Welcome to bitboy crypto, my name is ben and my mission is to empower you to find financial freedom through crypto assets. If that sounds good hit subscribe. If you like these weird glares on my face, don’t worry it’s changing now guys. Let’s talk about bitcoin bitcoin just had a dramatic drop, as we were looking at a range this morning on the live stream uh between the support and resistance on the daily chart that look like bitcoin was heading to the end of it. Now we got a break down, we have broken down below the support, but I’m gonna explain to you why.
I don’t think that is super significant and i think whether we go up or down. I think it’s not gonna be a dramatic move. I do think we are still going to be stuck in sideways action here for a while. So basically what happened is we were at the very bottom of the support line of bitcoin, okay uh. We were at the very bottom.
We were in between support and resistance. Uh, if you remember, checking out the live stream this morning and we were at the very bottom of that range and then what happened? You had a giant wick for bitcoin as it dropped about three percent in the span of what seemed to be only a few minutes. It looks like what may have happened is that there was a whale of bitcoin whale who set a ton of shorts at the very b at the very bottom of the range okay, so bitcoins already the bottom of the range, a giant whale comes out, sets a Ton of shorts below it, pressuring the price down and what they were looking to do is a massive liquidation event. So if, for layman terms, what does that mean a massive liquidation event would be where there would be basically a string of liquidations, a rally of liquidations, as basically bitcoin hits several different support lines on the way down.
You could have possibly seen bitcoin go. You know below 42k, but we didn’t see that somehow this this short uh was thwarted. If you will and buying pressure pushed it back up, it went from about you know from about 46, five, all the way down to 45 five and then back up to about 46 too. So we basically have recovered and you see that right. You see that with a lot of these wicks with big wicks on the downside, you see the quick recoveries that what you know closes the candles um you know or pushes the bodies of the candles up higher.
Now here’s the thing, i don’t believe we’re seeing a massive bitcoin move in the near term. Now. What do i mean by near term? I don’t think we’re going to see one this week. Could we see one next week?
I want you guys to think about this. Okay, you got a job right, you probably have a job or you got a family or you got a church. You got somewhere, you go okay somewhere you go on a regular basis. Maybe it’s sports, whatever it might be. There are.
There is an element of the beginning of a year and the end of the last year to where it really takes a few weeks almost to the middle of january, before things really seem stable and you’re completely clear from the holidays. You’Re completely clear of the last year – and you are now really in the new current year – which right now is 2022
This week is like a get back to schedule week, there’s still a lot of flights out there that are canceled everybody’s, not home. Oh i just i found my new classes. Look at these. It’S like these!
How flashy are these? These look so much better. These are a 20 uh gift shop class. I had to get because i lost my glasses while i was in miami, but the point here is the markets i believe, are kind of in the same low than most people are at at their job right now. Okay, we’re we are seeing the crypto news begin to pick up, but we’re not seeing a dramatic effect of that on the price this drop we had.
It was really just one whale trying to push the price down and there are whales, big enough out there to move the price uh in either direction and we’ve seen that it looks to be this kind of situation where we’re not seeing institutions active right. Now we really – and we know that from the volume the volume is still extremely low, especially compared to where the market cap is right. Now i mean the the volume was this low when the price of bitcoin was at 30k, not much lower than this now we’re at 45k, 46 47k and it’s the same volume we had at the bottom of the market. So pretty interesting to see. I just feel like right now we’re in a time where crypto news, while it’s going back up a little bit, it’s a little boring bitcoin, is a little boring youtube.
Views across the board are down the attention on crypto. The google search trends are down, but i implore you continue watching these videos from my channel and other crypto youtubers channels during this time. Okay, this is a time where a lot of people get really discouraged. They want to make less videos, they don’t want to put the content out there, that’s kind of the equivalent that we see from crypto traders. They don’t want to trade as much right now, they’re, not as engaged here’s.
The thing these are the times when you have the opportunity to learn more about crypto to to really push your crypto education further. Okay, it was the times during the bear market, i’m not saying we’re in a bear market, but it was the times in the bear market that i spent watching youtubers like crypto, daily or uh, or lark davis or crypto love or crypto crow. These are people i used to watch. It was the times in the bear market that i spent watching these videos. That pushed me to the next level, and i know that you want to go from where you’re at now to the next level.
Maybe you’ve already made it to the next level and that’s great you’ve already found financial freedom through crypto assets, but i want to speak to those who haven’t been there. Yet it’s this time when you are going to be the most extremely tempted to not pay attention to crypto, but the thing is is when the tide turns okay, when the tide in crypto turns and we do get the big movements, if you’re not paying attention, you Won’T know where that uh, where that pivot point is where that swing point is, and you’ve got to be at a place where you’re ready to make moves when the market is ready to move but you’re not going to know unless you’re watching videos and staying current On, what’s going on in crypto, i’ve seen this far too many times, because here’s what happens, let me tell you what happens you stop watching videos, you stop paying so much attention. You start thinking about things that you are thinking about before you got down the rabbit hole of crypto. Okay, you start thinking about uh. You start thinking about sports.
Now i love sports, but i can tell you this. I used to pay a lot more attention to sports before i got into crypto um. Imagine that and you guys know how much i love it, whether it’s uh, maybe online gaming or whether it’s something else. The fact is, you will get to a point where you stop spending so much time with crypto and then before you know it. What will happen is that you will lose interest and then the next time you look up, you will realize.
Bitcoin is back at all-time highs and you missed it because you weren’t paying attention because you kind of fell out of love with crypto because it got boring. I never did that. I had that temptation over and over and over again, but you can’t lose the fire. You have for crypto the the fact that prices are sideways. It doesn’t change the revolution that crypto is going to be.
It doesn’t change the tech of blockchain. It doesn’t change the spirit of decentralization. It doesn’t change the unchained fundamentals for bitcoin. It’S all the same. The only thing that’s different is your interest level, and i really implore you guys pay attention during these times.
Don’T leave crypto because the money is made, the education happens when the hype is dying. Remember that alright guys, that’s all. I got be blessed goodbye,