What can I say, the market has completely gone into freefall. We'Ve seen Bitcoin lose 27 percent in just a matter of hours. To be perfectly honest, I was feeling pretty bearish about things, considering everything going on with coronavirus and all of the rest of the stuff in the actual news, but I didn't expect it to drop this much and this rapidly. I did say in the previous video that if that support level which I'll talk about when we look at the chart was to fail, then we would see the price head to the bottom of that channel again and return back to the bearish trend. So it looks like that process has been completed and now bulls and bears are fighting over whether we stay above 6000, so who's gon na win that fight well we're gon na take a look at the charts we're also going to talk about the news. What has caused this catastrophic drop in bitcoins price, donc, first of all, let's take a look at Queen 360. Ici, it is depressing to say the least. Everything is in massive massive decline, Bitcoin down 21.8. En ce moment, like I said it did drop 27 percent at one point today, aetherium twenty eight point, four four percent loss, one hundred and forty dollars per coin, XRP down to just 15 cents. I mean you, as you guys know. I do trade so with my actual trading account, I was pretty much prepared for these big losses, but the crypto Pig as a team do have a lot of these coins actually held for long term investments.
So seeing this amount of value being wiped out from our actual accounts is pretty scary, though remember those are long term Holdings, so we're not panicking over it, because we are looking at those accounts for the long term. If we quickly take a look at the seven day performance, you can see here how bad this week has actually been. This is been pretty disastrous for Bitcoin. We are now looking at 31 in total for this week, 37 percent in total. For a theory this week the numbers are really really shocking. This level of a pullback was not expected. This week I said to you, when we taught last week that we could see it happen, but I didn't think you would actually go this low, so what's gon na happen. Next let's go and take a look, a Bitcoin over on the charts to see what we're. Looking at here – and you can see here while we're talking, the battle is actually raging between bears and bulls right now, donc, as you could see in the previous video and in fact two weeks ago, I said to you guys, watch out for this key level here. It was around nine thousand and two hundred dollars to nine thousand five hundred. I said we need to be really wary here, because what we were seeing was what looked like a head and shoulders pattern developing and, bien sûr, that completed in the last video I said to you look guys we could be looking at more losses and we brought.
I brought in this support range here for you guys to consider that this was a pretty strong support zone, but he did not last resume in here. You can see that this support zone lasted four days before completely collapsing out today and now we have broken right below all of these support levels and the price even dip below the previous channel that we had been trending in prior to this breakout in January. The so, as you can see, it's had a massive effect on the moving averages. It does look like the 50 journée. Moving average is about to head back down if things don't change very rapidly, we'll be looking at a deaf cross on the 200 a and the 50 day moving average just weeks after actually having a golden cross over something that doesn't normally happen and to see the Price plummet this much before having as well is really really unexpected, as you guys know in previous videos, I've been talking about how, after a golden cross over typically we've, seen pullback in about 50 pour cent, so sample back was expected, but this is unprecedented. En réalité, I do think that this is a very, very bearish signal: it's, not bitcoins fault, it's, not our fault in the community either. This is down to the overall market conditions and, bien sûr, the biggest of cause of all of this coronavirus and the panic that's been actually happening with regards to that let's move over to the one hour chart, so we can get a better idea of what we're.
Looking at here now, as you can see, the price had been ranging above this support, zone and he'd, been doing pretty well they're, holding up quite nicely up until literally last night, the price just plummeted and at 10 o'clock this morning we saw a massive dump in The price that's kept a measure tool and it was a massive dump of twenty four point: Trois, two percent, all within one single hour. Now you can see here that there is a battle between the Bulls and the Bears. While my series, you might see some retracement now in the price and might see an increase in the price over the short term and that's, literally just because of people having buy orders in they've just been triggered. But panic selling is going to be a factor. Now guys you are gon na see people selling out in panic. Nothing in the overall market has changed. En réalité, things are getting worse there, which is why if this was just isolated, a Bitcoin, I would be more positive about things and, I would say, look we're. Probably gon na see some ranging, and maybe the price will head back up as people sort of take advantage of the lower price. toutefois, with the footsie 100 hitting its lowest levels since 2012, I actually don't see that happening anytime soon. The overall market is going to suppress Pickering's price and it's, going to cause probably even more losses as we move forward.
The link between the actual financial markets and Bitcoin can't be denied. At this point, we are seeing the rest of the markets have an effect on Bitcoin, but it's also worth pointing out that it's had an effect on gold too, so it isn't exclusively an issue with Bitcoin as a safe haven. Investment. Part of that is to do with coronavirus. Definitely the market is scared, but it's also to do with the trade war in oil prices, but Saudi Arabia and Russia that's got to be considered too, but the news obviously last night was that America was going to be putting in place a travel ban on the European Union that travel ban is for 30 days and, bien sûr, that's had a massive impact on the markets and then to add to it. We'Ve also got news that Ireland have put the country on a complete lockdown as well, and schools colleges, childcare facilities are all being closed, so it's gon na have a massive impact on the economy now, but with Britain there's a lot of anger. Unfortunately, the UK government doesn't appear to be moving fast enough to try and contain and delay this. There is a meeting today with Boris Johnson it's, going to be doing a meeting about what our next stage will be. It'S expected that we will also enter some form of a lockdown, but news of reporters are saying that we're, probably not going to see that happen with schools until the 20th that's a full nine days from now before they actually decide to actually close schools down.
So people are angry: they don't think that the government is moving fast enough or taking this seriously enough, this, je pense, is actually causing more panic than if the government were to just take decisive action right now now. Another reason why Bitcoin took such a big hits is also because of this statement from the CME Group that was released yesterday, and it was to say here that the CME's trading group weren't going to be shutting the trading floor as a precaution against coronavirus. This caused some panic in the market as well. People were saying that CME's were going to shut down. Bitcoin derivatives, markets or futures contracts were going to be closed down because of this, but actually it turns out that that isn't, the case it's just the chicago trading floor, that's closing for business, not the products that actually are being run on CME Globex. So this was a bit of a flash in the pan, that kind of worry for people and, bien sûr, it's had and also had an effect on the price of Bitcoin and effectively the rest of the currency markets. The actual shutdown is just the old school trading floor, not the products that they actually operate, mais, bien sûr, it's too late. That news came out yesterday. It caused the panic and we've seen that have an effect and play out on bitcoins price too. So the big question is what is going to happen next? What could we expect from Bitcoin – and I don't have very big hopes – herma frayed right now to be honest review.
We are heading into recession. I do think that this whole situation with coronavirus is going to be the catalyst for that to actually occur. I'Ve said on this channel a number of times that we've seen, especially with European countries like Germany, that the countries have already been on the brink of recession. For literally months – and I think that this coronavirus situation is going to be the triggering factor, the tip swings over the edge. So I do think that we're in for further losses in the markets, how Pickering responds to that I'm, not too sure right now. I do think that what we'll see is people will sell off their Bitcoin because at the end of the day, if you need access to funds – and you have Bitcoin that maybe what you sell to actually survive. If that's the situation you're in. But one thing that I think we should take into consideration here is that, up until this year, the stock markets have been in an 11 année. Bull run a bull market that lasted longer than any other and Bitcoin was on its way to recovery. So this could be the opportunity if you're, able to and you'd have the money to do it over the next few months. This could be your buying opportunity. You could be looking at more Bitcoin, you could be looking at other cryptocurrencies and you could even be looking at buying into stocks, because these prices, bien sûr, are going to be low for a little while, while this situation works itself out, but eventually we will head Back to some recovery, this is a temporary problem, coronavirus isn't, a long term issue once it's under control.
As soon as a vaccine is developed, we will see things start to improve and, bien sûr, markets that were spooked by the coronavirus will start to gain more confidence. As the situation is resolved, so this could be your opportunity if you have got money on the sidelines to get in on some of these coins and on some stocks for some of these businesses out there that actually were out of reach because of the huge gains They'Ve made over the last 11 années, but of course my main advice to you. Guys, bien que, would be to make sure that you have enough food, water and stuff stocked up and that you have enough money to pay your bills before you go buying up loads of stuff for a long term investment right now, at the end of the day, this Is actually a real situation we're dealing with, and you guys do need to, bien sûr, to take care of number one yourselves and your families first, so with bitcoins price, I think we're gon na see more losses. To be honest with you, I think that this whole situation is kind of now out of our control, and I think that it's something that we you know. I don't even think that charts and technical analysis are gon na, be able to actually predict what's going on with bitcoins price moving forward. It is actually an external force that's actually affecting the prices of these assets, that if we switch back over to the chart just before we finish up this video – and you can see here that that sort of quick recovery that we were seeing there, the the pullback – Has already been crushed by the Bears and that's in the space of just filming this video of you guys, so I would say guys: don't panic sell your Bitcoin right now I mean if you're looking at long term holding this is effectively a flash in the pan, But do make sure that you look after yourselves and look after your families and and the best bit of advice I could give you is to make sure you wash your hands alright guys.
I hope that you will stay safe and, bien sûr, keep an eye on the markets. Join me back here for more videos over the next week. My next video is gon na be a little bit more lighthearted we're gon na look at a video game called light night, a battle, royale game, that's actually built on Lightning Network for Bitcoin, and you get rewarded in big win for playing the game and if you're Gon na be on lockdown well, it might actually turn out that it's worth getting in on that game, because you'll have a lot of spare time. I gave something a little bit lighter to watch, then all this doom and gloom anyway guys as always. This is not financial advice.