what's going on guys Patrick here bringing you a brand new video today we
got another killer video for you guys pull of information where we talking
about what point bitcoin is going to bottom at what are the difference
resistance and support we're gonna be looking at some technical analysis but
guys for get started with that if you guys want to enter a chance to win some
free Bitcoin all you guys have to do is number one please subscribe to the
channel and have you notifications turn on number two give the video a thumbs up
and number three leave a comment down below saying something related to the
video you guys leave as many comments as you'd like I'll do my very best to
answer every single one but Before we jump into talking about bitcoins price
and which points going to be the lowest let's go over some news because we I do
want to keep you guys up to date with everything that's going on so the first
thing is one of the reasons we saw a sell-off and this was crypto panic
because of India's a banks they are about to stop dealing with
cryptocurrency related companies so this was actually announced by Zeb pay one of
India's largest exchanges I think it's it is India's largest exchange they
announced that in accordance with Reserve Bank of India directive issued
on April 5th banks are about to stop dealing with virtual currencies and
terminate the accounts of the crypto related companies this will cut off the
exchanges from banking services panic caused a flash crash on Indian
cryptocurrency trading platforms that triggered massive sell-off obviously
something when it affects one country as big as India actually well with the
amount of cryptocurrency that there is there with the amount of rip to currency
trading that actually goes on there that will affect the rest of the market this
was just sort of spreading more FUD a reason for people to sell obviously
asses every time now the reason the market was down was because people sold
that's 100% the reason why the markets are down but what is the reason that
people are selling this uncertainty was not helpful is this going to be a big
issue in the long run I think we're gonna see more of this I think we're
gonna see more more banks fighting against cryptocurrency seeing where it's
actually headed and seeing the competition that it is providing to
banks I don't think banks are happy to hear that we are trying to take away
their power and move it into virtual currency I don't think that's something
they're excited to hear about I don't think it's something they want to hear
about but I do think it's something that is going to continue to happen so as
much as they want to fight it I think it would make more sense to learn how to
integrate it too learn more about it instead of fighting
it just learn more about it that way everyone can benefit more in the long
run but of course nobody's gonna just roll over and accept defeat there's
going to be a bit of a push back and this I believe is not something that's
not gonna be the last time we see some fun so bear that in mind guys there's
always gonna be fun in every market even happens with the stock market now
there's still fun all the time but the fundamental thing is if the fundamental
technology the technology does not change there is no reason for and it's
not gonna go away it's like saying the Internet's gonna be destroyed now guys
think about this there are scans all the time on the internet obviously
cryptocurrency scams exist all the time but guess where those cryptocurrency
scams are committed most of the time usually on Twitter a social media
platform is Twitter going away simply because of this issue no Twitter is here
to stay for the most part Twitter doesn't look like it's going anywhere
and the same thing with the internet there are bad things going on in the
internet all the time there's the black market on the Internet
have no idea how it works haven't been on the black market but there is a black
market on the Internet and that doesn't stop the internet from existing so the
fact that yes cryptocurrencies have been used or are being used as well for some
negative things that's not going to be what ends cryptocurrency so the
technology is there it's going to be here to stay put it in perspective with
everything else in the world there's always pros and cons to everything
there's always good uses and bad uses to everything this is just cryptocurrency
is just another one of those things that people are trying to bring down by
talking about the negative aspects next piece of news I have for you guys is mal
Cox so good news mal cops looks like they're
going to stop selling off this article actually goes into talking about how
they started selling in q4 last year and coincidentally every time they sold
bitcoins price would tumble and that is because they had a lot of cryptocurrency
they had a lot of Bitcoin they were selling a lot of Bitcoin at one time and
if you guys look at the candles you would see one very big red candle pretty
much indicating them selling which then would cause fear in the market at Roma
be like oh what's this red candle they would sell to the market would continue
to fall and this happen a few times over and over again but it's
it appears like that is going to stop happening so due to bankruptcy
proceedings now being halted as part of these as part of the civil
rehabilitation Kobayashi will not sell any further bitcoins he is the man
responsible for signed a Bitcoin before on several different exchanges he will
not sell any further bitcoins with users set to receive compensation in Bitcoin
instead of fiat currency as originally intended one thing I have to ask why
didn't we do this from the start I feel like if mal Cox was a crypto currency
exchange and people were buying Bitcoin on mal Cox and so they were investing in
cryptocurrency obviously some were selling as well but why and you have
Bitcoin left over why wouldn't you give it back in Bitcoin why not and then the
people can make the decision if they want to sell or not or if they want to
keep it why would we sell it I feel like that just doesn't make a lot of sense if
there's a better reason for this and I'm just completely missing out on leave it
in the comments guys I would love to know what you guys think but I feel like
they should have just given them giving people their Bitcoin back or given back
the addition of compensated people in whatever they had which is Bitcoin
instead of trying to mass sell and cause a lot of problems in the market which
they knew was gonna happen I don't believe that they were surprised when
this happened when they sold that much and there was a huge red candlestick and
then people started half here I don't believe they sat there like wow we sold
and there was a big red candlestick that doesn't sound right don't think that
happens so I'm very confused as to why they didn't do this for the start but oh
well at least now we shouldn't be seeing any more sell offs from from algaas
which is a very good thing I know a lot of us are very happy about that next up
we have Neumann some news about V chain so I didn't want to come into too much
news about specific crypto currencies but I know a lot of you guys do like B
chain so I didn't want to talk about it getting ready to log to launch its bit
of this V chain Thor blockchain so V chain Thor blockchain announced is
increasing in attraction and over the last two weeks the chain foundation has
announced a collaboration with a world-renowned universe
city in London Oxford University and sure you guys have heard about it one of
the top schools in the UK so it will assist in detect in the technical
development of the V chain Thor platform the foundation also announced a
partnership with global giant in the automobile industry BMW so tons of
partnerships going on for V chain tons of good news surrounding V chain Thor
actually I'm very excited for the B chain Thor blockchain thing this could
be very very cool and I've seen a lot more hype grow around it and I think
that's only going to continue now look at the overall market guys one last
thing before we go look at the Bitcoin technical analysis let's take a look at
the overall market first so if I give this a refresh we are at at 254 we
actually just lost 2 billion there so 254 billion dollar market cap with 41.1%
Bitcoin dominance take a look at this guy's looks absolutely terrible that was
the massive sell-off due to a lot of fun going on nothing fundamentally changed
I'm gonna keep emphasizing that nothing fundamentally changed so this huge thing
was simply because of fear it was fear uncertainty and doubt that is what
caused the crash now I'm gonna say it again this provides a perfect
opportunity for everyone looking to buy more Bitcoin or cryptocurrency to pick
up cryptocurrency at a very cheap price and to continue to dollar cost average
on the way down if it does continue to fall we're gonna be talking about the
resistance supports in just a little bit now obviously I'm gonna emphasize this
as well is don't invest more than you are willing to lose so if you're maxed
out if you've invested everything you could invest into cryptocurrency then
guess what now is the time you don't have anything to worry about
it's you've invested everything you have to invest now all you have to do is wait
keep me obviously keep yourself informed with all the news that's going on so
make sure you guys do have the bell icon so you guys get notifications every time
I post video so you guys can keep up to date with all the cryptocurrency news
but guys now if you don't have any more money to invest then that's it you know
just relax now go do something else enjoy your time by the pool wherever you
are and just wait for the market to recover but if you do have money still
to invest pick a point out or find the projects that you are most interested in
and then start investing in those and I talk about a ton of them on the channel
the ones that I'm interested in now obviously I'm not a fine
by this I'm not telling you what to invest in but do your own research
figure out which ones you like and on the way down
let's keep buying in 24 hour change we see actually Doka demmick up 14% I know
there's a lot of hype around this cryptocurrency I know very little about
it don't know too much about it but I do know that it was kind of hyped up so I
am staying away I'm not gonna get involved with a dragon chain one I do
life though in basic attention token another one I like then obviously we
have smaller movers like Manero - risk polymath those polymath up no apply
Matt's actually down but yeah all those crypto currencies doing fairly well but
as we can tell there is a lot more red in the market than there is green so
down 37% guys I told you yesterday game look like a massive pump and dump just
by looking at the chart here not even opening up a more technical chart just
from the chart here you can tell that was a pump and dump and so it is coming
straight back down zilla's down ontology is down to ontology is down to four
dollars and ninety four cents I was taking a huge sell-off as well some
great opportunities though to pick up these if you guys are still interested
in them now moving on back sheet look at that though it does look like we have
found a little bit of support which we're gonna talk about right now when we
look at the technical analysis so as you guys can tell I drew a few more
triangles of zoom in here let's go I drew the descending triangle that we are
in right now now keep in mind the descending triangle is a bearish pattern
this is not a bullish pattern it's a bearish pattern but it is one that we
have seen before so what happened was we saw this back when bitcoins price was
around $400 we saw there was a descending triangle we managed to break
up above that though so past previous trends have shown that usually we do
break up above the distilling of above the descending triangle which is what
I'm hoping is going to happen obviously we don't know for sure one of the key
one of the key supports we are at right now though is and this this descending
triangle some people have had up for a very long time and this support at the
six thousand dollar mark is a huge one because breaking below that does mean
that we might see a five thousand or even a four thousand dollar Bitcoin now
does that mean the end for quit no like I mentioned before the
comparison with the internet bitcoins not going anywhere it's a protocol it's
here to stay it's you can't wipe it off the face of the earth it's just not how
it works now like I said it could keep falling
down we could see a five thousand or a four thousand dollar Bitcoin I actually
found an article where someone said it may fall to two thousand five hundred
but I will keep in mind when you guys hear an article like this make sure you
do read it over make sure you do see the wording since he said obviously Bitcoin
may fall to two thousand five hundred he didn't say Bitcoin will fall or Bick or
he thinks Bitcoin will fall he said it may fall and if you guys do read the
article he said oh it can go down to four thousand five hundred could be the
bottom but nothing's preventing it from going to two thousand five hundred
that's true nothing is preventing it it may go to two thousand five hundred it
may go to two thousand it may go to one dollar right but it also may go to a
hundred thousand very easy to split the word may in a sentence and make
headlines so I'm not gonna go around doing that just by looking at the
support though about time you guys watch this video we might have broken up or
down but I wouldn't be betting too much right now on I wouldn't personally be
shorting Bitcoin right now simply because we are at the support right now
of the six thousand which is shown previously to be a very very strong
support I think once we hit 6,000 if we do hit 6,000 even just a little below I
think we're gonna see a lot of buy orders fill a lot of people set orders
at 6,000 obviously I know a lot of people set or is that five thousand at
four thousand as well they already have that preset I know several people doing
this so that when it hits that point they're gonna keep accumulating keep
dollar cost averaging picking up growing their portfolio and waiting for the
reversal that's how a lot of people are handling this but I wouldn't be looking
at shorting Bitcoin right now and I wouldn't be so confident when I say I
think this is going to fall down pass this cuz like I said this is a strong
support now will may it fall down yes we're gonna use the word make it may
fall down and it may fall down to 5,000 and it may fall down to 4,000 like I
said not gonna put too much money on it what looks more likely if we want to
keep in this descending triangle would be us go back up and go up to the $8,000
the 8500 would be a possibility depending on how
we go up obviously you guys see the huge red candlestick we saw yesterday sucked
but always full of opportunity but guys hopefully you guys did enjoy this video
if you did don't forget to leave a thumbs up and leave a comment down below
to enter a chance to win some free Bitcoin also make sure you guys are
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video guys thank you so much for watching I'll see you guys tomorrow for
another video
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