But is there right now one key metric signaling that the bitcoin sell off is over and that the moon boys will live to gamble another day you are not going to want to miss this im, your host spitzmagoo, and, if you like, losing all of your money, Then i have got a hobby for you if you guys knew the channel make sure to hit that like subscribe. Turn on those ghost notifications, never miss these absolutely time sensitive alerts and as well. If you guys are interested in deals, bonuses make sure to check out all the links below if youre interested in getting new, altcoins or trading, make sure to check everything out, absolutely very big, just absolutely ginormous. I have one twitter and one instagram and theyre both in the description below and without any further subscribe lets, potentially have a baby bounce absolutely ginormous, as the market is still reeling um from disaster of the last couple of days. Now what seems like an eternity? Its actually only been just a few days here, uh bitcoin really began dipping its tip into the pool of oblivion about just seven or eight days ago. Right when we started breaking out of this bear flag – and there has been so many things that have transpired – obviously luna just keeps getting destroyed. It is now 0.00008 uh usd, which is not that much youve heard this story. Where people could you know, people had millions and now its worth like a couple of buckaroos and its only going to go, probably lower right but theres.

You know the market is still recovering from this. The dxy is still uh after setting a new high yesterday for the first time in, like 20 years, still a little bit of a run up, but over the past month we have seen bitcoin go from uh over 2 trillion in market cap down to about 1 Trillion exactly currently its about 1.27 trillion, so weve seen a lot happen and with bitcoin, specifically a lot of big things have been showing up on this chart and we need to talk about it. So obviously, again, first thing you see when you look at this weekly chart is 100, a confirmed, lower low, now whats critical about this is that there is hope for salvation and salvaging this. If we can get this weekly in just two days and a couple of hours to close at least above 30k, which is just a long term, fib support its a long term horizontal, its i mean 30k is like theres, like five or six reasons. Why thats an important level to hold 30k is by far really the most important level to hold, and at this very second weve been teetering and tottering a little bit above and below it for a while, but one very important thing we notice is. Finally, we keep talking about this is the third day weve been talking about this. The volume is finally showing some sign of a breakout which is good, uh theres, a doji candle, which could absolutely be the sign of a reversal and thats.

Why closing above 30 is so important and its so important that we do not revisit 25 000 again? Okay, where we saw that bounce and as well even on the daily chart, the volume is ginormous compared to what its been for weeks and weeks. This is the highest daily volume weve seen for bitcoin since the crash of last summer, which was the bottom of last summer, uh the bottom before we rode up from the high 20, thousands to 69 000 us dollars, nice, so thats big, and we have even more To be jumping into with this, but before we do lets, take a look here, so bitcoin uh price sees a big reversal candle as about a hundred, and seventy thousand bitcoin leaves the exchanges indicative of people not willing to trade or sell this, and just kind of Keep it uh, keep it uh after kissing right around twenty five thousand bitcoin showed no taste for fresh bears, bearishness as record on chain volume combined with coins, leaving exchanges and mass uh as luna went to nearly zero and its blockchain was halted. Bitcoin strengthened as the immediate impact of instability waned, and this is just so important because i was thinking about this this morning, as i was gobbling up some of my breakfast uh, none of these coins could exist without bitcoin right. It seems very obvious. Like yes, bitcoin was the first coin, and so many scams and also cool innovative products have spawned out of bitcoin, mostly scams but uh.

There are a few things that i think are interesting that have come out of uh cryptocurrency aside from just bitcoin, but at the end of the day, bitcoin is king and um. If bitcoin did not exist, lets say somehow: crypto was invented without bitcoin uh the whole space would just be complete garbage, there would be there would. It would have no longevity, it would not have existed for 10 years plus it would not have even existed for probably a single year right um. So we just have to respect and understand how important bitcoin is uh, why its important, if youre holding a lot of people, recommend like 70 80 of your crypto, should be in bitcoin again thats a sentiment that ive echoed for my entire as long as ive had A platform ive said basically the same thing. All my videos are literally like bitcoin videos, and we talk about some alts here and there, but its its like bitcoin. That is the focus. Dont get me wrong. There are absolutely some coins that i like and that i hold that are not bitcoin right. There are absolutely some coins that i uh talk about and i still hold in my portfolio. Absolutely i have more than just bitcoin thats, not what im saying, but its just very important to understand how critical bitcoin is to this entire ecosystem uh and when something like this happens, where a cryptocurrency literally goes to zero uh in a fashion that i have not Seen really so quickly, i dont even think bitconnect collapsed this fast and this much, which is just mind blowing the algorithm, is basically destroying this coin in real time.

So its been fascinating to watch yeah its already down, i mean since i its been its down even more in the past two minutes, its literally i mean it has to be down a hundred yeah its down like 100, for all intents and purposes, its 100. Technically, its not zero, but its i mean its worthless um and so basically, for the most part, this space would be a joke without bitcoin um, and i just think again its just so important to note, because as luna absolutely collapses, bitcoin shows its resilience. Its time tested um its just again, i mean if you, if youre, watching a bitcoin video. You probably already understand why bitcoins important but uh. This is a heck of a reversal. Dragonfly doji on the highest volume of the year, plus bullish divergence on the rsi bounce scenario still in play, uh crypto bullet here saying: i think this is a local bottom expect a bounce and absolutely i could not agree more. I think you know i dont. I dont think its guaranteed that were about to go up to 40 50k without dropping any more, but all im saying is uh. This looks very similar to the summer of last year and um yeah. I mean this article continues its 14 000 still on the table. Um, it is bitcoin, so technically anything could happen uh, but i uh. I would not really. I am personally not looking at that. As a super realistic scenario, uh and then the crypto market sees over 100 billion dollars or 100 billion inflow in 24 hours as bitcoin reclaims 30k.

This is just very important, as bitcoin is showing some strength here, and this chart actually may signal the end to the sell off. If history has any guide, bitcoins latest plunge saw prices briefly break about 25 000 and in the same day, our intraday recovery saw the token close green and it generated a doji candlestick with a long lower tail, which ta can read as a selling climax. Just like we saw in the summer of last year, where you see a capitulation event, and then you see that wick kind of will create the doji, which is what that is showing that theres buying pressure and the selling pressure diminishes. And if the boss bounce extends in the current case, resistance between 33 and 35 000 could come into play here, but as well its important to note that uh. It is very possible that we trade around this 30 000 level uh for a continued amount of time. Here um, so its just, you know i i dont want to get too bullish yet, but if were not at the bottom, i believe were extremely extremely close. That being said, it doesnt mean were going to bounce to 50 000 by next week, thats, not what that means, but then here i think its important to note as well before we continue with the charts that this post is is so important here. I think its im a bit shocked the crypto market is not trading even lower.

Two top ten coins outright failed id expect the market to be even lower so with macro economic factors, not looking good nasdaq selling off like crazy, even apple right uh, one of the top 10 crypto projects just completely going to zero, with its stablecoin uh its mind. Blowing thats a huge huge black swan, i mean it was more predictable than a normal black swan as many people. Actually there are. There are videos coming out now of people and tweets of people, saying like hey your ponzis, going to collapse to dokwan of luna uh. So some people absolutely were aware of this. They just didnt know exactly when i guess but uh. For all intents and purposes it is as dramatic as a black swan event, but still with that, we see bitcoin holding 30k. Yes, we did go below it absolutely, but uh. The fact were seeing a bounce here and just not capitulating lower is just absolutely indicative of a potential bottom here now again, this combined with the volume the rsi is trending very low as well. All of this overall um this is an absolutely nasty candle and it absolutely mimics what we saw back in the summer of last year and basically, every single massive dump weve seen just like the crash back in march theres a 60 drop from the top. What do we have here? Uh if we go to the very actually? No sorry, i should be measuring it from probably all time highs, yeah about 60 or even more than 60 um here and then here as well.

This is about 55 well lets see the highs. Actually here about 69, oh nice or 71 percent um, and even from you know this entire bear market, the lowest we went. It was about 83 lets, say 85 percent um. So i mean again weve done this before. But if we did go like 85 percent, it would take us down to about 10 000 bitcoin, which would kind of destroy the structure that weve always seen for bitcoin. But the point is, i think, a lot of capital is going to flow more into bitcoin were already seeing that with bitcoin dominance, actually uh receiving a little bit of a pump this week right uh up to about it, went all the way up to about 45. This week, currently at 44, but it was as low as ‘ just a couple of months ago. Um and bitcoin dominance is already historically very low right now. So if we did see an increase in bitcoin dominance, you know what does that mean? Well, more capital in this market is going to be allocated to bitcoin and less into altcoins, which is exactly what happens when the market gets very bearish as bitcoins a better store value than some of these altcoins. That can help push bitcoin to these high levels and again, one of the reasons bitcoin was unable to really hit. Six digits is because so much interest and so much capital went into things that were not bitcoin.

Nfts uh huge, sucking up huge amounts of capital uh and then alt coins as well and again. I think the trend over the next 5 10 20 years is that, yes, there is going to be a lot of interest in other projects besides bitcoin, but ultimately bitcoin is absolutely still king, one thousand percent and uh its just very important for the entire health of This entire market, that thirty thousand uh, shows continued strength and does not turn into uh massive resistance, because youre using your channel make sure to hit that like subscribe. Turn on those ghost notifications, never miss these absolutely time sensitive alerts as well. If you guys are interested in bonuses, deals as well actually on twitter, all you have to do is retweet uh, this tweet and uh. If bitcoin does go below 20k im gon na be doing a thousand dollars worth of btc to somebody different every single day for every day that its below twenty thousand um for a total of up to two weeks, and i put a two week limit on there – One just because and two i mean if bitcoin was below 20k for more than two weeks then uh, i probably wouldnt – have that much money left to be honest, because that would be devastating. I mean id have money, but i would not want to be giving away. Thousands of dollars every week for as my entire portfolio is bleeding basically but um.

Yes, all you have to do to enter. This is retweet this and make sure youre following my only real account, which is in the description below as well. If youre studying bonuses deals, uh theres simulated trading here on femix, you can buy a lot of great altcoins. A lot of people were shorting luna, but uh. I think it was delisted on most exchanges. I think it is being relisted on some exchanges, but i personally this is not financial advice, but i would stay away from it just because i mean i mean the only reason i really need is this.