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Crypto Market Pumps as Amazon Rumours Wreck Bitcoin Bears 馃敟馃殌 - YouTube
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hey guys what's going on paul here
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welcome back to another cardinal video
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if you're new make sure you hit the
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subscribe and the notification bell so
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that you never miss any of these cardano
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updates
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so today it's going to be looking at the
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overall market we've seen a really nice
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price rise overnight
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lots of bears are in hiding this morning
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they i got a severe beating
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overnight with the massive pump by
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bitcoin followed by the rest of the
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market as well
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lots of rumors around amazon we'll take
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a look at them as well as looking across
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the market to see
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what could have caused this and are we
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now fully bullish is that all
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green candles from here on in like if
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you look at twitter people who were
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completely bearish yesterday are now
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fully bullish
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if you've been following my videos
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you'll know there's one key level that i
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want to see us start to close
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daily candles above before we will go
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extreme ball mode again so
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let's jump into it please give the video
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a like leave a comment below or share it
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out there if you think others can
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benefit from it i really do appreciate
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that now let's
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jump in
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okay let's start out here taking a very
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quick look at coin gecko
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as you can see lots of green across the
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board today on the hourly 24 hour and
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the seventh day
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so you can see bitcoin up 12 in the last
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24 hours
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cardano up 10 and a half percent which
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is still a really nice gain to see
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as well you can see binance coin not up
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just as much
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and i would say just on that the reason
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that we see these differences is because
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what's going to keep in mind over the
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next few weeks as well is looking at
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your coin against bitcoin because if
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bitcoin does go on a big run then some
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altcoins out there
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will see some big losses in sats value
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so that is the value of your coin
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against bitcoin with what cardano has
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coming up it's not something that i am
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really worried about at all
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and in fact the small dip against
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bitcoin last night was
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it was welcome from my side so i have
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been mentioning i had buy orders in at 3
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300 sats they got filled last night
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they've been sitting there for a few
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weeks
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so now i'm happy for it to go up if it
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dips to them levels again i may
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potentially
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put some more bitcoin into ada as well
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so looking at the btc usd chart so what
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caused
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this this massive spike i would say some
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liquidations
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on the shorts would have helped push us
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even higher
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right now what is being as was credited
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with the initial pump
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is amazon readying to accept bitcoin
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ethereum cardano and bitcoin cash
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according to an insider and i think city
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am was one of the first to put this out
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there
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supposedly an insider contacted them
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told them that this is going to happen
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i've seen other
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sources but again these are all rumors
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right now
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sources saying that high up people have
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confirmed that amazon will accept
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cryptocurrency by the end of the year
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so again this definitely could have been
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the catalyst for
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the spike in the market they also have
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been advertising for a digital
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cryptocurrency and blockchain product
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lead over the last few days
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so they are definitely getting deeper
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into the cryptocurrency space
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now again some people say why would you
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spend your crypto on amazon and to me
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it's not a
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it's not about that i don't want to
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spend my crypto on amazon
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but to me there's a bigger picture here
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so if you look at it did a company like
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amazon going out there and accepting
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cryptocurrency what that says to the
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open market to a lot of people who are
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not
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interested in cryptocurrency yet is
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cryptocurrency is something you should
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take
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note of it's not going anywhere when we
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went from
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over sixty thousand dollars in bitcoin
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down to thirty thousand dollars
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the general media wiped it all away and
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said bitcoin's dead crypto is gone
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and the retail traders would have just
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left the market but when they see
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someone like
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amazon starting to accept it starting to
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acknowledge that it is going to be here
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for the long term
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that will bring a huge injection into
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the market as well so again
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i really do hope there are a lot more
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than rumors but over the next few weeks
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and months we will see what happens
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there
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so let's take a very quick look at the
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charts then as you can see on the rsi
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down here we have finally broken out of
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the downtrend on the rsi
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and still has room to grow before we get
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overbought on the daily chart anyway
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when we come down into the hourly and
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four hour
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you'll see we are starting to get a
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little bit oversold in the short term
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but looking at this again for me the
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levels that i mentioned
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31 000 and 41 000 are still the two
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levels that until we break
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solidly out of either of them i'm not
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going to get way way over
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bullish or way way over bearish i'm
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waiting to see what happens
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but with this strong push to the upside
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it is
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really really positive to see can we
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challenge 41 000
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in the next 24 hours if we can that
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would be
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extremely strong again when we did drop
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below 31 last week
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we didn't spend too long down there at
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all the same as what has previously
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happened here
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if we go in on the four hour we can see
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here this was a really strong push to
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the upside here
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and if you start looking at percentages
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on this you can see
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take it in around here so at this point
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here people might have been thinking
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that
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the price will be rejected around 33 000
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so they might have been putting in
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shorts and around here so if they did
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let's
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wrong one if they put in shorts there
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what you will be looking at is around 36
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to 37
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000 you're already over 10 so anyone at
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as was at this point here
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thirty six thousand dollars thirty six
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and a half thousand dollars anyone who
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went 10x short
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and around thirty three thousand dollars
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got liquidated at this point that means
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that they have to close their shorts
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they have to buy back into the market
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which would have helped push us higher
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and higher so then people even on
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other leverage would have got liquidated
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to help push the market
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even higher but even outside that we
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look at the liquidation stats in a
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minute
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you can see that we got the initial pump
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pullback which is standard in a market
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but what is the most important thing for
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me to see here is that we're getting
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support
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at this point here we're now getting the
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buying pressure to see
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can we push back up to break that 40 000
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and then on for 41 000 if we look at
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finance you will see this chart going
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around as well finance hit
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forty eight thousand dollars with a wick
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last night on the leveraged trading
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platform
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so again anybody that was short on
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finance i would say in early no matter
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what the leverage was unless you were
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like 2x or 3x
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then you would have got liquidated last
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night on binance
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you can see again i would say this spike
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here happened with a lot of liquidations
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it was a big short squeeze here to push
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the price
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right up here because there was more
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people buying and even the shorts that
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were getting liquidated were being
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turned into buys so what that done was
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just push the market higher and higher
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and you can see it has stabilized now
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to be across the board with the rest of
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the market right
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now if you look at the liquidation stats
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on by
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bt.com you can see that there was a
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decent amount of short liquidations last
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night
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again this would have all helped to push
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the price up
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nowhere near the level that we've seen
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with the long liquidations back
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on the 18th of may when we had them huge
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drops down to 30 000
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for the first time in a long time but
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again
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fairly significant overall when you look
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over the last
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where we back over june july it is the
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probably the biggest amount of
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liquidations over the last
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month anyway so let's look at some of
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the other coins well
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specifically ada because that is what a
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lot of us are interested in
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so once again when we fell last week we
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held 102
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but what's great to see here is that
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with this push overnight
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we have broken the downtrend that ada
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has been in
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at this point so since the beginning of
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june
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we've basically been in the downtrend
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you can even go back here as well as
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back to the 16th of may and we have been
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trending down since that
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but right now looking to really break
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out of that so what we want to see
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is this candle closing again it would
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take a massive dump to
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not close above this but closing above
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the 120 today
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i'm building on this to really push to
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break this point here which would be a
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dollar and fifty cent
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breaking that and then looking upwards
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from there right now things look
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extremely
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positive again if we look at the rsi on
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the daily you can see
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looking to break out of this as well
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again bit of a downtrend on the rsi so
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looking to push up
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still lots of room on the rsi lots of
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room to move
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up there as well so in general things
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look extremely good
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right now for cryptocurrency just on the
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ada btc
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chart so you can see overnight we did
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dip out of the
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long-term uptrend for ada btc and this
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is what i'm talking about that if
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bitcoin does go on a run we can
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potentially see
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coins not being able to keep up with
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bitcoin right now
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but with what ada has come in with smart
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contracts hopefully launching the end of
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august i think august will be a bumper
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month for the ada price
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so again as i say with this tip last
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night i was happy enough to see it
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because
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my orders were around here which did get
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filled and if we did come back down to
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this level again
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i'd probably set some more in around the
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3000 sats level to pick up more aid at
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that stage
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i wouldn't like to see it coming down
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there but if it is i'm just going to use
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it to convert more btc
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into ada so again going to keep watching
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this
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if the markets continue like this i will
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do more regular videos
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just concentrating on the price to see
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where things go but the overall message
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right now
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is watching bitcoin to see can bitcoin
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push for 41 000 which will be very good
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for the
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overall market kind of push above this
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start closing some daily candles above
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this level and then we can start to look
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to see what is to come up here thanks
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very much for watching guys i do
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appreciate it if you got some value
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please do give it a like leave a comment
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share it out there all of that really
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really does help and it is very much
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appreciated i'll talk to you soon
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enjoy the rest of your day
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