in this blog on steemit I have a lot to talk about
in the technicals of Bitcoin we see a
lot of things happening right now and we
have got in this correction that we
talked about and well as you can see I
have a lot of lines here and I'm going
to go through them in this video and I'm
going to talk to you about what I think
that there is some resistance that we
have to deal with here and right now it
looks like the Bulls have a very hard
time to do anything bullish and I'm also
going to talk about Tim Draper's 250,000
dollar Bitcoin in 2022 I will go through
his arguments why he thinks this is
possible and I will share my opinion
about if I think this is possible or not
and if you think that $250,000 sounds
interesting nothing that you should
definitely keep all of this fail hello
guys and welcome to the moon my name is
Carl everybody bring another
cryptocurrency video and let's take a
look at the recent developments that we
have here in Bitcoin and all right so a
smaller recap of what we have been
talking about for the last few days is
that I've been expecting a correction
here in the main reason why I was
expecting a bigger correction like this
was if we go to the for hourly and let's
bring out the RSI and remember I pointed
out the fact that we have a bearish
divergence going on here so here we have
a high and then a higher high but in the
RSI and this is the for hourly timeframe
we actually had a high and then a lower
high this is a bearish divergence during
this whole bear market during both
course bear market these divergences
have without a doubt being the most
reliable sign of where basically is
going to goes and this tells me that
maybe not that many people are watching
these divergences which can give us an
edge if we try to always be aware of
them and that can be a perfect way to
set up trades for example but my
recommendation is that you never use one
single indicator for trading and the
other reason why I said that we're going
to see correction is if you go to the
day link with the stochastic RSI still
up so here on the daily stochastic RSI
we can see that
we as we saw the bearish divergence up
here at the same time we were in the
overbought territory in the stochastic
RSI indicating that there is momentum
for us to get picked up to the downside
and basically there was a confluence of
indicators here and that is exactly what
we are looking for when putting in
trades we want multiple indicators to
confirm the same thing and the more the
better and basically here we had two but
you can also take a look at the
resistance and the support and if you
have any particular support and
resistance lines or zones that you think
are going to be very important and for
example here we actually have this major
resistance zone this blue zone and in
fact in this uptrend that we had I was a
little bit sceptic already somewhere
here and what I said back then was that
I think that maybe we can go up and test
his own but I actually thought that we
were not going to be able to I thought
that we were just going to get rejected
and get the correction right away I was
a little bit surprised to actually see
that we were going straight above it and
well we we came above this zone
basically but not for very long because
right after we actually came down again
and this is where the interesting thing
happened because the Bulls made a second
attempt to get above here but we're not
able they were actually rejected by the
Bears not able to go up and make a high
high but in fact establishing just a
lower high which is bearish and getting
rejected by a key resistance zone this
is a bearish indicator and here you have
a great entry point for a trade a short
to the downside and just like I said
also we talked about this lying down
here we got supported several times
which means that if we break it that can
lead to a bigger sell-off which it
actually did and I have talked about
this line previously I'm not gonna go
into this too much but we have seen the
major significance on this line that's
why I put this line there as a potential
sell-off line so I just wanted to go
through this now because in the future
maybe you can recognize the same signs
when we have a bearish divergence we are
high in the daily stochastic
we are getting rejected by a key
resistance that would be a perfect setup
for a short and if you see the exact
opposite it's a perfect setup for a long
you
and even if you see only two of these
signs it can still be good points to
start to consider trading that point and
enough about that let's take a look at
the future here where can we see
basically going and after this little
sell-off we actually came down to these
levels let me actually go over to this
chart because this is the chart I've
gone through with my patrons and I have
a few support and resistance lines here
and with these lines up here we can see
that we have a resistance zone up here
and the upper line of this zone is
basically this sell-off so a line that I
talked about in the beginning of this
video and the lower line is basically
just resistance and support so the line
is something which we should be watching
so this gives us this little resistance
zone so if we see a short-term bounce
which is highly possible due to the fact
that we have seen the stochastic RSI on
the four-hour early time frame as you
can see here being in the in the
oversold conditions so a short-term
bounce is definitely possible and we are
actually kind of seeing that right now
and the bounce is happening off of this
line that I put here a few days ago
which is at 6328 and why I put it there
was because of resistance and support
previously and as you can see we
actually held support on that line right
now in the short term at least let's see
if we can break this because I'm
actually still bearish in the short term
nothing has changed in that regard so if
we break this line in that case I am
going to shift my attention towards this
line down here which is at six thousand
two hundred and fifty dollars and that
is a quiet that's kind of an important
line to hold if we cannot hold that then
we are going to dip down into this
bigger support zone and well if we if we
are going all the way down to the lower
line down there of 6118 approximately
this is going to be a very important
line and this needs to hold for the
Bulls to to sustain some form of bullish
bullishness here because going down
below that line that increases the
I was going down towards these very low
levels the the relative loss of 2018 and
those lows they should be held for the
Bulls too to be convincing here but
right now I am actually still bearish in
the short term and nothing is changed in
that regard just like I said on the
daily timeframe we are clearly still
bearish in the stochastic RSI it's still
shifted to the downside and so yeah I'm
still gonna be bearish here but the
summary for this little technical
analysis I guess is that it's all why
I'm going to be watching this resistance
zone in a small short-term bounce and
this support zone if we see the Bears
start to continue to push downwards and
I want to bring out the daily EMA ribbon
quickly because we have been following
that let manage to go to this chart so
what we have been talking about here is
that we have seen major major resistance
from this email ribbon as you can see
here we have been resistant for quite
some time
this whole bearish sideways action here
briefly we came above it here and but we
were over bought we saw the bearish
divergence we saw some yeah bearish
signs and we were overextended and and
that's why I said that we're going to
see correction and right now we are
actually below the EMA ribbon once again
so I think that right now well we are
back into the the same scenario as
before that where we have the EMA ribbon
getting us giving us some resistance and
that is to be expected right now as well
I would be very surprised if the Bulls
just out of nowhere just pushed straight
through the ribbon again and even though
that's possible that is not something I
am going to be expecting right now and
I'm still going to be bearish a if we go
to the for hourly
we can see that for a brief moment here
we saw the Bulls actually having a good
time bouncing up on this ribbon but here
we ran into the problems like I just
mentioned we have the bearish divergence
and this resistance zone and well we
actually came below this ribbon and
something that is possible is that just
like we bounced on it in this uptrend
right now in this downtrend we might be
bouncing on it in the but from the other
side and that's how the EMA ribbon
usually were
either if we're going up or down but if
we have an established trend then we are
going to see support and resistance off
of these ribbons and noteworthy of
course is also that this this resistance
line that I talked about lines up really
well with the EMA ribbon here and I am
NOT going to expect the Bulls to be able
to break through here and in fact again
we resisted here it would probably be
the more likely scenario that's at least
how I am going to play this right now
and next up square the payment app there
Bitcoin revenue has actually been rising
rapidly through whole throughout this
whole bear market so cue 1 2018 their
vehicle revenue was 34 million and then
it went up in q2 and even in q3 so I
like the fact that Square is pushing for
Bitcoin adoption and they are doing it
quite well even in the in this bear
market and if you don't know what square
is it's an it's a financial services
merchant services aggregator and mobile
payment company and it's founded by Jack
Dorsey who is also the CEO of Twitter
and they have implemented Bitcoin
payments into their already established
payments app and this is of course
driving adoption and we can see that
it's going quite well so far for their
critical adoption
next up 93% of the British people have
heard of Bitcoin but only 4% have bought
it surveys shows so this is a serious
survey made by YouGov and so 93% like I
said I have heard of Bitcoin and 4% they
claim that they've actually bought it
and also four percent of those surveyed
claim that they understand beacon very
well and if I've learned anything from
when I've talked to people about Bitcoin
I would probably say that only one of
these four percents are probably
knowledgeable about Bitcoin
most people have read a few articles in
their investment newspaper and whatever
those few articles about Bitcoin and now
they feel like there are experts on
Bitcoin just just because they know a
little bit more than everyone else so I
would probably say that no I don't think
that's four percent of people know
basically very well I think it's a lot
lot less than that and 23% state they
know it's fairly
well and I and to me I think that that's
just they've read a few articles or
someone they know talked to them about
base coats and out so they've basically
heard about it and I will leave the link
down below if you want to go through the
rest of the data shown in this survey
and next up Jeff garlic says bit con
unquestionably a success as a store of
value and Jeff garlic reportedly the
third biggest contributor to because
code and one of the co-creators Satoshi
nakamoto's key collaborators said it
hasn't evolved in the direction of high
volume payments which is something we
thought about in the early days getting
merchants to accept bitcoins but on the
store of value side it's unquestionably
a success which is definitely true no
one can argue against that bitcoin has
held its value fantastically well ever
since its inception and the future is of
course a mystery but and but so far it
far exceeds any type of fee at the
investment as historic value just look
at fiat money they they drain your money
every single day due to inflation and
bitcoin cannot get inflated in that way
that fiat money can and I agree with
Jeff Garlin that even though maybe as it
means of payment it might take a while
and who knows what's happening in the
future but I definitely agree that it's
a success as historic value and next up
Tim Draper stands by his bid comprised
prediction of $250,000 in 2022 and
that's still a few years down the line
and I absolutely agree with him that
that's definitely possible it's actually
not that this would not be as huge of a
market cap actually if you compare to
the bigger two the bigger markets in the
stock market the real estate markets and
and the derivatives markets and all of
these markets around the world that have
trillions and trillions and quadrillions
of dollars held up in value this would
only be a small not even a percent of
all of that and when asked at the recent
web summit conference whether he still
thinks the big comprise will experience
a 40 times return in a span of four
years and reached $250,000 Draper said
yes we are talking about five percent
market share to get to $250,000 that
seems like it dropped in a
and all we need to really do is make it
so that vehicle can be used to buy
Starbucks coffee and all of a sudden the
world just opens up and then they say
I've got this choice now do I want a
currency that I can take from country to
country or do I want one that sticks me
in one country or in one geographic area
and I can't use it anywhere else and
that's a very good point and that's
something that I've been thinking about
a lot that a global curse is truly
revolutionary because in this fiat
currency system you cannot take your
fiat currency and go to another country
use it you have to exchange it but with
Bitcoin a global currency you can use it
anywhere everyone would accept it in the
future not right now obviously but the
opportunity is there for that to occur
and at that point I mean why would
anyone use fiat currency it gets so
worthless when you have something that
is completely revolutionary and just
completely outperforms fiat currency in
every possible way so why would anyone
use fiat and that's what I think that
all fiat valuation eventually is going
to go into Bitcoin which means that we
are going to far exceed this $250,000
per Bitcoin I think we're going to I
think we're going a lot higher than that
but it's going to take a while guys it's
going to take a while but in the future
that is probably going to be true I
think that bitcoin is going to be the
world reserve currency it's going to
take the dollars place the US dollar is
a failed experiment it's a failed
project and I think that bitcoin is
going to be the savior of the world
economy in the future so right now I am
accumulating these prices are not going
to last forever guys I am filling my
bags as much as I can I hope you are
doing it too but this is going to be
I hope you enjoyed it and if
you click down here you can watch that
trading view tutorial definitely watch
that and I'll see you guys tomorrow
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