welcome back to the C Chanel everyone my name is Josh and right now we are in the middle of the largest Global Financial meltdown that we've seen since the co meltdown in 2020 and the global financial crisis in 2008 that is the scale we're talking about here and this chart is the cause of the Global Financial meltdown which I'll talk about in just a moment alongside Bitcoin now flashing a rare bare Market signal that we have not seen since the beginning of the 2022 their Market while ethereum is now bouncing from this multi-year line of support so I'll be talking about all of that and so much more later in the video so definitely watch to the end first of all just before we take a look at the Bitcoin and crypto charts we need to talk about the global financial situation right now the macro environment because that is heavily affecting all markets right now and so first of all this chart right here is showing the S&P 500 Index basically the largest 500 companies in the United States and right now this is crashing this is on the daily time frame and over the last 1 or 2 days here we've seen a major crash a flash dump right here in the S&P 500 and so right now the US Stock Market is crashing the S&P 500 the NASDAQ 100 also other foreign stock markets are also crashing right now crypto's crashing everything is crashing right now so what is happening and what is causing this Global meltdown and well first of all taking a look at this chart right here looking at the vol volatility index for the S&P 500 also known as the vix the viix and just over the last 24 hours the vix has spiked to the highest level since the co meltdown back in around March April 2020 and besides the global lockdowns in 2020 the only other time where we've seen the vix this high in recent history that is is the 2008 Global financial crisis and so once again the volatility that we're seeing in the markets right now is on a similar level to the co meltdown and the global financial crisis this is a massive thing that we're seeing right now across all markets and so right now a lot of crypto investors are selling crypto into US dollars a lot of stock market investors are selling stocks into US dollars but right now the US dollar itself is actually selling off that is right we're seeing the US dollar crash right now because this chart right here is the US dollar Index the dxy which basically tells us the value of the do relative to other currencies and right now the US dollar is also crashing and in case you're wondering this is on the daily time frame so just in the last 1 to two days this has been crashing to the downside and so with the crypto Market crashing the stock market crashing the US doll itself crashing where is all of the money actually going to and well right now the one chart that is not crashing is this chart right here in fact it is skyrocketing right now and this is the Japanese Yen value valued in US dollars so this is the Japanese Yen massively increasing in value and so what we're seeing right now is a massive amounts of money coming out of crypto out of stocks out of the US dollar out of other currencies and all flowing over to Japan to buy Japanese Yen and you might be wondering why are investors selling basically every asset to buy Japanese Yen right now and well the reason behind that is because the bank of Japan just raised interest rates to the highest level since around 20 8 to 2009 and this is extremely significant because the bank of Japan has kept interest rates in Japan at actually negative territories for many many years now and pretty much at 0% for many more years and so basically from around the end of 2010 all the way up until the end of 2015 we saw the bank of Japan keep interest rates at 0% and then from 2016 onwards all the way up until this year we saw negative interest rates that is right the interest rate in Japan thanks to the bank of Japan was at NE 0.1% and so that effectively means if you were borrowing money from the bank of Japan in this period right here the bank would pay you to take out the loan you wouldn't be paying the bank interest the bank would be paying you interest in order for you to borrow money from the bank and this has been like that from 2016 all the way up until this year so you can imagine a lot of investors have taken out massive amount of loans huge debt has been piling up from the bank of Japan in this period right here when interest rates were negative and a lot of investors and Traders have basically borrowed huge amounts of money essentially at a no cost and even getting paid to borrow money from Japan during this period and then they've used all of that effectively free money in order to buy up assets like for example buying up crypto buying stocks and buying us T bills for example us treasuries because if you're able to borrow money and negative interest rate so effectively getting free money and getting paid interest to get that money and then if you're able to buy other Assets in order to make more money of course you're going to do that because it's essentially free money that you're making but that only works while the interest rates are negative or at 0% once interest rates start flipping positive again then of course all of those investors are now having to pay a lot of interest on all of the debt that they've racked up in this period right here and so basically all of the investors and asset managers and Traders out there that racked up huge amounts of debt in this period right here in order to buy assets all around the world like crypto stocks Etc and now having to dump all of those assets all at once in order to repay those loans and start paying interest on the massive amount of debt that has been accumulated in this period right here over from Japan and because all of this debt right here is denominated in Japanese Yen you have to pay back the loans in Japanese Yen so you can't just pay the Bank of Japan some US dollars for example to pay off your loans you have to first buy Japanese yen in order to repay the loans and so what we're seeing right now with the bank of Japan only just raising interest rates above 0% and above .1% for the first time since around 2008 we are now seeing a lot of investors around the world absolutely dump pretty much all markets selling off all of their assets in order to buy Japanese Yen this is the Japanese Yen right here in order to repay those loans and so just to summarize everything that I've said so far effectively what we're seeing right now is the Bank of Japan causing a Global Financial meltdown the bank of Japan raised interest rates causing investors having to repay a lot of debt that they previously owed causing them to buy Japanese Yen causing them to sell off basically every other asset in order to get the money to buy the Japanese yen to repay the loans and so that is the situation right now mainly caused by the bank of Japan and once again this is not just affecting the Japanese Yen or the US dollar this is affecting the US Stock Market other stock markets around the world and also the crypto Market basically every asset is getting affected by the bank of Japan's decision with interest rates and just before talking about the crypto market right here first if you want to trade any of these moves in the price of Bitcoin or any other crypto personally I take just about all of my trades over on buybit so I'll make sure to leave a link to buybit down below this video in the description and in the pinned comment and if you use that link down below this video to make a buybit account and deposit on that account then you you can get up to a $30,000 deposit bonus but only if you use that link down below this video and also if you use that link it'll take you to this page right here which is a massive Lucky Draw happening right now over on byit where just by trading crypto using the link down below this video you could potentially win up to $100,000 and so if you're going to be trading crypto anyway you might as well check this out once again first link down below this video but for whatever reason if you cannot access bybit or if you cannot kyc on bybit there is also bitflex which is another crypto exchange similar to buybit but you don't need KY for bitflex and so I'll will also make sure to leave a link to bitflex down below this video as an alternative crypto exchange and with that being said taking a look at this Bitcoin chart right here this is on the 4day time frame looking at the super Trend indicator which is just now flashing a major bearish reversal signal and the last time we saw this bearish reversal signal in this indicator on this Bitcoin chart on this time frame actually confirm the last time this happened was at the beginning of the 2022 bare Market before we saw a major bearish trend on the larger time frames and then of course it was right around the beginning of 2023 when this indicator flipped into the green pointing towards a bull market which obviously played out over the last 1 to 2 years and now even though this signal is flashing on the Bitcoin chart right now it is not yet confirmed it's just flashing but not confirmed because in order to actually confirm this bearish reversal signal in this indicator right here on this Bitcoin chart we would need to see a 4-day candle close in the price of Bitcoin below around $556,000 approximately and now obviously at least as of recording this video the price of Bitcoin has recently gone well below 56,000 and as I've recorded in this video is currently sitting just below 56,000 but with that being said we have not actually seen the candle close on the 4-day time frame below 56,000 and in case you're wondering the next 4-day candle close confirms in a little over 2 days from now so we have to wait for another couple of days here in order to see where this 4-day candle close actually confirms and once again if it confirms in a couple of days from now if it confirms below around 56,000 then that would confirm this bearish reversal signal in this indicator on this Bitcoin chart but as I've already been saying for a while now on the channel it's clear at least in the short term that the trend and momentum for the price of Bitcoin is clearly bearish right now and also if we actually confirm this bearish reversal signal in this indicator on this Bitcoin chart we also have to consider the fact that it might not necessarily lead into a one-year bare market like what we saw in 2022 because for example we saw that signal actually confirm back in around mid 2021 and what came next was a bearish trend in the price of Bitcoin that lasted for the next few months but not necessarily a one-year bare market so we actually saw a lot more bearish price action over the next couple of months in the price of Bitcoin after that signal confirmed but with that being said we continued that bull market later on around half a year later and so once again even if this signal does confirm which would have to wait and see in a couple of days from now if it does confirm it could also potentially result in a bearish trend that lasts just for a few months not necessarily a one-year bare market so keep that in mind as well obviously it'll still be a bear signal if it confirms but doesn't necessarily mean that we're about to enter a major bare Market but once again it would be pointing towards at least some sort of major bearish trend for at least a few months give or take before we could be expecting more bullish price action at some point maybe in a few months from now and it's also important to understand that I'm talking about the Trends on this chart right here and so far in this video I've been talking about the trends when it comes to the price of Bitcoin not every single individual move so even during a bearish trend we can see some pumps to the upside here and there and during a bullish Trend or bull market we can see some dumps every now and again during a bull market and so even though the trend and momentum is clearly bearish at least as of right now in the shorter term that does not mean that we can't see the occasional pump in the price of Bitcoin so also keep that in mind as well and with that being said taking a look at this daily Bitcoin chart this is the daily Bitcoin chart on the right hand side and this is the 4-Hour Bitcoin chart on the leand side which I'll talk about in just a moment and at least as of right now here on the daily Bitcoin chart the price of Bitcoin has seen a break below this area of support in between 56 to 57,000 and we saw a very quick drop to the downside down towards the next area of support in between around 51 to 53,000 and we actually saw a candle wick to the downside slightly below that area but ultimately we found support at roughly around 50,000 give or take we dropped slightly below 50,000 but right around that area we did actually bounce at least so far and there's now a very good chance that this is actually a local low in the price a Bitcoin not necessarily the bottom for this larger bearish Trend that's forming right now but at least a a local low in the price and in case you new to all of this what I mean by a local low in the price of Bitcoin is that it's unlikely just for the next few days weeks maybe for a month or so it's unlikely that the price of Bitcoin will go below that low right there for at least the next few days or weeks but possibly in a couple of months from now we could continue that larger bearish Trend after seeing a bit of a break from the bearish trend so that's also important to consider and the reasons behind me saying that this is very likely going to be a local low for some time here in the short term in the price of Bitcoin is due to the fact that the daily Bitcoin RSI just now entered into oversold territories and typically when the daily Bitcoin RSI enters into oversold territories that means we're at some sort of local low before at least over the next few days maybe over the coming weeks we're going to see a bit of a break from all of this bearish price action and what I mean by a break from the bearish price action is not zero bearish price action I'm saying it's unlikely we're going to go below this low right here at around 49 to 50,000 it's unlikely we're going to go below that low in the next few days or weeks and once again that's due to the RSI being oversold we're likely going to see a bit of a reset very soon in the RSI and also due to the fact that we're seeing a major reaction from these support Levels Close to $50,000 with a major candle wick to the downside we did not see the major candle body close right near this low and so typically when we have a large candle WI to the downside that also signals a major low in the price of Bitcoin and at the same time we need to pay attention to volume and right now we're seeing a massive spike in volume right here on this bottom indicator right here there's a volume we're seeing a huge spike in the volume which also usually happens right around major lows in the price of Bitcoin and if we're now taking a look at the left hand side of the screen this is the Bitcoin price on the 4H hour time frame back in March 2020 this is the bottom of the co crash where Bitcoin crashed more than 50% in a single day just a matter of hours actually Bitcoin crashed 50% to the downside so that was one of bitcoin's most severe crashes in bitcoin's entire price history and so the crash that we've just recently seen over the last few days is actually nothing compared to what we've previously seen in the price of Bitcoin and if we're looking at how that Bitcoin bottom actually formed in the price of Bitcoin back at the bottom of the March 2020 crash here on the 4-Hour time frame we can see the initial crash basically straight to the downside forming a huge handle Wick to the downside which was essentially the low in the price of Bitcoin and then over the next 1 day approximately we saw a decent bounce basically forming a huge candle wick to the downside especially on the daily time frame which we're seeing at the moment as of right now a massive candle wick to the downside but then basically the following day over the next 1 to two days after that initial low was formed we actually saw a little bit more of a short-term pullback but not below that initial low and this is actually very common around Bitcoin bottoms it's very common to see a major Wick to the downside and then a bounce of some sort an initial reaction back to the upsid and then a retracement to retrace some of that candle wick to take out a lot of liquidity that was still left in that price range and so this is what I'm expecting right now in the short term over the next few days for the price of Bitcoin once again I'm saying it's extremely likely that this is now a major low in the price this is the low put in place but not necessarily the bottom but at least a local low and it's likely that in the next 1 or 2 days we could actually see a slight little retracement again but not below this low at around 49 to 50,000 and then it's likely over the next 1 to two weeks or so that sort of time frame it's likely we're going to see a bit of a sideways consolidation or some sort of relief basically now a bit of a break from all of this bearish price action but not necessarily A bullish Trend reversal and so that is what I'm expecting right now for the price of Bitcoin here in the short term over the coming days or weeks and if we're taking a look at the Bitcoin liquid heat map looking at the last one year worth of History because over the last few days we've wiped out a lot of short-term liquidity and so right now we don't really have major liquidity that's close to the price of Bitcoin we have smaller levels of liquidity but nothing too major that's a close to the price of Bitcoin that is because the next major level of liquidity to pay attention to on this chart right here would be sitting at around 41,000 give or take and to the upside we still have a decent amount of liquidity at around 70,000 but obviously those two levels are still far away from the current price and as for support and resistance to pay attention to once again we do have support in this price range which we recently saw a bounce very close to in between around 51 to 53,000 and if we were to see a major break to the downside well below $50,000 then in that case we have a significant area of support based on the volume profile indicator sitting in between around 412,000 to 442,000 but once again I do not expect the price of Bitcoin at least in the short term for the next few days or weeks to go below this previous low right here we could see a slight retracement once again but not below this low at least in the short term and as for resistance we could Now find a resistance in between around 56 to 57,000 based on previous support now acting as new resistance and we have more resistance in between around 60,000 to 61,000 and a lot more resistance in between around 67 to 68,000 and with that being said taking a look at ethereum on the 3-day time frame and we can see over the last one day obviously we saw that major dump to the downside following basically every other market and like I said recently here on the channel the moment we broke below this level right here at roughly around 2.8k that was an extremely bearish signal pointing towards a major dump coming next which obviously we did end up seeing and as I've recording this video the price of eth is currently sitting right around this 50% retracement level acting as some short-term support at close to 22,000 but obviously over the last one day we saw a massive candle wick to the downside with that dump to the downside right down towards the golden pocket where we saw a bounce right around that area we actually saw a candle wick just below the golden pocket but very close to that area we found major support which is sitting in between roughly around 2.1k to 2.2k but even though we're seeing a bounce now from that area technically the trend and momentum is still clearly bearish right now on the 3-day time frame with lower highs and lower lows in the price but like I said earlier for Bitcoin it's extremely likely just in the short term for the next few days or weeks that this will be a local low in the price of eth and as of right now the 3-day ethereum RSI is actually getting very close to oversold territories for the first time since around September last year and that also occurred very close to some sort of local low in the price and with that being said if we're zooming out to the weekly time frame looking at ethusd on the weekly time frame right now ethereum has seen a major Bounce from multiple significant areas of support so first of all we have this significant area of previous resistance now acting as new support sitting in between around 2,000 to around 2150 and that is also coinciding with this massive multi-year line of support this ascending line of support which is sitting right at around 2.1k approximately and so that's also another reason why it's unlikely just in the short term for the next few days or weeks it's very unlikely that the price will go below that area on the price chart so at least for now just in the short term it's extremely likely that we've essentially bottomed out but this is not necessarily the bottom once again we could possibly see a bit of a break and then continuation of the bearish trend later on that's a possibility but just for the next few days I do expect this to hold as a low in the price of eth and with that being said if we're taking a quick look at the price of salana on The Daily time frame obviously salana also followed basically all markets with that dump to the downside just recently and obviously I've been warning here on the channel ever since the price broke below 170 I said that is the level where we're going to start flipping a lot more bearish again so I said expect more bearish price action and I've been saying that since all the way back up here and obviously since then we have seen a lot more bearish price action as expected and right now the price of salana is actually holding Above This critical area of support in between around 120 to 128 but obviously over the last one day we did see a candle wick to the downside briefly trading below that support and the next major area of support to the downside for the price of Salada in case we were to see a confirmed break below 120 that next major area of support is sitting in between around 100 to 106 approximately and if we're looking at the daily RSI this is getting extremely close to oversold territories it's not there just yet which means we could see a little bit more of a retracement here but it's extremely likely that along with Bitcoin and ethereum this is at least a local low in the price of salana because the last couple of times the daily salana RSI has reached these levels not necessarily oversold but very close to oversold back in around mid April and back in around mid to late June these also occurred right around local lows in the price so once again I'm still bearish when it comes to the trend and momentum but remember during a bearish trend it's normal to see some bounces or sideways consolidations here and there during a bearish trend so just for the next few days maybe for the next few weeks this is what I'm expecting I'm expecting this to hold as a low just in the short term a local low and a bit of a break from the bearish trend but not necessarily the end of the bearish trend and as we potentially see a bit of a bounce here in the short term we do have some resistance in between 140 to 144 we have more resistance at around 153 to 154 more resistance in between 159 to 161 more resistance in between 170 to 175 and more resistance in between 183 to 187 and so obviously we still have a lot of resistance to the upside which by the way in case you're new to this these are the areas on the price chart where the price will most likely struggle at if we see a continued bounce here in the short term and so that's what I'm expecting for markets at the moment for especially the crypto market right now and once again if you want to trade these moves in the price of any crypto check out those links down below this video to claim those extra bonuses and if you want to actually know how to trade crypto no matter if the price is bullish bearish or chopping around sideways then make sure to watch these videos popping up right here on your screen the video in the top left shows you how you can profit from bullish or bearish Price action using long positions or short positions and the video in the bottom left shows you he can easily profit from choppy sideways price action but anyway that is everything that I have to say for today I really hope you enjoyed and I'll see you all in the next video