Welcome to BitBoy Crypto!
This is your daily crypto wrap-up.
I don't know if I'm going to do these videos every night.
I am gone currently on a hunting trip.
You can tell because--
I know it's hard to hard to see,
but I'm wearing a camo hat.
Guys, I want to make this video.
I didn't really have to make a video tonight.
I could've easily taken the night off
because I am out of town.
I'm in a cabin.
You know, it's got of like, you know,
sketchy drywall and different stuff.
We're having a great time.
I'm here with some family.
And here's the thing.
I want to make this video
because we just had something major happen on the Bitcoin chart.
I know you guys are like, "What the heck is going on with this Bitcoin? It's up. It's down."
I've been talking about hating Bitcoin.
Now, I do want to preclude this by telling you
that this is not confirmed yet,
but it will confirm in the next 24 hours,
or it may confirm the next 24 hours.
But we had Bitcoin drop down to the $46Ks.
Okay?
When Bitcoin dropped down below $46,000--
or, well, down below $47,000.
I saw it at $46.9K
I don't know how low that it went.
A lot of this is like talking about how because of this crazy inflation news today
that the price has dropped, people panic sold.
It doesn't make any sense.
Obviously, right?
Because when inflation goes up, that's supposed to help Bitcoin.
So, you know, not really sure why that narrative was floating around.
But what I do want to say is when Bitcoin dropped down to $46.9K,
on Market Cipher,
our indicator of choice--
if you want to check out Market Cipher,
go to bitboycrypto.com/deals.
If you want to join our Phemex trading competition,
we're going to be trading-- leverage trading starting next week.
It can be very dangerous.
Make sure you're in-- you know.
You don't have to be an expert, but make sure you know what you're doing.
Use proper risk management.
You can also head on over to bitboycrypto.com/deals to sign up for that.
But the point is,
Market Cipher is the indicator that we use.
Last week, or earlier this week actually,
I think it was Monday night, when I landed in LA,
we got a green dot, a large green dot, on the daily chart for Market Cipher.
It was very exciting!
But what has happened ever since then?
Boop, boop, boop, boop, boop, down, down, down, down, down.
What we have just had is we just printed a green dot,
a second green dot,
on the Bitcoin daily chart.
If we go back to the last time that we saw this,
we saw this exact same double green dot pattern.
A green dot.
Three days later,
another green dot.
The last time we saw this,
Bitcoin went up--
I think it went up at the peak about 110%, 120%.
I don't have the exact number for me.
I guess it was $29,000.
It went all the way up to $69,000.
So you guys can do that math.
It was over a 2X that it did.
To get Bitcoin to $100,000, we need a 2X.
That's what we need.
Are we going to see the exact same thing shape up?
I would tell you this.
I would feel very comfortable taking some long positions right now
as, you know, when we got the green dot the other day I showed you,
we've only had very few of these green dots over the last year and a half.
Really, almost two years.
We've only had a small handful of these.
I think we've had six or seven.
Somewhere around there.
Don't quote me on that.
I don't know the exact number.
But we've only had very, very few of these.
They've almost all played out with bullish action.
But something we see very commonly on the daily chart
is we see a green dot,
negative downswing for a couple days,
and a second green dot,
and that second green dot is the trigger that pushes Bitcoin up, you know.
The first green dot,
sometimes we see manipulation that pushes it down a little bit further,
which makes sense to what we saw today
because the story narrative we're being fed about why Bitcoin dropped is absolutely a lie.
It doesn't make any sense.
We got a lot of bullish news going on this week.
The inflation, we got all these crypto CEOs, you know, at Capitol Hill thinking positive impacts,
so a lot of good stuff.
I want to jump on and make this video for you guys tonight
because I believe, in my opinion,
this is the formation that we've been waiting on.
Alright, guys. That's all I got.
Be blessed.
BitBoy out.