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life insurance you can get in as little as five minutes go to medcav.com life or click the link down below to ll you have to do is go to medken.com life apple or android pay for it and folks you're on your way to having life insurance for now though let's talk about the stressful roller coaster that is cryptocurrency or the beautiful by the dip opportunities that you get with cryptocurrency in this video i'm going to break down what i think caused today's a crash in cryptocurrency and i'm going to talk about what this means for the potential future of crypto and catalyst that we have coming up so let's first get started there's a lot of talk specifically fud fear uncertainty and doubt over the fact that oh no bitcoin was rolled out as a legal tender in el salvador and was met with uh anger from the population that 70 to 80 percent of individuals in el salvador don't want this bitcoin as a currency and that because of a botched technical rollout bitcoin was sold off and that's why bitcoin is down 10 to 17 today as sort of a protest to oh no the potential failure of bitcoin well in my opinion this literally has nothing to do with the fall of cryptocurrency prices in fact we have to think about it this way most cryptos fell on average about 10 today the broader crypto market lost about 200 billion dollars of market cap worldwide 200 billion dollars worldwide is not an impact that we get from el salvador having a botched rollout of bitcoin given the fact that el salvador's total gdp for a year is one-tenth okay maybe it's like one-ninth of that it's 27 billion dollars i don't think el salvador's economy has the power to eradicate 200 billion dollars of market cap from the crypto ecosystem and crypto economy so i'm not so worried about el salvador i think there's something else that happened here and it's worth paying attention to because it might be a reason to buy the dip unless of course you listen to bloomberg let's start with that let's start with bloomberg bloomberg threw out this piece of technical analysis today bloomberg suggested that bitcoin has now completed a key day reversal paving the way for a deeper correction all right so let's break this apart so i've made the claim that el salvador is not what led crypto to fall crypto fell anyway we're going to talk about why but now we have bloomberg and the bloomberg terminal arguing that wait a minute is this the potential path back down to 43 000 for bitcoin we'll analyze that when we go to the charts in just a moment but take a look at their argument here believe them or not take a look at this a key day reversal is essentially when you hit a new high which we did this is a new high right here following yesterday's high right here so yesterday's high is kind of right here at the little tip there and today's high is right here that's a new recent high but in the same day right here we hit a new high and ended up closing below the low of yesterday's price and this right here is a potential indicator per bloomberg of a reversal in the crypto trend going up and a potential indicator of more pain to come this is really interesting because we've got a very big catalyst coming up on september wait for it is it the 13th or the 14th the 14th the september 14th we get the cpi data release coming up now i know that many people do not believe the cpi that's okay but we've got to know that over 70 of and institutions read the cpi they trade based on what cpi does we know that most activity is not people like you and me wanting to buy and huddle or buy and then sell once we make a nice game it's day trading institutions folks taking advantage with their computers of micro price discrepancies and fluctuations between lows and highs this is why cryptocurrencies so clearly follow perfect ta trends which because crypto tends to follow ta trends so well it is worth paying a little bit a little bit not a lot i'm not putting too much credit on this it is worth paying a little bit of homage to the potential warning of what the bloomberg terminal tells us here now i generally don't believe the terminal here when they come when it comes to their cryptocurrency expectations but let me put it this way last month i posted a video saying hey we're at some of the lowest levels of leverage and don't get me wrong still leveraging the system but we're at some of the lowest levels of crypto leverage that we have seen in in the last 12 months which is incredible because we've had this crazy run-up of leverage we've had this collapse of leverage following the sell-offs around april 12th and may 13th that led cryptocurrencies to fall throughout the summer we've seen a lot of leverage come down we've slowly started seeing leverage come back in and when we saw this inflection point in leverage in fairness shout out to bloomberg they mentioned while ethereum was like thirty one hundred dollars hey you know we could actually see a lot of gains coming to cryptocurrencies because we still haven't seen the leverage button really turn on in big levels yet we're still at relatively small levels of leverage and that in bloomberg's opinion led them to believe that bitcoin actually has a path to 100 000 which is really interesting so they were kind of right on about that so we also know that cryptocurrencies follow ta trends and this is an interesting piece of ta that could potentially set the stage for a reversal it makes sense we've had a pretty good last 30 days here in crypto and we're going to go to the charts in just a moment but we've got to look at what i think actually led to potentially the start of this reversal today maybe somebody saw some of these indicators and what i believe really accelerated the decline that we happened or had happened today the big thing in my opinion that really added fuel to the fire today was of the leverage we had we got a lot of liquidations today so take a look at this quick note before we do that i just want to take a quick moment to mention that yes i have had so many requests from people asking me to not raise the prices yet of the courses because they're waiting to see what happens with my election they're waiting to buy my programs to see am i going to be governor of california or not and so if i lose i say they want to buy the courses which is kind of a really interesting place i put in but anyway what i've done is i've extended the coupon code for jack's birthday to september 24th that gives us time after the election for you to use that same pricing so check that out down below you get all of my buy sell alerts so if crypto's falling and i'm buying you'll get an alert just like we did this morning when cardano ethereum and bitcoin were plummeting and we'll see you there so take a look at this this is bipt bybt and they give you a section where you can look up total liquidations for cryptocurrencies uh all of them uh or you could sort them down by a time by symbol by exchange whatever and take a look at this these are sort of the regular cryptocurrency fluctuations here of liquidations these larger lines over here mean how many liquidations we had and so on a normal day you might see somewhere between 40 to 400 million dollars worth of cryptocurrency fl liquidations essentially and this right here goes back to june so you're kind of seeing cryptocurrencies at low prices here you can see when we have these peaks over here sometimes you get prices that fall down with these you get liquidations here at the peak all of a sudden you get this acceleration of a decline which the timing of which usually the liquidations help you see the chart go down right so all of a sudden you see a decline of say 15 20 percent some folks who are heavily leveraged start getting liquidated and it sort of sets off a chain reaction so take a look at this here on the right side look at this liquidation chain right here a massive set of liquidations of long positions around almost 3.25 billion dollars of bitcoin liquidations and when we zoom in to see the time frame of this look at this let's go into the one minute chart here and really zoom into this the one minute chart here we see oh here's a big bar the evening around 8 p.m california time on september 7th okay somebody got liquidated some people got liquidated to the tune of somewhere around 63 million dollars nobody cares about that 63 million dollars we're not even gonna notice that we gotta zoom out a little bit more to eight a.m right here in the span of one bar in other words a 30 minute time frame right here we had 1.82 billion in liquidations preceded by 700 million and 131 million and followed by another 38 million so all of a sudden within the span right here of 30 minutes particularly between 806 a.m california time and 8 11 we had a massive amounts of crypto liquidations remember what a crypto liquidation is a crypto liquidation is when prices fall and all of a sudden brokers wake up in the morning and they're like hey it's 8am pay up oh you didn't fund computer automatically liquidates you at a certain time usually what happens is if prices fall to let's say i'm just gonna make a quick example okay let's say you have a hundred dollars in bitcoin and you borrowed a hundred dollars against it well you're not gonna be able to borrow a hundred dollars so let's do a better analogy let's say you have 100 in crypto and they let you borrow 50.
and if crypto goes to 80 you get a warning letter that's like hey you need to bring in some more money like now now you're in this place where it's too risky we don't want to lose money and if crypto goes to 70 or like the value of your 100 crypto goes to 70 then and i'm oversimplifying here then you might get automatically sold out and that's what i expected happened here we started having some new money leverage get into cryptocurrencies to start really giving us that push right between fifty thousand and fifty two thousand this is where we started really getting the push oh it's fifty three thousand wow we're doing great again we're doing great all right let's go over here look at the weeble watch this here we are we're on btc let's go to the hour chart this is here's our crash right here look at this this right here coming off of the 46 500 line this could have a lot of this could have been leveraged leverage leverage leverage boom we're plowing in leveraged leverage these extra peaks here leverage leverage get in and all of a sudden look at what it took it took a little bit of potentially a whale selling over here which is kind of crazy to think you get a whale selling right here at like 2 a.m all of a sudden notices go out hey you need to pay up by 8 a.m or something that effect and all of a sudden we get to that 8 o'clock hour you go to the minute chart look at this it's crazy you go to the minute chart there it is and you zoom into this you can clearly see right here at 806 boom boom boom boom boom five minutes of he double hockey sticks in the crypto market and this in my opinion well we know it's not just my opinion based on the chart this is the 30 minute period of time where we had massive liquidations in the billions of dollars of liquidations and so now what does that mean well it actually means a good thing we've now cleansed the system of some leverage that honestly probably was responsible for pumping crypto to the price that we've seen more recently here let's uh let's go to the hour chart it's a little bit simpler to view so we go to the hour chart here in my opinion this section right here could have been heavily leveraged potentially because traders were expecting us to go to the 54 000 line well once we got those liquidations we quickly reverted right back to where we are before we were before having leverage it's also worth noting that when bloomberg reported hey there's pretty low leverage in cryptocurrencies right now that was about a month ago so let's zoom out to about a month ago which would be about the beginning of august beginning of august right here look at that folks same pricing 44 to 46 000 that's pretty crazy so uh these these are important things in my opinion to know is that this sell-off that we had was not something fundamental it wasn't something that said oh my gosh bitcoins bad uh oh el salvador with the 27 billion dollar gdp big freaking deal you know one-ninth of the market value we lost in crypto today just the market value of what we lost today right i mean 20 27 billion dollars relative to the united states that's like gosh i can't even do that math that's 10 20 that's 10 100 that's a thousand we're a thousand times the size of their economy america that is the united states about you know we're in the 21 22 trillion dollar gdp range there are 27 billion it's tiny right 10 times 100 times a thousand times gets you it around that 27 so roughly okay maybe like 800 x but when you compare it like that who cares about el salvador's botched rollout of crypto it doesn't freaking matter what happened here is we had a leverage push and a liquidation event because people got a little too antsy probably institutions i don't think a lot of this was uh individuals maybe it could have been people got a little too excited that that's it this is the crypto bull run and all of a sudden we get this instantaneous almost reversal here thanks to liquidations nope no no this is a lesson stay away from debt but look at this we immediately went in right back to crypto technicals look at how this oscillated between our channel here i have a channel drawn at forty six thousand seven hundred forty seven thousand one hundred sixty five i've not modified these channels probably in three or four months the fact that the vast majority of the price action happened within that channel shows you crypto is all about ta and the technicals and it's very very possible that we had institutions concerned about cpi and the cpi data release coming up institutions were also off over the weekend these commercial institutions sure their algorithms might be trading over the weekend but i personally don't believe the institutions are coming in over a weekend like oh yeah let's uh let's go uh you know work on some new ta for for selling our crypto it makes sense to me that institutions potentially sold in the morning hours here and started this downtrend we really started seeing this downtrend go go again to the hour chart over here look at the hour chart when we started seeing the downtrend started seeing the downtrend 5 a.m eastern time this is right around the time you get a lot of traders on east coast waking up east coast stock brokers hedge funds getting ready then your midday over here you see this sell down and you get the big liquidations at 8 a.m california time start a business day after holiday weekend uh you know middle right before lunch on uh on uh you know essentially a monday of a week on east coast time frame makes sense to me this was trader driven maybe who knows it could have slightly been by the rumor sell the news i really don't expect that i think this was more cpi prep because i personally believe that the cpi is going to miss big and we know that at least 48 of you who watch this channel and follow me on twitter are investing in crypto as an inflation hedge and if cpi comes in low even though we might not believe the cpi it's possible that institutions are trying to pre-trade this now where do we go from here and this is the important thing where we go from here well based on bloomberg bloomberg has a support line drawn at 43 900.
now i don't have a support line drawn there that's right here so i'm going to go zoom out a little bit and see if i can try to figure out what they're seeing at 43 900. it's about right here okay i could see that see that's the bottom that we have right here in august we've touched a few times it's a top we had at the beginning of august you go a little bit further it's been a bottom before over here in february so we we have seen some precedent for a 43 900.
bloomberg is suggesting right now that we could see a reversal of crypto to 43 uh 900 that is bitcoin i personally am excited to buy the tip i a pers oh look at this we just had another drawdown here yeah look at this this just happened as i was filming here that's funny yeah i've been filming we've been working on this or i've been working on this for like the last 30 minutes or so we just had another little sell down here very interesting we've now broken out of the channel i personally find these by the dip opportunities i'm not buying super heavy though because i am a little bit nervous about that cpi release and if we get a cryptocurrency run between now and september 14th i might be tempted to sell right before like minutes before that cpi reading comes out on the 14th which would be at 5 30 a.m california time so like 5 29 it's a potential temptation that i have so if you're if you've got money at a place where it's going to be expensive for you to sell like block fi or whatever and you want to transfer it over to something else maybe consider doing that sooner but anyway these are some thoughts that i have long run though very bullish 20 bitcoin somewhere around 40 percent ethereum 40 cardano these are the big three that i'm investing in excited about those i did open a position in hud 8 today and if we get a little bit more of a drop in in bitcoin prices and hud 8 comes under some more pressure happy to add to the position these are just some of my thoughts on bitcoin's pricing what actually happened today liquidation event and potential preparation before cpi data release and what bloomberg's kind of suggesting might be a little bit of a short-term selling season that we have coming up and for me buying the dip opportunity so anyway thanks for for all my buy sell alerts make sure to get your life insurance by going kevin.com life and folks see in the next video thanks for watching bye
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