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In this video I want to talk about the fact that bitcoin is still in a very clear uptrend here and we can see here that as Bitcoin broke. Less resistance line that we talked about yesterday based on right now has had a nice little pop to the upside and is testing the upper resistance so what is going to happen in the immediate future will bit can. Actually go up test the resistance break through and go up towards the 6k level or are we actually going to see a reversal here come down and test this support I. Want to talk a little bit about these two scenarios I also want to talk about the fact that fidelity investments they are saying that according to their survey institutional investors are getting very very interested in crypto so the heard of institutional investors they are coming I think that's absolutely true the bit comprise acts in a way. That is going to be very very attractive for institutional investors and if you think that that sounds interesting that I think that you should definitely go to this view hello and welcome to the moon my name is Carl I'm into bringing this cryptocurrency video and let's take a. Look at Bitcoin which is still in a uptrend just like I talked about in. Yesterday's video and let's go into the 1 hour and take a look at. The fact that bitcoin is right now making a very very nice push to the upside so let's start off with just what we talked about in yesterday's video so. What I talked about first of all was this resistance that we had here and basically we were below it in the last video and we'll see resistance resistance resistance and essentially what I said yesterday was that if we do see. Base could break above this resistance then I think that that is could lead to. A pop to the upside and test the upper resistance we have and this resistance zone up here this blue zone is between the top of the local high right there of approximately 5626 and the lower regions here of approximately 5.5 K and right now we are right in the middle of this resistance zone and we can also. See that of course we do have this upwards trending resistance there so the top of that range is all the way up there obviously and that would be roughly in the 5.7 K area over here on bitstamp and in this exact moment Bitcoin from that point is actually up about 4.4 percent here and. Basically it's right now as I'm recording this actually pushing higher. Right now so this is on bitstamp if we go over to bit Phoenix over here we can actually see that Bitcoin broke straight through this resistance and it's right. Now actually breaking to the upside and looking at the volume if we go to the 4:00 hour we can see that we're not getting enough volume to say that we are getting a break through this rising channel I have been talking about the fact that there is one scenario where we do see a continuation of this. Move and yeah we basically see a continuation move like this but I'm not really sure if that is what we're seeing right now because we don't have enough volume to to suggest that we I mean you can see here the volume is not that high but still we can see over a bit. Phoenix that pixel is actually breaking through this resistance and this has been a very very well-defined channel with very clear highs there very clear lows and we also have this middle trendline that has been acting as resistance support resistance support resistance and in yesterday's video we had just broken above this middle trendline indicating a. Strength here for the Bulls and. What I said was if you break above this this yellow trend line which is the local high there that is probably going to lead to a test of. The upper resistance. Here and we are seeing that test right now and even more. So because right now we're actually seeing like. I said basically break above this but we have to be aware of the fact here. That BitFenix is actually trading on. A massive spread right now the BitFenix price for Bitcoin in this exact moment is 5.9 K over on bitstamp it's actually 5.5 or 5 point 6 K so we're talking about a more than a $300 spread and this is because of all the fun regarding tether and in fact here we have a chart of. The BitFenix spread from the bitcoin price so you can see that the the zero line goes in the middle here so basically if this is a zero on this line here. And that means that the price of Bitcoin or based on X trades at the actual price of Bitcoin but if this is above then that means that the spread is higher which means that the the pitkin price is higher on BitFenix then on. The other exchanges and you can see that back here something happened there was a big spike to the upside and this was the first big Tenderfoot we had that actually started this whole spread because before this event back in October 2018 the spread was basically circling around the zero which it should be but after this big event when. The tether fund really started to take off we've. Seen BitFenix actually trade at a pretty hefty premium ever since and generally we could say that the premium has been around 115 dollars above the Bitcoin price but in the last few days this has really started to take off you can see here that the current spread on this furnace is actually. 345 dollars that is massive and in this exact moment it doesn't really seem like this is going to stop this is seems to be like a trend to the upside that the spread is growing and that leads to the fact that. The BitFenix chart looks not like the other charts and that could be the reason why we're seeing this big break to the upside here while the other exchanges are not really getting that because here over a bitstamp. We have not even passed the local high back there we're still below it so this is really interesting that we're seeing this big discrepancy this is just a massive spread and I'm not really sure exactly what this means. But I would not want to be holding a lot of tethers right now that is for sure so if you do hold a lot of tethers I would suggest you get rid of them. Immediately as fast as you can and especially if you have big corner crypt. Or teather over on BitFenix I think that you should definitely try to withdraw that before any withdrawal issues emerges but back to the chart and I just want to point out that if you go to the. For hourly we can see the we're still in. A very nice uptrend just like I said in this video we. Do have a tread the bulls are clearly strong higher lows higher. Highs that is something that is very hard to argue against right now the Bulls are trying to break this resistance that is going to be very very interesting to see if they are able to do that but I do want to point out still that even though we are in a bull trend here. And basically looking very. Strong in the short term we do still have the bearish divergence here on the. For hourly timeframe and right now Baker is actually trying to break above that local high as we can see right there but also if we go to the daily. We also have a bearish divergence and this means that I think that all the bigger time for me I think we are eventually going to see a trend reversal but we're not really seeing that exactly right now but this must be a sign that this bullish momentum could be running. Out soon and yeah basically right now we're getting this and we're even getting kind of a our side channel here at the. Same time as you're getting a channel in the price and yeah they are basically diverging and actually as I'm recording this we can see that Baker is actually really pushing about right now sitting at 5.6 K in the same exact moment trying to. Come up and test the previous resistance which is right there approximately at five thousand six hundred and twenty eight dollars and going into the one hour or maybe even 15. Minutes we see a baker is really really strong here in the short term and it's going to try to test the resistance here any minute now so the boots are still clearly in control here in the short-term there is nothing you can say against that and I still think that if Bickle. Is able to break through this major trend line and this major resistance zone that could lead to a pop up in the 6k area here so that is what I'm watching right now as resistance but I still think it's very. Possible that we're actually. Going to get a rejection here either at the that trend line or in this exact zone. Well right now and actually come down and test the support of this channel again so these are the two scenarios I'm looking for right now and next. Up fidelity survey finds institutional investors are eyeing crypto about 1/2 of institutional investors consider digital assets to be worthy of holding in portfolios according to a survey commissioned by fidelity investments so fidelity investments actually started its own custody service for Bitcoin to try to get bacon into pension funds and family offices hedge funds and so on and this is. Through something they call the fidelity digital assets that they created and they are of course mainly focusing on institutional investors and according to the survey put out by them which question. 441 institutional investors from November to February 72% prefer to buy investment products that. Hold digital assets while 57% choose to buy them directly so this means that there is a big demand for institutional investment products that they can buy instead of buying actual Bitcoin and we can like that or hate it it doesn't matter the demand is there so. This is why we need investment contracts like ETFs and so on but we can still hope that these investment contracts are going to be. Physically backed because that makes a big difference between physically back and cash settled but I think is going to be very hard to deny the fact that institutions they don't want to buy Bitcoin. And hold their own private key buy their own little legend an OS they don't care they only. Want exposure to the price and they want someone to hold it for them so that's why custody service is something that's going to be needed and interestingly the survey also found that 47% of institutional investors said digital assets are worth investing in with the same percentage saying. They appreciate crypto for being innovative the survey which was done with Greenwich associates also found that for the six percent of respondents liked the low correlation between cryptocurrencies and other asset classes. And I think this is a actually very big key thing. Here crypto does not correlate with any other asset class so we take great hedge when looking at the price I think this key thing is going to lead to a lot of hedge funds and institutional investors actually buying a little bit of crypto just to get exposure to this asset class for the simple. Fact that it does not actually correlate with any other major industry so I mean fundamentally we already know that Baker has a lot of things going for it we have a lot of strong fundamentals and more and more adoption but looking also simply at the price there are also features here that are going to be very attractive. For serious investors and for a very long time. Gold has been the main hedge against the world economy but I think bit code is going to be a major player here and here we see small in comparison with gold. And I'm not trying to say that gold is bad in any way I'm just. Saying that Bitcoin does have a few features that are better than gold which means that I think that Bitcoin actually not only deserves Gold's market cap but I think that Bitcoin deserves a higher market cap than gold let's just make this small comparison between gold and bacon all right. Bitcoin has low cost storage transferability and shaping gold does not and Bitcoin has divisibility. And permits microtransactions gold does not and bitcoin is not easily susceptible to counterfeiting goal is actually quite easy to counterfeit both. Are decentralized and both are borderless but both are not weightless bitcoin is definitely weightless it gold weighs a lot so it's very hard to. To transfer fast fast value transfer bitcoin does actually have that. Feature and both are easily verifiable and both have limited supply however there is a big distinction here because of course gold has a limited supply but there is always an ever-expanding supply there's always an inflation rate in gold because people will always mined gold and if the gold price goes up more people. Will mined gold and that will increase the inflation a little bit but it is limited supply in the sense that the stock the flow. Ratio is very very high but bitcoin is the first asset class ever to have a absolute limited supply it's absolutely. Scarce when all bitch codes have been mined there will never be created more bitcoins and this is the only thing that mankind has ever seen that has a an actual limited supply with 100% certainty and I. Think that simple feature is going to push Brittany to extraordinary Heights because Bitcoin will become the most rare thing on the planet there is nothing that can compare. To its rarity because even the most rare diamonds or the most rare of anything you can always find more and there's always. That uncertainty because you never know where there might be a big bunch of this thing with Bitcoin you can actually verify with. 100% certainty that there is no hidden supply anywhere so Bitcoin is actually the first absolute scarce thing we have ever seen and Bitcoin it cannot be freezed or confiscated the gold is more easily frozen and confiscated and of. Course you want to go and buy a cup. Of coffee then based car is going to be a. Lot easier to use than gold but I want to make something clear I'm not hating on gold in fact I actually hold gold myself and before I found Bitcoin I was actually interested in gold gold will always be valuable to to humans and that will never change. I believe and I think that gold is very undervalued compared to the stock markets and compared to the real estate right now so I think gold is not a bad Buy it's just that Bitcoin is a much better. Buy but this is it for this video I truly hope you enjoyed it and if you want to watch my bits mix tutorial you should definitely go and watch it it's a very very good. Easy to understand tutorial for beginners and other. People who just want to learn more about big mix you can click right here to watch that video go and watch it and I'll see you guys tomorrow.

 


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