welcome back to cryptozoros i am george we're all george sorry just got off the phone with doe made sure that he's aware of oh my right now that's why i was a little bit late but uh today i know there are some people wondering why is bitcoin and crypto down why is it red well let's discuss and let's discuss if this is something we need to be worried aboutsmash the like subscribe to the channel make sure you hit that notification bell to get notified of all my streams also follow me on social media and check out all the latest news article guides at cryptozeros.com
welcome welcome welcome lively crowd this morning i know a
lot of you guys are always always fearful when we see a red candlestick or red
spike downwards and you know honestly things have recovered much uh things are
covered pretty well since my uh technical difficulties so you can see 46 7 i
mean you add this little red you know wick down to 46 so obviously wiped out a
little bit moremlongs okay uh there's always going to be greedy longs probably
those 50x 100x longs liquidated so we had a little spike but now things are
just kind of kind of back to normal we're we're still hovering around forty
seventhousand right so if you look at this uh even though yeah it does seem
like bitcoin and eth is barely down point one four percent right but take a
look at Solana still up huge avalanche uh bnb ada algorand many others are
still up and the ones that are in red are barely in the red so this is
definitely not not a panic day this is not a panic situation
this is when bitcoin just took a breather and probably some
longs got wrecked and that's about it right so definitely not time to be
panicking right now however i remember i've been saying about a short time
frame for bitcoin needs a breather right we're i think we're getting closer
there so the shorter time frames indicated bitcoin was a little bit too
overbought so we need a breather and we've been going sideways rather than
going down but if we were going to go down a little more i mean i think we would
test this 45 six because that was a critical critical support or resistance
that we had to break .
we did and if we do come back down I would say that would be
where we naturally land but right now we're not even anywhere close to that
we're starting to come back up right to about 47 000 again so that is what's
happening right now what about around the world i mean this is you know we just
had us markets open not too long ago about an hour hour and a half ago you can
see today is red but again barely in the red right you can see that nasdaq is
.05 down to barely smp and dial on the red but barely in the red but this
morning.
we did get a couple things number one oil prices come down
that's good and that's because our president uh biden wants to open up some of
our huge oil reserves we are the greatest i say when i say we in the u.s we're
the greatest producer of oil in the world yet we're the seventh largest
exporter which means we hold we hoard most of that that oil for us right um but
biden considers releasing a lot of it out there to kind of drop oil prices down
that is something.
that he has said many many times during his press conferences
about keeping gasoline prices down right and uh that's actually happening right
now so i don't know if that's a a bad thing that should be a good thing but many
of these articles seem to indicate that was kind of a concern for some reason but
this is concern for sure there's another data the data point that came out
about uh inflation measuring inflation and this is the core personal consumption
expenditures price index wow hat's a lot core personal consumption expenditures
price index uh went up 5.4 percent but if you add in f you add in uh gas and
groceries which obviously is very important it's actually 6.4 percent and it's
the