🚨 Bitcoin Crashing! (What Nobody is Telling You)

**SPEAKER_1** (0:00)
This is Discover Crypto, and Crypto is crashing. Bitcoin came down, huge, huge red candles here. We have the altcoins going down to our levels. We're going to identify those levels and say, why exactly is Bitcoin crashing? Who is selling? That is the million-dollar question, or really, I should say the $64,000 question. No pun intended. Drew, you are on the show today. Thank you for joining me, and thank you for helping me with my flat tire yesterday.

**Drew** (0:25)
Yeah, that was fun, man. I had a good time and-

**SPEAKER_1** (0:28)
Raining over a nail, and Drew helped me, drove me. I bought a jack, I bought a tire iron, and then he had the plug kit. So I do want to give it- Everybody hit the like button for Drew's handiness.

**Drew** (0:40)
Thank you. I appreciate it, man. But these markets need a little bit of handiness on their help, man. These-

**SPEAKER_1** (0:46)
It needs-
you know, it's going to make a joke. I'm not going to go there. It's too soon. It's too early in the show for that, everybody. Maybe towards the end. Let's look at Bitcoin's price here. Now you can see on the one-hour candles, Bitcoin had a huge decline. If you watched last night's video, you saw me cover the short-term decline right here. But over the last three days, three days and five hours, Bitcoin fell 17%, wiping off almost $13,000 from the market cap. But last night's video, I said, I smell a bounce. I smell a short-term relief rally, Drew. And the reason I said that was the one-hour RSI. It was a very risky call for me to make at the time. I just saw that, you know, we have a much lower RSI or price right here while the RSI was higher. And in last night's video, I said, I think we're going to bounce from this level. And then we continued a nice little rally here. But Drew, I have a warning on the shorter timeframes. It is starting to look like maybe this RSI is rolling over. We are starting to see bare divs on some of these smaller timeframes. You see it on the 10-minute, you don't see it on the 12-minute. So it stops at the 10-minute, but this is the warning sign that, we might come down and re-visit this 60K level.
We got very, very close here. You can see Bitcoin crash all the way down to 60,000, roughly 420, 60,420 and 60K still in the cards, Drew.

**Drew** (2:04)
Yeah.

**SPEAKER_1** (2:04)
I would not be surprised if we re-visit the February 6th low, maybe even today.

**Drew** (2:09)
Yeah, I wanted to see basic price structure be developed and some sort of support levels established for Bitcoin before I get hot and heavy with the trading again, because I will still want to do the 1K to 10K challenge, but I can't do it as we're just free falling, you know, and have like no.

**SPEAKER_1** (2:25)
Now, are you looking for technical support? Because, you know, in the one hour, if we come down, revisit this yellow line and then bounce again, I would say that that would be, you know, the start of some bowl of signals.

**Drew** (2:36)
That's what I'm looking for, you know, because I can't really, you know, I like to be a reversal trader and I can't look for a reversal until some price structures actually happened.

**SPEAKER_1** (2:45)
I'm not a V-shaped bottom buyer.

**Drew** (2:48)
No. And people that say that they're perfect V-shaped bottom buyers, I call them liars because it doesn't happen that way. So basically, I want to see some price structure, higher lows developed around this because we've flushed down to basically 61K.
And the low of the wick that we had, I can't remember when, but it was when we hit a five on fear, brought us all the way down to like 59.5 or 59.9, 59.9 about. So I'm not looking for catching a perfect liquidation event and then riding a perfect five minute candle all the way back up. And that's like...

**SPEAKER_1** (3:25)
Yeah, be this guy.

**Drew** (3:26)
Yeah, I'm not that guy.

**SPEAKER_1** (3:28)
More likely than not, they open a trade here, then they open a trade here, then they open a trade here, then they finally were right.

**Drew** (3:34)
Yeah, that process includes three liquidations to find that. So I would like to see some price structure happen here.
And really, a set up of higher low, like you kind of described on that chart, would make me feel more comfortable starting to go looking forward that long. You know, obviously, I don't feel great about shorting when we're at the bottom of that wick either.