hearing other influencers say it are we going to see the classic buy the rumor sell the news now there are some factors that are different and I’ll draw one out for you

The whole reason that this particular news story is interesting is that it represents the uh investment firms and all of their clients that currently can’t own Bitcoin or don’t want to own it the way that the retail audience has been buying it and so now this is being

Opened up to them on their platforms so that they can take their initial position and that initial position is in the tune of billions and billions of dollars now so that could be argued that this is not the typical buy the rumor sell the news but you know when we get

Up against that area of resistance you have to believe that the good news and that opportunity has been priced in and that when those buyers get access to bitcoin then there’s going to be motivated sellers selling it to them which could cause a downdraft but let’s

Just break down what the question is can Bitcoin go higher right now well that 45 to 48 is absolutely a structure resistance Zone and so we are up against strong structural resistance and all I want you guys to understand is that it just takes a ton of volume to go through

Structure you guys hear me talk about it on this show all the time we come up against an area of resistance and I always tell you hey if we were to get above this it could really cause us to Spring higher all the way up to the the

Next next top of the next range but what happens most of the time that doesn’t happen most of the time that area of structural resistance becomes resistance and it Retreats and makes another go at it at a later date and that’s likely what we could be seeing here from a

Simple price action analysis I also want to point out to you one of my new favorite indicators you guys have been hearing me talk about it it’s a free indicator over on trading view it’s called the Watson envelope and it typically it’s a little bit related to

The bought oversold as well as the bowling or bands and it gives you a nice signal now if we’re looking at the weekly time frame it’s already given us a sell signal that we are outside this typical move and that we’re likely to come back into the uh moving average

Zone and so be aware of that and then we’ve got the RSI I cover it all the time guys the rsi’s simple and principal purpose is to measure momentum or the change in momentum and there’s already been a change in momentum in the RSI and it’s called bearish Divergence it’s when

The momentum up is not as strong as it had been in the last couple weeks or months even though the price is higher the momentum up is not higher it’s simple volume it means we’re moving up on less strength and that typically means it’s kind of like the visual of a

Rocket that starts up off the ground with enormous Force but when eventually it gets out into the stratosphere it begins to cool off and lose Force and slowly stopped moving up even though it’s still moving up a little bit it’s not moving up with the thrust that it

Had when it initially took off that’s what we’re dealing with with Bitcoin right now guys that’s what the charts are saying and it’s undeniable now let’s just take a step back and look at the crypto heat map today because yesterday it was pumping today we’re back to Red the crypto heat

Map today even though that obviously can change hour by hour it’s telling us that we’re having a little bit of a cool off day in the main reason why I wanted you guys to see this is because salana is an outlier again showing strength on a red

Day something to cause us to continue to put them in our top 10 crypto accumulation even though I would say I would like to acquire them at a cheaper price after a pullback so here is some final thoughts on today and some strange things that are happening in the

Cryptocurrency industry crypto guys I want to remind you right now is being run by big investment firms it has been officially taken out of the hands of the retail Community the big Banks the big investment firms the Larry Finks of the world the jie diamonds of the world

They’ve gotten involved before we finish this video I want you guys to have one thought in mind and that’s that things have changed this is no longer organic growth of a technology this is now being potentially manipulated by very powerful people from the SEC Gary Gensler to the

Larry FX of Black Rock This has changed and so what that means to me is that the rules have changed and the things that have typically happened in the past May no longer happen because these guys are stepping in they have already studied this now they know what to expect they

Know the cycles and they know how to manipulate it so guys be aware of that now another very strange thing that’s happening in Bitcoin and I think this is very important is that somebody is behind the scenes pulling strings that we don’t fully understand and I want you

To watch this video and I’m going to make some points about it here in just a second 1.2 million do was just sent to the Bitcoin Genesis wallet that is the first ever Bitcoin wallet created on the Bitcoin Network and owned by Satoshi Nakamoto themselves so who sent the

Funds and why would they do such a thing there is speculation that Satoshi Nakamoto could be back or that the person who sent the funds is looking to find out satoshi’s true identity that’s because a new Act passed by the IRS is now tracing any transactions over $10,000 and this 26 Bitcoin transaction

Could lead to Satoshi having to dox their own identity what she’s talking about is that Satoshi Nakamoto the creator of Bitcoin there’s a move or an attempt to force him to legally reveal himself so he’s got a wallet the first wallet that was used to store Bitcoin

Where Bitcoin has never come out of yet they actually sent some money to it to force him via the IRS to reveal who he is or to at least potentially reveal who he is a considerable amount of money who’s doing this nobody knows but here’s the big point I just got done telling

You that powerful people have gotten involved and strings are getting pulled and the outcome of it is going to be this for you we are going to be in a news driven Bitcoin whipsawing moment moment over the course of the next year so there’s going to be things like who

Created bitcoin why did he create Bitcoin he may get doxed uh we’re going to see a lot of things happen we may see Gary Gensler come after the ETF is approved he may bring the hammer down again on the altcoins and so we’re going to see a ton of volatility guys and it’s

Going to be a news driven cycle and so I wanted you guys to be aware of that and what could be happening behind Bitcoin and they can pump this up and in a very quick moment they can bring it all the way down and then they can turn right

Around and pump it up again these new stories are simply telling me that things are heating up so be aware of it all right my very next video guys is going to be on Tesla I’m going to let you know what I see in the charts and

What’s happening and where I think we might get a clearly defined reversal that’s it for today thank you for hitting the like again hit that subscribe to get those updates and those upcoming videos as always peace and blessings my friends take care