WHEN WILL BITCOIN STOP DUMPING? THIS CHART REVEALS THE ANSWER

WHEN WILL BITCOIN STOP DUMPING? THIS CHART REVEALS THE ANSWER

guys Bitcoin had a big drop yesterday and in today’s video I am going to talk about what this means and why we saw this big drop I’m also going to answer the most important question right now and that is of course whether this drop is now going to continue after this big bounce or if this bounce is going to continue towards the upside and that we’re going to see higher prices guys very important video today I’m going to show you a couple of different charts showing us what the next major move is going to be also I do have a little bit of speculation actually as to why and who is actually selling most of this crypto so make sure to stick around from the beginning Until the End welcome back everybody my name is Chris bringing you cryptocurrency videos every day teaching you how to make money in this market if you’re new to the channel then make sure to subscribe and activate the Bell right now so let’s get straight into it guys and yes in yesterday’s video I said that we have lost this Orange Box and that the next major point of support would be the next next Orange Box which was all the way down at $58,000 now what happened after that we went down first to $61,000 we did have a little bit of a bounce and then the news came that mount go was going to start to distribute the Bitcoin that the uh creditors had on the exchange they would start distribute that in July actually so this costus a lot of fear in the market obviously with 140,000 Bitcoin potentially being d jumped into the open market by the people who receives these now I will talk about this in a little bit more of a detail soon but uh just know that that was one of the key things that triggered this drop as well but look at this guys we went down and as you know this Orange Box at $558,000 huge point of support and we almost came down to it but the Bulls stepped in about $400 before this Edge and we had on the candle closes closing basis also support level at $59,000 so we managed to close the candles above this point and we managed not even touch The Orange Box here but yes this was a significant drop and where we are at right now is the following we do have a resistance level now at $61,000 so this is the first one we’ll need to break through now in terms of us potentially going down we do have this is a massive massive support level and if we go to the Daily time frame and we flip on the moving averages you can see that we also have this green moving average this is actually 200 day moving average here right inside of The Orange Box so should we have another drop here then uh this level is going to be very very strong guys I do think it’s going to take a lot for us to break down from this yes it cost a lot of panic with the mount go Bitcoin potentially being distributed as soon as July but now we have had that news already and let’s see where this bounce is going to take us the first level to conquer is the $61,000 level here so let’s keep our eyes on that what’s interesting is that the altcoin market has had a nice balance in fact the Bitcoin price went down lower than altcoins yesterday and you can see that the Bitcoin dominance fell actually pretty significantly here on the last uh on the last drop here so it was mainly Bitcoin being dumped here so that could signal a couple of different things it could signal that altcoin sellers are exhausted meaning that most of the sellers of altcoins they’ve already sold and that uh yeah this was an isolated event not isolated completely but this was primarily a Bitcoin drop so maybe it was primarily a Bitcoin drop because Mount gogs they’re going to distribute Bitcoin not altcoins so that could have something to do with it but um yeah let’s talk about why this is significant here and 140,000 uh Bitcoin could potentially be distributed in July to the creditors now what we need to know here is that when you are owed Bitcoin if you are a creditor you had a claim so you have a claim let’s say you had 10 Bitcoin on the exchange so you have a claim of 10 Bitcoin to mount g now during these years remember this happened in 2014 during all of these years there has been different institutions who have been trying to buy these claims so they say that instead of you getting those 10 Bitcoin back let’s say I pay you right now seven Bitcoin or eight Bitcoin and uh I get that claim from Mount goau so this has been happening for over 10 years already and the people that are getting their Bitcoin right now are the people who have resisted they have resisted to uh sell those claims which could mean that they are actually Diamond hands in fact there are some analysts right now predicting that most of this Bitcoin that is going to be distributed in July is not even going to hit the market that it’s going to be from Diamond hands primarily and that they’re not going to dump it into the open market this is of course something that is just speculation it is not something we can be sure of at all but there is some data suggesting that uh yeah you’re not going to see all of this 140,000 Bitcoin being uh instantly dumped into the Open Market in fact what the data suggests is is that these are people who are potentially going to just hold these Bitcoin over time because if they wanted to sell they already had good offers to sell it for the last 10 years by selling those claims so that is the first thing we need to know the second thing is that traditional markets right now also they had a little bit of a pullback yesterday we do have this resistance level so traditional markets are going down a little bit however we are still at a very good point for traditional market so I don’t see see a reason to completely Panic based on that and uh potentially you could see a little bit of an altcoin recovery in fact that is what you’re seeing right now and um as you know guys I’m very bullish on lingo it’s one of few altcoins that I think is actually going to do pretty well here with the token launch because this is one of the most hyped products in in recent times they do have their pre-sale by the way on the 22nd of June so make sure to go to my Twitter if you want to know more about that I retweeted this one right here you check out their Twitter by going to lingo coins so in terms of altcoins we’re still seeing Phantom go up you’re seeing some of these ones you see mem coins have a recovery so maybe we’re going to see a little bit on altcoin recovery here and the some of the launches with quality coins could potentially start to do well again but overall I’m going to say the same thing as I’ve been saying for many many months you need to be specific with your altcoins don’t hold 50 altcoins expect all of them to do well now you need to be specific you need to pick the right altcoins and you need to be very very selective and let’s continue because Bitcoin has hit a historical RSI level so this is actually on the daily time frame you can see the RSI down here at the bottom and we are at extreme oversold levels and the last time in fact we have hit it three times in the past and the first time once we hit the same level of oversold here we went up by 60% second time we went up by 62% % third time we went up by 200% so this signals that the market is exhausted sellers are exhausted and we could potentially be in for a little bit of a nice little bit of a bounce here H almost reaching The Orange Box obviously and then we could see uh this continue towards the upside if history is any indication of the past what I also wanted to show you is this tective chart is on the monthly time frame again you have the RSI here and every single peak of the cycle has hit this higher trend line this this trend line at the top so first time we hit the peak right here we hit it and in fact also the lower trend line has been the bottom so if you just buy at the to sorry sell at the top buy at the bottom you have done really really well here for the monthly time frame again here you can see the peak of the market was when we hit the r side bottom we hit the right here Peak when we hit RSI right here now if we saw the peak of the cycle at 70 or $774,000 just know that we have not hit the the channel here on the uh trend line on the r side so that would mean that this pattern is not valid anymore so I think that we’re going to have a second phase of the market so something like this where you have a peak you have a pullback and then boom you start to go up again so I do think that that is actually what is going to happen that’s what I’m betting on not Financial advice but that is what what I believe is going to happen that you’re going to see that second part of the cycle and we are in fact going to go up and hit the RSI level up here it does make sense and let’s talk about who is potentially selling the crypto right now why are the markets seeing such pullbacks well jumps karia who is the president of jump crypto he is stepping down he is stepping down and um let me take this a little bit further so jump crypto we know that they were involved a lot with FTX they were involved a lot with Luna and uh with Solana and and a lot of other things as well but they were deeply connected to FTX were deeply connected to alamida in fact they were the ones who when Luna collapsed they actually defended the peg in the first instance when it went down so we know that they have been doing some stuff in the past we also know that they are under heavy investigation from the uh from the US authorities so he is stepping down and is this just The Coincidence given that they are under investigation well Adam Cochran believes that it would not surprise him if jum crypto remember one of the biggest crypto funds out there that they are actually winding down their crypto business and that they are selling Bitcoin ethereum and Solana because they are yeah they’re just throwing in the towel and liquidating their crypto division so that would explain how even ETF inflows didn’t counteract endless sales so someone has been selling and it could actually be that jum crypto has been doing that based on uh their just winding down their operations so we will see about that finally what I wanted to say is there’s an us election this year it’s happening in November now historically you do see volatility from July to November you see it Spike by 25% historically now this could be primarily due to investors hedging positions with options due to uncertainty around the election however usually we also see a three to 5% pullback a month before the election so be prepared for that but after that we usually see a rally from the election day of 99.5% until the end of the year so from mid November you could see a rally of about 10% for traditional markets until the end of the year so I just wanted to point that out as well guys and with Bitcoin being at such a low price right now now could be the time to uh accumulate the position whether it is using my trading strategy or just buying Bitcoin you do have the best deposit bonuses available in the links in the description so just go down you have buybit up to $30,000 on buyit by using this link you have up to 60,000 okx and you have up to $40,000 on bitat so make sure to take advantage of that guys thank you so much for watching this video and I will see you in the next one

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Timestamps:
00:00 – Intro
00:49 – Huge bitcoin drop!
09:07 – This whale dumping Bitcoin?

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