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hey guys all in crypto here and welcome back ladies and gentlemen for another YouTube video this is going to be our daily cryptocurrency market update it's gonna be quite a fun one um we're gonna be uh essentially arguing with Peter Schiff um I have no beef with Peter he does what he does you know I am actually bullish on gold I'm really bullish on anything that is a store of value certainly a natural store of value outside of the Fiat systems anything that is pegged against the dollar or other Affair systems which are debt based which means they inherently have to inflate I am bullish on over the long term time Horizon so this isn't a stab at Peter and but he's essentially saying that Bitcoin is dead given the fact that we've saw some significant moves up for gold and silver and the stock market but Bitcoin hasn't really followed along we're going to rebuke that and we're actually going to be overlaying of the gold chart because one thing you guys know that we do and it's how we stay ahead of the game it's how we trade profitably most days um is simply we we do cross-market analysis you will often be able to direct or or tell the direction of the crypto Market based on the other market so how well is the stock market doing in the US how well is the s p doing how well is the footsy doing what are the Asian markets looking at how's gold looking and of course the the the the the Dixie you'll often get a good feel of what way the crypto Market is going um based on what those markets are doing and but we are going to Overlay gold onto the Bitcoin chart and really talk about that um he also talks about the pivot the markets are now starting to price in a pivot this comes of course after the U.N calls on the FED another central banks to hold interest rate hikes this was I think really good uh or very um accurately sums up what's going on right now from Michael Brown Mr M Brown on Twitter stocks are rallying equals Financial conditions loosening that's the opposite of what the FED are trying to engineer hence the more the markets rally in my opinion the lower chance of a dovish Fed pivot so whilst markets and and you know if the FED haven't pivoted on this kind of Market destruction that we've seen so far we'll take a look at the NASDAQ NASDAQ is down do we have any drawers on her we always have drawers on um NASDAQ is down you know 31 the FED haven't pivoted there okay so they aren't really they don't care about markets to a degree they care about bringing inflation now people often forget why we are on this interest rate in rate hiking regime if you take it at face value they're doing it essentially to bring and kill off demand and bring it in line with Supply so that means that essentially what's happening is and we explained how money worked in yesterday's video and also how this idea of liquidity getting drained works because it has to go back into the debt markets because you have to have more dollars to pay off that debt on a kind of mass scale um so the FED are really trying to kill off inflation by doing this they're not bothered about the markets and if the markets are rallying well that's kind of showing that the third and what they're doing isn't really you know that doesn't support them um turning because essentially they're going okay well if markets can rally in these conditions people have still got money you know demand potentially hasn't been killed off as much as we potentially want it to you almost a year ago we spoke about you know we've had all this wealth creation with March 2020 and this huge Prince of Thon of mono you know we can just keep on the NASDAQ and use it um do we now have to see the wealth destruction of that and that's what I think we're on I think a lot of March 2020 onwards Is wealth is going to get essentially redirected um it's already doing so through inflation it's going to um you know massive companies like OPEC and so on and we're going to talk about OPEC that have essentially came out and said they're going to decrease the production of oil to kind of um counteract Biden's genius plan of dumping the reserves onto the market to bring the price down artificially whilst there's still a big issue with Supply chains and so on and so forth um so anyway I'm kind of rambling on now guys so let's let's really um dive into it I also want to address I've seen lots and lots of people out there essentially think that we are going to play out in the exact same manner I think I have my Bitcoin four-year cycle chart on yeah so this is a chart we were looking at this chart well in the bear Market guys on the channel if you go to my go to the start of this Channel and go to my earlier videos You'll see them um but essentially Bitcoins just followed this kind of four-year Cycle Theory and I think what a lot of people are looking at and really hoping for and we will use this chart is um that markets are just going to go essentially sideways until the next hardening now I do not subscribe to that at all um because I think that given the fact that markets are moving externally I would hate for markets to go sideways by the way for a Trader guys we'd probably be going and trading something else um on a day trading perspective um but people think the markets are essentially just gonna go sideways and do something you know similar to this we just go sideways comes around and we start pumping into the Harvard that's what people are essentially looking at I do not subscribe to that one bit certainly if we are entering what is going to be a deeper recession you know we've done a lot of analysis looking at where we currently are way before everyone was getting on the bandwagon on Twitter and YouTube and where we were just before we entered this sort of 2008 Lehman's moment or or here you know we still think we have a capitulation to come for the stock market we think that that has a lot to do probably with the yield curve and probably a lot to do with the debt markets and we will talk about the debt markets we saw real shakiness from the bond market which caused the bank of England to step in however even though the bank of England stepped in the bond market is starting to figure out that the bank of England didn't fix everything and by buying a few 30-year bonds absolutely not and this is this is why we're seeing yields continue to climb and debt continues to go down nobody wants a debt the governments are essentially The Last Resort buyer um and you know that causes more inflation it becomes it almost enters this kind of death spiral if you will currencies enter this kind of end of days death spiral which is something that we're genuinely concerned about which is why back to my starting comment in regards to the fact that I'm bullish on gone people go well what you're in crypto yeah you can be bullish on both things and really for me I'm bullish on anything that is pegged against the Fiat systems so anything that's USD against whatever asset gold Bitcoin you know I'm betting on the the other asset because I understand that this system inherently go and watch my other video yesterday has to be inflationary and and you know um proliferation is just part of paying back debt basically and it's a debt-based system that we move on so let's just wrap up this comment that I get all the time I don't think markets are just going to go sideways until March until um the next hardening I think that they are going to move with other markets and like I say if I think we're going to get this drop for the stock market and we're going to see that further downside continuation crypto is going to follow I can actually even still see gold um even though it's shown strength for me you're just coming up and retesting this so when we put these drawers on you're just coming up and retesting this level that you broke from and I think the paper price and the paper price moves in all honesty just like in in many ways just like a stock does it moves like a liquid asset um or a risk asset almost even though gold should almost be a safety vehicle but because we live in this kind of derivatives based World um it moves very much in tandem with crypto and the stock market um so let's get on to Peter schiff's comment and then we'll get into a little bit of other market news and then I will love and leave you we do have a bit of crypto news near protocol partners with Google Cloud to support web 3D development so picture if you're saying here the markets are now starting to price in a in the FED pivot and Bitcoin can't even hold a rally above 20K do agree with them on that it's very poor performance from Bitcoin it's a nightmare day trading this because it just goes one way and then retraces um in contrast gold is up six percent silver is up 15 and the gdxj is up 24 Bitcoin is done it's not an inflation hedge and no and uh won't rally with gold when the FED Folds so the thing is with gold is has gold been an inflation Edge you know this is the real question over a long enough time Horizon yes it has um but if you kind of compare it with Bitcoin and we can do that by overlaying them you know these guys are very much moved in sync pretty perfectly in sync so bitcoin's sort of moving with gold and Bitcoin are moving with a stock market what's the driver of markets ladies and gentlemen money liquidity and we're in assist we're in an environment now and if they continue and if a pivot doesn't come and what I mean by pivot isn't they just stop hiking interest rate interest rates because we stay where we are you're still going to see um we're already seeing record numbers of of sort of defaults in certain markets we're already seeing that sort of slam down take place in certain certain areas a buy pivot I mean they start to undo rate hike so they start to reduce them and they start to reduce some you know significantly which has been called for but I'm gonna make the argument um that we will know when the the debt markets are going to reverse this is the 30 day um and we'll cover these up for now and then we'll go back to our Bitcoin chart this is a 30-day fed fed funds futures I don't see a pivot here Euro dollars slight break but we've had breaks before you know and what's gold doing it's extremely correlated look at this slight break rally slight break rally it just follows the interest rate hiking regime actually rather accurately um so this comment as much as I I do like Peter I think I better go like the tweet I do think he puts up some good arguments but I think first of all I don't think he really understands Bitcoin and I think that Bitcoin in some ways certainly the paper price is in the same boat and Bitcoin and and and silver and gold you know I'm bullish on all three of those because I think that um essentially anything against a proliferating fit system is going to to to to go up and the real thing and I was thinking about this last night um you know when Bitcoin and gold and silver really come into its own is when we have this kind of out of control death spiral for Fiat system so they have to continue to print but at the same time you know which devalues are there but at the same time hold up the debt which they have to do via printing you know I think when people start to wake up and go F this you know we're not spending you know 60 years of our life and then getting a measly pension um for this fit system that they can just control manipulate and and inflate then we go to these real assets I think I think all three are going to do actually really well um and I I do genuinely believe this when I say this guys I honestly see in my lifetime that the the Fiat systems are going to fail and that doesn't mean that we don't Port over to something else a rebranded version but as it currently sits I don't see because otherwise it's too easy essentially we just have to follow the liquidity we have to follow the interest rate hikes when we go back to zero everything goes bullish ago or when we start to head that way another quick point on gold is actually gold often gold started to Rally here before Bitcoin also rallied her before we got this rally and then we got the March slam down and actually you know rallied at the same time because everything did but often will lead bitcoin's price action can you see what I'm trying to draw here so gold will often lead Bitcoin so gold will move before Bitcoin okay um well does that mean that this rally is going to now be followed I'm actually on a today and it's a pretty mixed day would a rather buy us a long hair than a short so maybe we do get this continuation you guys know we've been looking at this head and shoulders pattern um that we do think will eventually play out we've just said maybe you get more of a pronounced second peaked right shoulder just like you had your two-peed left shoulder and maybe you sort of come into this sort of 21 you know 22 get K uh range potentially and before we get that slammed out um but what I don't want to see is Bitcoin just goes sideways for a little bit longer certainly whilst other markets are making big moves you know I've been about in um crypto when it's been there hasn't really been a lot to have from it in terms of you know markets have just gone sideways on very low volume that shows a real lack of interest in the asset which is something that I don't really um want to happen so now that we've sort of rebrooked bit of shift um you know also the pivot narrative again if markets are rallying are the FED really going to Pivot they've already shown they don't give a damn about the markets they certainly uh going down so they're certainly probably not going to be too too keen on them going up um a little bit of tea on bitcoin you know we're still biased that and we do believe that you know it's a matter of time before you see that further downside continuation I think you're very much just doing what you did here where you form this kind of Base you did a similar thing here you did a similar thing here you know I think you're doing a similar thing here that you're going to break through um I think that eventually comes but how that happens is the real question do we get more of a pronounced Pete before we get that slammed down you know really building that liquidity up potentially um and sort of squeezing the lungs out taking it to the downside um but we will see it's still very very early days across the board there are a number of all coins that we are looking to long today however very tight stops because we're kind of betting against the the larger Trend let's get into a little bit of news the US delivers angry rebuke of massive OPEC plus production cut and it could backfire for Saudi Arabia so there's a lot I'm not even going to get down the deep dark rabbit hole that sometimes I end up on the path of on this channel um but essentially Biden came out we saw let's pull up the crude oil chart we've got charts for all of this it's why being a market technician is so useful because you're going to have a way better view of things than people that don't look into it here and we don't need a four hour chart for this we saw Biden come out and essentially start the dump oil start to take away their reserves and dump it onto the market to bring down the the prices and also he gave a lot of angry messages although that guy getting angry is just like you know you might as well it's like a a kitten meowing you know um um essentially you know we've seen this but now what we're seeing and remember oil is a huge driver of inflation is we're seeing the likes of open go okay you want to play that game you want to dump and try and bring down the price of oil we will basically just cut our production so because uh even more of a supply squeeze that we already have and certainly we know with what's going on in Russia there's a massive Supply squeeze so this is going to be very very interesting um they're basically saying this is going to jeopardize the alliance between the US I'd be surprised if the US try and jeopardize any more alliances Europe's gas shortage is almost Euros gas um storage is almost full for winter but the iea fares next year may be very difficult so this is positive news in terms of the fact that the storage is not is is essentially full um you know we'll see how it gets on I still think we're in for a winter of discontent in my opinion you know I don't see this winter being a particularly nice one however you know that there's a lot you know that can happen from now and then just like with markets okay we're bearish but we're bearish because of the conditions with those conditions change if they start upping interest lowering interest rates if they start printing money again we've got every reason to turn bullish um and technically if that happened today you would have this double bottom but that is not the case so we keep on with the bias that we have until we see reason to change and it and by the way if if this was the bottom which I don't think it is bearing in mind you had all the bottom callers back here in July they were all turned out to be wrong as we put in a new lower close you know um if this again if this was the bottom we've still won because we got out of 44k so we've doubled our Bitcoin Holdings and triple quadrupled even sometimes 10x that altcoin Holdings just by getting in here that's without lower prices um so I'm not fussed whether this is the button or not right I have nothing to gain from telling you that I don't think it is um in fact I have more to lose from telling you and being honest because we know we live in a corrupt world full of liars um you know I just don't think this is the button we've tried to try to stress that I do think the yield curve inversion is going to come down hard um in terms of we're going to get the Fallout from it Britain Shadow banking system is Raising serious concerns after the bond market storm the bank of England was forced to intervene in the long dated bond market after a steep sell-off of government bonds known as guilts this threatens the country's Financial stability so even though they've stepped in yields continue to rise and debt continues to decrease I think we are going into a debt-based failure and I think this is going to be catastrophic and the reason this is catastrophic is because everybody's leveled up on debt um and essentially what what happens is um you know your Pension funds for example one reason that the banking had to step in they can't just let this market Fall is because pensions are stuffed with it because they've been government mandated to do so in the name of stability when these when the system started out the Fiat system it had a level of stability to it the problem is the bigger that it gets the bigger the volatility that comes with it it's like the crashes that we see get more and more so we don't this doesn't have to be March 20 uh or sorry um 2008 we don't have to go into that but I think the course that we're on right now is very much leading us to it um and you can see that you know there are real issues across the board a little bit of good crypto news near protocol partner with Google Cloud to support web Redevelopment we're going to do a video actually solely on all the amazing developments taking place within the crypto space because it's every single day now guys we're getting a new major company or Google or Microsoft or apple um sort of venturing over and building within the crypto space that in my opinion is because this is the new asset class and it is going to change the world I've rambled on for long enough just a quick recap on a day trading basis it's a hard call um what's going to happen today um your futures markets are down the dollar is putting in a decent rally dollar rallied yesterday bring everything down but then everything retraced gold is down footsies down future Market is down we'll see what the open brings Bitcoin actually holding up relatively well I have a bias that today we could get probably squeeze along out may not happen but remember from an investment thesis we are not buyers here and we're waiting for those lower prices that are going to come um in my opinion as a result of people having to sell their assets to to make their sort of daily payments their utility bills and so on and so forth all I've got for you in this video guys if you've enjoyed the content like as always appreciate it so as a comment and look forward to seeing each and every one of you in the next one thanks a lot for watching ladies and gents
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