Thank you for joining me. So in today's, video we're, gon na be talking about bitcoins price and, bien sûr, the massive crash that we've seen in not just Bitcoin but in all crypto currencies. En réalité, even USD T was down a slight percentage today, but considering that's a stable coin, it's not meant to happen, so we are going to talk about the market we're going to talk about what caused all of this was it coronavirus? Was it OPEC vs. Russia, or could it be? A Ponzi scheme called plus token that's done the damage let's go and take a look at Queen 360s, see what's happening in the market. First then, we're gon na look at the chance for Bitcoin and we can ounce the most important question, which is: are these losses going to last and what can we expect moving forward into the following week, so over here on Queen 360? You can see the market is completely red. Like I said in the intro there, even USD T is down by 0.5 3 – not massive, I know, but it is meant to be stable coin. Of course the price of USD T is going to stabilize soon. Il fait toujours, but the point that it's down is just show you how extreme this crash in the price was over. The last two days in today alone, we've seen further loss of seven percent on bitcoins price. Aetherium is down by nearly 11 percent XRP by 6 point 18 percent we're seeing big losses in the market and to be honest with you, I'm, not sure.
If we can see any real positive changes to the markets anytime soon, so let's go and take a look at the actual 7 day performance here, and you can see massive losses for a lot of coins 30 on Bitcoin in total 16 on aetherium, just under 16. On XRP all those games that we saw back in February, while they are all properly gone now, we have really retraced and when we go over to the actual charts, you'll see that the retracement is almost complete. So let's switch over to trading view and have a look at what's going on here now before I go any further guys. I am gon na give you an analysis of Bitcoin on trading view here, but before I do that, if you are new to the channel, please make sure that you subscribe and, more importantly, like this video and put a comment down below right now. You can see that the price has broken down below that green line. I'Ll explain what all that means, but if you think bitcoins price is going to head down even further or you think we're going to see some form of a bounce, then let me know in the comments down below when you comment like on this video. It helps it in the algorithms do appreciate that, so that would be great if you could do it, and I also like to hear what you guys think about Bitcoin and the market overall.
Maintenant, if you've been following the channel for a while, you'll recognize this channel that I've drawn out here on the charts, it is a bearish channel that was actually holding up very, very well for Bitcoin from the end of June right up until the actual breakout at The beginning of January now it was a proper breakout from that channel that we experienced moving in towards the end of February, mais 10500 proved to be a resistance level, just a bit too difficult for Bitcoin to actually get above, and we saw pullback on the price And this pullback actually occurred very very soon after we saw a golden crossover of the 50 day and 200 day moving average, so we should have really seen typically a breakout above 10500 and a continuation of the bull trend following that signal, toutefois, it hasn't happened. le 10500 has caused a pullback. Now the pullback looked like it was almost complete, as it came in at around 8300, but as it headed back up 9500 again proved to be too difficult. And now, with the recent kick that it's taken from the overall markets, we could see the price has plunged now. If you are somebody who's been following us, you'll know. Last week in the video I did say that there was a real risk that we could return to the bear trend, and this was before all of the coronavirus panic hit the market this week and the reason I said this was because I identified what I felt Looked like a new head and shoulders pattern emerging, and you could see here the price hit nine thousand two hundred dollars it pulled back.
We then saw it head up to create the head and then, if you look here, we've had this second shoulder here and a collapse of the price. Now the price has retraced and brought itself back into the bearish channel that we were in prior to the breakout. In January, if we bring in the Fibonacci retracement tool, you can see here from the breakout to the top. We are now resting on the 0.786 Fibonacci level and actually it's pretty nicely on that level and also wanted to point out that that level also corresponds and I'll just remove this so it's easier to view. But that level also corresponds with the support zone of seven thousand seven hundred dollars back here in September last year and that September in October of last year. But it was also significant resistance. Just before our breakout, during the consolidation phase in November December and the beginning of January now, where that actually leaves us right now, is expecting this to provide some form of support here between these levels. Let me just change that to green, because it is our support zone and we are looking basically at between 6800 and the current point here of 7700. This, I believe, should provide some support and I'm imagining. We will see some accumulation in this zone right here. That is, bien sûr, if the overall markets begin to recover. Bitcoins price, I always hoped, would be a hedge against economic design, and it certainly seemed like that in other countries, but now that these economic problems are here in the West, it does look a bit more.
Like Bitcoin is not quite there as a hedge against those disasters and we're, seeing act pretty much in tune with the SampP 500. So I am concerned that if the overall markets don't recover, we will see a return to this bearish trend and I do think that if that happens, and this support zone is broken, then we could even be heading down to somewhere around five thousand seven hundred dollars. Though I don't expect it to be a massively quick decline, I think we'll see some accumulation in this zone and then potentially a break down to the bottom of the channel now we're gon na. Rappelles toi, bien que, that, fundamentally, the halving is still due to be happening. That'S not changed and there are things going on like regulations, and there was recent announcements in India about crypto currencies and Bitcoin being accepted, so we do have good news about Bitcoin, which I'm hoping should at least stem the bleeding from the market. bien, we might see, is some accumulation and ranging in this support zone and then, as we approach the halving, we will see a breakout and hopefully a real bull run now that what are the reasons why this has occurred? bien, as I showed you before, we were looking like a Head and Shoulders pattern was forming anyway, so there is that, but also in previous video, I did talk about our after a Gordon crossover, usually there's a pullback of about 50, bien que, with that pullback we didn't Ever see it happen so soon after the crossover occurred and we didn't see that pullback actually bring the price below the 50 day and the 200 day moving averages.
So this is fundamentally different from those previous examples, which is why I am being cautious about my prediction. On bitcoins price movement, à présent, while there is a lot of talk about coronavirus and that definitely is spooking, a lot of people and a lot of people in the markets, traders are getting concerned about what effect coronaviruses gon na have on our economies. Now there are people pointing out a Ponzi scheme called plus token as being a contributing factor to the pullback in bitcoins price, and while I believe that it is definitely a contributing factor, I don't think that this is the main cause of this pullback and the reason I say that is because it is too well timed with the overall market movements and with the issues between OPEC and Russia, which we'll talk about in a moment now. If this Ponzi scheme called plus token, there were 88 million dollars worth of Bitcoin sent to a mixer account. Maintenant, if you don't know what mix of counties, it is basically a service that will mix up people's bitcoins in order to help mask the actual transactions that are done of them and to help hide the identity of people who own those bitcoins. And this is used by you know not just criminals, bien sûr, but it can be used by people who are concerned about privacy issues and things like that. But it is a very convenient service for people who want to hide and you do illicit things with Bitcoin.
So the fact that it was sent there is a sign that the Ponzi scheme are looking to move their funds and to potentially sell them off with 88 million dollars worth of Bitcoin it's not like. They really need to wait till we get to 100000 Bitcoin for them to be rich. So maybe they saw this opportunity with the markets as a way to kind of smokescreen their sale of Bitcoin, because most people will be going. Oh, this has happened because the markets are crashing rather that it being because perhaps somebody's doing something dodgy. It certainly would take the heat off of them if they are trying to actually sell their bitcoins and get rid of a large amount all at once. Cela étant dit, bien que, don't think that this is enough to have caused the pullback that we heard, and one of the things that we saw was the saw as the price dropped below eight thousand dollars over two hundred million dollars worth of Long's were liquidated over on Bit Mex alone, and in fact, as the article says here, on BMX they've, had over 500 million dollars worth of big wing. Lungs actually liquidated in the last two weeks. Markets are spooked by coronavirus right now, and it looks like they've had some other things happening to create more panic in the market. The US stocks actually fell by 7 percent today, and the market had to be put on hold they put in what they call breakers to stop panic selling.
Now a lot of people are saying this is because of coronavirus fears, but a lot of it had to do with a breakdown in an alliance between OPEC and Russia. Now this agreement and for those who don't know, OPEC is a organization that represents oil producing, come countries and they had an alliance with Russia and agreement in place with Russia to work together, and this broke down in talks recently, and it led to a complete crash In oil prices, in fact, a barrel of oil met, went to its lowest price in over 30 années, thanks to what's now a trade war between Saudi Arabia and Russia of oil. But the reason why this happened is not because of coronavirus and in fact, it's funny enough it's not to do with Russia vs. Saudi Arabia, although it's turned into that what it really comes down to is Russia's struggle against America. When it comes to trade, we look at this article here you can see Putin dumps OPEC to start a war with America's shale oil industry. Now OPEC wanted the Russian government to actually reduce its production of oil in order to stave off some of the effects. The coronavirus was having on the markets now Russia didn't want to do this, because of that concern was that if they actually reduce the production of oil, it would end up benefiting America's oil industry and they weren't prepared to do now by breaking off their agreement.
It caused a panic in not only the markets but with Saudi Arabia. This resulted in the price of oil actually plummeting and then the actual trade war became between Saudi Arabia and Russia. Though America were the targets of this disagreement. Maintenant, where does this actually leave? Bitcoin I'm, hoping that this was just a knock on effect of the overall conditions in the market and I'm, hoping that some new agreement is able to be found between Russia and OPEC, and that this fight between Saudi Arabia and Russia over oil prices is able to End if we see that we should hopefully see some recovery in the overall markets and, bien sûr, with Bitcoin as well now, if it turns out that plus tokens actual selling of 88 million dollars worth of Bitcoin was a contributing factor to this crash, then we're also, avec optimisme, going to see recovery in bitcoins price now that that has happened and that hopefully their sell off is ended, we could see the price recover. finalement, from that, I do think that we're more likely to see the price now range and accumulate up until the halving as long as the overall conditions in the market start to improve then Bitcoin and the rest of the crypto market will now. What do you guys think? Do you think that bitcoin is going to crash out completely or are we going to be seeing a recovery in its price? Very very soon. Could this be the last buying opportunity before the halving? Let me know in the comments down below and as always, ce n'est pas des conseils financiers.
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