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when or literally an hour okay so you know in the realm of this let's talk about you know some popular theories about the Bitcoin price decline so this is an article from coin telegraph and this says Bitcoin price 8k bounce now aligns perfectly with a stock to flow chart you know when I read this article kind of in preparation for the show because I kind of wanted to talk about the stock the flow model but the reality is there is like one sentence in here right here there is one sentence in here that talks about the stock to flow model and the rest of this list the rest of this article is just prices are down right so you know we'll read this together it says Bitcoin escaped a fresh dip to 7,500 on September 25th avoiding the worst scenario analysts had warned about before its major crash well where did you pull that number from like where did 7,500 come from explain that to me Bitcoin circles 8.3 K having prediction that says data from coin 360 showed the largest cryptocurrency pairing some losses between 8,000 and 8,500 on Wednesday previously Bitcoin had bottomed out below 8,000 on some exchanges capping a nightmarish 12 hours in which the pair shed almost 20% previously one trader warned markets were set for a dive to 7k levels yeah I mean but you've also had like 90 traders talking about you know $6,000 levels you've had traders talking about $8,000 levels $9,000 level $7,000 levels all of this like hindsight all my fib line was right oh my triangle broke too exactly the measured move it's all crap man no no that's real trading that stuff only works in hindsight because all of these traders that do this stuff don't just have one or two lines on their chart they generally have about 15 and so yes probably price might have the possibility to bounce off of one of your lines and the moment that it does guarantee you they take to Twitter and say I told you so don't you see I drew that fib come join my you know come buy my product it's crap dude it's not real trading man it is the most in my opinion despicable form of analysis out there is this hindsight nonsense and these people are not account most of these most of these people who want to call tops and bottoms and price targets and blah blah blah have so many lines on their chart it is beyond ridiculous no sane rational person can actually form a gameplan around that and they're not accountable when they're wrong you know kind of like this this plan-b thing where he's got you know price you know plotted out for the next two years well I mean well yeah we'll wait and see if you're right in 2021 man there's no accountability for being right no no accountability for being right and that's not good various theories soon emerged about what caused the route including a 1.2 billion dollar transaction on in exchange which could have sparked market panic yeah we've seen about like 17 of those when Bitcoin was consolidating and it didn't cause that so that's nonsense proponents also dispelled rumors that have previously alleged drop in bitcoins hash rate preempted the price decline as coin Telegraph reported hash rate charts displayed a 40 percent drop earlier in the week but commenters subsequently said the readings were inherently inaccurate so again that is assuming that the market is so that's stupid that doesn't make any sense because the hash rate did drop significantly and the market will respond to that it doesn't matter if you come out after the fact you're like well no no no no no man you like if you actually understand hash rate you'll see that that doesn't actually mean anything because that is a lagging indicator of hash rate it doesn't matter that the the difficult so just to let you guys know there is a the difficulty increase that is coming in on Bitcoin is going to make s9s unprofitable right and a lot of miners are still mining with us 9 so a firmware upgrade was released to make the s9 squeeze out all the efficiency that they possibly can and this allows them to significantly reduce their power wattage per use and actually make the s nines profitable with the difficulty increase that is coming up for Bitcoin now because of that miners around the world are feverishly upgrading the firmware on their s nines to have this new to have this new efficiency and you know in anticipation of the the difficulty increase in which at which point at that moment There s nines will no longer be profitable so I think that's probably the most significant reason why the hash rate dropped suddenly because for example if you just have any kind of Bitcoin node connection you would have seen outbound peers increase while noticing a lot of nodes drop off the network so hash rate did decrease and the market could have probably did respond to that in some degree you had a lot of confluent factors that happen to cause price to climb but again you didn't need to know any of that it helps to know some of that but the chart told you to go short any time around the 17th to the 22nd very simple clean and objective and then you can be like well of course that happened but again would you rather be right or would you rather make money I think we all agree so so the fact that because most people don't understand anything about hash rate most people don't didn't had no idea you probably no offense but most of you probably had no idea about the s9 update or that they would be unprofitable to be TC difficulty increase well that's true and so the majority of traders out there also don't know and they're just responding they're just responding right so it says now attention is turning to the run-up to bitcoins 2020 block reward having event yes the 2020 block happening events the block reward having event yes yes ladies and gentlemen where bitcoin will finally reach its all-time highs yes in anticipation of the happening as we've seen every year hooray yippee woohoo yes yay awesome sweet cool ah now I don't think we want to discount that but I also just want to you know trade the technicals don't trade the fundamentals according to analyst Plan B's stock the flow model for Bitcoin price which has traditionally given accurate predictions you mean when he released it like you know awhile it you know like a couple months ago like so it historically gives good results right so there's no repainting in his system right yeah of course probably the mean Bitcoin price in the run-up to next May is 8285 as such under current conditions Bitcoin is no longer trading higher than its planned levels in the years time what does that mean well of course if his model is correct then that means that any price underneath the median should be bought right and any price above the median should be sold this is basic reversion to the mean strategy right buy below the median sell above the median I don't think I want to talk about back they go on to talk about Bitcoin you know Craig Wright's vision leading the altcoin crash crashing about 25 percent we've seen worse that we'll continue to see worse so I just wanted to point this out man you know you got to be you know I read these articles and you got to read them with a pretty discerning eye because you know again you coin Telegraph's just trying to get clicks and eyeballs and you know hey you guys have seen my thumbnails we're guilty of the same thing but at the end of the day this says bitcoins price 8k now aligns perfectly with stock to flow chart I mean you mention it 4-1 cents in here dude literally 1 cents come on dude and then the rest of this is just prices down okay you oh I need more water that wasn't enough live-streaming is hard sometimes guys maybe I just talk too much maybe it should be a less talking and just maybe more some blasting techno in the background and like random lines on the chart and you know I'll just like leave for like an hour and it'll just be like I'll be like some of those 24/7 streamers right my chart will just look like that and then I'll leave Mike come back and be like yeah man Bitcoin that's what I've noticed with most of the 24/7 streamers but a you know more power to a man I respect the hustle it's tough to do man yeah Bitcoin swansong yeah and hopefully you guys know I mean do it for fun man okay so let's look at the weekly candle and then we're going to take a quick break here and before we do that just a second here gentlemen you okay let's go over and look at that weekly candle so on the weekly timeframe where is kind of the buy-in target it's super wide for give me about seventy four thirty two to sixty one seventy eight now let's before we do that and I don't think that you should be blindly buying in those levels again that is the definition of picking a bottom don't pick a bottom identify a level see if you see a reaction off of it see if you get on the timeframe that you trade on whether either rip reversal signal or a trending signal and then go okay but we do have some negative things coming in here on the weekly obviously we have minx signaling actually last week was the first last week minx did give a short signal on the weekly okay now water tower explosion gave a signal above the dead zone but not above the explosion level but I know some people have modified their settings for what ATAR explosion so it's quite possible that they could have actually gotten signal out of that kits thanks so much ma'am and then of course parralox actually on the weekly timeframe got negative right back here so parralox had you weekly bearish back here in august and had you short parralox also had you long from february about the entire bull market and had you sell in july and gave you one fake out week so there's a loss right here there's just no denying map it has you short off of this candle and as you short so again what is the purpose of this indicator would you guys like to see how long parallax kept you in a short on the weekly time frame the 15th of January 2018 and it stayed short until February 2019 so I know you guys tell me seems like a pretty good indicator to me I've done a lot of work on this this is probably one of the most difficult indicators that I've had to code and here's the thing I haven't even added bells and whistles to it but the logical code was beyond difficult I digress target hit he just earned my sub thank you so much sir highly appreciated
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