It is happening in probably just a couple of hours. Im also going to talk about the charts on the shorter and on the longer terms, i am going to give you an indication of if you can trust this current value or not and much much more, so welcome back everybody. My name is christian. Bringing you cryptocurrency videos every day, teaching you how to make money in this market. If youre new to the channel then make sure to subscribe and activate the bell right now, and i want to say first that we are still not at the point where we are comfortably testing the 22 500 orange box level. Right here you can see that weve been going sideways for quite a while right now, and this just goes to show that this is still massive resistance, because the traditional markets have been going up. In fact, the traditional markets opened up green yesterday evening, and we did have this pump right here, so the traditional markets on the futures are actually pumping right now, but not bitcoin, just because we do have this massive resistance right here. Remember not only the orange box, but also the uh 200 week moving average. You got it right here, so this is why we do have massive resistance for bitcoin. I just want to give you an update on that. Nothing has changed compared to the last couple of days, so why do i say that we could potentially have a big move here within the next couple of hours? Well, it has to do with this well before i get into that dont forget that if you havent yet signed up to buybit, you are able to claim up to 4530.

If you use the link right here, so make sure to use this link and claim this bonus, if you want to get those funds to trade with now lets jump over to this, so coinflex is a crypto platform and they are the latest crypto exchange to halt. Withdrawals now this is potentially something that you already know about, but i want to go a bit deeper. I want to look at this from another perspective, so what you can see is that they stated that, due to extreme market conditions last week and continued uncertainty involving a counter party today, we are announcing that we are pausing all withdrawals. We fully expect resume withdrawals in a better position as soon as possible. We fully communicate with you as we find out more so okay. This is not something that is uh very dramatic. Well, yes, it is very dramatic if youre holding funds and so on, but this is you know something weve seen from celsius. Weve seen this from other places as well, but whats interesting here is that the blog post does not name the counterparty involved. So apparently they are owned. A lot of money from a counterparty and lamp clarified that the anonymous entity is neither the crypto hedge fund, three hours, capital, nor any lending platform. So it is not block file. We already know that block files in deep trouble. It is not celsius, we already know that they are in trouble and its also not three hours capital, which we already know is in massive trouble.

Okay, so who else could it be? Are we maybe about to see another big company come out and well being exposed to have insolvency related issues? That is something that they are supposed to communicate later today. So we will just have to stick around here guys because the company said a new update is to be released on june. The 27th so were keeping an eye on this, but if there is a major new company coming out and being bankrupt or having insolvency issues well then i do think that we are going to take another leg to the downside. Now, in general, i think that we are in a buy zone, but this does not mean that we have hit the absolute bottom. I still think that we could go a bit lower and i still think that, even if, even if we did hit the bottom here, i still think that we are not going to see any. You know significant major moves to the upside in the near future. I still think that we are going to go sideways for quite a while, and you are going to have a lot of opportunity to position yourself in the next bull run, so to speak now the rallies were seeing right now. How unusual are they well in every single uh bear market or on the average bear market since 1980? That has always had about three relief rallies of over 10. So in these bear markets we usually do have bear market rallies to try to get people to fall.

More in and then you start seeing more downside for crypto now, just like i would what ive been saying. I dont think that it is a bad idea to buy crypto here if you dont have any crypto or if you plan on dollar cost averaging. In i mean i am not selling crypto right here, so im averaging into bitcoin im averaging into ethereum. I dont think that this is a bad opportunity to do that, but i still think that we are going to go silence for a bit and go down so or potentially go down. I should say, and especially if you look at something like this, this is the average stock market drawdowns of the s p 500. This is where we are at right now. This was the kovit crash. This was the black monday of 1987.. This was the nixon recession where they went off the golds. No, this is the when they went off the gold standard. This is rising inflation and the vietnam war. This is the great recession. This is the great depression. So if you just look at where we are at right now in the stock market, we potentially have some more downside left, which is of course going to affect the crypto markets as well, and also, if you look at the bitcoin long term, holder sopr. This is the uh spent output. Profit ratio, i think, is the uh definition of this meaning compare where the bitcoin was bought at.

How much are they sitting at in in profit at every specific point in time and what you can see if you tweak a if you take a ema a 30 day ema here, you can see that we have gone down weve broken down below this line here, But usually we are below this for a little bit until we do see some rallies to the upside, you can see that we went below here consolidate for a bit we went below here. Consolidated, went below it here, consolidated and also here. So what am i saying here? We could go sideways for a bit longer before we see any significant upside for bitcoin and, as i said, dollar cost averaging. This is something that i am doing. I dont think that that is a bad idea, but going all in at this specific point. I think that that could work out very well, but also you know you could have an opportunity to buy a little bit lower and if anything, i still think that you are going to have the opportunity to buy bitcoin as we continue to go sideways and maybe Trend down a little bit and yeah, that is what i believe we will see if that is going to be the case, but buying bitcoin at these levels are, of course, if you look back in 10 5 years, we are going to be much higher than this. So its not a matter of if by bitcoin is bad good or bad its just about maximizing those um profits which yeah we will see guys.

We will see thats what i got for you.