This is going to be our daily cryptocurrency market update wrapping the week up, as it is indeed friday. Moving into the weekend its going to be key if crypto is to have a good weekend and we have always maintained, even though we think the trend is still very much to the downside, rallies can occur. But if, if bitcoin and crypto is going to have a good weekend, you really need to watch the stock market and how that closes um. So far, the uk stock market is relatively up. The futures is up for the s p and the nasdaq so well watch how the close happens um when the u.s stock market closes later on um and then really look to position ourselves over the weekend. Remember things are very low vol on the weekend and you can have a small amount of money and do a lot of damage to the price as we saw in the prior one. So we will get into the charts were going to be talking about some of the news taking place right now, because theres always a lot of news. Theres, never a dull moment in the cryptocurrency market. Im also talking about some of the sort of geopolitical issues, because this all filters through to the cryptocurrency market. You know i got how 2021 ended wrong um. I thought we were going to continue, giving all the innovation that was happening and all the adoption that i was seeing.

I thought that the bull market was actually going to extend. That is not the case and hasnt been the case, and the reason being is because the macro conditions we forget that cryptocurrency is an asset. It is a market essentially just like other markets that get affected by external forces and thats. What weve seen for the cryptocurrency market and we still have a lot of risk in terms of geopolitical in terms of fiscal in terms of monetary policy, in terms of interest rate hikes to contend with, which is why we are biasing, a very cautious approach and still Expecting more downsides, certainly from a technical point of view, im trading this daily so ill take longs and shorts, even though im biased, downside overall and were posting them up on our twitter and we are going to actually start a trading series where ill put. You know try and build an account up with you, guys, um and just as a way for people to kind of learn the ropes in regards to trading and see what i do right and and and wrong um. But theres theres lots going on um and we will get into that in this video um. So lets start things off by looking at bitcoin. We are still biased that there is more downside to come. We have had significant cell pressure and potentially a slight exhaustion of that cell pressure and were really looking for new money coming into the market.

And really, you know if you look at the volume in regards to cell pressure, its very much a healthy trend that were in and talking about volume. One thing i want to highlight with these sort of pullbacks that we have is, you can see the force and the actual volume is very much to the downside. Um forget the red and and green candles. These could all be the same color candles, but what youll notice is on the moves down. You have very high volume, very high conviction and when we see these kind of rest periods, its typically very low volume and thats kind of what were doing right now. So you can see that, yes, we are found some sort of a short term bottom here and kind of making a um retracement move. But if you look at the volume in comparison with that as a kind of a an extra view of it, you can see just how weak of a move. This is on very low volume. This shows that there isnt a lot of conviction in the move to the upside and thats. Just given all the risk thats on the table, you know traders are very much happy. Shorting, this and and the shorts are very much in control of the market. Doesnt mean we cant see some sort of a significant rally or a flip and a reversal, but well see that in volume well see that in the chart um before we can kind of confirm anything.

Calling a bottom here is really just nothing other than speculation and really gambling, certainly in regards to positioning accordingly, we know the dollars taking a break, we did have the bond market or certainly the yield market taking a break. This should have been more supportive for the cryptocurrency market than it has been um. However, you know again, there is still the room for um a return move to the upside or some sort of a volatile relief rally, um, which people have always got to be careful with and weve been actually predominantly longing rather than shorting, because were kind of struggling To find a a clear short entry at the moment, um and certainly im not looking to short aggressively here, but we have spoken about the likes of the nasdaq. You know. One thing that i really want to impress on people is: this is an article that came out today saying that essentially, putin is squeezing gas supplies and europe is getting seriously worried about a total shutdown. This is what i mean. Yes, this is a headline headlines. News is meant to sell um, but at the same time you know there are serious threats to the geopolitical standards of things. We know that, in my opinion, we are already in a recession um, but certainly you know heading into one from a from a mainstream point of view. Greeks fear another recession, just four years after the countrys exit, um exited its controversial bailout.

So this is what i mean: how how does bitcoin fare in a recession? Well, bitcoin was born in 2008.. Well get rid of this, and i want to keep bringing this up just so. People understand that their historical models may not mean a damn thing, because the conditions are just simply different. This is 2008 bitcoin was born here and look at what markets have generally done since then, weve, never or not. Seen in bitcoins history, a stock market crash, you could argue this is very much a crash, but of you know, um continuous proportion, so over an extended period. That means for me that crypto is is if we do get that definitely going lower, given just his correlation with the equity market. So this is one reason: why were very much risk off at the moment you guys know that nobodys more bullish on the cryptocurrency space than i am, but at the same time you know i want to get as much crypto as i can as cheap as possible And thats what were kind of helping people to do breaking harmonys horizon bridge hack for a hundred million dollars the layer, one blockchains main bridge between ethereum binance chain and bitcoin, has been exploited for nine figures but says its bitcoin bridge was not affected. Its kind of like a token gesture saying that, because already you know a huge amount of damage has been caused. This is blockchain guys. This stuff happens regularly.

It was the wormhole bridge last with ethereum. You know, im sure this wont be the last bridge. Hack bridges seem to be particularly vulnerable to attacks um, which is something i certainly pay attention to and keep my eyes on. Solana labs is building a web 3 mobile phone wow. So essentially, if you guys want a phone um that youre not looking to call anybody on, maybe this may be an option um. I dont really get this move. I mean a blockchain um backed phone, or is there gon na be blockchain in the phone ill have to dive a little bit more into this, but certainly you know with the issues that solanas had. They literally have to shut the network off and restart it from time to time. Um, you know, might not be the best thing if youre kind of in desperate need or youre looking for something reliable in regards to a phone but theres still time for this to come out, um bitcoin miners capitulation event may have already happened. We actually wrote about this on my patreon. We released a newsletter in there where we said look. Miners are going to become more and more of astoro, because the issue youve got is bitcoins. Prices down, electricity prices are up, you know were getting to that point. Where b, uh a bitcoin miners margin is very tight um, if not negative, which means that theyre going to have to sell their bitcoin instead of huddling.

It, which many have actually done. Theyre going to have to just sell the bitcoin to keep the lights on. Basically – and this is going to cause further downs downward pressure until we get that volume coming back into the market to really switch things around, which we havent seen yet and for me, volume is very much. You know extending here this isnt what youd typically look at for an event, moving um or an event changing or direction changing uh volume spike. You know we need to see something a little bit more potentially like this. You know down the line here. Well get some sort of a big big spike and then well see cooling off and then well see sort of momentum start to build um back to the upside thats. Obviously, a huge over exaggeration um confirming a new trend up lets, get into a little bit more news. This, of course, weve spoken about, but this is a serious issue and we have been keeping an eye given how inflation is really the driving factor for the asset market at the moment, um on the likes of where are we? Where are we gas and, of course, oil uh crude oil saw a bit of a this, is really for me just to pull back. You know. Crude oil has done exceptionally well, maybe a bit of danger that were entering some sort of broading structure um, but well see how it acts. You know you can break out the top of these um and i think, theres every reason for oil to continue going higher.

As well as net gas, which has seen a significant pullback on pretty high volume, actually um, but well see what what takes place here, you know: could this be a sort of trend changing event? Could this be a kind of blow off in the volume were now going to get that and then well see volume spike back up and a continuation to the upside theres lots going on guys um? Here we have continued st eth weakness could spell trouble for insta dap light users, so weve still got again risk in terms of individual protocols. Weve seen the lunar collapse, weve seen the three arrows collapsed, weve seen the celsius issues, theres still lots of margin thats. You know hanging fruit really at the moment. Some bullish news, new northern trust unit merges crypto trad fight team 1.5 trillion asset manager, new digital assets and financial markets. Division come amid ongoing, crypto sell off so one thing that youve always got to pay attention to its. My belief that crypto is really a technological revolution, its not going anywhere and its going to play a huge role in the um world that were moving towards were seeing. The signs of that were seeing citigroup were seeing. Blackrock were seeing all these big asset managers and funds and corporations get into the crypto space if they thought crypto was going to disappear and vanish into nothing and be this real sort of ponzi scheme that people deem it to be.

It would have already done so and its important to pay attention to that um, because, ultimately, the goal for me is accumulating as much cheap crypto as i can get my hands up im all in on crypto guys and theres. No two ways about that: um, but really its it its at the moment, all about being an active investor looking for that optimal entry taking it and then hopefully riding this um market off into the sun, essentially because i do really believe in it. I think we got to three trillion dollars and no reason we dont get to 10 15 20 trillion dollars in the future. Thats. My honest belief that is all ive got for you in this video. If youve enjoyed the content, a like is always appreciated.

https://www.youtube.com/watch?v=cjSI9t1rmyM