Transcription
Hello everyone. So, Bitcoin is currently at $113,700 and as a reminder, here's what I was saying a few days ago, on Friday precisely. You see here, if we look at these liquidity zones, I think we will come to recover them. Even if, uh, we come to make a bear market, I think what we would come to do would be this. Hop and go back down. You see, so at the time, we were at $105,004. So it was Friday, uh, just after the crash phases of Friday the 10th. Well, there, we had come to seek out, well, these levels. We'll find that just here. We were here, we were just there at 105. I was explaining to you in the video, you can find that moment. It was at 12 minutes. Uh, I was explaining to you just before that, well, we needed something quite classic, that is to say a sentiment inversion where you see, at the time, we had liquidity directly below the price and I was explaining in that video that we needed a sentiment to change where, well, precisely on the bottoms, we needed to have less yellow lines, that is to say liquidity below the price, in order to have a reversal. So, obviously, well, that's what we ended up having. After a while, by exhausting all the buyers, well, we ended up having it. It happened when we visited $103,570 and we were able to make a bullish move again. We came to recover the levels we were talking about just here, that is to say the levels, hop, that we had here. Uh, so here the previous support at the level of $113,500 which we are currently working on again. And we have a second support level, or rather a clear resistance level, which is a large liquidity zone around $116,000.
So in this video, we will go through all our indicators together, look at what's going on. Are we at a market low, will it go to the moon, etc.? Are we on the verge of a bear market? So you have many opinions that diverge on the internet. It's perhaps difficult for you to find your way. You have many YouTubers who tell you "Yes, it's the moment but at the same time it can go down" in fact, who make you waste your time because you watch 35 minutes of video to ultimately have no opinion at the end nor any key indicators to understand the market. You have those who are perma-bulls who tell you "Buy the dip, buy the dip, you absolutely must buy back, it's a golden opportunity, everyone is in fear, etc." You have those who are catastrophists who say "Well, it was the top, it was the end, we are, I don't know, 1060 days, I think, after the bottom. So of course it will go down, etc. You have to prepare for the fall." Well, we will try to be a little measured, to know that in investment, we don't care who is wrong or who is right. What is needed is to protect one's portfolio during phases of uncertainty and to increase one's positions when a direction seems clearer. Okay? At that moment, when I was making my video and we were here, uh, the probability of a rebound was higher than that of a bearish continuation. So at that moment, in my private investment group, uh, in the investment circle, you can have all the links in the description to join us, okay. The group is open, it's a human-sized group in which we exchange, uh, I exchange privately with everyone and I provide my analyses, uh, via a private Telegram channel. So within this, uh, this Telegram channel, I explained that here, uh, it was not the time to sell. Uh, we were going to have a rebound, we shouldn't panic, we shouldn't overreact. Okay? And so, uh, here, moreover, at $112,000 precisely here, uh, so at $112,000 then at $107,000, and then a bit below, we talked about reloading, reloading certain well-chosen altcoins.
So now, what's the situation? Is it time to unload? because we are preparing for a drop, what should we do? Well, first of all, the point to address is that currently we are in a rebound within a short-term bearish trend. Okay? We are in a long-term bullish trend. We are in a bull run, we are still in a bull run. Currently, we have simply come to recover the major support level that we had identified here at $107,500. The very positive aspect is that on Monday, uh, well, Sunday evening, we closed above this support level. So we have here a resistance, or rather a support level that is holding. So right here, we are happy to have been able to close above these levels. So the bullish trend in weekly remains intact. That's very healthy. Uh, now, we need to look a bit at what's happening a bit further to try to see if we don't have a reversal.
So, I will explain all that to you in this video. Obviously, I remind you that this is my opinion, even if, uh, all my analyses are quantitative, meaning that they are backed up by reliable indicators, uh, which I give you, by the way, sourced indicators which I display on the screen each time to allow you to understand if you also agree and if you draw the same conclusions as what I draw from these analyses. I try to be as factual and cold as possible, okay. I remind you that I am first and foremost an investor. I share my videos on YouTube to explain my point of view. But above all, I am an investor and therefore I apply this strategy to my own portfolio. So here, we are at $113,700. So we are increasing. So it doesn't surprise me much. Plausibly, we should reach here the previous resistance level which is around $116,000. It's the, it's the level where everything will, where everything will be decided. We should be able to reach it quite quickly. Here we are in a cascade of liquidations. This is called a short squeeze. So in the same way that here we had a long squeeze, that is to say a bearish liquidation cascade, well, here we are having a bullish liquidation cascade. We find them just here. You see, just here, okay. If I, if I reload this on weekly. So here we have a week of trading displayed on the screen and you see that here in yellow we have the big liquidation levels. So, uh, here, Coin Glass shows us, uh, so you go to liquidation, here, liquidation heatmap model 2. You can find this graph and it will show you here the yellow lines which are the main liquidation levels for sellers. So sellers above the price, buyers below the price. We had an imbalance for the current week which is being filled. So we are strongly going up to liquidate all these positions. If we look here in 2 weeks, so here you have 2 weeks of trading coming on the screen, well, you will see the lines above the price with this famous line that comes just here, at the level of $116,000. There, we have it just here, the $116,000 line, which we were just talking about. We are currently feeding on all these liquidations over the last two weeks. It's really the pivot point. It's where everything is happening. That is to say that the, uh, shorters who entered in the last two weeks will all be, or almost all, liquidated when we reach this famous level of $116,000 to $117,000. Between $116,000 and $117,000. And then, we will have to see what happens because we have on-chain indicators that this time invite us to be very cautious.
So I'll show you a bit what's going on already at the level of realized profits. So here, over the past few days, we have seen profit-taking increase. Okay? Profit-taking, when you reach ATH levels, etc., it's not necessarily the end of the world. However, when it tends to increase, well, caution is needed. Okay? That doesn't mean bear market. Stay measured. I will explain my medium-term vision to you, uh, by the end of the video, be sure of that. But well, this obviously invites us to be cautious because you see that traditionally, when we have had spikes that started to increase, to be more and more repetitive and numerous, and especially to coincide in time, well, these were generally phases of local tops. You see that it's a bit what we had here, it's a bit what we had here, and it's also what we had here. Okay? Just here, that's what stopped us a bit in our rise.
Now, let's continue with the cost basis distribution. Here, something very interesting happened in the last few days. So, obviously, well, all this, well, I remind you, obviously, this is my little self-promotion moment, but this investment group, I am of course active in it and people who have joined this investment circle benefit from all this information in real time. Okay? So here, I'll explain a bit what's happening. Here, we had large buying zones. You see here at these levels, around $108,300 to $108,500, we had, you see, supply marked 130,594 Bitcoin. So that means that at that moment, we had 130,000 Bitcoin that were bought precisely at these levels. And so obviously, uh, this level became a clear support level because when the price came to fall on this level, we saw a red line holding. And you see that the red line held for a long time. And that, well, when we were precisely here, when we were in the downward phases, we saw that the red line had weakened a bit but it was still present and especially that it had intensified on this line around $109,000. we had intensified the line and, and so here we had clear support levels. So in fact, the people who had entered heavily here were still present. Except that at that moment, during the drop, and particularly after the somewhat exceptional fall, well, for the micro black swan, let's say, because well, we have to remain relative, we dropped by about 15% over a period of 48 hours, which is more dramatic, but well, you see here after that moment, there was a sort of switch, okay? And here, you see that the price broke this support level that we had, a rather clear support level around $111,400. And you see that we settled below it. And here, well, we have something that we could have had, for example, here, you see, where we find ourselves below the levels of, of major accumulation levels, and so this level of $111,400 which is becoming more and more intense, you see that we were at 128,000 Bitcoin at that time, we are at 136, so that means that here there are more and more transactions being displayed and we are below this price. So this is a real problem because it means that this level of $111,400 is becoming a real resistance level.
So, I see you coming, currently, we are at $113,680. So, well, ultimately, this support level has been, uh, pierced without a problem. Well, the support level we identified on the cost basis distribution is there. Okay? So indeed, we pierced it. But how did we pierce it? We pierced it with a short squeeze. Okay? So that means that the people here, if we go back to Glassnode here, well, you see that here, for example, we had gone below this support level, but the people who defended their support level here, that is to say, those who had bought, repositioned themselves. You see that at that moment, the orange became more and more orange, going from light orange to dark orange. Here, we had a supply of 102,000 Bitcoin. Here, we had 116,000. So that means that here, 14,000 Bitcoin were absorbed, which made us rebound. And here, well, you see that, well, we will follow this in the coming days, see what happens. But here, plausibly, what is being drawn is that we have people who are selling massively. And this theory is corroborated by other indicators that I will show you later. But here we have an inversion, in fact, since this break, which is a major break. We are rather forming a pullback than forming a bottom.
So we will then look at what follows. Here, we had something, well, particular that happened recently. You see, just here, we started with, well, holders leaving positions, and you see that this has happened very recently, okay? So it's been about a week now that long-term holders have been leaving positions. And you see that, traditionally, it's not a good sign. When this started to happen here, it was a slowdown. It was a consolidation phase. Here, it was, well, during the bullish phase, but in fact it was a distribution phase. Okay? In fact, these moments, the moments when we go into the negative, are usually distribution moments. So the problem is that when distribution occurs during a bullish phase, as it may have been the case here, well, in that case, it is absorbed by this bullish trend and this strong buying dynamic from small portfolios. But that's not the case. And I'll show you why. Because here, I'll show you, uh, a chart from CryptoQuant that allows us to look at the accumulation versus distribution of all cohorts. Okay? So here you have the differences, you have here, you have the Bitcoin price and you have the different cohorts. So here, for example, you have the very small portfolios, who own between 0 and 0.1 Bitcoin. You can display them on the screen and here, you see that if they were very active in the past, currently they are waiting. You see? So there is a slight purchase at these levels, but it's generally waiting. You see that what could have happened here with a lot of selling or here with a lot of buying, well, here, generally, nothing is happening. Okay?
So now, let's look a bit at what's happening here, displayed as crabs. So between 0.1 and 1 Bitcoin. You see that here it's the same, they were very active, now there is waiting. So here, we are really in a waiting phase, a phase during which, in fact, small portfolios find themselves frozen. They are rather, in fact, in hope. They hope to see Bitcoin go up and they are afraid to see Bitcoin drop. So in fact, they do nothing. Those who have some liquidity invest it. But in fact, here, you have to understand that, well, perhaps it's your case too, but for many, you are invested 100%. You have no more liquidity, so you find yourself stuck with, here, well, you feel that it's a dip, etc., that it could be the right time to buy, but you have nothing left, no more liquidity. So here, if we sum up the two a bit, you see that here, nothing is happening. Okay?
We will look a bit at portfolios from 1 to 10 Bitcoin. It's the same, nothing has happened since, well, globally here, end of August, you see here, this is a line from, the line from August 31st. Since August 31st, nothing has happened. Those who had, so, portfolios between 1 and 10 Bitcoin, who had strongly sold during this phase, well, here they are stagnating. You see? So here, in fact, this shows us the supply over the last 60 days versus the current supply. And well, currently, the supply owned by these three cohorts represents approximately the supply they had 60 days ago. So there is no accumulation by small portfolios. And that, precisely, is something that will slow us down. Why? Because here we noticed that during phases when long-term holders are in a distribution phase, if these small portfolios buy strongly, well, we still have a bullish trend that materializes. On the other hand, if we have distribution phases that arrive, well, during phases when, well, Bitcoin slows down, then I will show you here, but it's intentional, it's not necessarily because I think we are in a bear market, okay. Here, you see that at that moment, we started to have a distribution phase by long-term holders. And the problem is that here, we had no buying from small portfolios. Here, I'll show you right here, the small portfolios, here. Hop, hop, and hop. You see that here, we were also in a waiting phase. Okay? We were just here, you see that nothing more was happening. The small portfolios that had been very active, nothing more was happening during this moment. Well, precisely at that moment, we were able to create a reversal. Okay? You see it just here. I'll remove my cursor, but you see it just here on this phase that, well, it's relatively similar to this moment. Okay?
So here the problem is that it comes at the same time as a phenomenon which is that here the large portfolios, I'll show them to you right here. So here are the portfolios that own 1000 to 10,000 Bitcoin. Here, they are selling massively. You see that the current supply, so the number of Bitcoin held by portfolios that own between 1000 and 10,000 Bitcoin, currently, they own 100,150 Bitcoin less than they owned 60 days ago. So here, that means that what we have on the screen is a large distribution phase. We will just look a bit at the behavior of these large whales, let's say, the whales here, these are the mega whales who own more than 10,000 Bitcoin. The whales here, you see that traditionally, they are the ones who make the market. Here, when they bought, it was the bottom at customs duties. Here, when they bought, it was the bottom here too, here too. Here they had sold, by the way, but we will look a bit at the, during the bull run phases, during the local tops and bottoms. It is especially these portfolios that call the shots. You see that on the contrary, it was totally the case. Here, they had sold heavily during this large distribution phase. Here too, they started to sell during this moment. And you see that the big cycle bottoms are rather set by the, the large whales, the mega whales that you see here. The mega whales, they, they bought here, okay? precisely to set the cycle bottoms, they bought here, and here you see that, well, they are not buying. They are even rather sellers at this moment. So here it's quite neutral, I admit, but if we display the two cumulatively, you see that here, well, we had a first phase of selling by the mega whales. It's actually what slowed us down, what prevented us from breaking $120,000 more decisively, because here you have a large downward curve from the mega whales, and here when they stopped selling, you see that here the mega whales stopped selling, and it was the relay of the whales between 1000 and 10,000 Bitcoin, and so in fact, the small breather we had between the two allowed us to hope for a bullish reversal, but ultimately, you see that in fact, well, here we are still on hundreds of thousands, tens of thousands, and hundreds of thousands of Bitcoin being sold. So even if we could have had at that moment the enormous financial inflow that could have been represented by the Bitcoin ETFs, well, unfortunately, for a few days now, and specifically since the 14th, we cannot count on Bitcoin ETFs to provide us with financial inflow either. I remind you that I only look at BlackRock's portfolio because here we have many other strategies that do not correspond to swing trading strategies like BlackRock might do. In any case, what BlackRock's portfolio seems to be, okay, because it is very revealing, and precisely, it is very revealing. You see that we had large accumulation phases for a while until October 9th-10th, and then we have a switch, there are fewer and fewer entries at that moment, between October 10th and 13th, and then clearly, we have exits, and exits that are intensifying. So this is a real problem because, well, what we had as important buying flow that could have fueled our bullish phase between $109,000 and $125,000 here, well, that was precisely driven by the enormous financial inflow that the ETFs could have constituted, and well, here you see that, well, we have a big drop. And if I show you the rest of the portfolios here, well, precisely, the buying counterparty is there. It's the portfolios between 100 and 1000 Bitcoin that are buying and buying strongly. Because you say to yourself, well, how is it that we are in a range phase when hundreds of thousands of Bitcoin are leaving? Well, here, I'm showing it to you on the screen. If we look, hop, we'll look, we'll focus on the current bull run. You see that currently we have portfolios that own, so between 100 and 1000 Bitcoin. You see them in red right here, who are currently accumulating 184,000 more Bitcoin than they owned 60 days ago. So in fact, we have this buying counterparty that we hoped for. The problem is that, well, in the last, in the last moments, of this trading, so in the last hours, the last days, etc., you see that here we have a trend that tends to decrease. Okay? You see here since, since this moment, since the break on October 11th, with our nice manipulation by Donald Trump, well, you see that here we had a break and we actually changed dynamics. And historically, well, it's not a very good sign. You see when we have had this kind of case, well, when we had slowdowns here, well, it was the case right here. We had a slowdown, hop, and we actually went to look a bit lower. Okay. Lows.
Now, that doesn't mean we will necessarily have what we could have had here or there when we had a slowdown, in fact, we went to look very low and in fact, we made our famous customs duty low where we went from $120,000 to $77,000. It's not necessarily systematic. The problem is that, well, when we look at this kind of portfolio, well, they tend to be very bad. Okay. I have no desire to position myself in line with this kind of portfolio because if you look at the previous cycle, well, they are the ones who bought during the distribution phase at that time. They bought heavily and they got rinsed. You have here, they sold heavily, and well, we had the subsequent rebound. And when there was the rebound, they bought and then they got rinsed. Okay? They got rinsed throughout the bear market, they sold here at the bottom, they bought back timidly after the Terra Luna bankruptcy or a bit before. And here, they sold after the FTX bankruptcy. In short, they are strictly always in the wrong direction. And you see that here, at previous local tops, they bought the local top here at $70,000 when we were around the halving. They bought heavily here when it was the time of Donald Trump's inauguration, and here they are buying heavily at this moment. So I prefer to always be measured. If there were only this indicator, well, I would say, either if I have buying pressure from BlackRock, if, uh, I have, my other portfolios that are buying, for example, here, I have my mega whales, etc., who were buying at that moment. So, I could say, "Well, if my whales are selling, but my mega whales are waking up and they are setting a bottom as we could have done at that moment, well, that's fine with me." Except that here, I have mega whales selling, whales selling, and, this kind of portfolio that always makes the wrong choice is buying. And in parallel, if I now display the small portfolios, hop, and hop, well, you see that the small portfolios are spectators. Basically, there is a duel going on and all the small portfolios are spectators. And here, unfortunately, well, I don't really want to position myself as a spectator because in fact, it's praying. And for me, investment is inconceivable to say "I pray that such and such a person wins." Here, I have indicators that tell me to be cautious. Uh, at that moment, I shared here, when we were around, of, of these levels, well, $110,000, so between $108,000 and $110,000, uh, well, I specified to my community that we needed to start lightening our portfolio at these levels. Well, little by little, here, plausibly, we will need to continue to lighten up. You see that here, we are still struggling to go a bit higher. Well, I think we will go higher. It's what seems most probable. But here, we will still need to be very, very cautious.
If we look here at the order flow analysis, here we can read the order book. So you see here, we have an increase in open interest on a funding basis. So here, the decrease in funding is simply an excess of liquidation. In fact, here we are in a short squeeze. So obviously, the fundings are doing a bit of anything, as they could have done in the past. Uh, however, we need to look at the fact that here, you see, the fundings had still risen well. Okay? And we can also see that on CryptoQuant here. Hop, we'll look at the funding rates. You'll see that. But there is still something that is very different from what we could have had precisely during previous phases, which is that here, well, we have a good rise in fundings. So here, we are well in the green, and it's not really comparable with what we could have had precisely during this phase. You see right here the fundings, well, globally they tend to diminish, as we could have seen right here, as we could have seen right here, right here too. So here, we need to be very cautious. We have a good rise in fundings. The fear and greed index remains at 34%. It remains in fear, it remains low. We still have a rise, okay. We observe it right here. You see here, we were at 22, 23, 29, 34. Plausibly, uh, well, tomorrow, you will have a Fear and Greed index that will be even higher, okay. When we get back to $116,000, you will have, well, a whole bunch of weather vanes who will tell you, well, finally, that's it, it's the bottom, etc. Uh, we're going back up, whereas they were announcing the bear market a bit earlier. You have those who were perma-bulls who will say, "Well, you see, I was right to tell you to buy." Well, we need to remain measured. You have seen, so the behavior of whales, this is something not to be taken lightly. Especially since here, I will show you now, the long and short-term chain cost basis. So here, you have the cost bases, the realized price by the different cohorts. That is to say, you have long-term holders that you see here in blue, you have the realized price in yellow here, yellow-orange, which corresponds to the overall realized price of Bitcoin, all cohorts combined. And you have here in red, the realized price by short-term holders. And you see that here something happened. We broke this realized price by short-term holders, and currently, so the price, I'll give it to you, it's at $113,200 by short-term holders. The current Bitcoin price is $113,300. You see that we are right on these levels. Uh, at the level of, at the level of Glassnode, well, that gives us precisely, I'll show it to you, or I'll show it to you right here. So you see here, we came back to do a pullback, and the problem, well, is that in the past, it wasn't a very good sign. You see when we broke through and came back to look for a pullback, well, it was the case sometimes. Okay, in the past, it was the case here. We broke through. We did a pullback right here. You see, I'm zooming in so you can see clearly. We came to do a pullback and we continued this consolidation. Here, we came back to seek and rebound from it. So everything is fine. We hadn't broken this price level. Here, similarly, we had rebounded a little bit then broken through again. And here, when we broke through, well, you see that we came to do a pullback, to work this level, and to make a second leg. You see that it took a little time to completely break free from this level and to really establish ourselves in the long term, let's say, above this, this realized price by short-term holders. And you see that a last example here, it was during the phase of, therefore, the break around $98,000 to $92,000 from memory. We broke through, we had positive news, a big short squeeze at the time of Donald Trump's customs duties. Yes, no, yes, no. Strategic reserve, etc. Ultimately, at that moment, therefore, we did a pullback and went back down. So here, the problem that I see is that here, we broke through and we just here, did a pullback and potentially, therefore, it could, well, announce to us that we need to take a longer breather. So potentially, we could work this level a bit longer, potentially do a second bearish leg, potentially further than these $103,000 and $102,000. Obviously, we have a support that has been, that has been, uh, pushing us for some time. Well, it's the one that I will show you right here. It's this one, the one from $92,000 to $96,000. Here, we had a lot, a lot of accumulation. In fact, when you look at the ETFs, you see this bullish wave at that moment. Here, at the beginning of May, you had a lot of buying on the ETFs. At that moment, you have a huge curve. And well, that's precisely at that moment on the cost basis. It was precisely at that moment. Here, BlackRock bought heavily, and plausibly, if we have a deeper break, then I'm not saying we will necessarily go to these levels, but it seems probable that this support level will be a real big support level.
So now, am I bearish to the point of saying that, well, it's the bear market? Because
Here, you see that globally you understand where I am going. Here, we have a big short squeeze. We are reaching obvious zones of liquidity grab. Well, the market always moves from pocket to pocket of liquidity. There, well, we came to get this big pocket of liquidity. We might come to get a bit higher, 117,000. Now, what are we going to do? You see that we will have liquidated everyone. Derivative contracts are empty. Open interest remains completely empty. Here, you see that we analyze a little bit in the short term what is happening to try to understand the market fluctuations a little. Now, you see that if we look a bit longer, well here, we have a big break and we are far from having recovered those levels. Well, we did have a nice trend, huh. Here, we had a trend with quite a few quite a few rises just there. Well, obviously here, it was done on neutral fundings at the beginning then a bit weak now. So, probably here a lot of sellers, well it's logical that we come to liquidate them. I therefore think that we will come to liquidate here the rest of the sellers around 116,000. Well, it's a scenario that was that was conceivable. But obviously protecting yourself at that moment, well, it's not an option. You see here, I still think that the macroeconomy is good and I will conclude on that. I think the macroeconomy is still very good. We still have a rate cut rhythm that is engaged. So, this site has been buggy for a while now, but we still have rate cuts that are accumulated for the next few months and the next Fed meetings. You see that we have a 96% chance, even 97%, of a rate cut at the October 29th meeting. So obviously here, we have a nice trend. We have a nice trend. We saw it during Friday's video. Everything I said in Friday's video remains true, the long term remains good. We have good behavior from, well, we probably have a rather enormous influx of liquidity that should arrive, a rate cut, quantitative easing because as you know, I don't know if you follow these kinds of rumors and then well, which turn out to be more than rumors where we have potential difficulties with regional American banks. Oh well, at that point, there's a good probability that the bank, well, that the US Federal Reserve will help the banks and act with them to, well, help them as best as possible and be able to offer them the famous liquidity that will save them and that will make our bags pump and that will increase the value of Bitcoin and the majority of risky assets. Inflation remains measured. We haven't had our mania phase yet. Okay, we had a small increase in Google searches for the term crypto, but it remains very low currently. There was no exit liquidity either. We haven't had the famous euphoria phase that we expect, as we could have had here where euphoria went around 91, 956, etc. for a long time. That hasn't happened yet. I think we will go higher. But, likely, this cycle is accustomed us to market breathing phases that can be more or less deep. We had a short breathing zone when we were around $100,000. Well, currently, it's probable that we need to breathe a bit longer. We must not overreact. Protecting your portfolio and protecting your capital does not mean switching completely to stablecoins or exiting the market or thinking we will be in a bear market. It means adjusting your portfolio to current market phases. When I have uncertainty, I reduce my risk. Reducing my risk means selling part of my crypto assets while keeping stablecoins. 10%, 20%, 50%, 60%, 80%. It will depend on your risk profile and so on. It will depend on your strategies. I obviously share all of this because as we follow altcoins etc. in our investment circle, I obviously share all of this so that everyone is best equipped to act according to their portfolio. So there you go, I will conclude on that. The macroeconomy is good, the long term is good. Well, the very long term is very good, the long term is good. I still think we will have an ATH much higher than the one we had at $1200 and which should be reached in 2025-26. At what point? Well, it's always the same. Bitcoin tends to trap as many people as possible. That's the case this October which was supposed to be a famous October. Well, it's not the case. In any case, until October 21st, it's not the case. So we need to stay calm and cool. There you go. The market doesn't always give us what we want in terms of directionality. Here, we don't have an impressive bullish phase. Well, there you go, we remain measured and we keep a calm mind with a portfolio that is well balanced in terms of risk management. So there you go, if you want to join us, we still have places available. We are relatively few, which allows for a high-quality service with the time taken for each of you to be accompanied, etc. If you have questions about your portfolio, I answer them. Now, I cannot give you individual and personalized advice, I remind you, this is part of investment advice and this is not the case for this channel. I remind you that this channel has an educational purpose. I share my analyses, my understanding of the market. It's up to you to then transcribe between the analyses and the management of your portfolio. There you go, I hope you enjoyed this video and thank you. See you soon.