Will LTC keep going bullish or starts retrace
In this particular video, what I want to focus on is one crypto. Which we haven't mentioned that much in these videos for some time, but I want to bring your attention to it because it's quite interesting now, as you probably noticed the big news story of the last, well the last few days have been just popping in the price of Bitcoin as you can see here. However, notice one interesting thing that the cost of bitcoin couldn't get much going above the 55 daily moving average. That's a Magenta line you see on my chart, so it did have a pop, very nice one as well, but it stalled at the 55 ema on the daily timeframe. It got rejected from there as you can see there, so that level has acted as resistance on bitcoin. But of course the new story hasn't been so much about Bitcoin, but actually, more on light coin light coin search has been tremendous been, um, quite a significant one as you see here.
Now, by the way, I should say whenever I make one of these videos and whenever I mentioned a pop into the price of something like a Crypto, I often get comments from people out there who are not familiar with our videos, and there, they don't know. Some videos are mostly chart based, our technical and I often get some comments. Usually not very lovely comments saying why don't you talk about the new story behind what's happening here. Okay. So as I'm sure you appreciate guys that were not into news narratives, we keep news events and news narratives for the masses. Uh, but of course if you, if you want me to mention it, I'll suggest it. Yes. There have been some theories that are happening across the media that you can, you can read it for yourself if you want to go ahead and if you are interested in that kind of stuff.
Bitcoin bottom is not yet reached
When the sentiment is already very bearish, which is a very excellent question, now you're at your job. Do you remember Charlie just a few weeks ago, man, you did a webinar together and we were talking about contrarian thinking. Uh, in fact, here's my video right here. So this is the video from my a video we did together that a couple of weeks ago, two, three weeks ago. I think it was. There it is. So what will happen was just to let me get my pen here so I can draw on this chart. So I, as you may know, I genuinely believe that this rally that occurred in Bitcoin here, this rally, I believe this was actually the start of a new upward trend. I got it wrong. I admit that I was wrong about that, although certainly the fact that there was a strong rally with volume with strong volume happening right here.
Altcoin crash before Bitcoin will hit floor in 2018
In this video, I want to share with you a very powerful idea which I think actually could put you way ahead of everybody else out there who does not know this. You see right now there's a lot of fear, uncertainty, and doubt about Bitcoin, what's been commonly coined as Fud and of course many folks are asking, Hey, when is bitcoin going to stop dropping and start going up again. In fact, what could be the price level at which bitcoin could stop dropping and could start to rise again or put another way? What price could be the floor for bitcoin? So that's what I want to talk about with you in this video. Some very powerful ideas and information I want to share with you. So that was an interesting article recently in Market watch and they talked about what is the cost of producing one bitcoin.
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