Analysis of The Crypto Winter- What Is Happening? - Transcripts
In this episode of the Crypto Breakdown, I explain what is happening with Luna and do a Technical Analysis of Bitcoin, Ethereum, and Dogecoin for possible price scenarios.
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Sometimes you need to take control to make a difference. That's why with flexpath from Capella University, you're in control, set your own deadlines and leverage your experience to move at a pace that works for you discover a different way forward at capella dot E D. U. Hey everybody, my name is joe Dewitt and this is the crypto breakdown on here. I'll be getting you caught up on everything you need to know regarding crypto, any relevant news, anything that you missed. Don't worry about it. We'll cover all that good stuff in the morning before you go out and start trading. Hey everybody. Happy thursday. My name is joe do it and welcome back to another episode of the crypto
Today we're gonna be discussing what is happening in the crypto market. So to kick
things off, we're gonna
start with luna usd which I'm sure some of you have seen what is happening to luna a. K a terra, which
is part of the
mechanism for the Terror usd stable coin. Now this coin absolutely plummeted back in april, it was trading for over 100 and $10 per luna. Then a few days ago, about four days ago on May 9th um it actually was at $64 and today luna is sitting at two cents. So over the last four days we have dropped from $60 to 2 cents which is absolutely ridiculous considering this is also trading
At $110 back in April. This is absolutely tragic. I feel terrible for anyone who got in on luna when it was upwards trending. Now, taking a look over at Bitcoin, The Bitcoin chart is not looking great right now. Um A 9% down on the day, 25% down on the weekly Now, Bitcoin is starting to look like the head and shoulders is falling off price, sitting at 28,000 and Bitcoin does have some strong um support over at the 20,000 area 19,600 to be exact and Bitcoin is bouncing between that 19,600 this 31,000 which is a very crucial point of support and resistance that we have faced in the past now with everything that's happening in the crypto market and considering the run that we just had with N. F. T. S, all coins and just the general exposure that we've seen with all of crypto in the media over the last year, it is pretty safe to say that this was um kind of inevitable for the bear market as market cycles were, Crypto is not going to be the first asset in history to break a traditional market cycle. So we have been due for a little bit of price consolidation for awhile here. Price has struggled to get above 60,000 to believe that there could be some sort of quick consolidation into a run um or some sort of market build up. Um It's kind of out the window at this point unless we see some consolidation within the next few days and holding um strongly this 28,000, I do think that we will see Bitcoin down to 20,000 again taking a look over at ethereum, ethereum was forming the same structure. Um that Bitcoin kind of did it slightly unless dramatic.
Um It was breaking above that 4300 it was quickly getting rejected at 708,800. So that was a clear sign that ethereum was not ready to get above um that 4500 price range Now as prices fell into lower zones, we bounced between different consolidation periods and broke above 3500. And that was quickly denied leading us to the fall we're in now theory I'm sitting at $1900. Actually just touched local support of 1700 now for ethereum um they have been teasing each two point, Oh let's hope that this rolls out um soon sometime this summer because um ethereum is going to need some building and some releasing of their staking mechanism to bring a little bit more popularity to the network. And finally I'm going to talk about dogs coin because why not? Everyone loves to hear about dogs coin right. That's what they tell me. Does coins sitting at seven cents coin does not look great. Honestly, this looks like one of the least structurally sound charts that we've looked at so far. Price has just been consolidating in the downward direction essentially ever since june of 21. So for just about a year, does coin has not seen any higher highs and lower slowly consolidating down towards essentially zero. Where was initially trading before it's spike, does coin price is going to dig itself out of this hole?
It is going to need to see some little bit of buying pressure towards that 10 cents and it needs to hold that 10 cents coin can hold 10 cents then I would say it's absolutely going back down to 543 cents and will consolidate their. But considering the way that money is flowing in the market right now, it does not seem like this is going to happen anytime soon and that's all the time we have for today guys, thank you so much for tuning in. You can follow and subscribe to the podcast which will be in description below only at Metro by T Mobile. You can upgrade the five G and get more savings with the lowest price on one line of unlimited five G, just $40 period. That's it, taxes and fees included. Plus more choices with the largest selection of free five G phones from brands you love like Samsung switch and save more only at metro, lowest price versus major national prepaid brands. The fraction of users greater than 35 gigabytes per month may notice reduced speeds and Metro customers may notice reduced speeds versus T mobile due to prioritization, video streams and SD requires eligible porting and plans. See store for details if you look around, there are so many ways to make a difference at capella University are flexpath format gives you a different way to earn your degree, take courses at your speed, move on whenever you're ready. Education should fit your life, learn more at capella dot E D. U Shortly. I just want to say that this is not financial advice. I encourage everyone out there to please do your own research before investing in cryptocurrencies as they are very volatile assets.
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