But, honestly guys, are you not entertained? Are you not entertained so having a look right here? Bitcoin essentially broke out of this pattern and we had a cascading tumble. Now there were potentially a few reasons why this might have happened. We didnt actually get down to my lowest target of 29 364. Actually had this number in the telegram group i was explaining. These were the levels that were looking at. However, we did hit the first level of 31 246 and currently we are sitting above that, however, were not quite out of the woods just yet. We did see some buyers coming in right here and we did see the volume that ive been looking for now for quite some time um. Unfortunately, it was on the sell side. So what would really be nice to see is sort of a green candle following you know something like this. Maybe this green candle comes up here. We push this price, we get kind of that v shape recovery, but inevitably guys, like i said we are not out of the woods just yet. Fear and greed today is at extreme dark, deep red fear, no surprise right sitting at around 10, so were gon na talk about a lot of stuff in todays video. First of all, i want to talk about what the heck actually happened. What caused it, what was going on with the ust situation, getting de pegged falling down into the 60 cents region so were going to talk about the good were going to talk about the bad were going gon na talk about the ugly and, of course we know That, tomorrow is the release of the cpi.

Data. Most are estimating it to be around 8.1 percent if its around that ballpark markets should react accordingly, which would be neutral to positive if its lower, definitely positive and if its higher well lets hope its not higher right. Because then, the fed is most certainly going to continue to raise their rates, although i do call bs on that, but i also do want to talk about yesterdays video. We were talking about the margin call from hell. Well, it looks like michael saylor himself may have actually come out and just eased all of our worries so, of course, were gon na talk about the short term price action. You guys know what we do on this channel. Thank you again for all your support. Thank you for coming back todays video a little bit shorter than usual, really just want to go over what happened yesterday, but if youre not subscribed, consider it and without further ado lets dive in and obviously dont forget to turn on the bell notification. Now, interestingly enough because yesterdays video came out very very early, so if you werent expecting it, you didnt get that alert, and that was right before the dump really started so thats. Why i put the emergency video out yesterday, i dont like to take advantage of the whole emergency video thing, but come on guys, like you saw what happened yesterday right so having a look right here. Interestingly enough, if we actually look at what happened over here, you could see that, yes, we did come down and, interestingly, if i actually go back to this binance chart that i had pulled up uh about a week ago, i stopped looking at this chart why i Dont know because these levels were absolutely perfect because we actually took the previous resistances and supports down here, and you can see that where we did have this big v shaped bounce right back here in july of last year is also exactly where we bounced right here.

So very very interesting now, if i, if i zoom in even further, actually check this out, this is actually pretty incredible. You can see that not only did we actually have virtually a perfect bounce off that level right here, but we also had rejection at the next level here. So the problem right now is that bitcoin is actually fighting a lot of resistance, theres much more resistance than there is support. At this point now you could argue this is the best potential time to buy, not saying i disagree at a 50 discount, but i am saying that there is a lot of resistance and one of the ones thats going to really be the big kicker. Is this original line right here right where we had this resistance flip support here and look at this guys again support support finally fell through it. So i do think that there is a possibility to at least come up here and try to tag around this 35. 700 level, obviously, another reason that i believe that that is a possibility is because right here we have the cme futures gap right. So the cme futures gap is a meme, its a bit of a meme right, which actually came very close to where we had expected. The cme futures to go didnt quite hit our targets. Most of our targets got missed by literally just like 50. It was crazy, guys um, but i guess this is how the markets are right.

They never get to the levels you expect them to get to, but ultimately i do think that we are going to close the cme futures gap and, interestingly enough, this gap is actually right online with that heavy overhead resistance, which is why i do think that its Very possible, you know we do see. Bitcoin come back up to that 35 500 area right now. Obviously a lot does depend on what is going to come out tomorrow. As far as the you know, cpi reports are concerned. As i said, we do know that we are expecting around an 8.1 percent increase now thats going to come out at 8 30 a.m. Tomorrow, so were gon na know about this before the markets even open okay. So that is something very important to consider, but having a look at the chart right here, the one thing i want to point out is: we are literally sitting at the absolute last possible support of this formation, not to scare anyone, but, as you can see right Here, taking this long term historical trajectory right here from the 2017 top, we already lost this one right here, but obviously that was the shorter historical trend. This is the longer historical trend and you can see it was resistant support here, massive support here and currently, if i actually zoom in right now, you could see that, although we did have this fake out wick below it currently at the time of making this video, We are in fact sitting above it so im not trying to tell you guys what to do.

This is the area for uh, you know, potentially, if you were looking to put in a along on the relief bounce. This is the area right here to take right. So if you guys want to learn how to do this check out the tutorials popping up above sixteen thousand dollars in bonuses below, but ultimately guys if we do lose this level, its probably not going to be very good for bitcoin and right now, structurally bitcoin is Looking uh pretty scary for the sort of mid term right short term, i do think were due for a bounce at this point, its incredibly oversold – and i do think its possible to get back up to that 35 000 level. But um. You know actually like miles j creative pointed out. He said we arrived at the 0.786 historically, this is a good level for buying if you have the onions for it, so i mean yeah if youre looking at this long term, trajectory and youre. Looking at this uh, you know different levels, then yeah according to this, this this would be the area i mean, but keep in mind. You know you could sit around there for a little bit. It could be a very slow crawl right. So its not saying that were gon na have a massive bounce overnight, but what i wanted to show you guys is actually what weve now formed that weve fallen out of this is sort of a giant descending wedge falling wedge pattern right now.

Falling wedges are technically bullish patterns right. They do tend to break out to the upside, but i do want to point out that if we actually just take this level right here, i have this dotted line drawn. You can see that this is a very, very important level for bitcoin to get above thats around thirty seven thousand five hundred, so i did say that thirty five thousand dollars is potential for bitcoin, thirty, five thousand five hundred. If this bounce does play out, if, tomorrow, the cpi numbers come out, the stocks start falling. Well guess what guys bitcoins going to fall too, and then we can just throw the ta out the window, because right now were just kind of hanging on what happens with the fed. But if all goes according to plan, then honestly, i dont see why we couldnt have a bounce. You know if the bounce takes longer, you know, then we dont even have to worry about this resistance. If its a quick bounce, then yeah were gon na hit this resistance right here and this resistance right here now, if we do break out of this thats, actually short term, pretty bullish guys but lets take it a day at a time. Ultimately, we are in fact sitting at the bottom. We did in fact get that support on the falling wedge. We did get the volume coming in, albeit it was mostly sell, side volume, but nevertheless guys. I do think that we are due for a bounce.

Personally, the only downside, like i said, is you know we are still being very connected, very integrated with these stocks and a lot of the traditional players are waiting to see what happens tomorrow, which is why were seeing this actual its sort of an uncertain market opening? So far, right its kind of just hanging out sort of right in the same area. The futures were actually expecting it to be a lot more green than it was today, but its the opening of the day guys. You know that weve seen markets open. Traditionally, you know, theyll have the dump like this candle right here, for example, right opened here came all the way down, and then we went on for two more days of green right and keep in mind that bitcoin has already put in six red weekly candles. We only did that one time ever before in bitcoins history. I showed you in my video yesterday that was way back in 2014. So, historically speaking, we should be due for at least a green candle close this week. If not well, then bitcoin would actually end up doing something that its never ever ever done before in the whole history of bitcoin, which is close, seven weekly red candles, which would be pretty crazy, considering even as the mania of 2017 bursted, we still didnt see seven Red weekly candles, so that is something to just pay attention to. Statistically, it probably is something we shouldnt happen, but theres always a first for everything right, but you know who did buy the dip.

El salvador just bought the dip 500 coins at an average price of 30 744 dollars. So congratulations, el salvador for being a true hodler and buying the dip and also in yesterdays video. We talked about uh. You know someone from the uh, you know team came out and said that they would have a margin call in the 21 thousand dollar area. Michael saylor said microstrategy. He just came out with this today by the way this is like an hour ago from the time im filming this video. He says: microstrategy has a 205 million dollar term loan and needs to maintain 410 million as collateral. Microstrategy has 115 100 bitcoin that it can pledge if the price of bitcoin falls below 3562 company could post some other collateral. So hes saying dont worry hope this clarifies the fud we can handle it. We dont need to answer to the margin, call and hes saying that the level is 3562, that he would really have to start worrying about now. Obviously this is just a tweet. You guys can read this. I dont feel like going into this today. This is just what he said. We could take it for face value if somebody wants to go and do the research have fun, but essentially this is what theyre saying hes posting this publicly so well have to take the mans word for it right. Another thing too talking about is even during these times of uncertainty and panic selling, and you know inflation running rampant, trying to taper it down check this out in an sec filing today.

Town square media based in new york, which is interesting right. New york stated that during the first quarter of 2022, the company invested an aggregate of 5.5 million in bitcoin. The company believes in the long term, potential of digital assets as an investment it goes on to you know, do more quotes. They reported 50.9 million of cash and cash equivalents as of march 31st, so youre still seeing people bullish on crypto bullish on the sector. There are actually more bullish. Things to talk about actually whats funny is if we just talk about bitcoin as a whole. Right now, everything is bullish. Everything is bullish about bitcoin, except for the price. The price is not bullish right now, but everything actually coming out about bitcoin is in fact bullish. So that is something you need to consider and finally, after the delay, australia is going to welcome its first set of crypto exchange traded funds. These are spot driven. These are etfs. The three new etfs will be listed on the cboe exchange thursday, coming up in two days to track the progress and performance of bitcoin and ether as well, and the securities crypto funds were developed in collaboration with swiss based etf issuer 21 shares. The alliance will allow etf securities to run the products while 21 shares will provide operational and research support, so you know were seeing all the other countries. You know canada, australia come on. U.S come on. You know its only a matter of time guys now we did talk about some conspiracy that maybe theyre trying to suppress the price until they approve the etf, which would be backwards thinking.

You would think that if the price was falling, they would get scared and say no. We cant do this its too dangerous. We cant. Let people invest in this right, but hannah you know, look what they did at the all time high for the um 2017, literally like the next day right, we had to see any futures come out. What did they do? They literally shorted the market for like two years straight right, so maybe bullish thinking right could be the other way around this time around. You know just trying to sprinkle some happy sauce out there, for you guys. I know its been a little bit of a crazy uh. You know what lets not read into too much. What happy sauce might mean, but lets talk about whats going on with the luna foundation and lets talk about what happened yesterday. If you already know feel free to skip forward, we will have our final thoughts, but that being said, it all started. The night of saturday may 7th. When someone dumped 84 million dollars worth of ust users started complaining about the suspicious withdrawals from curve, so dokwan later took responsibility for removing liquidity assuring users that everything was under control. He added. Obviously terraform labs has no incentive to d peg ust. Well that ended up. Unfortunately happening anyway, it very quickly escalated already down 3 billion on saturday, usts luna back shed another 2 billion, and it ended up dumping. Yesterday.

11. 45 a.m. We had it down to 77 cents on kraken. Now you had guys trying to arbitrage this. I wish i had the time in the day to do that, but unfortunately i didnt guys i actually had a lot going on yesterday, believe it or not. So i was not able to take advantage of this opportunity if you did do some arbitrage, wow good for you. So a couple hours later it went back up to 90 cents, 87 cents, but then eventually it collapsed all the way down to 62 cents. On some platforms during the liquidity cascade, a single wallet dumped 84 million in ust on the ethereum blockchain dokuan said the dump was not us and claimed to be hiring a professional market maker who can prevent ustd pegging? The incident led to speculation of possibly deliberate market manipulation combined with short positions and negative tweets. Others cited simple technical analysis. Uh quan chimed in with a reminder to ignore crypto, twitter and even poked fun at some social media influencers. So ultimately, there are lots of conspiracies that we could say what is going on what happened with this. Well, you know some people are saying. Maybe it was a conspiracy to like d peg, the stable coin, because we know that the us is coming out, potentially with some rules on stable coins. We know that that is one sector. They are very, very specifically focused on and they can use this.

As an example to say, see, look it doesnt work, see whats going on now. I just want to point out theres a few things theres two things i can say about this number one. This doesnt really provide a lot of confidence for ust, because, if you think about it, in a time of need, when you would actually need to actually be in a stable coin, would be during a market dump a market, liquidation, cascade, a market capitulation event, and it Did not perform the way it was supposed to. It should have been pegged to a dollar. It fell to 62 cents. This is, in my opinion. These are facts. This does not actually make us very uh, like i said, confident, and i dont know how theyre going to recover from this. You know i wish them the best. I i know that theyre doing this, you know with a good heart and good spirit, but you know that being said. I just want to also point out that you know in my five years of trading cryptocurrency. I have actually been in a scenario, and i dont remember specifically: it was during one of those crazy. You know 30 daily dumps we used to get back in the good old days. I remember that usdt tether actually went to 74 cents one time so it has happened before ive seen this happen before and in all fairness. People still use tether today right. So essentially that was that situation, but i did just want to end on a little bit of cool news.

According to data acquired by finbold, the number of bitcoin atms throughout the globe, uh was around 34 340. As of january 1st and now its risen by 3 000, so we now have a total of 2993 bitcoin atms that were installed since the start of 2022 averaging 23 fitted daily. Given that the coin atm radar is tracking, not all bitcoin atms around the world, the true number might actually be significantly higher. So, as i said guys, this is sort of the new pattern formation uh to look at, and i did you know, go back here to my targets. I did say you know. 29 364 was sort of my last line of defense. I know some people said 28. 000., we didnt even get to that level, so i dont know if eventually were going to just head down to that level. It is possible uh. You know how how how how much should we trust this bounce right now, its kind of still hanging around the same areas and personally, i really think tomorrows just going to be the big day for the market, so im just letting you be prepared. You can make your decision do what you want dont do what im doing just because its what im doing you know im just a crazy guy on the internet. What do i know, but ultimately guys that is what were looking at right now. So thank you. So much for coming back to the channel tomorrow is going to be the big day.

The big day stick around get subscribed if youre not turn on the bell notification. Yesterday i posted my video at like 9 00 a.m. Eastern time and most of you wait until you know that lunch time in the you know so just put turn on the bell. Notifications, uh join the telegram group. If you want you know, i posted the uh, the numbers in there yesterday. If you guys are interested, you can check out the free telegram group below totally free. You guys know i dont do any paid. You know i dont charge any money, nothing like that! So thats it from you guys hope you guys are having a great day today. I love you. Youre awesome, have a wonderful beautiful day, well, see what happens tomorrow with the cpi reports. Fingers crossed right so thats it for me.