First of all, starting off on the weekly bitcoin chart and at the time of recording in this video, the bitcoin price is actually getting quite close to the 300 week moving average, which is currently coming into play at just underneath. Seventeen thousand dollars per bitcoin. And if youre looking at the only other time throughout bitcoins entire price history, where weve seen the bitcoin price touched that 300 week moving average, which is the blue line, that was at the bottom of the march 2020 capitulation and at that stage in the market. At the bottom of the march 2020 crash, we actually experienced a 50 dump in the bitcoin price in one single day, so that was actually one of bitcoins, most severe crashes throughout bitcoins entire price history, and usually when we see a major downturn in the bitcoin price. In most cases, it ends in a capitulation, just a sharp drop off in the bitcoin price, and then eventually, when we see a lot of leveraged positions, gets liquidated and a lot of people just completely capitulate altogether. That is usually around the time where we see a major bitcoin bottom. We saw that once again in march 2020, we saw it at the end of the 2018 bear market after a lot of drawn out bearish price action. Once again, we ended the bear market with a bang, a major capitulation to the downside and right now, if youre, looking at the weekly bitcoin charts, this massive red vertical candle does look like a massive capitulation like what we saw in march 2020 and towards the end Of the 2018 bear markets, but what we need to see is some sort of weak form in the bitcoin price action like what we saw in march 2020.

We saw a massive week. Basically, a lot of buying demands coming in at lower prices, and so far were yet to actually see that were still on our way down. And we havent yet seen that week of buying demand at lower prices, at least just yet. But once again, as ive been covering over the past few days, we have this bitcoin on chain chart showing us that bitcoin could potentially drop down towards 17 000, because these two lines on this chart right here, which are bitcoin on chain metrics, usually end up crossing Over when we see a bear market bottom, according to the 2018, bear market bottom and the 2014 to 2015 bear market bottom in both of those previous significant bitcoin bear markets. We saw these two lines cross over and the bear market itself in terms of the price action actually bottomed out around these lines on these charts. In fact, if i zoom into what we saw at the end of the 2014 bear market looking into early 2015, you can see right here at the bear market. Bottom. We actually dipped slightly below these two lines, but the bear market bottom was very close to these. Two lines – and it basically happens as these two lines were crossing over once again and then, if youre zooming into the 2018 bear market bottom, its basically the same story. Once again, we saw the bitcoin price actually drop slightly below both of these lines, but the bitcoin bear market bottom came into play pretty much as these two lines were crossing over so now considering what happened in these previous two significant bitcoin bear markets in 2014 and 2018 once again, zooming into the current bitcoin price action, and these two lines on the chart right now were actually getting very close to these two lines.

In fact, the top line is coming into play at around 17 and a half thousand, and the bottom line is coming into play at around 16 and a half thousand so theyre, most likely going to intersect at around 17 000. Approximately but remember in both of the two previous bitcoin bear market bottoms back in 2014 and 2018. The bitcoin price dipped slightly below these two lines when they crossed over, which means its technically possible, according to bitcoins previous history, that we could end up seeing a slight dip below 17 000, perhaps something like 16 16 and a half thousands. But obviously that is just going off. Bitcoins previous price history around these two on chain metrics. But what is really interesting about these two lines, pointing towards around 16 and a half to 17 000 per bitcoin, is the fact that that is currently where the 300 week simple moving average is coming into play, as i just discussed in that previous bitcoin chart on The weekly time frame and if youre looking at bitcoins net unrealised losses, recently weve seen a massive spike in bitcoins net unrealized losses, obviously, but if youre looking at the size of the spike in this bitcoin on chain metric, this is actually very very similar to what We saw at the exact bottom of the march 2020 crash, but i went into this chart in much more detail in yesterdays video on the channel. So if you missed my last video definitely check that one out.

If you want to know more information about this important on chain bitcoin chart and just giving you a quick update on the bitcoin long positions on the bifidex exchange right here on the daily time frame and today, in fact, over the past few days, we havent seen A lot of action in these long positions and this entire chance is very interesting because obviously weve been experiencing our fair share of bitcoin dumps, but despite the bitcoin price playing out, multiple significant moves to the downside. These long positions are mostly remaining open. In fact, right now at the current bitcoin price, at the time of recording this video, the value of these bitcoin long positions is close to 2 billion us dollars worth of bitcoin sitting in these positions and once again, they have not even budged at all. Over the past week or so, and just giving you an update on the short term, bitcoin price action here on the four hour chart – and obviously you can see right here that the moment we confirmed a break below 20 000, which was our level of support. We were looking at then that essentially signaled our next leg to the downside, down to whats 17 to 18 000 at the time of recording this video and if youre subscribed to this channel and youve been keeping up with my recent videos, especially over the past few Days then, this move to the downside. Shouldnt have been too much of a surprise, because once again, over the past couple days, ive been talking about this bullish divergence, essentially fading away because were seeing some invalidation signals like a lower height forming in the rsi and that right.

There is basically a signal of weakness in this bullish divergence showing us that the bearish momentum is beginning to build up a little bit more. But once again i said the main focus is really that 20 000 level of support, because if we break below that level, then that is when we begin our next leg to the downside. Once we confirm a break below 20 000, which we already have seen and currently the bitcoin price is on its way down towards that 17 000 price target. Once again, and almost the same thing can be said about the ethereum short term price action here on the four hour charts once again, we had this previous bullish diversions back here on the charts around five days ago, but over the past two days, especially ive, been Saying how this bullish divergence is essentially getting invalidated, because the rsi is breaking below this upper chaining line of supports, but the main support level in the ethereum price action itself, that ive been paying attention to is around 1050, which is this fibonacci level right here. The 38.2 fibonacci level and obviously, as you can see right here on the chart at the time of recording in this video, we have broken below that level, which is why we started that next leg to the downside and as for other levels of support for ethereum Ill be looking towards the 50 retracement level right around here, which is coming into play at just underneath 700 per ethereum.

But what is really interesting is if youre bringing out the 300 week moving average. That is this little blue line right here, because of course, ethereums price history isnt as long as bitcoins price history. So the 300 week moving average has only just recently popped up on the charts. But with that being said, ethereums 300 week, moving average is currently coming into play at roughly around 900 per ethereum and right now, as im recording this video, the price of ethereum is pretty much sitting right at that 300 week, moving average, so that could be acting As some short term support for ethereum as well before, we start looking at that 700 level of support once again, ideally wed like to see a break below 900 per ethereum and, as i briefly mentioned in the bitcoin part of this video one of the big parts Of these capitulations to the downside is actually a lot of positions getting liquidated, and especially as of recent, that has certainly been a big part of ethereums downwards pressure, because in recent weeks, weve seen massive loans like this over in d5, holding hundreds of millions of dollars Worth of ethereum essentially start getting liquidated, which means the massive amount of ethereum held as collateral in these loans is essentially getting dumped onto the markets, which of course, pushes the price of ethereum lower and then that liquidates even more loans over defy, which then dump more Ethereum, which pushes the price lower and its basically a spiral that is happening right now, but soon enough well, eventually reach a point in the market where the majority of the debt like these loans, the leverage basically gets flushed out of the markets, which means well have A smaller risk of seeing more liquidations, that is when we could potentially see some sort of bottom, but for now, once again, some of the biggest selling pressure, especially for ethereum, but really for the overall market, is just basically a lot of positions and loans.

Debt. Basically, getting liquidated getting flushed out of the markets, but considering the fact that we dont have an infinite amount of debt in the market. There is a finite amount of debts. That means this massive cell pressure wont last forever. Eventually, we will see a lot of this debt go away, and that is when we could see a proper rally for bitcoin and ethereum, whether its a full reversal or just a relief rally and by the way this screenshot. Just here is a few days old. In fact, this position already has been partially liquidated and, as always ill continue to provide real time updates, just like this over on my twitter. So if you have not followed me on, my twitter definitely make sure youre doing that, and the link is down below in the description also make sure to check out this video popping up right here on your screen. If you want to know how to keep making money in crypto, even when prices are going down but anyway, that is everything that i have to say for today.

https://www.youtube.com/watch?v=OMo2YVWtHuA