LIGHT AT THE END OF THE CRYPTO TUNNEL? YOU WILL BE TESTED.
The longs that were liquidated were going to talk about how bitcoin is dead and were going to take a look at uh, potentially a brighter outlook. So before we get started, lets take a look exactly what is going on in the market and uh. It is not pretty, i must admit, i mean weve got uh. The mark cap of 2.5 trillion seem to have misplaced about a half a trillion dollars somewhere. I dont know where i put that 500 billion, maybe under the couch. I have no idea, but here we are the but whats. Interesting, though, is that the daily sentiment for bitcoin is actually pretty neutral. I mean its like. We all know where this is going so were like lets just get on with it, because its not a big deal, but it is a big deal to some people ill talk about in a second, so bitcoin price is 57.7 everythings down uh. I dont think we need to go over that i dont want to uh pour more salt into wound, so lets just lets just break into it and talk about what the heck is going on when i say second to last its because youre gon na hear a Lot of things today, youre gon na hear a lot of things: different youtube channels. Youre gon na hear uh stuff about hey. You know theres, these bouncing off these different levels – hey theres, you know – were talking about the the white cough accumulation.
This could be one of those things where theres massive manipulation. We can take a look at different things that are going on as far as like on chain analysis, which we will do, but just so you know in all the long run and what is going on in all honesty, its not a big deal, its its. Not really that big of a deal right now for me, im gon na tell you why its not and uh this is going to sound. Take it as you will. But i will just say this: its not a as a big of a deal because ive already been here and if youre watching this, this video right now and youve found my channel. This is the first two sorry, this is not the greatest day for you, especially coming from the digital market space, but if not youve been here for a while, you know this is just a thursday in all honesty, and when ive been talking about this beforehand, where I was talking about taking small profits dollar cost averaging in dollar cost averaging out taking small profits along the way. I meant it thats. Why, when you see me when im talking on these videos, im not freaking out because its not that big of a thing? First of all know where were going. Second of all, i have profits on the sideline to where i can do the things that i really want to do, and this is the important thing.
So when we talk about this youre like well rob you should have just held on for the whole time and really take taking it all the way to the top. There is no top thats the thing if bitcoin even goes to a million and uh lets say you have a whole bitcoin and you sell it at a million. People will still be like youre a because its going to 2 million doesnt matter its all about what your goals are. My goals are not your goals. So when i talk about these things that im doing these are just the things that work out for me. So when we take a look at the market itself, yes, we can see that uh quite a bit of a precipitous dip. As we can say, i mean look at this. This is over the uh four hour time frame and uh weve taken quite the plunge. Look at that candle ouchie, 56, 8 and uh. We have been knocking on the door of 60k for quite some time somewhere around here. It was kind of like that floor, but every time you hit that that support level, eventually it will break down and it did its broken down, and here we are. However, i will say this: take a look at the uh, the actual rsi uh. We can see that hey, you know what, as far as the relative strength index, we are oversold. We are now in oversold territory actually didnt twice as it was going down.
We hit it again so right now the bitcoin and the entire crypto market is pretty much being sold off because people are panicking. I dont know why. But you know whatever so thats exactly where we are now. Some people will say what rob wipe off accumulation theres things going on behind the scenes. Yeah sure why not um, of course, theres people. As long as greed exists, people will sell off like crazy and it doesnt matter the micro strategies and the uh and the gray scales that are out there that are just the diamond of diamonds hands it doesnt matter at some point, people will sell off and theyll Do this and theyll be cycles thats it. So you just have to just accept those things and be like well, it is what it is and uh, because ive been around the block, not a big deal. So we can say that yes, theres, probably some accumulation, theres, probably some whale games and going on but sure thats. What we get, however, lets take a look at uh, just some things that i find interesting as far as like on chain analysis, and if you missed the video from yesterday, it was me and kiyongju. We we from the ceo over at crypto quant, and we just talked about the five different on chain analysis, uh technicals. You should take a look at and uh. This is one of them, its called bitcoin, all exchanges, estimated leverage ratio and we go above the mark of 2.
0. It is uh beyond high, and i can just tell you right now, as we just creep up here, where time has gone on, people got greedy and when people get greedy, you get slaughtered whats the term pigs get slaughtered. Something gets something i dont forget. Tell me in the comments section, but it just means that if youre, greedy, youre gon na get stuck and thats exactly what happened once we see here, as this leverage ratio has been rapidly, ascending 0.19 was pretty high and then we hit 0.2 and when me and Key was talking about were like that is ridiculously high, and what does that mean? Well, what that means, then, is that youre gon na have a bunch of this. This is where this is uh. This is not going called coin glass not by, but i got ta make sure. I say that correctly, but this is all the liquidated. The all the liquidations and everything got liquidated were longs. They were long because people were like. I know where bitcoins going. I know what the market is im a genius you may be, but uh in all honesty when you start to do leverage trades and you go super long and youre way outside your your realm of of scope of of intelligence. I know my limits and uh im. Not doing going down these roads, but you see people get long and thats where youre gon na hear about people getting you know caught short and they lost a lot of money.
Now i mean kudos to you for trying it out im, not telling you not to do it im just telling you i dont, do it and uh. This is what happens because when you go when you have so many people going long all the smart money reasonably smart, halfway intelligent, i guess people will look and say wow theres a lot of people going long. I should just go short. I usually go short and make a killing and thats exactly what happened. So we have on top of that. We also take a look at whats going on the last 12 hours, so long got liquidated and then the shorts are like. I can do that. I can keep doing that and now were going to see even more shorts. Come up now lets take a look. This is uh 12 hours. Take a look at 24 hours, still a lot more but as time goes on and things start getting liquidated 4 hours, 30 minutes. Now you see the tide change just a little bit and people like you know what i dont know. Maybe i i will – or i wont but youll, see, that the shorts are actually coming up even more so so when you see again where theres just a massive amount going one way, the other side, all the other side has to say a lot of shorts. Going on, maybe i should go along, and that leads me to one of my next topics which is bitcoin is dead.
Bitcoin is dead. Im. Sorry to tell you pack up your bags, go home cry boohoo and theres. This great website called 99 bitcoins, and this is what you have to remember right now, of course, bitcoins not dead, just being facetious but uh. If you take a look here, this is funny even when bitcoin, let me blow this up, so you can see it a little better. Even when bitcoin was topping out its all time high, which was around 68 69 000 uh. You had people saying, like the spectator, a spectator, its really probably why hes not making any money its just spectating so speculator would be probably good. 67. 000. 68 000 right around here, 67 theyre, like no its a delusion to delusion and never go through thats. Just a month ago, if we just back up over six months, this is all the time that bitcoin has been called dead, dead, dead, dead, dead, dead dead and, of course, this is, i mean look at this. It was dead at 29 000.. It was then at 32, 000. now lets take a look at a year, its always dead, its always dying. All the naysayers are saying the same thing as far as like not just bitcoin, but the crypto market in general. Now, if we even zoom up even even farther – and this is what we really have to do at all times – look at all of these deaths uh its over.
I want to say its over 400 times that the lame stream media has called out and said. Bitcoin is dead, wow, 40 times 20 21, its pretty good 2017 124 isnt that amazing 2017, when we had that huge bull run last time, uh that was the most times it was called dead because for the parabola look, dont get mad at me because you invest In bitcoin thats just really what it comes down to. So if we take a look here and we think to ourselves – man uh, if everybody seems to get it right, then why does the price keep going up now? Theres volatility to be sure, but that is essentially where were at and i think it comes out of this. If you take a look and see about whats going on theres a bright outlook, i think theres, a bright outlook. Take a look at this. I i did this this poll uh about 10 minutes ago, well, no season about two hours ago, and i just asked the question: i go look its january 1st 2022 and the corrective mark has been around 3 trillion with most cryptos trading sideways im, just saying, if That happens, what do you do, and i thought thered be a lot more people going. I want to sell this is over a thousand people have already have already voted. They go no im just going to either buy more im going to keep huddling. So for all the institutions and the big players and the whales out there trying to play these games and to drop everything, i mean its going to work for some people.
It is people are going to sell. They get scared because theyre just new to it. Thats. Okay, you know, but as time goes on, you got to realize that if we just kind of zoom out and see where things really are going um its usually in an upward momentum – and this is why i say its a dollar cost average in and then take A little profits on the way, so you dont freak out when days like this happen, and you have dry powder on the sides and you can do whatever you want with it and that could be even buying these dips and things like that. But again my goals arent your goals, and this is not investment advice, just investment opinion, so i think thats a pretty good good play as far as where things are going, and i think a lot of people have been here for a while understand that its okay And its going to be all right now. On top of that, i want to talk real quick about some more good news and uh. You know im big in the metaverse now im trying to be trying to understand. I try to reach out to people way smarter than me, which isnt hard by the way. A lot of people are smarter than me, but i i signed up for uh email notifications from the central land and i got this uh nice email that so check this out in decentraland right now, uh the artist known as banksy is selling one of his paintings And that is going to be through south bs and you can pick that up as far as uh paying for an ethereum.
Imagine – and it looks i dont know if this will come up yeah. Let me re so yeah when i click on that link in the email. It drops me right at the place of south peace, so i can bid on banksy painting. So when we talk about like where things are going in the future, i think its just good news because, like when i talked about purchasing virtual land, people were like a lot of people like okay. It makes sense, but some people, like i dont, get it, which is okay, its very difficult to understand, especially when we remember when you first started to realize about bitcoin like that doesnt make any sense now were like. Oh, it makes total sense same thing with virtual land and essential land and sandbox and all those different places, but so like here guess what these guys southeast. They played a paid, a pretty nice price for this virtual land to sell to globally. Everybody who wants to come in here not just have one location in southeast, but you can go in there and you can look at it and it makes a lot of sense to me so on top of that theres also another piece in this uh, this email – That said, hey guess what barbados barbados opens: the first virtual embassy. In decentralized last sunday, the barbados ministry signed an agreement with the central land to establish the worlds very first digital embassy, and it sets a precedent for world governments.
So right now i know people are like this market. What the heck you got to remember its just one day, its just one hour, if we just zoom out and take a look at the future future is pretty bright. I think, and then lastly, i will talk real quickly about this, even india, which has been kind of wishy, washy and crypto. At one point, the um uh the world, not the world bank, the um high court in india, uh tried to ban cryptocurrency. It went back and forth and now youve got indias prime minister uh narendra modi. I think i said that right uh continues to collaborate on bitcoin and cryptocurrency, and just real quick ill just say that prime minister of india urged democratic countries to work together to ensure that crypto doesnt fall into the wrong hands, meaning he wants to uh. You know get a little bit around it and actually support it, thats how i read it. Meanwhile, the modi government is working on a regulatory framework for cryptocurrencies india, which is good because theyre not like were gon na ban it theyre like no. No, we wan na get some kind of framework a little bit around it and thats fine look, cant win them all so uh. Lastly, i thought this was the most telling the prime minister, orange australia and indias partners in the india pacific region and beyond, to invest together in future tech to deepen intelligence and operational cooperation and develop common standards and data and blah blah blah.
So look a lot of good things on the horizon its just when you look at the price in one day it just sucks some days – and this is one of those sucky days but again getting rich was easy. Everybody would do it and thats it. So look it made it all the way to the end hope you feel a little bit better about whats going on today, not a big deal if you dont, like the price, just wait, itll change, but if you like todays video got a little uh uh value. Consider uh give it a little thumbs up like consider, subscribing thats it for today. So thanks so much for watching.