HUGE Bitcoin News!
Building a bitcoin city as well as buying half a billion dollars worth of bitcoin, also diving into the technicals in todays video. My name is lark everyday. I make videos talking about cryptocurrency investing. So if thats a topic youd like to learn some more about, maybe just stay up to date with, then you should definitely subscribe to the lark davis channel. Also, you can take a quick second to tap on the thumbs up button for the youtube algorithm id massively appreciate it and, of course anybody who would like to receive a notification. When i put out a new video, you should click on the notification bell by the way. If you are a crypto currency trader, then you need yourself an account over on femex. You can long and short bitcoin ethereum solana, cardano all of the top coins and right now theyre having an insane bonus of up to thirty five hundred dollars in trading bonuses for depositing crypto over on the platform making your trades over there and thats. In addition to the extra hundred dollar bonus and ten percent off of your fees that youll get by using the link down below in the description to start, your femex account. So if you are a trader, go ahead and check that out now lets go ahead and dive into the charts. So lots of interesting things going on here. First off lets talk about the potential the potential at this point for a double bottom to be forming up.
Now weve seen bitcoin coming down twice now to get into this approximate area of support here around 55 500 thats, not a strong area of support by any means compared to, for example, the strong support we have here at 53 000 for bitcoin, which is a very Very major area of price support for us. However, we have had this happening, so maybe we could be getting ready to start seeing a double bottom pattern forming up the w pattern, if you will now that is a bullish pattern. However, however, what you need to know about this bullish pattern is that it only confirms once we close above here such as right draw a line on there. It confirms when we close above this red line here, so we need to see the price coming back up over the next couple days forming our w pattern, and if we can close above this red line. Well then, the price will go back up, or at least that is the theory, of course, behind our w pattern. Now the technical breakout target, for that would not put us back at a new all time, high or anything, but it could get us out of the doldrums that crypto is currently in bitcoin. In particular, the rest of the crypto markets been going crazy. Metaverse coins, gaming coins, layer ones, avalanches on a big run, trader joes on a big run, wilder worlds going crazy. Sandbox increase everythings going crazy, except old man, bitcoin not doing much these days, but so long as bitcoin doesnt nuke.
Then the rest of the market should be doing pretty. Okay. What you want for all coins to succeed is for bitcoin to kind of be relatively chill thats thats, where all coins tend to succeed the best, but anyway, if we do get that breakout, if we get a confirmation, that would be a daily candle closed. Above basically sixty thousand dollars, then we could see the price coming up to sixty four thousand dollars as the breakout target from that particular w pattern. However, we are still in a pretty gosh darn good downtrend here for bitcoin at the moment, really until we cross over this line. Here we are going to be in a downtrend for bitcoin. Now that w pattern breakout. If it happens again, we have not confirmed the breakout for that yeah. We need to confirm a daily candle of 60 000 to see that breakout confirmed. If that happens, that would break us out of the downtrend which you can see right here. That is the line we want to see the price closing above also, of course, coinciding with really what i call right now: the front line in the the battle between the bulls and the bears. That is right here in this particular price zone. So in that area, what we are seeing is a lot of messy price history supports and resistance levels, a lot of buying confluence in this area as well. Look at the on chain data, so we really want to see this area be conquered as long as the price is trading below that this whole area is acting as an area of resistance, thats, basically 61 to 62 thousand dollars.
Once we blast over that. Well, then, that could help push us up to a new all time high, of course, if we can close some strong daily candles above that area and start building up support here now, if thats just thats the optimistic scenario, if this does not end up being a Double bottom pattern, which again must be confirmed over 60 000. Then we could still see further downside coming in here for bitcoin a move down to this fifty 53 thousand five hundred dollar area would not surprise me still, so we could still see that happen. Obviously, if that did happen, it would invalidate the potential for a double bottom uh scenario to be playing out here on on the daily charts, be a juicy buying opportunity, though, if it did happen so well, keep an eye out to see how that all plays out Of course now i want to share this chart with you from uh tech, dev 52, because it just it just helps provide a bit of perspective as well as making you realize, like holy cow man. What is going on with these charts these days, like the level of similarity playing out in some of these charts, is just mind blowing absolutely mind blowing. So hes got the charts here of bitcoin in 2017, which is the red line uh versus bitcoin in 2021.. You can see, look at just its incredible, absolutely incredible, mid july, big dip for bitcoin same as in 2021 september.
The dip starts goes down mid november, big dip late november price picks up not to say, of course, that where the price is definitely going to start blasting higher in the next week very well good, though all it takes to arent two big news stories, and you Guys know how quickly things can move around here, although at this point plan b and his um calls for bitcoin to go to 98 000 in the month of november, not looking like theyre gon na get hit. However, however, whether its november, whether its december, whenever bitcoins go into a hundred thousand dollars its just a matter of when not if now lets get into the news, so a new bank offering bitcoin to their customers this time out of estonia go estonia, nice, so lhv Bank is the first bank in estonia now allow customers to buy bitcoin, not as big, of course, as the common wealth bank story out of australia that i shared with you maybe two weeks ago or three weeks ago. I cant remember exactly when that happened, but very recently that bank in australia has you know probably as many customers as the entire population of estonia or more so, its kind of a bigger deal. But still every bank matters were moving towards a situation where every bank is going to start offering bitcoin services to their customers. It will be everywhere any bank that doesnt is going to be left behind theyre going to get blockbustered.
This is an incredible economic opportunity for the financial institutions that get it right. They get on board that start taking part in the future of finance. Theyll start offering bitcoin to their customers. Theyll start offering other cryptocurrency assets as we go along. You can probably buy litecoin and ethereum and stuff like this at your local bank. Then, of course, banks will start tapping into d phi et cetera, et cetera. Its whats happening its the trajectory of where we see all of this stuff moving. So welcome to the party lhv welcome, welcome very cool stuff. Now lets get into the big big stories of today. The first one is this from mercado libre. Now they are a massive e commerce player, particularly of course in latin america. They have something like 170 million users, something like that. They are now going to enable access to cryptocurrency, buying selling and custody starting this week nice. Now i do need to point out that this is for their pay service, which um all 170 million mercado libre users are not using, i think, its 20 some million, or something like that or have got the pay app, but still a massive massive deal, because this Is one of the biggest e commerce giants in the freaking world and theyre launching this product in brazil, one of the biggest economies in the world awesome adoption news, i think, just two weeks ago we covered a story out of brazil about how one of the big Ride sharing apps was going to start letting people buy and sell in custody cryptocurrencies in the ride sharing app wallet.
Now we have mercado libre hopping on, i mean thats, the equivalent of if you had uber letting people store bitcoin in their wallets massive right. Well, the brazilian uber did exactly that. Now we have basically the brazilian ebay, well, south latin american ebay, mercado libres, all over the place, theyre not just in brazil, theyre in argentina and colombia and stuff as well, theyre offering crypto to their customers its a smart move. Honestly, any tech company at this point like how are you not offering some kind of crypto service it makes you realize that companies um like ebay mega behind the times? What are you guys doing? What are you guys doing? Come on you guys you got to get with the program here guys you got to get some crypto stuff on board. Other companies are moving fast, the competitions out there, the competitions hungry and anything that these companies can do to bring up revenue to offer more services to their customers. Cryptos, like the hottest thing in the world right now, investment wise people want to get their hands on it. These guys are smart, very smart company offering this to their customers and really any tech companies that dont have some kind of crypto play right now. Youre youre in blockbuster territory at this point, this is why weve seen facebook launching their metaverse stuff, as well as their cryptocurrency wallet for stablecoin payments. This is why we see all these companies starting to get in, but there are still some big companies that are not in i mean come on netflix, where wheres your crypto play.
Man go out and buy some bitcoin, or just at least just buy some bitcoin. If youre not going to start paying people in tokens to watch, you know some of your programs or, if youre not going to start giving people nfts or something at least, buy some bitcoin and put it on the balance sheet netflix. What are you doing, man? What are you doing? Big news, big news out of brazil – very excited about that final story for today coming out of el salvador, its happened a few days ago. You might already heard the news, but el salvador is building the bitcoin city. This will be back by a billion dollars in bitcoin bonds. Here is a a picture of uh. The president of el salvador, announcing that zero percent income tax, no capital gains tax, no property tax, the payroll tax missile taxes and no emissions, because theyre gon na be powering all of this with volcanoes bitcoins cooler. When you involve volcanoes, its just a fact, its just a fact volcano mind: bitcoin is the coolest form of bitcoin. Is there i mean really? Is there a cooler form bitcoin? No, there isnt, you cant answer that because the answer is its volcano mine, bitcoin thats. Why? So this is pretty cool, bitcoin city. Obviously, a massive initiative here by el salvador theyre, basically issuing a billion dollars in debt. Half a billion of those bonds are going to go to build bitcoin city, the other half billion is gon na, be used by bitcoin el salvador, man theyre crazy.
I love these guys. I love these guys. The insane thing is el salvador here now in bitcoin participating in this financial revolution theyre an early mover, i mean come on where argentina, where are you at man, colombia? Where are you at costa rica, panama, come on guys get with the program. I mean some of these countries like panama, panama, theyre, still using the us dollar man. What are you doing? Get on the bitcoin train get on the bitcoin train. Now salvador has proven the imf didnt crush them. The us state department didnt crush them. Oh, they issued some stern warnings. They wagged their fingers. They sent letters, they did it anyway. They did it anyway, because it cant be stopped. Bitcoin cant be stopped. El salvador is now reaping the benefits of that theyre. Getting investment theyre, getting media attention, theyre getting gains literally from buying bitcoin. At this point, its craziness, it is craziness. This is very, very exciting stuff to be happening at a country level thats course. Just the latin american countries, where the african countries right where, where the european countries, why isnt switzerland put bitcoin on the balance sheet of the the central bank yet theyre behind the times already, el salvador is out here schooling, all of these other countries, and sometimes it Takes a small country like this to be a leader in adoption of this kind of new technology and theyre going for it, man theyre going for it theyre building, bitcoin city, im, sure youll get a lot of companies expats all that kind of stuff moving down there Of course, to chase after the favorable tax scenario, im sure theyre, probably going to have some kind of digital, nomad visa that theyll start giving out to people be pretty exciting stuff to see all that happen and, of course, their half billion dollar bitcoin buy fast forward.
That 10 years, thats going to be worth billions in the exact same way that micro strategy buying bitcoin last year is now worth many billions more than when they bought it fascinating move. I absolutely is so big for adoption too. Its absolutely crazy, literally a country is issuing bonds to buy bitcoin, incredible incredible stuff theyre, the first they will definitely not be last, definitely not be last these other countries. They need to play catch up. They need to play catch up now, also just to uh. To point out as well el salvador, they arent even the issuers of their own currency. One of the reasons el salvador was such a good use case for bitcoin was because 70 percent of people didnt even have bank accounts. Now more people in the country have bitcoin wallets than bank accounts, so that was one thing. The other thing is that el salvador uses the u.s freaking dollar. I mean look its not that your average citizen in america is able to dictate the policies of inflation or the dollar or any of this stuff, but it just goes to a whole next level when youre a different country using another countrys money. Thats. Why bitcoin is such a great alternative, its its not a countrys money, its the peoples, money, its global money, its everybodys money and theyre, adopting it in a very, very serious way, which is super super exciting and, as dylan points out here? What happens when a larger nation that can actually print their own money starts buying up bitcoin right? Think about that us? They just print their own money, argentina, they just print their own money.
What happens when argentina says? Hey were just going to print 20 billion pesos and buy some bitcoin. The base was going to go down like that, but the pace isnt going down like that for years, but itd be a very smart move strategically for any country that has the balls to print a bunch of money to buy bitcoin anyway.