If youre new were not going to waste any time this morning were going up right on into the news, were going to take a look at the chart, action and see just exactly whats going on with bitcoin. But first lets go ahead and jump right into the news, like i said, were not going to waste any time. Okay. So the first thing ive noticed this morning is the evergrande news. The flood over here with um chinas uh china fears trigger stock, sell off sinking, dow futures and crypto. Here we have as evergreen fears. Spook markets is ever grande defaulting. Is this the reason for chinas war against bitcoin does ever grandes 300 billion dollar debt crisis, pose systematic risk to the crypto industry? So were going to go over a couple of these news articles, but we got some bullish news. Guys amc adds ethereum and litecoin and also accepting payment in crypto at amc. So, in addition to bitcoin, amc well soon accept other cryptocurrencies for purchases. So you got to throw a little bullish news in there, but also guys over 60 south korean crypto exchanges set to suspend services next week. So were going to take a look at all of this and more next, so dont go nowhere and make sure that you hit that subscribe button. If youre new and join the community here, nice growing community of crypto lovers here and smash that like button for the youtube algorithm for me, it really does help out a lot.

I appreciate the support very much um. We will be taking a look at the price action as well and giving you guys my thoughts on that so stick around for that as well, but first lets go ahead and check into this evergrande news. Okay, so let me know in the comment section down below what you guys think about this: have you heard about this? Have you read about this already this morning um, but lets go ahead and check it out all right, guys. First lets go ahead and take a look at this article over at cnn business um, five things to know about ever grande the chinese business empire on the brink, so lets go ahead and first take a look at that. Let me get rid of this and um were going to go ahead and take a look at this. But it says here the troubles of chinese concluding rent evergrande have dominated headlines after it warned once again that it could default on its astronomical debt because of a crash crunch. Experts have characterized the firms struggles as a major test for beijing that risks. Turning into chinas layman brothers moment sending shock waves across the worlds second biggest economy this week could be critical for the company. It was supposed to repay interest on some bank loans on monday. According to bloomberg, the news outlet recently reported that chinese authorities have told major banks that they wont receive those payments. Okay, so chinas like all right.

We owe you some money, youre not getting it though youre not getting it okay, so guys like. I said this is a big slump in price right. We had, we have seen a big slump in price, were gon na. Take a look at that next, but guys im gon na explain to you why i dont think this is is a huge thing to be worried about fud happens all the time. Fud happens all the time the price drops at the moment. These news articles come out guys, but the fundamentals are still the same for cryptocurrency and bitcoin lets continue. So what is evergrande evergrande is one of chinas largest real estate developers. The company is part of the global 500, meaning that its also one of the worlds biggest businesses by revenue, or at least, was right listed in hong kong and based in the southern chinese city of shenzhen. It employs about 200 000 people. It also indirectly helps sustain more than 3.8 million jobs each year so guys this is pretty big. I mean thats 3.8 million jobs each year and employs about 200 000 people. The group was founded by chinese billionaire, also known as hua kyan and in cantonese im, going to pronounce it in cantonese because thats easier than the other than the chinese name. Who was once the countrys richest man ever grande made its name in residential property. It boasts that it owns more than 1300 projects and more than 280 cities across china, but its interest extend far beyond that outside housing.

The group has invested in electric vehicles, sports and theme parks. It even owns a food and beverage business selling, water, groceries, dairy products and other goods across china, so just just all over the place um in 2010, the company bought a soccer team which is now known as guanza evergande. That team has since built what is believed to be the worlds biggest soccer school at a cost of 185 million dollars to ever grande. Maybe they got a little out of out of control here, maybe maybe thats why they cant pay back their bank loans. I dont know man, it seems like theyve, been doing a lot here um here we go. How did it turn into or how did it run into trouble in recent years? Evergrandes debts ballooned as its borrowed to finance its various pursuits. Like i just said, maybe it got in over its head just a little bit. Maybe you guys over here at evergrande, got in over your heads just a little bit so um their debts have ballooned as its brawled too much to finance its various pursuits. The group has gained infamy for becoming chinas most indebted developer, with more than 300 billion dollars worth of liabilities over the last few weeks, its warned investors of cash flow issues saying that it could default if its unable to raise money quickly. That warning was underscored. Last week, when evergrande disclosed in a stock exchange filing that it was having trouble finding buyers for some of its assets so guys this is just one thing here.

One thing out of a big picture: guys one thing out of a bigger picture: um, you know, like i said: the fundamentals around bitcoin, the fundamentals around cryptocurrency and blockchain have not changed. This is basically just some big conglomerate over in china. They got way in over their heads and cannot pay back their debts um, so some of their investors are panicking and people are probably selling off. Due to this, okay, like i said, fundamentals have not changed. Nothing has really changed as im. Making this video bitcoin is still seeing a nice little drop um, but were gon na. Take a look at the daily chart here in just a second and im gon na point. This out right here, im gon na point out. The moving averages im also gon na point out this um possible possibility here that i have drawn in and ill explain this little target thats down here as well, and why i think thats even also a possibility before we continue on up towards the end of the Year, stick around now. I would like to take a look at this article as well, because this is also somewhat of some more fud here coming from south korea um its uh saying next week, so guys this was published on september 16th um. It is currently the 20th guys, so this was published on september 16th was updated three days ago, so south korean six, over 60 south korean crypto exchange, is set to suspend services next week, um.

Now, if that was the 16th that is talking about this coming up week, now, okay, so this could also be another reason that you are seeing somewhat of a sell off, because people might expect prices to slump as 60 cryptocurrency exchanges in south korea must notify. Customers of a partial or full suspension of trading by friday midnight a week before new regulation comes into effect, so you have new regulation in south korea coming into effect. You have regulations in the united states trying to um crack down. This is a an exciting time. In cryptocurrency, i must say guys to continue operating. Exchanges must register with the financial intelligence unit by september 24th, providing a security certificate from the internet security agency. They must also partner with banks to ensure real name accounts, so this isnt exactly a bad thing, guys um over in south korea. This is actually somewhat of a a good thing. Um, like i said, some regulation is definitely needed in the crypto space, just so that more people and more potential investors will feel safer to invest and bring new money into the crypto space. It says exchanges that have not registered must shut down services after september 24th, while those that have registered but failed to secure partnerships with banks will be prohibited from trading okay. So there may be some exchanges if they do not comply, they may get shut down and we also have some exchanges that will still be prohibited from trading.

If they fail to partner with the banks, the bankers, the banks – are getting their hands. Theyre theyre twitching, guys theyre twitching, theyre theyre their thumbs are fiddling theyre itching. They they see whats about to happen with cryptocurrency and theyre, trying to get in as quickly as possible and secure these partnerships before this just takes off without them right thats. How i feel about it? Nearly 40 of these exchanges are set to suspend all services a further 28 have security certificates, but have not secured bank partnerships just four upbeat bit hum coin one and corbett have registered and secured partnerships, and so will be allowed to make settlements. One settlements, some smaller exchanges, including pro bit cash arrest and fly bit, have already said they will end one trading and that they will continue operations involving only digital coin trading until securing partnerships with banks. Okay, so this may not affect things as much um, because it appears here that the only thing that will be different is they wont, be able to trade with the one, but um theyll still be able to interact with other digital tokens. Okay, so not so much of an effect as this fudd from the evergrande news right so were going to take a look at one more article here and then were going to take a look at amcs news that they will be accepting cryptocurrency and then well. Take a look at the price section, really quick, all right, so i want to take a look at this quick article over here at stockhead.

com.au. So this must be an australian website here. Um, but lets go and take a look. It says: crypto bitcoin drops two thousand dollars in 30 minutes as ever grande fears, spook markets. Once again, some more like i said, fud guys, fud um, all right so fell for bitcoin fell four percent in less than half an hour this afternoon as risk assets around the world drop on fears over fallout from the looming default of chinese property developer ever grande. Bitcoin fell from forty seven thousand two hundred to as low as forty five thousand two hundred within an hour mirroring a plunge in australian and asian equities and u.s futures, so its all dropping guys all dropping, but you can see look at this um well. Well. Take a look at the price section in just a second: this is a risk off move city index analyst tony sycamore told us biz tv this afternoon, weve got the third leg of a correction playing out currently third leg of a correction looking at it through an Elliott wave framework sycamore predicted that bitcoin could drop as low as forty thousand give or take one thousand before heading higher guys. I have been talking about this look at this see my trend line here at what 41 000 at 41 000 guys. Also, if we take a look at this chart, where does this get us? This gets us all. The way down here to 32 000 were going to take a look at that in just a second, but i do have a trend line at 41 000.

I also have potential support that could play out at around 42 000.. Well talk about that as well, but lets go ahead and continue here see what they have to say. I still like bitcoin in the bigger picture me too. So this, for me, would be a corrective pullback within an uptrend. He said its a phenomenal buying opportunity for bulls. Sycamore said, although adding that people who are already long crypto might not be as happy, he was predicting another four or five percent drop, perth based, think markets. Analyst carl cappalungia tweeted that uncertainty over evergrande and losses from hong kongs hang seng index were leaking into crypto markets. He also saw bitcoins long term uptrend intact, but the short term momentum has been lost. He wrote he recommended staying out of the market until bitcoin had climbed to 48 800 or dropped to 42 500 or so, and you can see his chart here and some of his support levels. He shows his support level here at forty two thousand five hundred and eighty two um hes got also some areas to pay attention to here. Lets go ahead and take a look at the charts and see what we can figure out here in the chart. So, first of all, the first thing i want to do is throw it on the daily chart. I just want to point out if we zoom in here guys zoom in on the daily chart you can see.

Currently we are bouncing here. Try attempting to bounce here on the daily candle at forty four thousand dollars: okay, thats right here at your moving averages guys. You know everyone was talking about this cross right weve had our cross moving at a bullish cross here and look whats happening. Some fud comes in and is shaking, can you imagine the people that are being shake shooking out right now or shaking out right now? Can you imagine um now ive had this in here for some time this little this little line here, because ive expected that if you know we come down, we break 44k. The next level of support, in my opinion, is right down here at about 41 000, which that that goes coincides perfectly with um. What uh carl here was mentioning in um. It goes perfectly with what hes mentioning in his article talking about um forty thousand, give or take one thousand right. He said forty thousand could drop as low as forty thousand give or take one thousand. So this would line you up nicely here with forty one thousand um anywhere between forty to forty. One thousand ive had this line drawn in here, because that is a drop that ive expected to possibly happen before we continue to the upside. Now i do have this little target down here, thats down here around thirty thousand to thirty two thousand five hundred guys. That is still a possibility. In my opinion, too, we could still come all the way back down here and retest this support and then bounce right and then go ahead and continue our way on up to the upside towards the end of this year.

We dont necessarily have to come all the way that low, but that is a possibility to keep in mind. In my opinion, what im paying attention to is the same thing carl over there is paying attention to guys oops um, this 40 000 to 41 000 mark here, based on this previous resistance back here, does make sense to come back down and re test that for Support and if you break 44k here most likely, you could expect support down here around 40 to 41 000 and then a nice bounce um. So we can drop it over here to the four hour chart and take a look at the shorter term as well. Also, once again, 42 000 right here – guys two thousand oh carl – over here he says – support at forty two thousand five hundred. Let me just look and see um. Forty two thousand five hundred would be about right here. That makes perfect sense that lines you up over here perfectly. Let me drag this over here anywhere between forty two thousand and forty two thousand five hundred, which is where i have this purple box. Forty two thousand to forty thousand 500 is right here, where i have this purple box and that lines you up perfectly with this previous resistance and this previous shoulder top over here in bitcoins price, actually, im just going to drag this circle up here to circle that Whoops, let me put my line back where it goes.

Let me just go and put this right here, guys this. That would line you up perfectly with this previous top from back here. So, even if bitcoin drops as low as 40 to forty two thousand, we are still okay, guys, like i said the fundamentals have not changed, nothing has really changed, were seeing a little bit of fun. Ive been talking about this. You know a decent little drop down to re test um this previous shoulder and resistance over here for support as well ive been talking about that for a little bit, um ive been expecting us to see a drop after this push up after this breakout of this Pattern that we had back here, you know we came up. We hit perfect resistance near 52k, which was perfect resistance. That was to be expected. That was this previous support level from back here we did hit that nicely here and now were seeing a pullback guys, its just a healthy correction. Here we could honestly pull back a little bit more, like i said, check out 40k to 42 500.. These are areas you could pay attention to. Of course, like i said in this chart over here, i do have the possibility of us coming all the way down to around 32 500 to re test some of this previous support back here. That is just the super bearish case. Okay, we dont necessarily have to come that low thats, just a target to keep in mind for a bounce.

Okay, hope you guys enjoyed this quick update. I had to bring this to you very quickly guys before i get ready. This morning, just to point out some of the news headlines point out some of the fud and remind you guys that the fundamentals around bitcoin, the fundamentals around cryptocurrency have not changed were just in a very transformational time. Right now, guys um. As you know, adoption is happening, countries are adopting, bitcoin regulations are coming, we we are just in a very transformational very transformational time guys. So definitely definitely if youre new to the channel and you love cryptocurrency and you want to stay up to date with this kind of stuff drop. A comment in the comment section down below. First of all and holla at me, and let me know um how long you been in crypto whats your favorite thing about cryptocurrency, but make sure you hit that subscribe button and smash that, like button before you head out, do appreciate the support very much.