CRYPTO WARNING: Bitcoin Support LOST?

**SPEAKER_1** (0:00)
Whoo, hot inflation data has dumped Bitcoin and the rest of the market feeling the pressure right now as we're approaching that nasty Federal Reserve FOMC meeting and the Clarity Act right around the corner. But did Hunter Biden just put the nail in the coffin when it comes to getting clarity in the United States for cryptocurrency? We're gonna discuss all this and more on today's episode. Bitcoin looking feisty after this data released this morning. Good morning, everybody. Let me know in the chat if the sound is working, if it's scratchy. I've been fighting the ghost of the machine all week. Let me know in the chat if the sound is coming over well. But here is the data. Here's what's causing all of the morning chaos. We have August PPI, producer price index. Inflation on that rose to 5.4% above the expectations. Only barely though. 5.3% was the expectation we bruised by 0.1. And now core PPI inflation rose to 4.6. This is giving inflationary pressures. This is giving the Federal Reserve more juice in the tank that they can use at this next Federal Reserve meeting to justify an interest rate hike. Crazy, crazy concept. I'm not sold on an interest rate hike happening as of yet. The data is leaning that way. So I'm kind of a man on an island here.
Let's see here. So we still, sounds bueno. Still have a, it's a mixed bag on how the sound's doing. It's very, very interesting. Who else only buys top? Shout out to that. Bottom Blaster's feeling good yesterday with the altcoin sector, but we are feeling the pressure today. Now with this information coming out, the inflation data looking spicy, we got Bitcoin pulling back to a very, very key support level. It hit it early this morning at around $76,800. I was talking about this trend line and this kind of ascending channel that we've been in for some time since we breached above 75K. I did act on this just in the short term of the small bag. I got a little side bag. I'm running up to, instead of buying the kids a bunch of Christmas presents, a trip seems like the more reasonable thing. And I've kind of made a challenge out of myself. I've taken a very small amount of tether, very, very small amount. I've been running this up over the last week, and it's going well. I got into position on this. Let's actually go look and see where this trade is at. Trading on 2-bit here. Let's see where we're at. So we got, all right. We're doing all right so far. You know what? Tight stop to begin with. I'm going to move that stop loss above entry to cover the cost of the trade. We'll see if we can keep cooking. I got this in at about $76,800.
I was talking about this channel generally, and I'm going to be trading this channel until proven otherwise. So we came down to the bottom of the channel, seeing some sort of bounce right now.
And, you know, is it we're going to be bouncing off into the races, go back up to this top of the channel? There's a lot of money flow pressure on Bitcoin right now. This is the four hour. The money flow just now breached into the red. I'll kind of zoom in so you can see this. Just now breaching into the red on money flow. The daily, I'm assuming, looks like trash after that morning movement. Yes, we are very, very sharply angled downward. Hence why I'm keeping that stop loss above that entry point. Just to protect and buy the kids Solana and tell them to be quiet.
You know, so my son likes the altcoin sector. He likes the higher risk, higher reward type situation that altcoins have. My daughter, the more, I guess, studious one, the more kind of locked in on an educational spectrum, is more serious about Bitcoin. She was actually buying Bitcoin much more aggressively and vast majority of these people that are out there LARPing that they're crypto hardcore, hardcore crypto users. A lot of these people, the influencers, the trading analysts, they were not willing to buy the $60,000 range. My daughter was hammering into that. I mean, hammering, hammering, hammering.
I drew a kind of leverage. This one on this trade, I believe was 35X. I believe this one, it's a small amount of margin. I think it was about $1,000, maybe $1,200. $1,200 on 35X. It's doing good so far. And we did a classroom yesterday, or about 2 p.m. in school, where Kelly Kellum, Lee did it up, and we discussed reversal candles, we discussed reversal patterns, and we had the wonderful triple bottom. This morning, we found that support right around the mid-76 mark. I did keep an eye on liquidation levels as well. It's a kind of a split bag on liquidation levels, to be honest with you, last time I looked at it. So let's go back into those and see where we're at. We have Bitcoin on the 12-hour. It's a very split race still. You know, came very close. These bars here on the downside, these popped up at this kind of range low, which is why I got to treat this trade very, very carefully. I can't get over the fact of how vicious this money flow on the daily is coming back down. Now, on the weekly time frame, Bitcoin, it doesn't look that scary when you're really backed up. And so what I'm thinking here is that should this range break, that stop in profit on this trade will get washed out, right? I'll make nothing on the trade. And we could see a range break from this parallel channel bring Bitcoin. Go finding out if $73,000, $72,000 can be that next bounce point, because there's a very fast move that we had to go back up into the 70k plus range. I'm not going to be surprised by testing out the center point of this W pattern. I see it happened quite a bit in crypto. And that's where my mindset is right now. It's like we had the 10am pump up, right? We dumped up to 10am.