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a crypto family so some more downside in the market today leaves a lot of people asking will this end now there's also some fight in the news I'm gonna cover in two minutes but looking at all the alt coins you can see they are taking the brunt of the attack so most of them are down five six seven you know even ten or twenty percent and bitcoins down point six seven percent to six thousand two hundred and seventy five dollars if we look at the chart here we can see that on the for our for a TD sequential you know there's still really not much room for a reversal candle especially if this candle here closes above sixty one seventy four so again there's still plenty of room for the downside the RSI is still extremely oversold but again you know as we've seen before there really is no indication of how far it can go so you know I'm still can expect if the $6,100 level does not hold and actually looking at the daily chart here you can see here that the descending triangle is still very much in effect it's still staying in there and if this candle closes below sixty one hundred I definitely see that as a bearish sign for continued downside if we hold this level then you know there is a lot of potential for a breakout to the upside if we can break out of this descending triangle but again this is the thing that everyone's looking at right now everyone's waiting you know probably about a week left on this triangle to see which way we break to the upside or downside but again if you are looking to trade Bitcoin right now it's pretty risky because again you know we just have this big move down which some argue you know we could have a bounce possibly I think it could be a dead cat bounce and then you know we could continue to the downside but again anything's possible so we'll just have to keep an eye on that and see if it can hold these support levels now some news I was talking about that is actually some FUD is by CNBC and it's about by a guy named Nouriel Roubini and this guy here he basically says that blockchain Bitcoin and blockchain is the most hyped tech ever and he says bitcoin is the mother of all scams so this guy was one of the few economists who predicted the 2008 financial crisis and he criticized bitcoins underlying technology blockchain calling it the most overhyped and least useful technology in human history and he says right now crypto is the mother or father of all scams and bubbles now well this guy does have some credentials of you know predicting the 2008 financial crisis which basically no one was predicting that everyone was bullish in 2008 everyone was thinking that the housing market is gonna keep increasing forever stocks were doing great but again you know that is some credentials for him to go on in saying that I believe that he still has no room to talk on Bitcoin and the blockchain because it is so different from anything that we've seen thus far and he mentions here it says within minutes of testifying at a congressional hearing on Capitol Hill on Thursday Rubini sounded alarms on multiple aspects of the new digital asset class and he says the self-described expert on international financial markets asset and credit bubbles and their busts said the first warning sign came after a late last year as Bitcoin neared high of almost 20,000 and he told Senators that literally every human being I met between Thanksgiving Christmas of 2017 asked him if they should buy cryptocurrency and he goes to show that people know financial literacy or cannot tell the difference between stocks and bonds we're asking him if they should buy a Bitcoin now I will say there was a big hype for Bitcoin and crypto currencies late last year but again that's with any new technology there's going to be that initial hype so I don't think that was anything out of the ordinary again I see it as another market cycle that is playing out right now but for him to say that basically bitcoins the biggest scam and blockchain is the most hype tech ever you know I think you can relate that to the email in 1972 when the email came out again you know there are some people that were excited about it but the majority people did not understand and that goes with the internet in the 90s and again these things take time and I think that you know he is just so focused on thinking one way that he's not really giving any thought to the other side so he does say though that if you look at his Twitter here he does say that he's not calling for bitcoins bankruptcy he's arguing at this rate with customer transaction losses it's only a matter of time when they go bust and thousands of crypto businesses are bust now so with that I do agree with them that there's a ton of cryptocurrencies in the market that will not be here within five years I think there's only a handful of projects about a hundred of them 50 to 100 that will stand the test of time but again to just you know make that outlandish statement and put that foot in the market right now I think that's very you know it's very arrogant of him and I think that it's not something that cryptocurrencies need if we're going to keep you know pushing forward with regulations with adoption with Bitcoin ETFs I think there's just another road bump in the grand scheme of things and again this guy's getting all the attention right now so if you see a lot of people mad at him this is why so hopefully this rolls over and you know all this fudge subsides but until then with the stock market plummeting with this guy's spreading FUD about crypto currencies you know it's not looking too good the markets right now but you never know things could turn any moment so just keep that in mind but with that if you enjoyed this video please give it a like leave a comment and subscribe if you haven't until next time thanks for watching
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