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Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs.
My name is Ben.
Everyday on this channel, I show you how to make money in cryptocurrency.
If you like money and crypto, make sure to hit that subscribe button.
In today's video, I'm going to discuss with Chris from MMCrypto exactly what happened
last night with Bitcoin and potential targets that you guys can be looking at for trades.
If you ever do want to make a trade, make sure to visit bitboycrypto.com/deals
and sign up for Bybit and Market Cipher,
the tool that we use that enables us to crush gains all year long.
Alright, guys. Let's go ahead and jump into the video.
Hey, guys! I'm joined with Chris from MMCrypto.
What a dump last night! Can't wait to talk about it with him. As always, every week, he joins us.
Make sure to subscribe to his channel. Got that down below in the video description.
Chris, what the heck happened yesterday?
Man, it's crazy. I woke up to the dump,
and, of course, I'm not saying I expected or predicted that,
but I knew there was something going on the charts.
- I will elaborate on that a little bit more, - Yeah.
which is pointing towards the high probability that something like this is happening,
and I actually have something in the charts which also shows us how low we will actually go,
and, of course, for everyone here who likes trading, I know you have a lot of traders in your community,
I will tell you where I'm going to put in my next trade.
I will be zooming out a little bit.
I have some interesting things to share, but we had that crazy dump.
I think we all woke up and we were like,
- "Whoa! Insane." - Yeah.
- But that's crypto, right? - That's how it is.
Yeah, I certainly woke up, and I was in profit last night in a trade.
I had a pretty rough weekend, honestly.
Last night, I was doing pretty good.
And I was like, "You know what? Before I go to sleep, let me just go and put that stop loss in profit, just in case."
And then, boom!
I had friends texting me this morning freaking out.
You know, they lost money, didn't put stop loss in, you know, and things like that.
So it was a crazy weekend. Last night was definitely insane.
So what do you got on the charts for us?
Yeah, perfect. Let me quickly share the screen.
And this time, really, like, maybe more than ever, please, guys, stick here with us until the very end.
This is a very, very important one
because Bitcoin is basically doing something it has not been doing it like this before.
Usually, we had three times we were breaking the all-time highs.
So the first time here on the 18th of December, it was a Monday or Wednesday,
or maybe I'm switching it, but it was in the week.
Then the second one was again Monday or Wednesday,
one or another way,
we broke the all-time high.
And every single time Bitcoin broke the all-time high,
we didn't go back.
It was great to trade the all-time high.
This time, it was different.
We broke it on a Saturday.
And I was actually making a video with Davinci.
It was this one here.
- Pump!!! But Monday Will Be Dangerous For Bitcoin. Right? - Oooh! Wow. Nice call.
I said Monday will be dangerous for Bitcoin.
And then I made another video, The Last Hours Are Ticking for Bitcoin Right Now.
And then yesterday night, I was making a video, Whales Are Selling Bitcoin Right Now.
And once again, I didn't say I predict with 100% certainty that we are breaking down,
but there were many things which pointed towards that fact.
So first of all, one famous saying of Davinci is
"When retailers are missing the boat, they bring the boat back,
but when institutions missed the boat--"
No. "When retailers are missing the boat, they missed the boat.
When institutions missed the boat, they bring the boat back."
And when we are pumping and going above the all-time high on the weekend,
that is institutions missing the boat.
That was No. 1 of the reasons why we thought, "Yeah, maybe we are going to dip down again."
So yesterday, I was telling everyone, just like you, you put in a stop loss,
I was telling everyone, "Guys, usually, I don't play with a stop loss.
This time, I would put the stop loss below the previous all-time high.
If Bitcoin breaks this behavior, I think we are going lower."
And this is what we did right now.
- So that's why I actually-- - And I think it's--
- I think it's important-- real quick. - Yeah?
- I just want to interrupt real quick. - Yeah. It's cool.
I think it's important for everybody to understand,
you know, Chris, you and me, we've been in this game for a long time,
and we've seen everything.
For newer people who are getting into trading,
and I definitely know people that got wrecked yesterday,
this is what I'll say,
eventually, this will always happen.
You will always eventually get a dump like this, and you have to be prepared for that.
And that's why you've got to pull profits off the table.
And that's also why, you know, in certain cases, I don't use a stop loss most of the time
because I'm actively watching it,
but I'm pulling gains out of Bybit.
That way, if I do eventually run into this dump,
I don't lose all my money and I still have all my gains.
Exactly. And, man, the most beautiful thing is both you and me, we are trading Bitcoin-settled futures.
If we are taking profits, guys,
everyone has to understand, we are taking these profits in Bitcoin,
so if Bitcoin goes higher, you still make profits.
If it goes lower, well, you took profits in those guesses as in the history of mankind.
I think this is what we have to understand.
So and, of course, rule No. 1 is don't lose money as per Warren Buffett,
but rule No. 2 is taking profits is never a mistake.
So, now, the question of course for everyone,
first of all, how low will we go?
And how to enter the next trade because after the trade is before the trade, right?
So what we are seeing here is now the Fibonacci retracement ratio.
So if I'm pulling that from the all-time high down to the swing low,
then you can see that the price--
and I'm also, on my channel, I was putting it upside down--
in the end of the day, it is the exact same.
So instead of the Fibonacci Golden Pocket, we are perfectly here supported by the 38.2.
The 38.2 here in perfect alignment up to the exact dollar to the $54,592 level,
so in case we are getting this bounce here creating this double bottom,
I will trade a volume support a break above that.
I will trade this W pattern.
If we were actually to make this V shape recovery, maybe we are going to miss out on that trade,
but if Bitcoin were to go down maybe make a nice double bottom,
I will trade it.
Whenever we are seeing nice confluence here off the price aligning in perfect alignment here
with the Fibonacci retracement ratios,
we have a high degree of certainty of this actually being of future significance.
If Bitcoin actually were to create a new lower low here on the hourly candles,
I could imagine of us going at least to 50%,
but more likely than to the Fibonacci Golden Pocket among the $50,000 psychological resistance area.
Right now, we got this perfect bounce here.
So right now, I would say, a good likelihood is actually that we are going to find support here.
I think that your analysis, you're spot on.
I'm in a trade right now from $55.5K.
I feel pretty good about that number.
I think that with all the stimulus money coming this week,
I think the fundamentals are aligning, you know, with the technicals.
I do hope that that was kind of the last little dip here before we push back up above $60K again.
Yeah, I think Wednesday, people are getting it.
Some people already have it like a block or so.
I think they are already buying in anticipation of getting the stimulus money.
But for everyone who is happy about the stimulus money, yes, it's nice.
It's still better than the Fed giving it out to corporations.
But what happens in the end?
You are diluting your own purchasing power by spending it,
but I think this is something for another time.
I just wanted to tell you guys,
all kinds of money printing is always going back to you guys in a very negative way.
So let me quickly talk about what I am having here.
Let me-- how can I move it? Oh, perfect!
So first of all, one thing which I was talking about eight hours ago,
whales are selling Bitcoin.
- Sounds crazy, right? - Yeah.
With all these institutions joining,
and it's not necessarily bad news, but this is a very important thing to consider.
And I wanted to show you, if I'm zooming in here, in the last few days,
you can see the orange line is the number of entities holding more than 1000 Bitcoin,
holding more than $60 million in Bitcoin.
So now, we see, this was dumping from 2200 whales down to 2000.
So a 10% dip in whale addresses within a few days.
Actually, before the all-time high, they were dumping into the all-time high.
Does this mean this is the end of the bull market?
Well, once again, the history is showing us the answer.
So in 2013 was the last time we saw a severe dip in whale addresses actually dumping.
And there, it was the end of the bull market.
And please hear me out, guys.
The whales were dumping into it.
Here, this time, it could be also arbitrage or just whales diversifying to other addresses,
but this should be taken into consideration from the entities.
Just one thing I wanted to show is usually whales start selling
- way before the end of the bull market. - Right.
So here in 2016, they already started when Bitcoin was getting close to the previous all-time high,
and then they were dumping continuously until we reach the low here,
until we reach the bear market low,
and then they started stacking up again.
So this is just a harbinger of the bull market to end in many, many months.
And this is the last point of content here.
When is it going to end?
And here, I wanted to show you two quick charts here.
The relative strength index--
I was talking about that before on the channel as well.
I'm personally predicting, and I know this is in alignment,
what do you think, Ben, as well,
that we are going to see two dips?
We are going to see a massive run-up, maybe above $100,000,
and then a retracement down.
I personally think the high will be reached in April, and I will talk about why.
Then a big correction down, a severe correction down.
And then the last retail run here towards not only new all-time highs,
but maybe even towards a few hundred thousands of US dollars.
So when we are going here with the-- this is monthly dots.
Every dot represents the RSI, the relative strength index, on Bitcoin in every month.
So right now, we are at 93.
The next month, we will be at 95 if Bitcoin goes higher.
We will be there for sure.
If we go sideways, no.
But otherwise, we will be there.
And then we are going to that area where every single time Bitcoin was going into the 95 area,
we were due for a significant retracement towards the downside.
So this is what I'm waiting here for.
Then we are probably going to get a dip down
and one last run towards the upside.
Just one last thing here.
This is another on-chain metric.
I know you also like to look at on-chain metrics.
We have to go here on the Puell Multiple into that red area.
When are we getting inside? Probably also in April.
Let's wait and see if I'm right about that.
And that will be probably the end of the first run.
Quick correction on maybe one or two months,
and then we will see the last run.
So all on-chain charts here and also the technicals are pointing towards that midterm outlook.
And, of course, I want to know, what do you think about that?
What are your projections, Ben?
Yeah, I'm crossing my fingers we don't have the double run-up.
I would like to see more continuous movement like 2017.
That whale chart, I tell you that that whale chart is very, very, very interesting
because there's something at play there that I can't quite put my finger on it.
And the one thing that I've really been thinking a lot
that really would indicate that, you know, the double top, I guess, if you will,
I mean, not a double top because it will be exceeded, but kind of a mini bear market in the middle,
is what's going on with the stock market?
And, you know, to me, the fundamentals around a collapsing stock market,
which many people believe we're going to see in the near future,
could be in April.
You know, to me, that could be a catalyst to get us on a huge dip,
but if you look back at what happened in 2020 when the stock market crashed,
Bitcoin bounced back along with the stock market, but now look what Bitcoin has done since.
So I can kind of see we have some precedent and a model to show
that if we do get some kind of dramatic dip due to a stock market crash
that Bitcoin is going to bounce back hard.
I mean, it really is when we talk about Bitcoin being a store of value and a hedge against other assets,
nothing in the world is ever going to be so hedgeable, if you will,
that if there's a giant market collapse, it won't be affected.
That's not a real thing in human history.
So that's kind of what I'm looking at.
I'm watching the stock market really closely right now to look for some clues
that that can be happening,
but, you know, when you think about a lot of the crossover between a lot of those whales
that have 1000 Bitcoin or more,
you know a lot of that money is coming from funds and hedge funds that have money on the stock market.
So that's kind of just my first thought.
I would think there is maybe the Bitcoin price could be telling us something about where that's going.
Yeah, I completely agree.
And I just hope that everyone watching here
that you will not freak out when the stock markets are dumping.
This is just opportunity.
Just remember in March 2020,
stock markets dumping, Black Thursday, Bitcoin was going down to $3800.
This was a once-in-a-lifetime opportunity.
When there's blood in the streets, you want to be buying.
It was a maybe not so nice person saying that back in the days,
but a very, very smart person, and it is absolutely true.
When there's blood in the streets, you want to be buying, right?
And I think this is maybe the takeaway of today's video.
I hope everyone liked the content of today.
- I can't wait to interview you on my channel over about a very important topic, man. - Yeah. Absolutely.
Yeah, for sure. I can't wait to see what people think. I love when you come on, Chris. It's definitely good.
You guys make sure go subscribe to his channel, MMCrypto, if you guys haven't done that already.
We do this every week.
We get a little more technical spin on things than we usually do on the channel.
And, Chris, thanks so much for joining us.
And like I said, everybody, go check out his channel and check out my interview over there.
Anything you want to leave us with today?
Thanks, everyone, for watching.
Man, I can't wait.
I do that every time.
After the video, I go into your comments section.
I want to see all the love as spread around with your beautiful community.
Thanks so much for having me and, yeah,
let's catch up in a few minutes over on my channel.
Absolutely.
Alright, guys, make sure to smash that like button on your way out.
That's all I got.
Be blessed.
BitBoy out.