When is a GOOD TIME TO BUY Bitcoin? Crypto Crash Update
Stock markets are down, but are we seeing a bottom come in? Bitcoin, of course, were attempting to throw in this low, but is a real, significant low near lets? Take a look at that plus crypto and, of course, buying bitcoin in our fear and greed plan. Do those things down below like and subscribe if you havent already, thank you so much for your support and smashing the likes to a new all time percentage high above 10, and thanks to our video sponsors by bit, link is in the video description. Had a lot of comments from people asking about trading, luna and ust, it is available on by bit no kyc over. There stay safe, of course, and you can be in the draw to win one of four lucky prizes: half an eth each exclusive to this channel and michaels channel just using that link to buy it down below so thats. A total of two eth that were giving away during this crypto crash – all you got to do is sign up with that link deposit at least 10 bucks over there. All right lets dive in todays video us inflation remains at 40 year highs, defying expectations. The cpr increase was 8.3 percent in april, including the rises in core inflation and prompts fall in equities, so nasdaq, as has continued down. These were the targets. 12. 000 points. 11. 700 points were still on our way there, as you can see from the the data overnight, the market has fallen, the low is at uh, sorry, the close is at a low and the trend is still down.
So, while the trend is down, what are you gon na? Do you got ta stay with the trend? Uh next level, like i said here around that half that 50 level 11 700 points. Why do i keep referring back to the nasdaq and the s p? Well, this, of course, is the major markets we want to see where theyre pulling up and we have some targets in terms of prices where they could potentially pull up, and then i think that will bring some more stability to the markets. The fear will still be high, everyones still going to be quite fearful, but we might start to see some signs in the stock markets before uh the rest of the markets catch up well before the rest of the retail investors catch on to whats going on here, Because always you hear the same old story. I want to wait for the dust to settle. I want to wait to see how things come out in the next month or two or six before they really start to figure out what they want to do generally, like weve seen with crypto as an example and all markets made up of humans. They come in way way way too late because they want to wait for the first thing to feel safe. The next thing to feel safe, the third thing to feel safe and by that stage, if everyones feeling safe, then everyones in the market and if everyones in the market, you dont have any more buyers left.
So what happens? The market turns the other way. Everyone turns into sellers because no ones buying anymore and people freak out the same thing happens to the downside, its all just flipped in reverse in terms of emotions. So look the halfway point. The 50 mark of this major range is what im looking out for next 11 700 for the nasdaq s p weve broken through just this. Now we have broken past the 4 000 level, so that was a 50 heading towards our 3 900 target, so thats my double top 150 of the double top thats looking good and then, of course, a little further down. We have 37 and 3 500, so were still on point here, even if the market does have a major correction down to these levels, its still within a bullish zone for the macro picture, moving forward into 2022. update on ust, nothing is essentially fixed. Yet all we really have are hopes and dreams from dokuan in terms of what can happen to ust and to luna. But the market has other ideas: weve gone from 25.9 cents for one ust, which should essentially be worth one dollar and now weve bounced all the way back up to 78. So i know a lot of people trying to time this and get some fantastic trades out of it and, of course, if you could get that timing right, definitely some some good profits to be had here same goes for luna as well onto the hourly chart, because This is where a lot of the moves had happened.
Obviously just been straight down from 120 uh falling to 75 with the bounce and then of course, 75 was the level that really started to get it got. It got really serious once the market broke 75, so that was one of those key levels that i was looking at, based on that little double bottom, which basically failed extremely heavily bounced up got rejected at these previous support zones and then we we basically tumbled from That point so zooming right in all the way down to where the lows came in last night, at what a fantastic number, its 69 cents, the market had a extremely swift bounce up to a top of 7.78, so essentially a 10x within two hours. And now we basically just flatlined since that point uh, which was midnight my time now coming into 12 p.m. Here, uh, in terms of any more trades look, i would probably be looking at this from the lows getting broken down so beneath these low levels of a dollar: a dollar a dollar: two, a dollar two, so you can see theres a bit of support here coming Around that dollar dollar too, and then to the upside, you can see it just try and peak above around a dollar forty, so theres still a fair bit of a percentage within luna. If you wanted to trade it, but of course the risks are extremely high. If youre inexperienced, when it comes to trading, especially on leverage and if the odds or if the risk is far too high, if youre putting in way too much money but again more stories, i heard about that as well.
So definitely stay stay stay safe out there, but of course there are opportunities here now onto bitcoin and where we have been buying bitcoin over the last four days, never going to get the exact bottom never going to get the exact top. So, with those out of the way we can take that ego out of it, we dont need the clout to buy the exact dollar at the bottom. We just want to make money from the markets thats. All this is about so im. Looking here at around the bottom territory, between about that twenty thousand dollars and about twenty nine thousand dollars, because thats, where the lows are essentially getting broken, what is looking good here is the volume that has been coming into the market the last few days, and it Is real its really trying to stop the bleed you can see? We had the big day down on the ninth, which was the extreme fear. Yesterday we tried to bounce and just get out of this slump and then overnight weve, basically tanked past those lows again and taken out 28 000 to touch into the 27s, so the the close hasnt been the greatest. We definitely want to see at least above 28, probably more likely around 30 200, which was the 50 target. I had uh looking back using our weekly and our fib extension from our top so all time high to that low and then bring it up to where the rally came in and so that 50 level was 30 dollars.
So basically, fifty percent of the range down is a nice sweet spot for the market to test before it breaks down further and so going to the hourly. You can see that the market was really really attempting to hold the thirty 30 200 level that thats how cleanly these 50 work. You can check it out here on the 10th touched it again bounced up. We came all the way back down touched dead on that. So this is on a macro, fib extension. Looking for some support levels. You can see it happened again, so this was a really big battle at that 30 200 before it broke down and now were on the underside of it. Coming back up to test the 30 200 once again, now, of course, this is only the last 48 hours, but this has been extreme times after an extreme fall, so for this figure in my analysis here, for this figure to come up and pull up the market For a period of time, i think thats at least a good sign in the short term providing the market can close back above and then above these tops here where it was. You know attempting to rally, so those tops are about 32 32 and a half thousand. So two key numbers in my analysis are 30 200. You can see that that is essentially a flip level. Thats, where you get the term from the market, was bullish above that attempting to be bullish, obviously, to regain that critical level up there, 34 500 and now its flipped underneath and its trying to get back above that level before we take off once again with that.
In mind, we could still see further downside over the coming weeks to months. Maybe a slow grind, maybe getting back towards that 200 week, moving average, which comes out at the moment at 21 800.. So as the weeks remain above this level, of course, thats going to increase the average price to something higher than 21 800. Maybe we get to 22 22 and a half, and so the longer this thing happens to grind out, maybe grind slowly down then thats going to bring up the 200 week moving average, and maybe we end up at around that mid point in the mid 20s were Going to look at where weve been buying and why, of course, on the fear and greed, but if thats the case – and these are some of these lower targets when it comes to bitcoins price now we can start to weigh up the risk versus reward. So ive got the risk here as my bottom territory, so this could be about. I mean that sounds a bit crazy, but a bit weird, but anyway, the bottom territory, twenty thousand to twenty eight to twenty nine thousand. So in terms of a percentage we just take. This tool here where we currently sit – and you know we get into the 26 thats about a 10 drop from where we are uh down to the mid 20s. You know around 15 all the way down to 20 thats about 30. Okay, so sorry, 20 grand is about a 30 percent loss.
So now we start to weigh up. Can our emotions handle a 30 loss in our accounts at this point, if your emotion, emotions, cant, then youre, probably better off to wait on the sidelines for months until you see a consolidation and a reversal and the market to take off again, if you can handle Where were currently at potential 30 loss, i mean it, doesnt mean it has to hold up at 20 grand. Maybe it goes into the permabears target, where they believe bitcoins going to 3 grand or 8 000 or twelve thousand dollars. You know i. I dont think that that is possible at this point. Uh obviously well wait and see, but if we are looking at these levels, especially the 200 week moving average, which has held up reasonably well over the history of bitcoin, maybe it gets a wick underneath but comes back above like what happened in march 2020. Then that sets us up for a much better risk reward entry and we just know or have a an idea in our plan of whats coming next, so we can prepare. So what happened today? Fear is at 12 yesterday, at 12 day before what do we get? 10 and then 11., so it means weve been buying bitcoin every single day over the last four days, based on the fear and greed being 15 or under on this reading, which thats a big reason why i dont like to just buy every time, its in fear Or extreme fear or below 20, i want to see it really really hurt and from what i saw over the history of the fear and greed index, it really really hurts at approximately 15 or under 16, maybe, but just to keep it even more hurt around 15 Or under is where that extreme blood comes into the street and thats the sort of extreme prices that i want.
If im going to be dollar cost averaging into bitcoin, not other cryptocurrencies, i think theres still a long way for some of those to go im. Talking specifically about bitcoin here – and we might even add ethereum to that list as well, so we have our targets on bitcoin where were buying. These are the last four days of purchases. We got one at 34k, then at 30k, 31k and basically 30k again, so basic were just doing a thousand dollars a day here, its giving us 0.033 of bitcoin. Now my total is up to 0.64 of a bitcoin, nearly two thirds of a btc, and this has taken 12 months to accumulate. We first started on the 20th of may after that massive crash in may of 2021, and so this has just taken time to accumulate that btc, which is now at an average price of 34 700. sure you could say why. Dont you just buy one bitcoin now 12 months ago, if youve been in the market, you would never have believed that the market would have got back down to anything under 28 000. I mean our low at the time is 28 900 and so to think that bitcoin would have been under 30. Grand again was almost impossible for the majority of people thats. Why we have a plan thats? Why we try to stick to something so that you know were in a better position moving forward if we believe the price of bitcoin will reach 100 200 500 grand sometime in the years to come now for the dominance on bitcoin, we saw a massive all coin: Capitulation yesterday, the dominance continues to rise as im filming this video yesterday, a lot of altcoins dumped in their btc value, and i think theyre probably going to go a lot further than that as well over the coming months.
Many many many months are just going to keep getting flattened by btc. The usd might stay up. You know, weve talked about that quite a lot, but in terms of volts i would definitely be waiting. My opinion, of course, for uh bitcoin to at least round off its bottom and start to take off again before we think theres going to be a bigger altcoin season coming now there will be some smaller old coin seasons in between. I can definitely see that happening, but i think, as a longer term view, if you dont have the time to be investing into the markets day to day ill. Probably look for the bigger swings, rather than trying to play the short term game, as we can see here, bitcoins back above 43 and a half percent attempting to take out these tops from march before we broke down for that mini altcoin season, 8th btc. This is the big reason why the dominance, skyrocketed ebtc got crushed 50. Rejection. Ethe is weakening against its bitcoin value. Volume is increasing on the rejection one. Two three days we had a low come in. We tried to hit 50 percent. We got rejected at 50 percent. Again and we closed beneath all of these lows, so in the short term – thats not looking so good for eth, you definitely want to see it hold up here, probably on the next 50 level, which is at about 0.07, so 7 of a bitcoin value hold above And then start to work its way higher again so for the short term, its obviously weaker, and that is showing in terms of the btc dominance, uh eth, being weak, thats float over into altcoins and altcoins a week, so uh to stay safe, obviously, stable coins.
Obviously, not talking about usd at this point and, of course bitcoin. If you want to have some exposure to the market, potentially coming back in a very uh low risk strategy for crypto and, of course, its not going to get the gains like some of the other alts might get on a bounce. If trading crypto wasnt enough risk for us now we have the threat of coinbase going bankrupt. So if they did go bankrupt, then that could potentially wipe out the users funds now im, not trying to spread any extra fud here, literally just looking at the headline based on coin bases, quarterly loss, so they didnt make as much revenue as they have done in The past obviously theyre in exchange. Obviously they make more money when more people are trading because they take a nice chunk of commission off each trade and thats down so overall its down looking at their market cap. This is what i like to go to uh in terms of you know, is the business still stable looking at the market caps, around 12 billion dollars, coinbase has assets of about 21 billion dollars and if we take a closer look to something a little bit more Recent march 31st uh, they have total assets of about 21 billion. Here, minus crypto assets held one and a half billion, so theyre still somewhere around that 19 to 20 billion in assets, so they they have more than what their market cap is currently worth.
You know this market cap of coinbase, which is currently sitting at a price of 53.72, could basically double from this point and then that would equal the amount of assets that they they currently have. And interestingly, the ipo came out at the peak the pinnacle of the bitcoin bull market in 2021, right here april middle of april uh thats. When we saw the peak at around 65 000. sure we got to move to 68 and 69. But in terms of what we can see now in terms of volumes across the markets, the volumes were so much higher in april uh the interest across cryptocurrency way more extreme at that point too. So this was pretty much the true top, but this was basically just the after effects of the market moving up, so this was where the peak excitement was. This was the second to this top and for coinbase. You can definitely see that in terms of their profitability, there wasnt as much volume happening in that second peak into november, and of course the market has tanked since that point for bitcoin the low is near – and i know im going to be speaking about this – for The coming weeks, maybe even months, but that is the reality of course, in my opinion, in my analysis, based on several of the indicators weve looked at today and over the past few weeks for bitcoin and well continue to update that in videos to come.
If you want to get your chance to win half an eighth check out the link to buy me in the top of the video description, four winners will get that exclusive to this channel and michaels channel check it out, link in the description and, of course, swift Decks as well for the aussies you can stake or earn interest on your cryptocurrencies on their platform link is also in the video description, thanks again guys like and subscribe appreciate.