As we can see, we have gone down dramatically in prices now today, well be covering technical analysis as well as fundamental analysis on bitcoin ethereum and some old coins as well. So you guys are in the loop for everything and you know whats happening, so what i would say is dont panic, watch the video throughout and lets get straight into it. If you guys have any questions, let me know and down in the comments and the question for you guys to answer in todays comment section is: do you think this china fudd will heavily affect the market? Will we go lower because of it or do you think? Well be able to recover straight away anyway. Let us know in the comments lets get straight into it, like the video. If you enjoy subscribe to, the channel, help us get to 200 000. Subscribers were so close now and lets get straight into it enjoy, so the market has gone down once again, and this is unexpected again, but it is fueled for fundamental reasons and well be covering them today, as well as some technical analysis on bitcoin and ethereum. Just because those are the main ones to focus on whilst the market is in this state, so right now, weve got bitcoin just barely above forty, two thousand dollars at uh. You know down four point: four: five percent on the day weve got ethereum just under 2900 down seven percent on the day down 16 on the week and uh, and it is really really tough to see.

Obviously, because we did think things were going to be going on up and up, but unfortunately china has come out with some big news which has ruined things a little bit for the crypto market for now, but lets take a look at the biggest gainers. At least we do have some coins. Weve got ren up. 27 weve got seto up, 11.5 percent teslas up six percent, but it tells the biggest losers. We do have huobi token down at 21. We have ok x down 16 and im guessing. That is because they are primarily chinese centered companies. Therefore they are taking the biggest hit. Based on the news we have stx down. We have some other ones down as well, so its a really interesting time right now for crypto, but we do have bitcoin dominance at 42. Weve got ethereum dominance. 18. Now lets get on to the news. So bitcoin drops 2k as china declares cryptocurrency related business illegal, and this, of course, is huge huge news. I mean we know that china has been uh. You know not very keen on cryptocurrency in general and uh. They have made it very clear by banning things in the past, but they have strengthened their anti crypto stance on friday uh today. By saying, you know basically that anything to do with cryptocurrency business wise is now illegal, so the peoples bank of china has said bitcoin ether and stable cointeller do not qualify as legal tender and cannot be used in the cryptocurrency market.

The central bank declared all virtual currency related activities illegal, including derivative transactions and overseas virtual currency exchanges serving chinese residents, so its you know its quite extreme, this guy theres not anything to uh kind of take lightly. Unfortunately, uh china was a big big market for cryptocurrency. In general – and this is not good news but uh – this caused bitcoin to fall down to 42 000 and you know ethereum to fall further as well. We are seeing a little bit of a bounce back, hopefully but uh yeah things are not looking great but well get into technicals. Now, just so, we can put a different perspective on things, so we have the fundamentals which obviously arent great. However, that wont be enough to keep bitcoin and ethereum down forever. You know that we will have a nice resurgence hopefully, and if we go into the four hour chart here, you can see we do have. You know this trend line that works better on the daily of course, but we do have a somewhat of a trend line being respected here and on the four hour we can see, we have come down into this area of demand. Weve pushed away weve broken above forty four 000, and that, for me, was actually a very, very bullish sign now. The reason for this is by breaking this high. It means we are meant to be going higher right here, and we have this level now which is being tapped into as another area of demand.

On top of this area of demand – and i actually expect us to push out of here up towards 44 000 again soon now, if that does not happen, if, if we break below ‘ 000 or so, then we might be in a bit more trouble. However, for the time being, i do see things moving upwards, a little bit to 43 44, 000 uh, just based on technicals alone. Obviously, fundamentals can come in and crush that again like they did before. But for the time being, you know we are looking to have being recovered a little bit, so that is nice to see so in terms of bitcoin in terms of targets. You know i am saying this could look like a decent spot to start accumulating more. Please dont say that as financial advice, its just my opinion, but from what i can see, that does look to be the case now. On top of that, we can go down to ethereum and ethereums got a very similar thing on the daily chart. You know we do have somewhat of a downtrend um on the trend line. However, on the four hour chart, we again we did break above this level here which, to me, is a bullish sign. We have not broken down below this level of demand, which is you know, 2650 or so up to 2850, and we seem to be recovering from this level. So as long as we can break above kind of 3200 again, that is when we will see some really nice levels start to go.

So that is good to see for ethereum and in terms of targets for ethereum, i mean again id be be a little bit. Hesitant and trading it right now, but i would look towards on the daily chart. I look towards 3371 up to 3550 as a key level for ethereum right now and if we can make it up, there then well probably see a little bit of a retest. A push up break this trend line and then hopefully go up further to 3800, 4000 and beyond, so back to bitcoin as well. If were looking for a target, i am just going to say up here: is a nice level of supply, which is between 47 000 and 48 000. We may see a slightly longer term target up to there as well, so that is bitcoin and ethereum. Now were just going to cover a couple of old coins here, because i know you guys are very keen on all coins. Now, please remember old coins. When markets are falling like this, they are susceptible to falling a lot more than bitcoin and ethereum. So do be careful when trading them, but we are going to start off by taking a look at chain link because you guys requested it and you can see we have this clear, downtrend on the daily chart. But we do have this level of demand over here. Around 18 19, but it does seem to be that we are reacting to this level of support and resistance right now, uh, but as long as we stay above 21 or so then we should be fine and we should see a nice break of the trend line.

However, we do come down lower. This would be the next level id be looking at 18.50 to about 20 dollars. So that could see us push through break the trend line and push back up to 30 plus dollars and another one you guys want to see was solanus now solana on the four hour chart. We had this level of demand here and we tapped into it perfectly. We pushed to the high of this trend line weve been in a downtrend channel right now and uh. I personally think we will break out soon. I mean the next level for things to really pick up at is here on the daily chart, but if we dont, if we do just pop out of this trend line right now, we could see ourselves get back up to 200. Very very shortly. Now v chain is another one. You guys want to see and you can see we came out of this. You know kind of wedge pattern here. Obviously the first one was a nice push, but then we saw a big resistance of this time. A break of structure and then a further continuation of the downtrend, so thats not ideal, of course, but, like we said with the other coins, as long as we dont break down below this low, we havent continued the downtrend and things should be okay. So as long as we can start recovering from this area, weve hit here, which is a perfect level of demand, uh, we can start to push up a higher.

I would look at you, know, 11 cent as the next key level and then beyond that ill probably take a look at 14 to 15 as another target, so those are just some targets to keep in mind and finally, snx or synthetics network token is another one. You guys have been requesting, so we will take a look at that. You can see again. We have this downtrend forming uh. On the four hour chart. You can see weve tapped into some levels of demand over here, but for the most part i would like things to stay above nine dollars as long as they do that ill, be okay in uh trading it maybe dollar cost averaging is the best way to go In terms of targets, i would take a look at kind of the 12.50 to the 13 region for the next target to the upside, and that would be what id be looking for. I would like i said: dollar cost average or maybe wait to see if we do break down below nine dollars, because if we do, we may see an accumulation range down at 8.30 or so anyway, guys. I hope you enjoyed the video dont panic too much. You know there is obviously some big news here fundamentally but im sure itll iron itself out will be some kind of further production and hopefully well see something better happen soon. Anyway, guys.

https://www.youtube.com/watch?v=b5wBLVgNeTo