Bitcoin Decision Point! – This Novel Indicator Calls Bearish For Bitcoin – McAfee In Jail AGAIN?

hey guys it's Jeb here and in today's video john mcafee back in jail just hours after his release in the dominican republic we also have to talk about our man Mike Novogratz because he is betting on Bitcoin reaching all-time highs this year because as he says down here when Facebook announced his new digital asset Libre the calls coming into his firm bounced to a whole new level I very much like to hear his opinion on that and that's what all these quotes are for so we're going to be diving into that a little bit we're also going to be doing some technical analysis on Bitcoin today because in today's video I want to bring you guys a new technical indicator at least new to mean that would be the cmf the Chunkin money flow I'm gonna be showing you how to use this technical indicator and what signal it's giving us right now because it's actually somewhat bullish but also somewhat bearish there's a very strong bullish and bearish case to Bitcoin right now Bitcoin is very much in a decision point and we're going to have to see exactly what Bitcoin decides it wants to do here in the next couple of days we have a lot of technical analysis we need to get to here as well so guys if you are interested in finding out how John McAfee got arrested again in the span of about 24 hours just after being released I mean look at these two tweets they're right next to each other I do encourage you to continue watching the video guys if you do enjoy today's video make sure you smash that like button also make sure to hit that subscribe button and the notification bell if you are new here and also remember that we are still running the sale on the cryptocurrency technical analysis Academy I think you guys can get a lot of value out of this course because I've seen everyone that goes through this course get a lot of value out of it if you want to learn more about how to trade a cryptocurrency markets there's a link in the description down below with a $40 off coupon code 25k 2019 so without much further ado guys let's go ahead and dive right on into it we're gonna start with the technical analysis and then we'll move through our news portion but in today's video there are a lot of things that I want to discuss here starting off I want to go ahead and zoom in here to the hourly chart and show you something that I've noticed and that is the Bitcoin finds itself currently in this consolidation pattern we've seen Bitcoin making higher lows and lower highs as we can see down here Bitcoin has an uptrend of support and a downtrend of resistance this uptrend of support is a little bit longer term but nevertheless this does give us an apex over here later on tomorrow so this gives Bitcoin about 24 to 36 hours where it will decide whether or not it wants to break bullish or whether or not it wants to break bearish so we're gonna have to see how this plays out I'm gonna be getting into a couple different reasons why I think that this is potentially going to be breaking bearish but there are arguments on both sides of that you guys to be aware that any prediction I make here is going to be that there's definitely going to be a counter-argument to it so keep that in mind but with that in mind let's continue if we zoom out here to the for hourly chart what we're going to see is the bitcoins RSI is also in a consolidation pattern we can see there's an uptrend here and a downtrend there RSI is being squeezed in just the same way as price action is and that happens quite often one thing you also see during these consolidation patterns is that as Bitcoin or whatever asset you're looking at gets further in towards this apex right over here it gets more likely that it's going to have a breakout in a random direction and the reason I say that is because when you get so close in here it doesn't take a whole lot for Bitcoin to either break bullish or break bears just like a two percent move to break either bullish or bearish so it's very possible and normally very easy for either a bull or a bear whale to come in and buy a ton of Bitcoin or short a ton of Bitcoin and then move the market in such a way that we build bullish or bearish momentum and then it crashes or rallies the market so whatever technical analysis you do on these breakout patterns what you want to do is you want to wait for the breakout and then trade it don't make a trade on the consolidation pattern before the breakout wait for it prepare for it have your trade setup before the breakout and then if it breaks in the right direction then you can make that trade you can have a trade setup for a short and for a long so you catch the break no matter which direction it goes and make money either way that's the best way that you can go about trading these and I would be very careful doing it any other way because there's a lot of money that you can lose if you trade a consolidation pattern wrong but there's also a lot of money that you can make if you do it correctly I do want to show you guys several things out here on the daily chart as it has to do with this indicator that I want to show you the cmf because as we can see here guys I don't know if you notice it but there is some but there is some bullish hidden divergence on the daily chart right here let me show you exactly where it is because it shows up not only on the RSI but also on our CMF as we can see right here we have this trend line right here showing that we have a higher low pattern forming on the daily chart for Bitcoin but if you guys will notice then you will also see that there's a lower low pattern forming on the cmf down here and don't worry I'm gonna explain exactly what this technical indicator is in just a little bit but for right now what you need to understand is that you can also read sort of divergence signals from the CMS and one that we're getting is the Bitcoin does have higher lows at the moment and it does have lower lows on the CMF that's one of the only bullish things that I'm finding on the short right now most things are pretty bearish we do see that the MACD has started to converge bullish again but it's not really going to propel Bitcoin with the exuberance that it needs to continue the rally bitcoins looking rather bearish right now and one of the reasons for that actually also has to do with the cmf believe it or not so let's go ahead and quickly dive into exactly what the cmf is the chenkin money flow was developed by Marc Chunkin as a volume weighted average of accumulation and distribution over a specific period the standard cmf period is 21 days the principle behind the CM F is the nearer the closing prices to the high the more accumulation has taken place conversely the neared to the closing prices the low the more distribution has taken place essentially what this means essentially what the CM F is is this a rating of how bullish or bearish the market is when we're way up here in the point 2.3.4 region on the CM F that means that the market is pretty bullish what it does it takes the train into consideration and it takes the volume into consideration and it spits out this oscillator down here that allows us to determine how bullish bitcoin is bitcoin was looking very bullish right up here and it just so happens that we were right because as you can see in the lead-up to that we saw that the CM F was rallying very very very quickly and in boom right as we hit the very top here we had this blow-off top or Bitcoin rally like twelve hundred dollars in the span of like an hour if you go back on the chart this happened very quickly and if you were in fact looking at the CM f2 CMF probably would have predicted this I didn't know about this indicator back then I wish I did though because I'm very much liking what I'm seeing here but one of the other signals you can read into it is when the CM F is actually declining that is indicative of a trend moving more towards the neutral side and then more towards the bearish side right now the CM F isn't really bearish because we're sitting around the zero level but it is rather neutral and when we're in a bull market as we are that is bearish but I also want to point something out and a lot of people I think forget with this indicator because I've done a lot of research on this but a lot of people are saying okay the CM F has come down to the zero level therefore it's bearish on Bitcoin that means that we're probably gonna go lower on Bitcoin and that is true that is how you want to read this indicator and that is definitely what is calling for there's a few other indicators we'll get to in a second that are calling for the same but if you actually look back in history here oftentimes the cmf would bottom out at the bottom of the market right here we could see that the CM F was bottoming out at the zero level right here at the bottom of this market same thing right here just a little while later we bottomed now same thing right here we bottomed out right up here we bottomed out same exact thing happens over and over again whenever the CM F is bottoming out a lot of times that's actually the bottom of the downtrend so it wouldn't be surprising to me that if we do see a little bit more bear price action that it only lasts for a week or two and that the cmf helps to allow us to come back up now the cmf is more of a of an indicator that allows you to understand how bullish or bearish the market is it isn't so much a predictive indicator but it can be used as one because just like anything else it does have trends that form on it and one of the ones like I just showed you is that during bear markets a lot of times when it comes down here at zero there's probably a rally about to start because with that said I do want to remind you and I do want to stress that the CMF is zero that is a neutral thing cmf has been declining and that is bearish for Bitcoin one more thing this bears for Bitcoin is right here we can see if there's actually a bit of a candlestick right here with a very long upper shadow right here this is not a very bullish candle this long wick up here is very bad for Bitcoin this is not the end of the world or anything but it is something you want to keep in mind this candlestick right here is not a very good looking candlestick and this is old an inverted hammer that's normally not a bullish thing you normally don't want to see those in your trend because a lot of times a lot of times they happen at the bottom of trans but when they don't happen at the bottom of trans sometimes they can be bearish predictors of price action to come so guys right now the table is really set for a big move on Bitcoin in my opinion we're sitting at the crux of a decision point I'm going to want to see how Bitcoin treats this consolidation pattern here and if I'm at my house when this happens I'm going to try and trade this hopefully I'll be able to record that maybe I'll upload it to YouTube for you guys anyway guys I think bitcoin is really at the crux of a decision point it's moving here towards the end of this consolidation pattern a lot of these technical indicators reporting book bullish and bearish but in general they're pointing more bearish than bullish I think that bitcoin does still have some fuel left in the tank to allow the Bears to push Bitcoin even lower I'd like to see how that plays out so guys right now I'm not gonna make much of a prediction on Bitcoin other than I am feeling bearish on Bitcoin and I wouldn't be surprised if we went down to around $9,000 or a bit lower in the coming week now that doesn't mean that we're not gonna be bullish for the next couple of days that's very possible but in general Bitcoin is looking rather bearish and because that's the trend that we're in right now and because that's what the technicals are saying right now we have to err on the side of caution and be on the side of the Bears because that is who is currently winning until we have proof that the Bulls are actually back in control we don't want to go betting ourselves on them because it's less likely that they're going to be the ones that are actually continuing to drive the market so with all that said let's go ahead and dive into a little bit of news john mcafee guys this story just keeps getting funnier and funnier and funnier and I wouldn't laughing at him if John McAfee wasn't laughing at it himself you can see he looks it looks a little amused a record I think he says my second arrest in one week a record I think and you might be wondering how he got a camera in there this is talked about him as article here nevertheless if you haven't been keeping up to speed on the whole John McAfee getting arrested in the Dominican Republic saga then I will go ahead and catch you up essentially John McAfee landed on his boat in the Dominican Republic in port and then he was telling everyone or excuse me his campaign manager Dominguez I'm not gonna try to pronounce his name again like I did yesterday his campaign manager essentially said that the CIA was trying to track him down and they were going to release a bunch of confidential documents if he wasn't released it was not the CIA it was local authorities they were upset about something and no one really seems to know what it is because they haven't told us nevertheless he got arrested again because he was out for less than 24 hours if I understand correctly and then they arrested him again like I said he over here on his Twitter he said my second arrest in one week a record I think yes John McAfee that may in fact be a record this I don't know this is a publicity stunt or what I don't know what's going on here they say that the photographs he claimed were made possible because the group had smuggled their mobile telephones into the holding facility I don't know what's going on here and frankly it doesn't really impact anything it's just a really funny story I hope John McAfee gets out and continues doing his presidential campaign from abroad or whatever he's doing this is just too too funny please don't get arrest of the third time dude I don't know what you did this is just absolutely hilarious to me anyway moving on here to our last news story of the day not a whole lot happened today that was interesting to talk about but this is something I did want to bring up crypto Titan Mike Novgorod so you've probably heard that name before as he is a billionaire betting on Bitcoin reaching all-time highs this year the CEO of crypto investment bank galaxy digital says Facebook telegram and global economic uncertainty are behind bitcoins big 2019 rally in a new interview with Bloomberg TV Novgorod says Facebook's Libra is a game-changer for Bitcoin it will ultimately bring new users into the world of cryptocurrency and I completely agree with him we're gonna skip past part of this because a lot of this is him talking about why the Libra is being successful that's not what I'm interested I mean I'm interested in why he thinks that bitcoin is being successful and where he thinks that's going to go novgorod said renewed interesting crypto has been readily apparent and galaxy digital this year due to bitcoins rising price when facebook announced his digital asset Libre the calls coming into the firm bounced to a whole new level that is the kind of thing I've been looking for for a long time for someone who has an institution in cryptocurrency to confirm to me that this kind of thing is happening because I can tell on the YouTube channel if you go on the YouTube channel the YouTube channel generally average between 50 and 100 subscribers a day if you go back a couple months ago when Bitcoin was in this gigantic rally over here we were getting two three four five six hundred subscribers in a day there were tons of people coming into the cryptocurrency space there was so much interest in the market and I'm glad to hear that someone else who has some kind of business in the cryptocurrency market is seeing the same thing guys I've been talking about all of these institutions stepping into the space and how important that is Facebook launching Libra even if it blows up in their face and Congress gets pissed off at them no matter what happens it's bringing a lot of interest to the space and it's allowing more people to learn about crypto and some of the people who learn about crypto are going to stay in crypto from the moment Facebook's Libra got announced the phone started heating up again crypto been quiet Bitcoin had a monster correction crypto had a 95 percent correction in 2018 I believe he's talking about the interest there not the price action and when Bitcoin started moving and back up again when people started making money people get interested and the price went up for a few reasons it went up because of the China trade war it went up because we've got political instability all over the world it went up because people started talking about easing rates again and the debasement of fiat currency arguably got involved and then mostly Facebook institutions are investing in funds out in San Francisco and they're getting much closer to making either their first or major investments in the space this is just very very bullish guys that's pretty much all I wanted to read from that but I wanted to give you from the horse's mouth someone that definitely knows what they're talking about in the market someone who is a literal billionaire and works in crypto currency markets Mike Novgorod is someone that you should be able to trust his opinion on this if anyone's gonna know what they're talking about someone like him should and as he is saying as I've been saying for the last year-plus when the institutions start stepping into the space when they start getting involved when they start allowing their platform and their users to start using cryptocurrency when they start getting interested in general it's going to be huge for Bitcoin and this might actually be one of the reason that bitcoin is in this downtrend right now is not only because Bitcoin need a correction but because a lot of that exuberance and the news from the institutions and from a lot more people stepping back into the space has already happened perhaps the reason we had such a gigantic rally here in 2019 so far is because all of this price action came from people that had already been in Bick and already knew what Bitcoin could do and they were just trying to get back in after they left during 2018 and now that they're back into the market their price has been factored back into the price of Bitcoin perhaps now we do need a larger correction so that we can consolidate and allow more people to come back into the space and allow the market to start growing healthily based on new users rather than users that just left for the bear market maybe that's what we need tell me in the comment section down below what you think of that analysis guys do you think Bitcoin does have a little bit more bearishness in the tank do you think we are still going to see a little bit more of a correction in the coming days and the next week or two or do you think the Bitcoin is done with the consolidation pattern because we are setting higher lows at the moment and you think bitcoin is about to start ending rally I would be very interested to hear what your take is on that in the comments section down below and also guys if you want to learn how to trade these markets you want to learn how to analyze these markets and most importantly how to profit in these markets I do highly encourage you to check out the link in the description down below for the cryptocurrency technical analysis Academy if you guys don't know what CT 2 a is essentially it's a consolidation of everything that I know in the cryptocurrency markets if I know something in the cryptocurrency markets is probably in one of the videos here essentially what CT 2 a is is it's a place where you can go to learn about these cryptocurrency markets you have 33 videos in over nine hours of content that teach you how to analyze these markets and how to profit in them because it can be daunting when you're getting started trying to figure out what all these lines mean what all these different little doodads down here at the bottom mean it's very very daunting I remember when I got into cryptocurrency markets it was very daunting it was very confusing I had no idea what was going on and a resource like that would have been very very helpful so guys if you're interested check the link in the description down below if you do decide to join the over 700 people they've already joined ct2 a you can do so with the $40 off coupon code 25k 2019 anyway guys that's going to do it for today's video I do want to thank each and every single last one of you for watching as always and I will see you guys in the next video peace

21 thoughts on “Bitcoin Decision Point! – This Novel Indicator Calls Bearish For Bitcoin – McAfee In Jail AGAIN?

  1. Coke head McAfee in jail .. lol
    Bitcoin is bullshit. Imaginary numbers on a computer screen. Backed by thin air. Good luck with that.

  2. goin down to 7800……… poor ol johnie….hope he escapes, they'll never actually set him free ever again……

  3. Все проекты Павла Дурова на высоте! И монета грамм попадет в ТОП-5 однозначно! Советую иметь его в портфолио на mygram.космический рынок

  4. This is a pure guess. I think BTC will whip up and down at low $10k and high $9k for a few weeks throwing off all technical analysts… While the whales accummalate at dips at high $9k and dump at low $10k. Rinse and repeat. Taking all the retail traders Bitcoin because OTC is dried up.

    My thinking is that it's easy to make money during an uptrend… but most traders get greedy and trade during consolidations.. which is where they give all their profits back to the market. 😉

  5. Yh bearish should end 1st August till I logged into coinbase earlier and apparently UK customers will not be able to have fast payments withdrawals or deposits but coinbase pro will remain unaffected. The uncertainty of this news could trigger a short sale from the UK. This will take effect on the 31st July at 12am🤔 what is in the works for UK coinbase users??

  6. Anyone else getting this 'palpable tension feeling' in the ether? What I mean by this is that after we bottom in this dip, within the next 10 months, we are going to see pandemonium with the prices, news, and a massive influx of people and money? Chatter_2020 is the year of great change in 'ALL MARKETS'.
    What are the odds?
    JUL 27_9,604.72?

  7. The editing has been great Jebb! I can tell the videos are moving faster and more to the point. My gut feeling is Bitcoin’s price is going to drop below $9200 and possibly around $8500 triggering a bunch of buy orders and higher volume back into Bitcoin. That could propel prices back around $14000. My question is, are we about to hit a 3 day golden cross and are you keeping an eye on it?

  8. Oh no….Big Mac may need to eat his thingy. Anywho, bought the dips Jebb. Looks promising!!!😁🎊👦

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