there is one thing of course that we have to point out and
this may be the reason why we're seeing this correction right now and that is on the weekly
time frame here we have this massive massive bearish divergence on the weekly time frame
this looks ugly this looks very ugly and it is definitely confirmed for sure
hey welcome back everybody to altcoin daily my name is aaron with austin today we are joined by
this man almost needs no introduction he's got a bugatti he's got a blue chip nft his name is carl
the moon very successful youtube channel the costa king as they're calling him now we'll get all into
it but today he's going to give us all the alpha on bitcoin and ethereum in his opinion reading the
charts reading the tea leaves what he thinks is to come in the future carl how are you doing today
i am doing very very well obviously i prefer when the crypto prices are going up but
um as long as you keep holding and don't sell the lows usually or actually for bitcoin there's
always another pump around the corner so that hopium there keeps me uh waking up with the
smile every day how are you guys doing doing great yeah is it fair to say that you are a
long-term ball on both bitcoin and ethereum yes i hold a bunch of bitcoin and a bunch of ethereum
that i'm holding for the very long term there's one small difference between bitcoin and ethereum
though for me bitcoin i never sell ethereum there have been a few purchases where i actually used
my theorem to buy things but the vast majority vast majority of my ethereum i'm also keeping
for the long term but but if i have to liquidate to buy something i i start by liquidating very low
all coins that i don't really care so much about and then i go up the list to ethereum
but it stops at ethereum i never ever sell bitcoin um except from my first watch that i bought like
two three years ago i i paid three bitcoin for that when bitcoin was at seven thousand dollars
um obviously now bitcoin is much higher so that was an expensive watch for me
let's see what uh it's not here now i have this watch actually this i paid with usdt here in dubai
the the other watches at home but uh but yeah that was an expensive lesson for me and
from that point i i decided i'm never against selling my bitcoin to buy something
nice well let's jump right into it dude i'm psyched to read some bitcoin and ethereum charts
definitely let's dive straight into the charts i'm gonna start off with bitcoin here and
there are some very very interesting lines that we have to pay close attention to here
first of all right off the bat you can clearly see a descending broadening wedge here and a
descending broadening wedge is actually a pattern that definitely breaks to the upside slightly more
likely than to the downside that said you can see that we're still in the wedge and in the cards
we still have the scenario where bitcoin could go all the way down here and retest this support here
as you can see so a scenario that i think is definitely a likely scenario is that we go down
re-test 30 000 and try to confirm support there because if you zoom out you can clearly see
that thirty thousand dollars is this huge macro uh support that has been holding for a very long
time ever since way back in january of last year uh re-testing this level would be something that
would be absolutely amazing to to at least get a confirmation of this support if we break it then
we start talking about maybe a bigger bear market in the in the multi-years of length so basically
people are talking about when is this bear market happening when when is this crypto winter starting
and i think 30 000 is that big big level to watch in terms of a multi-year crypto winter or not
and um before i jump into ethereum i wanna show you of course that we do have this head
and shoulders uh and this is something that i was talking a lot about over on my channel
um that we have a hand and shoulders and we have a neckline and if we break the neckline
then we have a target here right so if you pull this like that and then you just take it down
this is how you measure the target out of head and shoulders then technically the target should be
all the way down here at 22 000 for bitcoin um but to reach that target bitcoin obviously would have
to break the 30k level so my bearish target here is 30 000. where i think we could come down retest
it but then hopefully it bounce so that's my quick little bitcoin update for you and how likely do
you think the 29 30k region holds it sounds like you're fairly confident that would hold
i'm fairly confident in that i'm um i would say at least 65 70 percent chance 70 i would say 70
percent approximately that we will hold 30 000 i still believe that this bitcoin bull cycle
um is not over i still don't think we're we're over there is one thing of course that we have
to point out and this may be the reason why we're seeing this correction right now and that is on
the weekly timeframe here we have this massive massive uh bearish divergence on the weekly time
frame this looks ugly oh no and yeah this looks very ugly and it is definitely confirmed for sure
actually when we were up here at 47k i was telling people that we have a bearish
divergence potentially but it's not confirmed yet however if we break below 47 then that's in
my opinion where this bearish divergence becomes a very solid bearish signal and ever since that
point ever since i made those videos the bitcoin price has been falling and i don't see any huge
crypto pumps in the next like immediate few weeks we need to see um some kind of sell-off i think
like a last shakeout with big volume uh before we can see a a big reversal here but um
at the end of the day no one knows exactly what's gonna happen some people think that we're in the
bear market now some people think that the bull cycle is still happening but i see more and more
people turning towards bearish rather than bullish now and at some point when everyone turns bearish
that is usually the time when we go bullish so is it fair to say if bitcoin is looking bearish
in the short term at the moment we should just assume that ethereum is looking bearish as well
or or should we not assume that i mean i think that's a great assumption and you're usually
right if you have that assumption but sometimes you can see ethereum diverged from bitcoin
um we this is ethereum against the us dollar and obviously this chart will very often just
mimic the bitcoin chart because they are very correlated very quickly i can just
show you that we have big big big support here at um two thousand four hundred dollars
big resistance up here at two thousand seven hundred right now in between and it has to be
said here that we are in a downtrend if theorem has had these small bear flags get formed here
this could be yet another one of these bear flags uh looking uh more and more likely that that's
the case if we keep getting rejected like this here so maybe we are going to see yet another
leg to the downside this is definitely the likeliest scenario if bitcoin keeps going down but
on on that point if ethereum mimics bitcoin or ethereum versus bitcoin throughout 2021
ethereum has outperformed bitcoin said yes exactly so if you go this is the
ethereum against bitcoin chart let me actually reset this chart and just um
make this more beautiful here you can see that ethereum is clearly in an uptrend against bitcoin
and we do have declining volume however which is not we we want to see increasing volume when we
see that happen and also on the weekly time frame here you can actually see a potential
bearish divergence coming in so um right now if theorem is looking strong against bitcoin
but on declining volume and a big batch divergence if we break down below i would say this level here
at um 0.59 which is previous big support and right now big support then i think if
the arm is going to perform uh bad um against bitcoin so you're saying sell no i'm saying um
wait for a confirmation of the bearish scenario if ethereum breaks down below this level then yes
going from ethereum back to bitcoin could make sense for at least a temporary time where maybe
there was just regrouping uh waiting to to break to the to the upside but breaking this level here
i'm sure there will be some type of a sell-off here in the immediate short term from that
so we're just at the start feel free to take us off screen share we're just at the start
of february we have you know many months of this year to go so thinking big picture
how likely do you think it is that bitcoin breaks 100k and or ethereum breaks 10k in 2022.
okay so i would say this every week that goes by where we keep going down it gets less and less
likely that 100 000 will happen this year but it doesn't take a genius to say something like
that right but it is somehow also obvious like we need to see the bulls come back in quite soon uh
to be able to reach those levels even keeping lengthening cycles in mind there is a limit
there is some kind there is a period of time where where we need to see the top because otherwise the
cycles don't really make sense anymore so i think it's still fairly likely that 100 000 is going to
happen this year i still think it's likely that it's going to happen rather than not um
but ethereum is all about bitcoin like if ethereum is going to reach 10 000 or not it
completely 100 percent depends on bitcoin if bitcoin goes to 100k
ethereum goes to 10k if if bitcoin goes into bear market then we're not going to
see ethereum even go above 5k anytime soon so um that's my two satoshis on that subject
awesome carl i i love the perspective i encourage our audience down below give me your thoughts on
the bitcoin on the ethereum price action but carl as we wrap up what else is going on with you man
with me uh many many things are going on i mean obviously you guys know about casta so that's
like a a huge project that we are currently very you know excited about that's that's like you know
for me very important that we create this environment where it's easy to use crypto because
you guys know just like me that sending crypto payments today it's not very easy
obviously now we are used to using our ledgers and pressing this and pressing
that and using alphanumeric public keys and private keys but the mainstream they don't
they don't want that they want they want simplicity so that's why we started custom and
the company is growing incredibly fast in terms of popularity and stuff so i'm super excited about
that and the app is gonna be live within like two three months now i'm told by the cto that uh uh
either very late q1 or very early q2 and that's when the magic starts happening and i'm super
excited about that and um i mean you guys what do you think do you think that the mainstream
will will accept crypto as it is today or do you think we can we have to to make it simpler full
disclosure for our audience at one point we're thinking we'd be investors in costa at the moment
we're not perhaps we will be in the future it's in limbo right now just to keep everybody on board
um but i'm certainly excited about to see what you do carl and the other carl the ceo um
yeah too carl's uh i you know i think that you know one of the hardest things to do in
cryptocurrency i feel like is sending there's two big barriers of entry one sending or receiving
your first cryptocurrency transaction and two setting up a wallet specifically like a ledger
or something like you mentioned a hardware wallet and after you pass that you can pretty much get
through most things in cryptocurrency in my opinion so um if you know that yours is being
built on polygon i think you know i could see that doing well as far as users go 100 yeah because
again the mainstream out there they they want convenience and right now the u.s dollar or
the euro or any fiat currency out there is much more convenient to use than crypto because first
of all it's very rare that someone even accepts crypto in the first place and then dealing with
gas fees that's a whole headache in and of itself i mean sending ethereum can cost tens of dollars
um and bitcoin even even bitcoin is like two three dollars sometimes even even more like 10
so you cannot use it for buying a cup of coffee and that's why casta matters because with casta
you can now spend crypto buy a cup of coffee and share the restaurant bill very easily without
any headaches and and that's what we're bringing to the table so super excited for that i'm very
passionate about the the vision and the the idea behind castle so um it's very cool yeah yeah and
you know answer me this dude we bring you on because you know you have the information
um i've been seeing a lot of great things about costa as far as like the costians as you call
them but i guess the only like uh you know other thing is that some people are saying that the
the tokenomics of the project um there's been some criticism with that as far as like the vesting and
the team can you uh you give us the alpha on that yeah so first of all personally i was not involved
in creating the tokenomics so in if you want to know the the the idea behind tokenomics you should
definitely talk with carl i think however um i think something that people completely uh miss is
that all tokens that are team tokens and advisory tokens uh are locked up for many many years
basically for example my tokens i cannot sell even one token if i wanted to not even one single
token can i sell it it's all locked up almost five years and five years it's the longest lockup that
i've actually ever seen for any crypto project out there so this is something people don't talk about
because people love to focus on the negative stuff um but i think it's very important to to point
out that the team tokens and advisory tokens are locked up for many many years um investors tokens
are also locked up for i think at least like two years or so uh they they can they can sell off uh
some tokens after some time but ever since launch not even one like we're talking zero tokens could
be sold literally zero so um yeah i i just want to point that out and this is also verifiable i mean
it's all public right anyone can go and verify that what i'm saying here is exactly how it is
the tokens are locked up and um i don't know the thing is i i may be a little bit conspirator
conspiratorial or whatever but i think there is a a um like some kind of um you know
attack so to speak where where we're seeing like articles sometimes pop up where where it's just
like a little bit strange that um all of a sudden all of these weird arguments come out
and i don't know is it the banks that are now angry with us is it uh crypto.com i don't know
i'm not saying anything but like it's it's a little bit a little bit strange a little
bit strange also some of the comments on our tweets are like you know it's from you
know these accounts where it says like david zero nine nine one zero zero night like you know like
is this a real person or is it just bots so i think a lot of this stuff is you know
yeah but i don't wanna i don't wanna be too conspiratorial there but uh let's just say
no one can dump tokens i think that's very important to state because yeah it's important for
me i love the community of castians and actually i've ever since the launch i've been buying tokens
i haven't sold a single token i've been buying tokens yeah they don't like the fact that you
bought a bugatti carl and you've been so public with it there there's haters out there yeah but uh
anyways yeah yeah go ahead i bought the bugatti way before cast up just so everyone knows this
okay and even if i wanted to i couldn't even sell token for it so yeah they'll sell the bugatti
first no just kidding but um anyways carl dude thank you so much for coming on links to carl's
stuff uh down in the description check him out and final thoughts carl for the altcoin daily audience
first of all i love your audience and i actually love your channel i think you guys are doing a
great job i think that i mean are you maybe the biggest channel right now or at least top three
or so um in engagement i'd say we're number one in community yeah i think so too you guys are doing
an incredible job and i think that your audience seems super super cool because i see a lot of
positivity whenever i have you on my channel whenever i'm on your channel it's like great
community so um big shout out to the old com daily audience out there thanks carl see you next time
nice nice guys that was awesome yeah that was good um
nice okay let's um so what are some of the questions you're gonna ask us