Transcription
If you spent the entire last week yo-yoing in your positions, selling at the low, trying to buy back because you told yourself, "No, I can't, uh, stay out of, out of the market while it's bouncing back," and what if it goes up without me, then the market goes up, and so you buy back, and finally, it goes down again. Then you tell yourself, "Yes, but everyone on YouTube is starting to talk about a potential bear market, etc., I need to sell, I need to take profits, etc., I need to leave." So, taking profits is the right term for wanting to say taking losses. Uh, if you tell yourself all this, if you spent this whole week, uh, the last 15 days, really, uh, well, being in a phase of panic and frustration because when the market bounces back, it bounces back without you. Uh, you buy back the tops, and the tops last very, very little time, and then we are systematically pulled back down. And there, you thought you finally made the right choice when we were here. Uh, everyone told you it was the right time to sell, and finally, the market takes off. And there, you regret it. You tell yourself that no, that's it, you shouldn't have listened to them, you should have stayed in the market. All you did was waste time, uh, waste money because, consequently, you didn't benefit from the rises, etc. Sit down, watch this video. We are going to cover all the concepts I talked about in this video, which are the main concepts that cause the majority of people to fail in crypto investing. Cryptocurrency is very volatile. We go strongly up, strongly down. Risk management, emotion management, understanding market psychology, these are truly the three main fundamentals that will ensure you outperform the majority of investors.
So, right now, Bitcoin is at $115,000. At the time I'm recording this video, we made a small peak up to $116,359, and we came back to recover the top that was located right here. So, well, it's not a scenario that we had that was unthinkable. Well, this is what I had shared, you see, in my private investment circle. At the time, we were, we were here, right? So, when I sent this, well, it was last Monday, October 20th. Well, you see, we had identified two major scenarios. The first scenario, which was a return to the major supports with the accumulation zone we had between April 20th and 25th, 2025. And here, we had a potential liquidity grab because we had a lot of selling liquidity that was located right there. Well, so you see, it wasn't totally unpredictable, this kind of movement. There was a lot of liquidity to go and get. Uh, honestly, it wasn't the most probable scenario, especially here, right, especially when we were around October 20th. It was far from being the most, the most probable scenario. Uh, today, it's the scenario we've followed, right, we don't always follow the most probable scenario, but obviously, it was part of the things we were watching.
If we look a little bit at where we are, well, if we zoom out a bit, you see that, well, we are still in our range phase, right? If we look a little bit, uh, if we remove all the charts a bit and try to look a little bit at where we are, it's important to take a step back in these phases. We have an upper bound with resistances. You see, resistances are simply a horizontal zone where the price has often hit its head. Well, you see that it's here. And we have supports. Well, a support is nothing more than the same thing as a resistance, but below the price. Okay? When here we have a resistance, if the price breaks this resistance and goes above it, well, we say it has broken this resistance. A breakout. We exit, and then this resistance will become a support. You see that here it was a resistance, right? So here we hit our head on it, etc., and now it has become a support. You see that we bounced here, bounced here. Here, well, we bounced just above, and here we bounced right here. Okay? So, in fact, we are in a range phase where we oscillate between the lower bound and the upper bound.
So, well, for many of you, you are in a strong panic because, as always, when we are at a support level and we stay on this support level for a long time, you always have the fear, and it's normal, of seeing this support break and fall sharply downwards. Especially since many YouTubers, myself included, have talked to you about a potential drop, a potential break, right? Well, I'm not making it up, I even put it right here. I talked about it in my private community, in my investment circle. It was a probable scenario. Now, we are going to try to see in this video if it's still the case. Are we still in a moment where we expect a drop or not?
Well, so obviously, what you need to understand first is that in these phases, the market does everything to exhaust you. Okay? Uh, it's obvious, we have big shakeouts. So, shakeouts, that means shaking. So the market shakes you to, uh, well, make you, uh, exit the maximum amount of capital. So obviously, uh, the lows are very quickly, uh, recovered. We make highs that are, uh, very quickly recovered as well. We have breaks, we come to take support levels, we go back up. In short, it's very chaotic. That's why these phases, especially after big liquidity movements like, like we could have had here, right, big liquidation cascades and big movements of strong volatility, when the price moves, uh, rapidly within a large, within a large price range, pardon me, in a very short period of time, well, afterwards, often, you see, there's a bit of, a bit of chaos until a certain equilibrium and a more obvious price reading is found. That's why in these moments, you need to be cautious. Traders can have fun, but when you're not a trader, it's obviously not the time to start becoming one, right? So here, we came to recover this, this famous liquidity zone, and well, no surprise, here we hit it and go back down. Well, that's short-term, it doesn't mean we're going to go down for a long time. We can go back up, but we're still going to try to look from a non-technical perspective at what's happening with the price. Because I remind you, on Friday, I shared this zone with you, with a potential reversal zone right here between $111,200 and $111,500. And why did I share this zone with you? Because of this. Cost basis distribution is a heatmap. So the principle is that you have the price in black, and in yellow, orange, and red, you have the main Bitcoin trading zones. So when you have big red zones here, it means that there were a lot of trades at these price levels. So here, for example, when we had, and this evolves over time, okay? Each vertical line represents a given day. So here, in this case, pardon me, August 30th, you have all the rectangles with the different average buying zones based on, based on this day, August 30th. Then the 31st, and then September 1st, and so on. And we can see the evolution of the average buying price for different days based on the Bitcoin price. Okay? So here, you have the Bitcoin price in black. Here, for example, you saw a big red line. This means that here, on August 31st, in this small red rectangle that I'm showing right here under my cursor, 130,000 Bitcoins were bought at an average price between $108,300 and $108,500. So right here, this means that there are quite a few people who decided to buy, since obviously trades and average buying prices mean there was buying and selling, but it means that here you had 130,000 Bitcoins that were bought at these price levels. The line was yellow and turned red. This means that when the price came to settle at these price levels, it was bought. And it was bought heavily, since 130,000 Bitcoins, right? If you take 100,000, 100,000 dollars, 110,000 dollars, well, that's about, let's say, 12 billion dollars. Well, here you have 12 billion, 12.5 billion dollars worth of Bitcoin equivalent that were bought at these price levels. And we can see over time. Well, if this line turns red, orange, yellow, it means that here the buying price is getting weaker and weaker. You have fewer and fewer Bitcoins here that have a buying price at this level. This means that those who bought here are selling on the price rebound. Okay? And you see that, well, that's exactly what happened, what took place at that moment. You have the line that became lighter little by little, and conversely, you have a line that formed right here. And this is the line I was talking about on Friday for those who followed the video. Between $111,200 and $111,400, we created this famous very, very strong red line, which actually corresponds to a major resistance level, because here, at that time, when the price broke down on October 15th, in fact, almost 2 weeks ago, we sold 136,000 Bitcoins as well, so again, 13 billion dollars worth of Bitcoin equivalent that were sold at these price levels, and the price has been moving below it for a while. We had a breakout. We had a breakout on Sunday of this, of this price. It occupied us for quite some time.
So, you know, as always, a resistance is like a wall. Every time you hit a wall with a sledgehammer, well, you have a greater and greater chance of making that wall fall. So here, well, every time we hit it and the price hits it, well, you have a probability of breaking it. We hit it here, here, here, here. We hit it. We crossed it, but we were reintegrated almost instantly. So, we had to try again here, here, here, here. Well, there were many attempts, and we finally broke it. So, Sunday morning, I told you, Sunday evening, Sunday morning at 9 am, we managed to break this level and go up. So, we had a cascade of liquidations, right? This is what we can see right here. You have, therefore, here a heatmap. So here, again, we have the price level, we have a month of trading. You see, so right here, we have a month of trading on the Binance derivative contract. So here, we can see the people who have accounts on the Binance platform and who are betting on buying or selling. People who are betting on buying have their liquidation, that is to say, their stop loss. When you buy Bitcoin here at $116,000 to protect yourself and not owe money to the platform, well, you set a liquidation zone, and if you don't set it, Binance will set it. And here, you have, consequently, the buy liquidations that are located below the price, and conversely, you have the liquidations of people betting on selling that are located below. You see that here, we had green lines, etc., that were located right here, right? It's quite simple. Uh, so we fed on all this liquidity. If we look here over the last 48 hours, well, you see that here, each time, hop, you have a bit of seller liquidity zone located above the price. Hop, we recover it. Hop, we recover it. And there, well, we fed well on all of that. You see that there's still quite a bit of liquidity located here at the level of $112,700 up to, well, quite low, down to $107,000. Here, you have a large liquidity zone at the level of 1100 over the last 48 hours. If we go back a bit, well, I don't know if I can show it to you over a week. Yes. So, you see that here, we fed on all this liquidity. Well, there's still some left below, right, because obviously, the price here only goes up. So here I'm showing you the liquidity right here, hop. So the liquidity right here, you see that the green liquidity, so the green horizontal lines, we systematically eat them. So that means that here, well, the price feeds on all these liquidation zones. And conversely, well, now that we've recovered that, seeing a price reversal, uh, at these levels, it's not necessarily a very good sign. And you see that conversely, now, well, we have all this waiting for us. Okay? So, will we have to go there? It's not certain, right? There are cases where we don't recover liquidity zones, right? It happened. If you look in the past, look right here, there were large liquidity zones, we didn't recover them. So, the bull run proponents can tell you, well, no, but here I think we're going to go long. It's not because we have liquidity zones that we're going to go long. Certainly, this is the technical part. The technical part says vigilance. We are at a liquidity zone, we are below resistance, you know, we buy at support, we sell at resistance. So here, caution. The technique tells us caution.
Next, we're going to try to look at what's happening at the order flow level. Order flow is the analysis of the order book. It allows us to look at derivative contracts, so at people who are more like traders, what they are doing. So, first of all, what we can see is that here, we have an increase in price that is happening with an increase in funding rates. Funding rates are the mechanism that balances positions between buyers and sellers, so on derivative contracts. That is to say, well, obviously, a platform like Binance, like odds at a bookmaker, when you have Real Madrid versus Sochaux, well, everyone will bet on Real Madrid winning. So, in fact, they will set the odds for Real Madrid very low and for Sochaux very high because they want to encourage people to bet on Sochaux to, in fact, balance the number of buyers and sellers, or at least the gains of buyers versus the gains of sellers. Okay? And so here, it's always the same, it's exactly the same principle. Here, you have to see it as the odds of a sports bet. Here, what we want is when the funding rates increase, it means that, well, the probability of a rise is lower. And so, in fact, we will encourage sellers to enter positions, okay? We will reward people who bet on the downside. Conversely, when the funding rates are negative, we will reward all the people who bet on the upside. Okay? Obviously, when we are in a bear market and everyone is afraid and no one wants to buy, well, it's the same, no one wants to bet on Sochaux beating Real Madrid, and so, you have to encourage them by giving them a good reward if they do. And so, in this way, we manage to balance things a bit. I hope this is somewhat clear for you, for those for whom it might be, well, a bit of a peculiar, a bit obscure mechanism. In reality, it's far from obscure, it's a very simple mechanism that exists in most markets where we have two sides that clash. The principle of odds, of odds, is quite simple. So here, you see that, uh, this happened on a derivative contract market where the funding rates are high. This means that we have more people betting on the upside than people betting on the downside. And we can also see here the number of bettors here. This is really something that will tell us how many people are betting. Now, we can't know just with this indicator, which is open interest, if people are betting on the upside or if people are betting on the downside, but we can see the sum of the two. The point is that, consequently, if we combine the analysis of funding rates with that of open interest, we are able to know. Here we see that we had an entry of bettors. So here a large number of people entered the casino. And did the people who entered the casino bet on the upside or did they bet on the downside? To see, nothing simpler. What we do is, when we start, we take vertical bars, we put them between the two zones we want to analyze. Hop, hop, we're going to look at this price increase. We had, globally, here, funding rates that did this. But so, in fact, in this first period, let's say between here and here, in this first period, we had more people entering by betting on the downside. Okay? Because here the funding rates decreased, and here it happened at a time when we had funding rates that increased. So here, the people who entered in this phase, they bet on the upside. And in fact, this is quite symptomatic. Here, if I show you right here, well, this is our famous support zone I was talking about on Friday. Here, on Friday, so I left you, I don't know how much we were on Friday, I'm looking at my calendar. Friday, we were the 24th. Well, on the 24th, you see that we were here. Uh, I left you here, and well, we had a reversal with here funding rates that decreased, and in fact, well, necessarily, when the crowd, the crowd is always wrong. And so here, because the crowd was increasingly afraid, etc., well, they bet on the downside, which caused liquidity to be created above the price, and hop, we broke this support. I remind you that support breaks systematically when we have people who are contrarian. Okay? When we are here at a bottom and everyone thinks it's going to go lower, that's when we set the bottom. That's why I told you here when we were around $103,000 that there was too much negativity, there was a strong probability of bouncing back. That's what we did here. Here it's the same, what can we look at? We are below resistance. So, we can ask ourselves the exact same question. At this stage, are we ready to break this resistance? Well, not really. Because you see that since here, these levels, the funding rates have only increased. Okay, they have only increased. Now, there's a small drop, right, on the drop in price between $116,500 and $114,800, there's a small drop, right, because here, the price is decreasing as I record this video. But you see that here, consequently, we have a decrease in funding rates that shows us that here we are not really, well, we have a generalized increase in funding rates, right? If we look between these two bars here and here, well, you see that the funding rates have only increased. Okay? And so this means that we are not really ready to break this resistance at this stage. So, maybe we'll do like the other one. We'll stay like this for a long time until we create a small decrease in funding rates, until we make people panic, and we'll go up. Well, this is what open interest tells us. Open interest tells us that we are not totally ready yet, and it also tells us to be cautious. Look at the behavior of top traders.
Okay, I'm going to lighten the chart a bit. Hop, hop, hop, let's remove all this. You see, this is the chart of top traders. So the accounts of top traders, are they betting more on buying or are they betting on selling short? Here, we're going to look a bit at what was happening over a slightly longer term to have a bit more history. Well, here we had something that I liked, that is to say, well, I liked it because I hope, I want the price to go up, right, because that's where we make the most gains. Well, if we look here, if we draw a small rectangle here that shows us the main zone we manage to reach when, precisely, top traders are more buyers. Here, when we are here, so you see on the right, 2.6, this means that here we have a strong imbalance in favor of buyers. This means that here, we have a lot of buyers. If we look right here, you see that these are generally bottom phases. Here, well, that was more or less the case. We had this famous bottom right here at the moment when we had, hop, a large quantity of buyers on the side of top traders. Here it's the same. Here it's the same. Well, that was the time of customs duties. Here too, here too. If we look a bit now, we see that here traders are strongly lightening up. Top traders are strongly lightening up on this price increase. This is not a very good sign because it means that here top traders consider this to be more of a profit-taking zone to exit the market and to, well, precisely, take profits and leave, rather than a zone to, precisely, reload. So, order flow already tells us caution, it's not necessarily a very good zone. So, well, that's two things, right? Here the technical part tells us caution, here the order flow part tells us caution.
Now, we're going to try to look at the on-chain part. The on-chain part is the analysis of what's happening on the blockchain itself, and therefore the exchanges between different wallets. And there, what we look at obviously is here the accumulation and distribution of different cohorts. So here, the different cohorts are groups of investors who own a certain quantity of Bitcoin. So here, for example, if we look here and here, you have the wallets that own 0 to 0.1 Bitcoin, between 0.1 and 1 Bitcoin. So here we can say these are very small wallets. These are the equivalents of you and me. What are they doing? Well, it's quite neutral. You see that here the very, very small wallets are accumulating a bit. The medium wallets are more selling. Here we have wallets that hold 1 to 10 Bitcoins. So, small, people who owned between $100,000 and $1 million worth of Bitcoin. Well, you see that they are quite neutral, right? If they had sold a lot here, well, here they are rather neutral. They are not reloading, they are not selling, they have kept their positions. So, in short, it's quite neutral here for these, for these small wallets. In fact, where everything is decided, so here you see, it's also quite neutral, right? Well, there have been small oscillations, they accumulate a bit, but still, we're talking about 15,000 Bitcoins, it's not huge. However, if we look at the, well, the famous dolphins, they are the ones who drove, well, precisely this upward pressure that we could have had a bit, right, which caused us to have a rebound, etc. Here, you see that they are slowing down their purchases. And that worries me a bit because, well, you see that in the past, well, I must have it, well, I need to update it, but yes, reset zoom. So if here I show you in the past, hop, you see that when we had here a slowdown of these, of these purchases precisely by these wallets, well, that's when we generally entered into a deeper downward trend. That was the case here, that was the case here, and here since around here, right, October 11th, you see that it's starting to slow down. This is also what made me change my bias. I had a more bullish bias until then, since at that time, we had indicators that told us that we had buying pressure from these wallets, from the Bitcoin ETFs, right, on the Bitcoin ETFs. So, where are they? I have them right here. You see that here we had big green candles, big, a dense green histogram with here strong buying levels like we could have had at the time here. So that could have suggested that we were just before a bullish phase. Except that you see that now, well, it's slowing down very sharply, and the small purchases we might have had last week, 200 million, 7 million, 100 million, etc. I'm only looking at BlackRock's portfolio. Here, you see that it's been quite meager, and it shows on the ETFs too, because here you see that it's very meager. So we've had quite a few outflows and ultimately very few inflows in recent days. So this means that this rebound and this W here, the fact of having made a kind of local bottom is not an interesting buying zone for large portfolios, in any case for, for traditional stock market institutions that invest in Bitcoin via ETFs. These people, they haven't positioned themselves.
If we also look here, we can look at the on-chain analysis with wallets. So you have here the small whales that you see displayed in green, the big whales that you see displayed in dark green, and the retail that you see here in red. You see that currently, if we zoom in a bit, here we are at normal, meaning we haven't had, like here, like here we could have had orders from big whales. Did you see the big whales here? Well, we saw them here around $94,000, $95,000, right? I keep bothering you with these levels. But if here I show you over a year, you see right here, we were at very red levels. There were a lot of buying zones because, in fact, at these levels, which we also see through this other indicator right here, well, we had large buying zones from portfolios. And so it's not for nothing that when I shared the two probable scenarios, I told you here that we had a major support that corresponded to this accumulation zone we could have had. Obviously, all of this, well, everything is linked. I look, obviously, I create a global picture, meaning that every time I start an analysis, well, I reset my bias. I tell myself, if now I had to invest the equivalent of what I have in my portfolio, would I be a buyer? Would I be more of a seller, or would I be more neutral? And in fact, every day, my goal is to do this to succeed in finding the balance of my portfolio and whether I find the weighting of my portfolio to be reasonable compared to the signals the market is sending me. And here, you see that, well, despite the fact that we've made a bottom at a support level, etc., well, I don't have big whales entering. I don't have small whales either. The whales are not here. The whales are not here at all. And what's particularly worrying is that the whales are massively selling here. Look, I'm showing you only the orange curve. Look at that. The downward pressure is enormous. Okay? Here, we are still at this, this small local top, right? This small peak we made here at $116,000. This is a major selling zone. Okay? Here, we have a lot, we have tens of thousands of Bitcoins. In fact, we went from 156,000 to 188,000 Bitcoins. We have 30,000 Bitcoins, right, okay, that are being sold at these levels, and the downward pressure is still strong.
If we look at the lows of the different, of the different zones we've had in the past, here, we had a low in the distribution zone of this type of portfolio, it was right at our local top before having a second big downward leg that took us from $68,000 to $55,000. Here, when we had our low, it was here, we were right here before the big distribution phase that took us to $88,000 initially, then to $77,000 a bit lower. Uh, well, you see that here, it certainly leads us to caution, especially since the Mega Whales, whom you see here, portfolios of over 10,000 Bitcoins, they are not compensating. While they could have compensated during this phase with big buying phases, here it's not the case. Here they are neutral. Okay? So this means that the fight is between these two cohorts. Between the dolphin cohort between 100 and 1000 Bitcoins, which you see in red here, and, well, the whales that weigh 1000 to 10,000 Bitcoins, and who are strongly selling here, while the buying counterpart, which until now kept the price stagnant, is also selling or at least reducing its purchases. And so here we have a reduction in purchases at the top and a violent drop at the bottom. And so this strongly discourages me from positioning myself. So if here I have no whales, if here I have no, uh, Bitcoin ETFs, if I have, uh, my order flow telling me caution because on derivative contracts, I have a return of euphoria. If I look at my social indicators, I look here at the return of the Fear and Greed index to 51%. We were at 25 at the last low. And as the price increases, we have an increase in sentiment. And if you look a bit on X at what's happening, everyone is saying, "Ah, well, the idiots who sold at the bottom, well, frankly, it's ridiculous." In short, there's a return of euphoria, that's it, it's as if we're out of trouble, we're saved. Okay? For the moment, we are below resistance, below this famous resistance at the level of $100, $115, $116,000. We need to be very cautious because I am totally ready to change my bias if we go back above this level and manage to consolidate above the $116,000 level. But for the moment, that's not the case. For the moment, we are below resistance. We are working on a zone that is a large liquidity zone where we have absolutely no more buying flow. So obviously, I hope it will happen because I still think we will have a mania phase that will take us much higher. Uh, but maybe we'll have to re-work this zone. Maybe we'll have to do this for a long time before going up solidly. Maybe we'll have to do a kind of second downward leg that will bring us here to see a bullish phase again. In all the
In this case, caution remains necessary for the moment. If we look at the social indicators here, if I look at the views generated by influencers on YouTube, the main influencers, especially American ones, you see that they are getting more views, there are more newcomers. If we look at Google searches, here the term "crypto" is still very weakly searched. So there is no new interest in crypto, there are no new people to fuel a bullish movement, right? I remind you that through all these indicators, what we are looking for is demand. We are looking for demand. We are looking for people who want to buy Bitcoin, cryptos, etc. It doesn't come from traditional finance through ETFs, it doesn't come from whales through these cohorts, it doesn't come from small portfolios. Well, at some point it's going to start to tick because obviously if there's no demand, the price risks an imbalance between supply and demand in favor of supply. And when you know that when many people want to sell their Bitcoin and no one is there to buy it, well the price goes down. So, that's the big risk. Especially since here, this could be motivated by this kind of information. We have a potential return of inflation in the United States. This is something that has been lingering for a while. Well, here you see that since yesterday, I believe. Yes. Yesterday, we had an update from Truflation that told us, "Well, you see, we went from 2.2-2.3% inflation in the US to 2.48%." So, we need to be very vigilant. For the moment, the market does not seem to be pricing in a potential stabilization of rates. We are still at 96.7% probability of a rate cut at the meeting that will take place on Wednesday. So it is likely that we will have a rate cut on Friday. But then, what will happen next? Is it possible that we will have a rate cut that is a little less significant? So, we had one to three rate cuts to follow at the meetings in December, January, sorry, December, March, and June. And well, potentially it could take a little longer to cut rates because, as always, if we have too much of an increase, too large an increase in inflation, well that can prevent it from going up again. If we look a little bit, if we continue a bit on the on-chain analysis, well you see that here we also have behaviors that are a bit problematic, which is that long-term holders are selling. You see that we have gone into the red and that the curve is accentuating, and as we could have had here during the top phase, as we could have had precisely here when we started to get carried away on these phases, well precisely when we started to really reduce, it was a bit problematic. Here too, here too. In short, it's not really something we want. In the bottom phases, we rather have long-term holders accumulating. You see that was the case here. That was the case here. Precisely when we started to go into the green, that was the moment when we put in a small bottom. Here, you see that we were also in the green, which is also what made me think that we had a potential rebound coming. Well, the rebound came. Now, you see that we are going into the red. It's still quite bothersome. Regarding the net position on exchanges. Yes, I repeat, cryptos are returning to exchanges, and much to the dismay of those who tell me that when cryptos, I repeat, when cryptos leave ledgers, cold wallets, it's to be sold. If you don't want to sell, leave it on a ledger. When you have cryptos arriving on exchanges, it's not to store them on exchanges. And yes, I know very well that you can sell via Ledger Live or any other wallet. You can sell, but in fact, you don't sell from your wallet. Your wallet is a storage space, not a selling space. When you sell via the platform, via the Ledger application, what you are actually selling is you sign a transaction with your Ledger that sends your cryptos to a partner who will then make the exchange and find a buyer when you want to sell, or who will find a seller when you want to buy. That's all there is to it. Okay? So obviously, seeing this curve go back up is a bad sign because it means that here in these areas, we have more Bitcoins arriving on exchange platforms and therefore being sold. Okay? So, this is what we have historically. I mean, when this curve goes up, it's generally a bad sign. It's the moment when we have top phases because, well, precisely, we have downward pressure. This is just another indicator that shows us the downward pressure here. So we will continue with realized profits. Well, again, we have quite a few spikes, we are far from what we could have had in the bottom phases with very little profit-taking and really this indicator stagnating as we could have had here, here, here as well. Well, here you see that it's getting a bit agitated. So, caution, caution once again. And here, once again, an indicator that shows us the accumulation indicator from Glass Node, which shows us that when we are at 1, it's a large accumulation zone, and at zero, a large distribution zone. So you see that here, we had a large distribution zone, and we went back down. Here, we are still in purple. So, it's quite interesting because we are still in a potential accumulation zone. Well, it's not very difficult to see that. Here, we still have the red curve which shows us that we had a large accumulation zone from this cohort, the dolphins between 100 and 1000 Bitcoin. But you see that here, well, this accumulation is decreasing. If I display the scores here, you see that we were at 0.75, 0.80, 0.6. So cool, we had accumulated, but except that here, well, if I update the last update, we are at 0.84, whereas we were at 0.89 yesterday, at 0.94 the day before yesterday, 0.91. So in fact, you see, we went from 91, 94, 89, 84. So here we have a slight reduction, and in fact, this is materializing what we saw here, which is that here we have strong downward pressure from this portfolio, from these portfolios, while those are reducing their purchases. So where we could have had compensation throughout this phase, well now we have both in the same direction, which is downwards. So caution, caution. That's it, I'll stop there. Well, we already talked about this, but I'll stop there in this video. Now, if you are a bit lost, if you don't really know what to do, how to manage risk, what the principle is, that is to say, to create scenarios, to weight these scenarios. If here you estimate that you had a 50/50 chance of scenario A and scenario B, well you could choose to remain invested at 50%. That is to say, here you have 50% of your portfolio that has increased and 50% of your portfolio that has remained stable since here you had stablecoins to anticipate this scenario. This is a proposal. In any case, in our private investment circle, you have the possibility to join us. You have a complete training in graphical and technical analysis that is offered to you upon arrival, which allows beginners, those who really know nothing at all, to get back to the basics. We really talk about creating a TradingView account, support levels, resistance levels, chart patterns, in short, everything. We really start from the origin to increase your skills and make you understand the market in its entirety. And then, obviously, you have the vision of my portfolio, I share my positions when I buy, when I sell, my important signals, the moments when we can have interesting signals on altcoins. Here, I'm sharing a little insight for those who have stayed until the end, and whom I thank by the way. Well, look, for example, something I shared not long ago at all. Realized profit, you have a small alert, profit. I'll show it to you right here. Realized profits on Hondo. Be careful, for all those who own Hondo, you have massive profit-taking here that has arrived just here at these levels. The last time this happened was here, just before the drop. It happened here just before the drop. Here too, here too, here too. Here, too, here, too. In short, I won't do them all. You understand the principle. Beware for those who have Hondo. This is the added value of the group. It's precisely these kinds of indicators on all altcoins. I have alerts. So, you see, it rings when I have this and it tells me, "Well, be careful, pay attention here, it might be a time to take profits." So, thank you if you liked this video. If you want to get information, if you don't know exactly if this investor circle is for you, you have the possibility to contact us via Telegram or to get information on our page, the link to which is in the description, to understand our value proposition a little better. Thank you, have a good week, and we will meet again soon for free on YouTube anyway. Thank you. Mr.