Is Crypto In TROUBLE?
Everyone is asking right now: should you be buying more? Should you be selling? What is the best way to maximize your profits in the market, so todays video were going to take a minute to talk about a couple of things going on with technical indicators were going to go over what whale accounts are doing because theyre making some pretty surprising Moves and were also going to go over a pretty important institutional report that just came out within the last 24 hours. That gives us a great indicator as to what is going on with the market. So if you guys enjoy this sort of short form, concise, no bs content that doesnt waste either of our times well make sure to like the video subscribe to the channel, and i am traveling. So i am not in my normal studio, my normal place, but anyways right now. The overall market is seeing a bit of a correction take place. We have seen that the overall market has come back down to a 2.52 trillion dollar market cap down about five to six percent over the last 24 hours. But the interesting thing here is that what we are seeing is that bitcoin ethereum, binance, solana, cardano and a lot of the top coins are down, but we still are seeing a good number of coins in the green. For example, one of our favorites, which is avalanche, has been making major major moves thats recently up 46 over the last seven days up about three percent over the last 24 hours were seeing.
L run still up about 12 up 51 over the last seven days. So things are still making some pretty big moves, but in terms of technicals lets talk about whats going on with the market. So the first thing is that, right now with the overall um state of the market and technicals is what were seeing is that bitcoin is dropping back down to about that 53. 053. Five dollar support. What we have talked about in previous videos is that the worst case scenario, really right now for bitcoin, was going to see it drop back down to this 100 day moving average the 100 a simple moving average, which is currently right around 53 500. 54. 000 per coin, we have not yet seen bitcoins drop all the way down to there, but this shows me that we are still in a good place with the market, because this hundred day moving average, we have seen it bounce off multiple times in the past, like For example, in late september early october, we bounced off the hundred day moving average continued. Our way up. This is something that we have seen historically, that the 100 day moving average acts as a pretty good support, pretty strong support, and as long as we stay above this, i would say still a good time to be buying crypto, adding to your positions. Second thing, going on with the overall market and technicals is with 2017 verse 2021.. What were seeing right now is that charts are still mimicking the exact same price movements as to what happened in 2017.
2017. We saw three a little bit of a corrections take place. We saw it happen in mid july, where we broke down below the 50 day movement. A simple moving average same thing happened in july 2021. Then, in end of september 20 2017 we saw um broke below again the simple 50 day. Moving average same thing happened in 2021. This time there is a key difference, though. In 2017, we bounced off of this simple moving average, this 50 day, simple moving average, but this time we have broken below it. So this is one key difference but, like i have said still nothing im too worried about, i would say anything between fifty three thousand. Fifty eight thousand dollars per coin for bitcoin is still a good buy long term. As long as we dont see bitcoins price drop below this hundred day, simple moving average, i think, were still in in a great place its not just what i think, but an interesting thing that just came out was with whale accounts, because this is much more important Than just what any person is saying, because this shows us where all the big money is going. Where are where all this going? And what we just saw is that one of the biggest bitcoin whale accounts, one of the largest, that isnt tied to any sort of exchange. We dont really know much about this account, but what we do know is that this account has over six billion dollars in it and they have accurately predicted the tops and bottoms of the market multiple times in the past, especially for these short term trends.
Back in october early october, this account sold a significant portion of their bitcoin at 66 000 per coin. They bought back in at eight thousand dollars per coin, theyve been able to profit off these short term trends, and what were seeing now is that this account isnt selling. This account actually has bought over 4 000 bitcoin within the last couple of days. So this shows me it should show you that the big money players like especially this account, which is actually predicted um, which is accurately predicted in the past multiple tops and bottoms, is buying. They are very bullish. They are not worried about whats going on with the market, so that is a good sign. Last thing, though, is that not just one rail account but were seeing according to the most recent coin, shares digital asset report. We talked about this report every single week, but in this report we saw that institutions are adding to their positions as well. They are not getting scared, even though weve seen the fear and greed index drop quite a bit. They are not getting scared and they are adding significantly to their positions. Last week, they added 114 million dollars to bitcoin 12 million dollars to ethereum 8.5 million dollars to solana, 5 million dollars to polka dot. They are continuing to add to their positions, while many retail investors are getting scared so right now, all of this going on the market shows me that now is a good time to be buying weve been issuing a number of buy alerts in our private member community.
For coins like avalanche for coins like polygon for a couple of new smaller coins like xmt and weve, talked about soul, chicks, theres, a lot of exciting projects going on right now and with the state of the market. Nothing is worrying me long term. Right now were still in a pretty good position, short term. You know we may see it drop back down to 50 3500, but either way im going to continue to be buying on this dip. Let me know your thoughts on whats, going on with the market.