July 13th Is Make or Break For Bitcoin & Crypto! [Here’s Why]
In this video im going to tell you why i also want to dive into the charts with you. Take a look at some of the very important things that are currently happening in the market for bitcoin and what to keep an eye on in the short term, my names lark, i make videos talking about investing now. If you do like that topic, then please do consider subscribing to the channel and of course, good fortune will come to those who smash the like button. Okay, first before we even get into talking about the bitcoin charts, lets look at the dollar index. The dollar soared yesterday, hitting its highest level in 20. Freaking years really tells you the state of the markets doesnt it, and when the dollar rallies bitcoin falls when the dollar falls. Sometimes bitcoin also rises kind of a weird and complicated relationship, weve all been in those ones before right, but of course, anyway, a strong dollar is just a symptom of really just the jittery global markets that were seeing right now, panic everywhere, everyones losing lots of money. Everyone is fleeing for the perceived safety of the dollar right now. Okay, so thats whats, going on with the dollar, now lets talk about bitcoin, and i want to turn your attention. First, to the 200 week, simple moving average, we have so far closed three weekly candles under the 200 week moving average, and i know that you love historical records and thats a new one, great three weekly candles.
Under the 200 week, simple moving average were living in interesting times. I suppose, anyway, if the 200 day moving average is our bowl bear line, then the 200 week moving average is like our bear and like coma line and were currently on the the coma side of that equation. I missed the 200 day. Simple, moving averages are good times anyway that twitter week, simple moving average is now our line of resistance. We have to conquer to get back over right, because every line of support that we lose is a line that we need to then reclaim at some point back in the future. And we are not even close, of course, to the down trend line either, which is actually what i really want to see reclaim before. I can say: hey theres, any kind of real market reversal happening until we start trading above that, its all just relief rallies until proven otherwise. Meanwhile, basically, every indicator under the sun continues to be flashing bottom or near bottom signals for the market, and there are literally dozens well be looking at, but heres a few that i cherry picked out for you today. This is the logarithmic mac currently sitting. At the same levels that marked the bottom of the last two bear markets, or what about the bitcoin price floor model which has hit the price floor, or we can see on chain data like this. That shows both long and short term holders are sitting on massive losses, currently the exact same kind of losses that happen to coincide with previous bear market bottoms now zooming real quick into the daily here as well.
Bitcoin has managed to put in a higher low after the big sell off on june 18th, as you can see indicated here by the blue lines. First line the bottom, second, of course, as our higher low, but throughout this whole move volume has remained pretty unimpressive lets say we have very low commitment from the market at this current price level, so many people are fearing lower. Prices are still to come sentiment to me feels like the opposite of 69k right now, everyones getting mega bearish calling for super super low prices, maybe thats a bottom signal of itself but heres another one for you. Famous stock commentator turned fair weather, crypto enthusiast jim cramer. After pushing ethereum super hard at three thousand dollars now says that crypto has no real value at all capitulation by these big famous name, people who come in for the good times and bail the second things get rough. Those kind of statements tend to be the broad market sentiment that usually marks bottoms anyway. Well all this stuff is, you know, nice, to hear. The reality is that krypto continues to be a slave to the freaking macro scene. Man and the macro scene is not looking awesome thats exactly what i want to discuss with you next, but before i jump in and tell you about why july 13th is going to be that make or break moment for the market just want to interrupt the flow Real quick, because if you are a cryptocurrency trader, they need yourself an account over on bybe.
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7 percent people say well. The rate of increase is slowing down, maybe thats a good thing if we go up to like 8.9 or satoshi for bid nine percent hold on to your butts man, because it will not be pretty, but the upside here is that if it drops then markets, i Think are going to react quite favorably. Everyone will start thinking. Oh the inflations peaked again. Thatd be a good thing, even if inflation stays the damn same, that might cause a bit of excitement too. In the markets. People say well, maybe were peaking. Maybe this is it its not going to go any higher but, as i previously said what i really want to see two straight months of inflation falling before i get too excited that all this stuff is potentially starting to reverse and wind down right. Let me talk. I dont think we talk about any kind of market recovery until it happens. I wish bitcoin wasnt so heavily correlated to equities and rate hikes and inflation and all this bs, but right now we are in a macro situation where nothing is escaping the vacuum of this market, crashed affecting all asset classes. Anyway, your question for today do you think that inflation is going to go higher? Do you think its going to stay the same, or do you think inflation is finally going to start falling? Let us all know your opinion down below in the comment section thanks.