My name is christian. Bringing you cryptocurrency videos every day, teaching you how to make money in this market. If you are new to the channel, then make sure to subscribe and activate the bell right now and yes, bitcoin encrypt overall, is definitely going down today. Today is not a good day for crypto and you can see that not only are we going down, but we are breaking some very key levels now. This is, of course something that i have been cautious about. I have been expecting us to yeah, not have a rally anytime soon and for us to continue to go down here, because there are just too many x factors theres too many whales, and by the way i do have some updates on these whales as well. Theres too many whales, too much leverage still in the market, and there is massive liquidations going on right now for bitcoin and for ethereum. So, on the four hourly time frame, you can see that we, you know, didnt, manage to break above this orange box right here and just like i said in my video yesterday i mean this was not a good sign because us not not even being able to Break this level after having this much downside was not a good thing to see and yes, we did go down, we did break this level and then once we broke that that you know straight down here and we find ourselves right above 19 000.

As of me, recording this video now before we talk about how much lower we can go, lets talk about the reasons why we are going down right now, so theres a lot of x factors right now in the crypto markets. As you know, we have been talking about these whales who have massive positions on uh leveraged positions. I should say on ave and on maker and on many different platforms, theres so much crypto out there. That runs the risk of being liquidated. Now our first whale the well who had the 240 000 ethereum. I believe this whale has started to pay down the ethereum here. You can see that right now, theres only uh, 152, 000 ethereum here and the health factor is, you know its, not a disaster, although its very you know close to being liquidated still, but they have at least started to pay down this debt, which means that they Have been selling ethereum, which have been you know, also contributing to why we have been going down of course now who is this whale? Well, i do have some information according to uh jiran zen, on twitter. This is kai wensching of metoo and longling capital, so apparently that is the wallet and they have been dumping a lot of ethereum after having been liquidated previously as well. Not only that we also had babel finance yesterday come out, which is an asian crypto lending company and they just completed financing with two billion valuation, and they said that they have encountered unusual liquidity pressures and redemptions and withdrawals have stopped.

So this is what i have been saying. All along since luna collapsed, there was going to be contagion. We saw celsius collapse due to that we saw trials, capital collapse, and now we are yet to see the true implications of three arrows capital collapsing chances. Are that youre going to have even more contagion here? Which brings me to this dont forget that 83 of block file loans are not over collateralized according to their settlement with the sac. So you can see it right here. Approximately 17 were over collateralized now. Block fi is also a lending platform and it has been confirmed that they had lent out money to three hours capital. How much of that uh, you know, did they lose out on? Did they lose anything at all? We just dont know, but you are continuously seeing this contagion continue to spread in the crypto markets, and this is why i said yesterday that, yes, i am kind of out of the market right now until the dust settles, because even if you know everything is fine Right now, even though some companies are not going to go under lets, say, block file survives lets, say nexus device lets say you know, crypto products. Everything is fine. I still think that its going to be a while, until you see massive upside for bitcoin and uh yeah youre, going to have some uh. You know time to position yourselves in bitcoin anyway. Now, talking about the massive positions you can see, that celsius still have this rv position with asked to eat here: 409 thousand s to eat.

They are not really uh paying down this, but the health factor is okay on this one, and on maker they have a liquidation price of 13 and 600 for a value of 461 000 here so lets hope that bitcoin does not reach this point, which i dont Think it is going to to be honest, so i think this position is safe, but still just because this position is safe does not mean that they have the funds to repay this debt. So you know every single day that goes by. They are also paying interest on this, of course, and they have customers who want to withdraw from their platform, so they are in a very tough spot still celsius, so they are most likely going to have to in some way shape or form liquidate. Some of these positions into the open market eventually, anyway, now everything if you look at all of the fractals just like i said yesterday, everything is screaming that we are overshooting to the downside right now, which i think is probably likely okay, so what we could see Is we could whenever this stops, whether its at 19 100, whether its at 18 500 or you know 17? 000? I still think that we are overshooting to the downside and i still think that, yes, you are going to have a decent bounce, but then i just like, i said, think we are going to go sideways, so i am okay with losing that big bounce lets say From you know, eighteen thousand dollars up to immediately 19500.

I am fine with losing the opportunity of playing that bounce trying to time the bottom and then just watching bitcoin consolidate around whichever level level it is going to be. And then once the dust has settled positioning myself accordingly. But everything is telling us right now that we are overshooting to the downside. You can see the right here. The rsi weve never been this low on the rsi ever we have never been this low below the red line here as well. I believe you can see that we are definitely you know going down from this level a lot the covet crash was maybe the occasion when we saw that you can see that right here we never went below the red line significantly. So i mean during the covet crash, you saw a very quick balance of v shape recovery and then pretty much immediately going up after that, so everything is telling us that we are overshooting to the downside. Also on this chart right here, you can see that uh we have the same kind of structure, weve been seeing in every single bear cycle and the 200 week moving average. This orange line has always managed to hold up the bitcoin price. Uh right now lets see theres still, you know one day left here on the weekly time frame or two two days left actually lets see im not ruling out a rally above the 200 week. Moving average here um, it could happen, but i am fine with losing out on that rally.

Uh in exchange for more stability in the market and making a you know much safer bet, so to speak with more conviction. You can see that right here we got supported on the 200 week moving average as well. In the second bare cycle, we had a triangle. We had a channel consolidation down into the 200 week moving average support here boom off. We went first bear cycle as well triangle channel down 200 week moving average and then off we went so yeah. I still think that we are overshooting to the downside. The only problem is, we dont know where the bottom is going to be so im not going to try to time that bottom either. But once the dust has settled, i am definitely going to be a huge buyer of bitcoin. Make no mistake of that and, of course, if we reach some ridiculous levels, which i dont think we are going to reach. But if we reach like 15, 000 or 16 000, or something like that, im of course going to start buying at those points as well. But for now this is what i am doing guys if you want to claim a four thousand. Five hundred and thirty dollar bonus over on buybit make sure to use my trading link right here. So you are able to claim this bonus if you use this link and guys thats what i got for you today.