CRYPTO MARKET – IS THIS A BULL TRAP?!
I know that you have a choice out there as far as what content you watch and so again i appreciate you if you havent already done so hit that like button and hit that subscribe button, if you would, by the way, video for entertainment purposes, only lets Do it okay, so right, this second weve got the crypto market. As of the recording of this, video were at 9.27 billion in market capitalization. Little side note here that used to be the market capitalization of just bitcoin itself. You didnt know that yeah also, if you didnt know this uh bitcoin and ethereum, make up a little bit over 60 percent of the overall entire market cap come from bitcoin and ethereum, which is why i spend so much time on my channel in my videos. Talking about them because they drive everything: okay, so right here, right now again, i was recording the video we got, bitcoin up four and a half give or take and ethereum right up just about three percent: okay, the biggest gainers in the last 24 hours in the Top 100: our compound ship is looking good waves, zill, etc. Okay, so is this a bull trap and kind of whats going on all right? Well lets take a look at this actually lets. Look real quickly were still at an extreme fear. Nine. We still have again inflation: inflation is here front and center. Inflation is the lead story of why all of the markets, including the uh, the uh, the stock market, everything have been pummeled and just beat up in the last.
You know seven eight weeks give or take or more its inflation, okay, its inflation because and inflation. What it really means, if you dont know what it is or what or what all those kind of things heres what it really comes down to everything costs more. It costs more for you to go to the grocery store. It costs more more for you for your rent, for everything, for you know, gas, to fill up your car truck, etc. It just costs more, which leaves people in this very fearful state of hey im, going to hold on to my money because im afraid of what may be happening next week next month, etc. Okay, so um whats driving bitcoins latest bounce and is – and is this a bull trap theres a couple of interesting stats to to to be aware of okay, that bitcoin has bounced back over 18 to the upper 20. Thousands and ethereum has bounced back up 30 from where it was kind of at its lows over the weekend. Okay and weve had this situation where i think weve had a lot of fomo right. Weve had fomo on the dip retail buying and profit taking on short positions have all been cited as whats going on, okay, so so so this is really interesting. All right, let me show you this real quickly, uh, so bitcoin usd slumped as low as 17 593. On saturday, but it since recovered over 17 percent, we knew – and we know that ethereum as went down as low as 880 per token uh excuse me coin and then its been up to 30 percent again, where its current levels are right now and its currently trading.
In it yeah that 11.59, all right so continuing on here. So this fomo thing is one thats, interesting that i hadnt seen a lot of people talking about, and it was the fomo of people buying on the low end by basically buying because they were, they were fearful that they had that that they had missed the bottom. Okay, so they were buying, you know, buying bitcoin, ethereum and other coins uh and thats. What basically drove the uh, the the positive movement, the green candles we had over the weekend. Okay – was retail buying. Also, they tracked, where a lot of that a lot of that retail buying. Excuse me that buying was coming from and it was retail investors buying on mobile apps, okay, wasnt institutional money, things of that nature right and it obviously happened over the weekend as well. Okay, all right so dip buying what was again a major driver over the weekend rebound okay, so let me see uh we had people taking profits, okay, which i think has been kind of uh. You know pushing it as well: okay, um and right here, investor sentiment towards fed monetary policy. Investor fears of a global recession remain headwinds. Those thats the key main story: okay, key main story of what is going on, but has this? Is this a bull trap or not my opinion, because im looking at some technical analysis from some pretty pretty strong technical analysis, people that i trust is that theres a very strong possibility that this could be sorry.
I had a bug around me that this this that it could be a bull trap, thats what happens in your outside recording um and that bitcoin could head lower and ethereum could have lower pulling down. Everything else remember, ive been said this in other videos is that there is that is that theres, a lot of technical analysis out there thats pointing to the fact that bitcoin could go as low as you know, 14, 000 or so, and ethereum could go as low As five to six hundred dollars, okay, again dont shoot the messenger right im, just giving you guys the information. The reality of what some situations here are, so this very well could be a fake out could be a bull trap. Just protect yourself, dont be foam owing in and throwing all your money at it now, because we could have some a little bit of lower lows coming at us as well. If we get any type of a bad new situation, kind of on the global front right, any macro economic, global condition, we could be heading for some lower lows uh. My hope is that its not my hope is that we hit the bottom and now were headed back up, but just again be protect yourself be a little bit. You know just just have a little bit of conservativeness here and you should be fine again, not investing advice. Do whats right for you, thanks for giving me a few minutes of your day and ill see.