What is going on snipers Nighy mallow baby here, I hope all of y'all are enjoying your day today for some of you
It's Easter for some of you. It's April Fool's Day, but nonetheless. Let's dive into our daily
Cryptocurrency update talking about bitcoins technical analysis touching on the Lightning Network and the progression of that
And how it might be implemented and integrated with litecoin, and how it could also
Deem Bitcoin cash useless, but also talking about the theory 'm and
Vitalic beuter n' proposing a possible hard cap and then also finalizing and talking about Virg and why it's up
20% today so looking at our market you can see
Bitcoin is currently worth about five hundred and seventy nine thousand Lamborghinis while etherium is only worth about one hundred and eighty eight
Thousand Lamborghinis Ripple at about just under a hundred thousand Lamborghinis not much
I would rather take Bitcoin at this point
But I'm just messing with this is an April Fool's joke that coin marking Kappas bullying. I think it's awesome some might argue. It's childish
But I think it's funny so it's really cool
You can actually look at Lamborghini value of these coins, but let's transition to the actual Bitcoin technical analysis here
And talk about the double bottom that we've been watching over the past couple of weeks first and foremost we're gonna draw a Fibonacci
Retracement if y'all are not familiar with this this determines potential support and resistance levels
And you can see how we're really popping out from that point to three Fibonacci retracement right here
And we're seeing some support however
It's not showing strength like we saw previously where we hit that bottom which does indicate that it is
Extremely bearish and we're most likely going to see further downside
You can see these bullish or these bearish wicks that actually happened here
we pull it the four-hour you can see a better view of that and in my opinion like we talked about in yesterday's video because
We didn't see this sharp
Strength of buyers come in like we did in the initial run here in
My opinion, we're still gonna see further downside
Unfortunately, that's the case even in the RSI
We haven't hit under 30 on the one day remember under 30 is really what we're looking for in terms of being
Confident that there's gonna be a reversal and we have not yet hit that level if we actually pull up, eth
USD you can see we're also extremely oversold right now, so
What does that mean well there's a couple different things in my opinion?
It's a good time to dollar cost average your position into Bitcoin from
Six to eight hundred all the way down to the known support of fifty nine hundred
but anything below that in my opinion is
Extremely risky because we don't know what the further downside could be if it breaks. This key support level as a technical analyst
Managing risk and reward is extremely important as a matter of fact every single one of your trades should follow a risk and reward
Algorithm that you've set in place for yourself as a trader and what I mean by that is it doesn't have to be a complex
algorithm
But let's say we were to set up a long position right here
You want to make sure that your wrist this red here is less than your potential reward your upside always has to be high
Because as a swing trader you want to make sure that even if you have losses
They are minimal losses so that whenever you have a good break and a good call
With high upside it can always make up for those losses, so looking at like a three-hour chart for example
We have a lot more
Upside right now than downside so if we were to put an entry point here at current price levels
You can see our downside is very minimal because we can easily set up a stop loss right under that fifty
Nine hundred level where we know there's strong support
And as long as it doesn't breach that then we have all this upside potential here in this horizontal channel
That's forming with a resistance at around eleven seven so we're definitely not going up to eleven seven two the next couple of days
But we're most likely going to see further downside
hopefully double bottoming at
5900 to then see a pullback, but if it sees further downside, that's where I'd be a little bit more worried
But what's interesting about this MACD if we pull it the four-hour you can see how we're starting to see less and less
Sellers here in comparison to what we saw with the major sell-off in
December you can see how if we were to actually draw out this pennant wedge formation
forming here with the MACD
How we're starting to squeeze towards a node apex and understand when you get towards an apex? Which is the end of these wedges?
That's really where you'll see a significant breakout so right now. We're looking pretty bullish on
the
MACD in terms of the histogram which the histogram are these pink
Areas of this MACD and you can see how it's forming that squeeze
Approaching the end of that apex seeing a little bit of buyers right now
But this also validates our one-day MACD where you can also see we're starting to see less and less sellers
We can actually draw this on the one day, too
sellers are being exhausted, so
In that case in my opinion as these sellers get more and more exhaust as you can see here. We're gonna. Have a
More of a confident prediction on where Bitcoin is gonna be headed because as sellers start to decrease what happens is buyers
Will now start to come into the market seeing Bitcoin as a steal as a discount as an asset that is undervalued
And then once all that money pours in we'll see strong strength
And I think that's gonna happen once we can finally double bottom out at 5900
if not
Then the strategies to set up a strong stop-loss and wait out the market until we can find further patterns to go ahead and determine
Entry and exit points for the future now to transition into verge. Let's look at verge. Why is it up 20%?
Well, here's something. I'll tell you right now if you're following us on Twitter. We announced this on March 28th
We're actually posting news updates on Twitter
Constantly things that can move the market you can see here on March 28th to be posted this
spread it
Xvg verge had 61 retweets 100 likes and it pretty much said that
This partnership was gonna lead to a breakout and you can see how it's broken out 20% with their upcoming announcement of their major
partnership, and that's why
Fundamental analysis is also extremely important the best places to find fundamental analysis in my opinion would be telegram groups
Groups like ours staying up-to-date with YouTube channels that are on point Twitter
things of that nature not necessarily, you know these news stations
Or these news outlets that are really looking to get more traffic than actual knowledge and value out to their
audiences so looking at Verge's
Price obviously if you were able to take advantage of that good for you
Let's transition to the Bitcoin Lightning Network obviously all know about the Lightning Network
If you don't know it's a update meant to be put on top of the current blockchain of Bitcoin to enhance
Transaction speeds and then also help with scalability issues what's interesting about it is it's now surpassing Bitcoin cash
And they're also integrating it with litecoin
They actually have this little tip via lightning app that was just released here
And you can see how they have integrated Bitcoin and lightning payments on the Lightning Network
light point always being bitcoins little brother
But what's interesting about this?
More so in my opinion is it's surpassed the note count of Bitcoin cash as you can see and now bch is now less prevalent
than bitcoins lightning Network nodes and
VCH is also feeling that with its prices as you can see if we were to pull up bch here
It's pretty down right now down 5%, but if you look at its overall price level from this one-year chart
You can see how we are at these really low levels that we saw back around early December and even in late
November so it's gonna be interesting to see what happens the Bitcoin cash as lightning Network gets implemented
It's cool that they're actually making these integrations and these advances towards the Lightning
I wasn't sure this could be of something that could transition and transform Bitcoin into something that can be
Adopted by the masses because once again mass adoption is really what we're looking for it's here
And if you all are familiar with how a company or product can reach mass adoption
There's actually a really good book called crossing the chasm that talks about
The four phases of mass adoption it starts with early adopters it moves into innovators
Then there's the majority and then the laggards and the majorities actually cut into two pieces early majority and late majority
But we're currently in my opinion the early adoption phase all of cryptocurrency being the fact that the vitality you Turin's
the Roger verbs were really the innovators and the early coders of
bitcoin and litecoin and other coins
But now transiting to early adoption where we're seeing all these other projects concepts and things of that nature come out
I think that the Lightning Network is good
Definitely help Bitcoin cross the chasm from early adoption into early majority
Which is a very very tough chasm to cross and it's what most businesses
Will not be able to cross most businesses will fail within that chasm but in my opinion
cryptocurrency and the blockchain revolution is
so significant
And it's so revolutionary that with these implementations like lightning Network
It will most likely and almost most definitely see an early majority and a late majority phase
which is really where we'll start seeing institutional money come into the market and that's
When the whales come in and the reason I say that is because of the fact that
Bitcoin blockchain cryptocurrency
enhances our current
systems
So much to the fact that it almost needs to be adopted and what I mean by that is think about the early days of
The internet when it was all dial-up right we're in the early days of blockchain where it's still dial-up transaction speeds are low
Scalability is an issue and it's the same exact thing that the internet experienced
Early in its years, and then eventually was able to transition and mature itself to what that's become now as this huge
globalized platform
And I think blockchain is gonna follow the same suit in that manner now let's transition into our last story
Which is talking about my talib uterine proposing a possible hard cap for Thames at 120 million coins
this is a question that I'd like to ask each and every one of y'all to discuss in the comments below because
What do y'all think about having a hard cap for a theme does this also change?
the way that you look at other coins and
projects in terms of determining whether or not the max supply matter because it does to a certain degree depending on what project and I
Think with aetherium this would help
And I think it would definitely add intrinsic value to its coin because with limiting its
supply that allows for current holders to be
Confident with the fact that there's not going to be more of their coins printed
Just like the US dollar and inflationary issues that we have where US dollars are printed over and over again
It's something that we can prevent here as well by limiting the supply and you can see with this article
I'm not gonna go through all of it
But it talks about the exact supply being a ton
Twenty point two million and then also talks about how they typically had an open-ended policy where eighteen million
Ether were allowed to be issued every year, but now they're seeing this as a better
transition as they're gonna also transition from a
Proof-of-work concept of mining if they came to a proof of state concept where now you can earn aetherium so you can see here
They're saying that it's gonna ensure the economic sustainability of the etherium coin, and I think that's an awesome
Proposal by by talent and like I said if you have a good quarterback you're gonna get to the endzone
Whether you like it or not
It's a Hail Mary if it's a run you're gonna get there and in this case my talaq is making proposals
Bringing his project to fruition towards his vision, and he's not afraid to propose
Radical things like this in order to do that and I am very bullish about theory and long term
I think being one of the largest ICO platforms and D applications. There are it is gonna
Have a lot of sustainability long-term and a lot of development
Just like Microsoft and Apple did early on in its technology with that being said
Thank you all so much for watching by the way. I think we're gonna be a ton of comments about aetherium I understand
We've got us. We've got card dotto we've got all these other D application platforms that are good, but a theorems they're original
It's been around the longest and it's had the most use case so for now
We're gonna be looking at aetherium, but later down the road something come up like neo for example
And that could be the revolutionary platform so with that being said hopefully y'all enjoyed this video
Thank you so much for watching and like always
snipers out
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