WTF IS HAPPENING WITH CRYPTO?
Of course, we are seeing an absolute bloodbath here. Should you be buying the dip right now? What should you be doing? What can we expect in the near future? Where are we going to find a bottom for this disaster? Well, today, im going to talk about all of that im going to talk about everything you need to know right now is tether also about to break right now, tether actually dipped as low as 90. What is that 98 cents so today im going to talk about everything you need to know and much more so welcome back everybody. My name is christian, bringing you cryptocurrency videos every day, teaching you how to make money in this market, and just like, i said what an absolute bloodbath if you look at the coins here, phantom is down just in the last week down 70. Of course luna is the big one. Luna is down what is that 99.8 just this week, which is absolutely insane. You can see that many old coins, most altcoins in fact, are down at least 50 percent here so yeah. This is definitely a bloodbath. This is definitely one of the worst old coin days ever um. So if you are still around guys, you are, you know, witnessing history weve seen similar things previously, but uh these uh things they happen and um yeah. We just have to be able to to work with that in mind, but with that said, there are also a couple of different things to pay attention to.
So first thing is with bitcoin right now. You can see that we are well below the orange box and the two red lines now the luna situation, luna blowing up and ust blowing up is going to have massive effects on the crypto markets as a whole. In fact, you were already seeing that effect with the with the old coins going down this severely because a lot of funds a lot of very important players in the crypto space. They got completely wiped out with the ust peg, devaluing and tara going down. So they are not able to uh stay above water, many of them, so they are starting to sell off their assets to just you know, salvage what can be salvaged. So that is one thing. The other thing is theres, a lot of fear right now, whats going to come from a regulatory perspective. Now, with this blowing up, you know a stable coin, not being stable and terra going down 97.5. In one day, this is not going to be taken lightly from regulators. They are going to use this to push. Whichever again does that the regulators want to push so with that in mind guys, what should we be paying attention to right now? Well, i am still you know going to stick to what ive been saying: every single buy order below 30 000. I think, is going to be a good opportunity, but we need to pay attention to this black swan event with luna right now.
So, in other words, we might be able to see us start to go down a little bit lower here, but i still remain. You know. My strategy still remains the same. I am going to be a buyer, especially if we reach like 26 000 here if we reach 24, maybe even if we reach 22 well all of these levels, the lower we go im not going to stop to buy bitcoin guys. I am going to keep buying bitcoin because i think that eventually its just going to go even higher here. So if we look at the um longer term charts, you can see that yes, indeed, we are below the red line. You are having a black swan event. Currently, as you were having previously when we were going down here, and if you look at the rsi here, you can see that rsi on the weekly time frame um. Can i make this a little bit bigger? Yes, i can so on the rsi. You can see that we have only been down at this level on the weekly rsi a couple of times, so one was right here, and this was also very close to a bottom. I mean look at this one. Yes, we did go a little bit lower here, but nonetheless this was, you know 217 dollars for bitcoin. We did go down lower to 165 dollars, but nonetheless this was very close to the bottom. And if we look at the previous time were at this level as well, you can see right here, and that was right here at this bottom, at three thousand dollars after the 2018 bear market.
You can see that also we were approaching this in the covet crash. So you can see right here and now we are at the same level, so theres a lot of you know, bitcoin being oversold right now compared to what you usually see in you know, a healthy market people are panicking. People are dumping everything they got right now. This is the capitulation guys. This is the capitulation if you look at the volume here um. So if i flip on the volume like that on the weekly time frame – and i want to look at the daily time frame – so you can see that the volume was insane – you can see that we had very high volume right here, and this is typically what You see during capitulations look at this massive volume candle right here as well. Now this was, if not at the bottom, very close to the bottom. In fact, i think it was at the bottom lets see here to 29 200.. Yes, it was at the bottom, so you can see that all of these you know massive volume candles. When you see a big capitulation to the downside, um they usually do mark the bottom. Did we have two bottoms at 30k yeah? We did have this one right here and then we had another one at also the same 30k level right here. So i mean whenever you see this amount of volume and you see a big capitulation, it could be a good buying opportunity.
Now we could go down even lower. Look at this also during the was this the covet crash as it was during the covet crash boom. Massive volume, so um also lets see right here, massive volume. Yes, we did go down a little bit lower, but nonetheless it was pretty close to the bottom and yeah. We didnt see a another significant drop from this particular level, at least so yeah. This is really really really interesting. Now i am going to keep buying bitcoin, but my trade is not doing too well right now i mean im down quite a lot on this trade, but i do think that, as i am averaging into this trade um and as we are going up eventually, i Mean im going to put bids here at 26: tabata didnt have that active when we dropped right here, but put some bids at 26, 24, 22 and 19. Here these massive levels and lets see guys lets see. Well, eventually, i do believe that we are going to go up and then my trade here is going to be at a massive profit, but right now. Yes, this is definitely at a massive loss. So dont follow what i do im just showing you what im doing and uh. As i have always said, if i get wrecked, i get wrecked right now. It looks like i might be able to get wrecked here. Um or maybe i already did get wrecked, but we will see you guys im going to try to turn this one around and we will see if i am able to do that.
Um terra. We need to talk about tara, so terra is down 97.5, its right now at 13 cents, its impossible, like its crazy to think that this was one month ago at 119 dollars completely insane now with tara. I do have a massive plan i am going to execute. I see an opportunity right now. This is one big plan. I do have im going to talk about that at length at the other channel, which i have so im going to put that channel in the description so uh. If you want to jump on later today to that channel and hear about my plan make sure to subscribe to that channel, but for now i am just going to say that ust did um. You know go down in in peg, so its not one dollar anymore and also tether is starting to go down. You can see its at 99 cents right now, so this is due to fear of this. Also breaking, but you need to understand. Usdt is very different from uh ust, its not an algorithmic, stable coin. This is supposed to be backed by dollars, so you know algorithmic stable coins. They are backed by code. This is backed by actual dollars, its supposed to be at least so, its very different. I think thats, just you know, general panic in the markets. Right now is spilling over people starting to sell tether, but i do think that this peg is going to hold.
We will see guys we will see other than that theres not really too much to talk about. I mean my trade uh. Traditional markets did go down yesterday, so it was the worst kind of uh circumstances yesterday with all of the terraford all of the terrafoot, but the terra implosion going down and then bitcoin already going down as well and then you had the stock market go down. So yeah massive massive drawdowns across the board and guys. One thing i want to remind you of is, if youre, holding any significant amount of crypto make sure to get yourself a ledger to protect your crypto ledger is the best hardware wallet out there. Now ledger has been around the longest time. It is the best hardware wallet in my opinion, and they just launched a nice edition of their nano s, which is the nano s plus. It gives you more memory so that you can have more applications and more storage on your ledger. Now the ledger. Nano s is, of course, the flagship this has been around for, as i said, the longest of time, it has always proven to be very secure. Its never been hacked. So if you care about your crypto, you need to get a ledger asap, so you can find the link in the description, make sure to get yourself a ledger, alright, guys thats.