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Macro doesn’t look too great, and the $GBTC selling pressure is pretty concerning. However, always remember that when in doubt, zoom out!

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Timestamps:
00:00 Overview
01:32 Bitcoin Analysis
04:44 ETF Net Flows
06:26 Don’t Worry!
09:05 Cramer / Coinbase vs. SEC

#Bitcoin #Crypto #Trading

DISCLAIMER: Virtual Asset values are variable, cannot be guaranteed and can be highly volatile. Nothing on this channel is financial advice, just my opinion only.

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Ladies and gents welcome back to another video and the clock is about to strike 1:00 a.m. another late night for a crypto kid um it’s been pretty crazy actually I went to this incredible football award ceremony and I was like 2 meters within the range of Ronaldo and

For for those of you that know football You Know It uh you can check out my Instagram at cryptokit to find out what happened but it was really really crazy and speaking of really really crazy Bitcoin has pretty much been exactly doing what we discussed yesterday uh we

Bounced off perfectly from The Orange Box of support um and now we’re trading within the $42,000 region but in today’s video you’re going to be finding out what I think may happen to Bitcoin in the upcoming hours days and weeks because yes the 4H hourly time frame may

Not look too bad however the weekly and two- weekly do look a bit concerning and what’s also concerning is that gptc is offloading more and more Bitcoin and if we look at the top 10 known Bitcoin holders in the world we know that grayscale is number two right below

Satoshi Nakamoto so if more gbtc holders redeem their gbtc shares this would mean that we may see more selling pressure from their side and that’s not going to impact the market um very nicely at all so for all of that and much much more make sure to stick around until the end

Of today’s video I’ll subscribe leave a like and turn on the notification Bell to not miss out on any future updates and if you are looking for a place to be trading Bitcoin and other cryptocurrencies you can head over to today’s description and use this link to

Try out bit flx to get up to $88 worth in prizes and bonuses but going into the Bitcoin ta let’s start off with the shorter term time frame and then we’ll move on to the macro so Bitcoin came down to this line or this range of support if I should say and we

Saw a bounce that was mentioning that it’s possible that Bitcoin consolidates or sees a uh push towards the upside and we chose to see a push back up but as you can see Bitcoin tested the support of this previous bearish pennant which we broke down from um and this Wick

Tested it and we’re seeing a correction or a small min correction on the 1 hourly time frames if I zoom in a little bit more and that’s not a good sign it’s not a good sign because it’s indicating weakness and this pump may not sustain

Much longer uh even if it does it’s not going to go too much higher from from my personal ta standpoint of course nothing in this video is financial advice whatsoever just my personal ta and opinions only always make sure to do your own research before trading or investing super important to come to

Your own conclusions um it makes you develop as a Trader but of course it’s super important to also uh look into what other um you know Season Traders or technical analysts are looking in the markets and then take their ideas and insights and then smash them in and uh

Use your own ta to decide uh if you want to long short or Etc but going into the weekly time frame the reason why I don’t think this pump May sustain too much further in the short term is that Bitcoin had a massive shooting star candle in the twoe in weekly time frames

Indicating a huge um a huge exhaustion in buyers we’re having a three and 7even period moving average crossover but we got into that in way way way more detail in the previous video so I’ll put a card at the top right hand section check it out it talks about the consensio trading

System that has been super super accurate predicting the tops and bottoms for Bitcoin uh in the past cycles and uh if you watch that you can learn it so definitely go ahead and check it out and what’s more concerning is that we’ve been talking about this in the previous

Weeks for Bitcoin apologies I am I feel like I’m getting sick so that’s why my throat is starting to get a little sore so iies if um if my voice is not the best today but in the top of the 2017 2018 bull market we we we had it

Following the CM CME Bitcoin Futures launch that was the first ever Financial instrument which enabled Bitcoin uh institutional investors to get exposure into Bitcoin and following up to it we rised by 220% and then of course dumped back down to $3,000 from $20,000 and we can see here that on this month’s candle

So far it’s a local top with a spot ETF launch again giving a lot more exposure to institutional investors and what we can see here that it’s a shooting star candle now ending off this month we may confirm the shooting star candle and going into February we may see Bitcoin

Drop between the 31 and 38k region and between that region I am consistent consistently buying Bitcoin 31k 34k 34k is like my dead on I that’s like that would be the perfect level the 30 period moving averag is lining up to that point we have the m support lining up to it

And we have 5 billion in liquidity too so 34k would just be awesome and um if we drop to that level coming up to the uh final months to the Hing I think Bitcoin may start seeing uh the continuation to its parabolic uptrend but um let’s jump into the breaking news

Because that pretty much covers my take on bitcoin we can see here that gray scale has been dumping astronomical amounts and they’re the second known of top Bitcoin holders in the world and if the sellers of gptc continue to rise because 1.5% fees for a Bitcoin ETF is

Huge it’s the highest number in the uh old the nine ETFs and that’s why people are selling and uh they are it appears that they are recy recycling into the other spot ETFs like ibit and fbtc and this data is reflected by how much Bitcoin they’re also accumulating we can

See the total assets in the um yeah we can see the 20 there’s 26 billion uh including gbtc but excluding it’s three billion they are kind of picking up right they’re also trying to accumulate but the gbtc outflows we can see on day five is now in a net negative and that’s

Not a good sign whatsoever the only thing saving us is that this data from I shares Fidelity is delayed by two days because the traditional system is Som it’s still reliant on t plus2 meaning that uh all the transactions will basically be registered after two days however on gbtc side uh because it’s

Onchain data it’s pretty much instant and that’s the The Clash that we have between the two different data sets between crypto uh and um and trade fire the moment so that’s that’s why we can’t give like a full definitive answer of how much U how much Black Rock on the

Other guys are accumulating maybe they bought a lot more like $500 million today and if that’s the case well of course then the outflow is in positive instead of the negative but given what we have right now it shows not a great sum and that’s why I am getting a little

Bit concerned uh but to all of those that are concerned about the ETFs including me at this point in time uh James saart posted this tweet for us so he says that here’s a chart for the asset growth for the most successful new ETF category of recent years according

To him uh buffer ETF assets under management AKA defined outcome ETF assets and for those thinking that the Bitcoin ETF launches were a flop which I don’t think but um you know I I’m not used to ETFs I’m not I’m not from a trade five background and a lot of us

Aren’t and that’s why uh these two guys you know Eric and James they’ve been kind of guiding us through and that’s how they Rose to fame uh and what James is saying now is to relax because give it time healthy ETF growth looks like this and you know what I agree with it

Because people overestimate what can be done in the short term and underestimate what can be achieved in the macro and uh it’s just going to take time for the ETFs to continue getting traction and uh the total assets that ibit or you know Black Rock whatever you want to call it

Fidelity the assets they hold will keep growing as demand for Bitcoin increases after the Hing um what’s going to happen is that that that the daily amount of Bitcoin available on the market which is currently 900 Bitcoins that’s going to fall to 450 and with the new institutional Demand with the already

Existing demand that we’re having people coming back into crypto the social risk reducing the supply is just not going to be enough and based off of fundamental economics if supply drops demand increases well then then price goes up too what’s also more bullish is that Bitcoin according to this article by the

Block we have surpassed silver uh silver ETFs with assets on management so we are in third place uh just beyond just basically almost behind gold with um assets under management for ETFs I was going to share a tweet but I think I lost it and what that was showing is the

Total amount of uh ETFs reaching 1 billion under assets under management within how many days that that they’ve reached it BTO is number one BTO is the pro share strategy ETF and that reached it in two days 1 billion then it was GLD then it was something else and then four

And five were I bit and fbtc and these are all incredibly bullish factors I mean we’re trading in terms of volume we’re killing it we’re we’re amongst the the QQQ and the Vu which they both are traditionally one of two of the most traded uh ETFs in the world and um us

Meeting their volume is is pretty mind-blowing and people are just skipping this right we shouldn’t skip these facts and uh Bitcoin in the macro is going to be super nice even though if we do have some sort of a correction towards the 34k level well then so be it

It’s just going to give us an opportunity to be buying Bitcoin at cheaper levels before the Hing now to end off with two different things firstly Jim Kramer he said that nasty uh beginning to the to theit nasty beginning to the Bitcoin selloff someone’s probably going to try to make

A stand here but as we said last night you can’t have an asset double in value by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up look I don’t want to give this guy credit but you know ETF launches are just majorly based on

Speculation um if the price continues if the price Rises based off of the news it’s it is speculation it’s not necessarily it it is bringing volume if the flows are positive but now that we’ve switched into negative that’s why I’m kind of giving some reasoning to Jim

Kramer which I’ve never thought I would do but that’s why if we just stick to the long-term plan of accumulating more Bitcoin and zooming out when in doubt I think everything should be fine and uh even if Jim Kramer is right once every 1,000 years we’ll give it to him we’ll

Give it to him and Fin finally uh the the update based on the coinbase SEC lawsuit is here from James saart and uh he’s he’s posted what his friend Elliot his colleague Elliot in Bloomberg has said and Elliot is looks like he’s predicted some pretty cool stuff uh very

Accurately and he’s saying that there’s a 70% chance that coinbase is going to win if that happens coin the altcoins will have a massive massive rally like a huge rally for those of you that don’t know what this case is about it’s about the um just a couple of months ago we

Had like 13 tokens that coinbase has and um the SEC said that they were basically Securities unregistered Securities but if the judge says that hold on no we can’t rule these things as Securities since it’s a completely new asset class our traditional systems of measuring what a security is and how it’s

Determined to be a security if those are no longer relevant in this modern world and uh we need to kind of implement in new how we test or whatever then we may see a very interesting turn of events where altcoin suddenly see a huge Spike and some of the alt coins that were

Included in that list include Max Salon I believe is in there in the next video I’ll share it with you and uh we can maybe diversify some of our portfolio into it uh if this 70% chance actually ends up being correct but ladies and gents that summarizes today’s video I

Hope you enjoyed it again if you did Smash Up the like button subscribe if you haven’t already turned on the notification Bell but guys I’m crypto kid thank you so much for watching take care everyone and I will see you all in the next video very soon take care guys and bye-bye