Buying The Bitcoin Price Dip | BTC USD

Buying The Bitcoin Price Dip | BTC USD


Turning everybody it is one o’clock in the afternoon on this Friday Yeah, so I got a little bit of a late start, I was just having some lunch with my wife she became the clinical director at her place of work and so Excuse me All right um Today’s session. We’re gonna do a little bit on by the dip you’ve probably Heard or seen that phrase before BT d bt Bt. FM d by the mother-effing dip or bt MFD, you know, there’s just a lot of those phrases that come out a lot and Sometimes we don’t know exactly what is being said about that so let’s just Get into and then this kind of exercise will actually help in a lot of your trading If I can find it here here we go so Bitcoin for example If we look at an hourly chart, we see a pretty you know Nice rise in value from those new yearly lows that we got Prices traveled up very nice and eventually, you know We do hit an area where where prices are gonna they’re gonna stop and then they fall down now There’s going to be a lot of bear traps being being formed over the next couple months and the they need to be recognizing that and we need to be aware of them because there’s a huge psychological component to to this market to any market really but but specifically to this one where Anybody who has been participating in this market for the last? 12 months to two years 12 to 24 months it is One that has caused a lot of anxiety a lot of pain a lot of a lot of quick periods of hope followed by long periods of of pain and and loss And that is exactly the kind of mood a lot of people find themselves in and there’s nothing wrong with that That’s actually totally normal. You should just you know be aware of it and So What comes into play for the great majority of traders and and expert traders know this funds know this behavioral Trading analysts who work for a large large entities they are aware of this so they will do things Knowingly or unknowingly to get you into the mode where you are, finally ready to change your mind from being hopeful that prices will rally to finally joining Everybody else in being oh my gosh. This thing’s gonna crash and it sucks Right about that time is when things start to turn around I’m sure a lot of folks here because this happened to me when I first started trading is you put a position on it Starts to move against you and you get really irritated you get frustrated. You might even move your stop which is which is dangerous and then eventually, you know, it’s just it’s just Boom it goes it goes back the direction You wanted it to go in the first place and then you end up trying to chase something so We have to avoid getting into that trap and trade the price action that’s in front of us but also recognize that it’s important to to think back to what has price action been before so let’s Let’s go to like a 4-hour chart. Let’s zip on back to oh Let’s see not there, but Let’s look at maybe January mid-january where we had this nice rally and price went up people thought it was gonna go higher it fell down and then it fell down even more and then we had a really big rally off of that that 5,600 zone and then it traded up People thought it was gonna go great sold off made a double top sold off came down and then it we just traveled down for quite a while from may beginning of May all the way till This most recent New Year, lilo Or sorry, what did I say? dude, dude, not me March in to beginning of April and Then we rallied up again on a short timeframe This is like the inverse of how markets usually move usually things stair-step They say markets take the stairs up in the escalator and the elevator down Lately bitcoins taking the elevator up and then has walked the stairs down which is not the fun feeling because there’s a there’s a lot of There’s a lot of element of and I don’t know if I’ve ever mentioned in here before but but trading is 90% emotion and your psychology and emotion it’s how you trading is all about how you respond to feelings of loss and pain and you know only 10% of your your Success is gonna be related to how good of an analyst you are how much you know about the reading of market or a chart so This has been easily the worst time to have traded a cryptocurrency is between December of last year and then up to now but tell you what those of us who have been in it for If even if you’ve been in let’s say you got into cryptocurrencies in November or October That’s that’s good and You’re and if you’re still with cryptocurrencies, you’re still excited about them. That’s good because people who And I’m gonna get into some analysis here. Just get forgive me for one second as I’m getting into this but there’s a lot of services a lot of sites a lot of individuals a lot of groups that have had crypto services in the past and You know, they they there was shit tons, right? They were all over the place. They’re all over YouTube Facebook Twitter Everywhere, everybody had something I crypto currencies there was I mean you could you could go anywhere and find somebody providing some type of service On analysis or trade ideas, but then what happened? They disappeared. Okay The prices plummeted and so did interest not only in normal people wanting to participate but also in the also in the mood of the people providing services, so Those of us who have been around markets for a while and those of us who have been in crypto currencies Does I guess it doesn’t matter how long’d whether you’ve been in crypto currencies for the last 10 years or? You’ve been involved in crypto currencies over just the last 10 months those of us who have stuck around are Not going to be as fazed by the next market downturn. We just will expect it Because if this is the first market you’ve ever traded or try to trade and you’ve all you’ve experienced as a bear market then I’m actually very very Envious of you because people who start off in a market that is that that is bullish in nature But it’s experiencing a bear market in the short term you You get to experience the bad shit right away. So you’re not you don’t develop these bad habits right away of thinking Oh my gosh, this thing only goes up You know you you don’t get bad habits. So you end up being a realistic pessimist, which is what you should be as a trader Anyway, so that that’s that saying that How does that translate into the price action going forward well and I’m really I’ve really been struggling on how to describe this well, because uh I look at I look at the charts all day and I trade all day and When the longer you trade something more you feel like you’re a part of it the more you feel like you get the pulse of It and the more you can tell things are different and One of the things that’s different is the activity during some of these Runs up and then some of these sell offs Just over the past ever since this last swing high on the 24th there’s been kind of a different mood or sort if you want to call it that but bear traps Or in buying the dip bear traps are a frequent They’re common they happen on every timeframe and one of the more typical forms of traps that that occurred during lulls in the marketplace They happen during the weekends holidays and quote unquote off hours They also occur certain price levels where there are equally profitable long and short trade possibilities And then what happens is during those moments as people wait for a clear direction and If it doesn’t happen, what do they do? What happens when everybody is waiting for something to happen? Nothing. That’s when someone or a group or a large entity Will have the ability to move the market in a low volume state into a direction that they want you to trade in For instance when we were trading up here and we had prices moving down Where we are currently this is the direction probably that people who want to try and make market are wanting to put Retail traders at they want you to get into a mood where you are thinking This is just going to keep going lower and oh my god, it’s gonna crash and I want to lose all my money So ever since the 24th we’ve been we were trading in this range at the 8192 value area prices, you know It’s been boiling around that zone for a while and We’ve been talking about the pullback to the 7500 zone and even maybe down to the 7000 value area itself that has been something that we’ve we’ve been talking about You know, we just get that loaded up here On the Market analyst software as we’re looking at this the real thing that I’ve noticed is that Bitcoin has formed a pretty good base around that 7,500 value area. That’s the 90 degree level in the square of nine That’s good to see we’re still holding it I would anticipate price Continuing to maybe trade down lower still We’ve traded up against this harmonic right now. This is this is a pretty this is a pretty good sell signal actually Or short signal when you have a when you have a breakout from a major Harmonic level comes down find support and then it tests that level again, but it fails to breakout That’s that’s this is kind of a typical strategy where? People who trade breakouts you don’t always want to trade just the breakout you want to trade the the pullback or the throw back? So we’re getting a pullback to this zone. This is actually telling us it’s a good short signal and we could see prices sell-off Over the weekend towards that 7000 value area before it does what we were talking about here yesterday It kind of drew this plan out of where we think Prices may how the pattern prices may follow even if it doesn’t Even if we were to trade lower The downside risk is pretty limited Because if we break this Excuse me, if we break this angle And we come down to here then we’re really we’re really not looking for You know a lot of downside move beyond this, I mean if we were to trade below this level If we were to break below this angle, that would be a pretty strong drop. But otherwise, you know from swing to swing here Come on I gotta reset these All right, hold on oops, but I don’t want Background, there you go You might be looking at this yeah. Thanks Mike The way I drew this Fibonacci retracement is actually the way that you should draw a Fibonacci retracement, okay the way that the way that we’ve all learned on a Fibonacci retracement is Is the raise the wrong way? This is this is how it should look in this work So we should see Prices trade from here to here or we should draw that we should draw the retracement from the high down to the low That’s how it should we should actually see that that This level is the correct way to do it now if we actually extend these lines The six one eight zones right around here the 50% zones, right Yeah, really really right kind of in that same value area So this is where we’re looking at a support zone is further down here if we do break up higher great But I think even if we move up higher, we’re gonna get stuck against this angle. So be careful of that ultimately the next wave higher that we have to look for if We’re if we’re going to get to it just by drifting around is not going to happen until the 22nd of August So we’ll be looking for that in the meantime If we see big rallies followed by these cells these are areas to buy and this pattern is going to continue until We get into the Mid september/october area or it could happen earlier But that’s probably more or less what we’re looking at if we go back in time Here’s the all-time high at that 19700 and whatever it is Let’s look back to last year August Actually after that Here’s October We see these rallies They consolidate they sell-off back to kind of the breakout zone That’s where we want to buy on those pull backs rallies up It falls retraces, you know anywhere between fifty percent of this swing here Actually six one eight whatever that is You know if you really want An awesome level eight eight six Fibonacci levels is like a crazy important level Right Generally when we know we’re in a bull move and we’re adjusting to a bull market and You see prices sell-off. It’s just it’s more than likely just profit taking and There should be you you should be comfortable buying on the dips And this is a really hard thing for people to actually do it’s easy to understand by the pull backs It’s very easy to understand. It’s a different thing to get you to do it it’s it’s hard to convince somebody I Mean, I mean like everybody knows like oh you you make money by buying low and selling high or or by a shirting low or by shorting the highs and And buying the lows so, you know, it’s it’s easy cuz it makes sense It’s logical that it makes sense to do that but it’s a whole different animal when you actually have to try and do it because You don’t know how low it’s gonna go cuz to you and in that moment You think you could just keep going lower and then you wait you wait you suffer. Sometimes paralysis by over analysis and Eventually, then finally, you know you start buying but it’s near the top It’s like you want to wait for it to get higher before you think it’s okay to buy it when in fact You know that that’s not the way to do it so you should rather you should be more comfortable buying at a lower price and And and err on that side then you should on wanting to buy at a higher price so on pullbacks Anything at 50% or greater of a retrace is is is certainly a buy Situation. Okay and You don’t have to do it right at the level. So, okay So we so we know that that prices broke out from this level. They trade it up and they came down and then It tested that zone and it did not sell that would be the time to buy is Really up here, even though it came down again But we’re in a bullish move. We’re in a new trend and so again gonna have to keep pushing that out there that buying these pull backs is the right thing to do and I’m going to bring us all the way over to where we are now There is a large amount of supportive volume that has been stepping in as We’ve gotten lower Over the last month or so, so there’s been a lot of support Looking at the current hourly condition, you know, this is more than likely going to sell off here It could be wrong but more than likely we’ll see selling pressure down to Break this low to test the 7000 value area. It’s just it’s just kind of setting up like that for the weekend If we look at the Altcoin market a lot of them that got oversold last night have caught a nice bit and are being bought up. Nan-oh OMG Cardno Just a lot of things showing a lot of Support zones being found for right now and it’ll be interesting to see if those actually hold If we look at the actual entire crypto, well, not the entire one. But if I look at Do kind of a bird’s-eye view of looking at? Okay, what are we looking at as far as? Coins that are up compared to ones that are down It’s about and it looks about 50/50 as far as the altcoin market being up or down It’s it’s pretty split right now But these zones are Pretty great buying areas, and I’m gonna go over one coin right now that I really really really Want to point out and that is nano I don’t know if I’ve mentioned that nano is one of my favorite coins It was known as ray locks That’s one of the most beat up consistently sold off and saddest looking charts in all of crypto currencies I mean look at this thing Okay It has sold off even during rallies and it has made Continual look like every two weeks is a new lower low Nano and for the life of me, I don’t know why Well, I have ideas But I mean for the life of me for whatever reason There is a huge push to keep this thing down and I don’t know if you’re familiar with nano, but it’s a transaction coin It’s just you it’s meant to be used for for buying and selling and it’s fast. It’s instant It’s like each account like you create an account and it’s like you have your own Blockchain. Okay. It’s uh it It’s pretty cool they use proof of stake to to verify the transaction and then they use proof of work to to nullify any spam or or any that kind of jazz, but nano It’s it’s crazy that this thing is not more out there and I and I think it’s probably for a good reason and I’m not trying to get all conspiratorial but this coin already is a big threat to a lot of the transaction coins out there a lot of the other crypto current like crypto currencies we know are going to move beyond just providing a Source of of transaction or a medium of of trade, you know, there’s There’s utility coins There’s privacy coins and whatever but for the most part that broader interest is in something that you can transact Like I could I could buy Something from Or somebody somebody could hire me to do some analysts work over in China and If they want to pay me a nano that’s cool. And then it happens just like that I don’t have to wait for money to show up in PayPal don’t have to pay it Like they don’t have to pay a conversion for that I don’t have to pay conversion for that just shows up in my new wallet. Boom. I can convert it into Bitcoin or dollars? No big deal and It happens instantly, so it’s pretty wild. So nano is a big threat to exist in cryptocurrencies. It’s an even bigger threat to to existing infrastructure like Western Union Banks in general PayPal all that jazz. I’m not suggesting that all those entities are trying to kill this thing But what I am saying is that this has a huge amount of value attached to it And I’ve been trading long enough that I know when I see some Some some skullduggery going on with the volume because thankfully volumes one of the things that cannot be manipulated it can be Manipulated but but not not very well. I Want to pull up by Nance real quick? And my other screen here and I want to show you kind of what I was talking about what I’m going to talk about is the there order book or the trade history the Enough use by Nance. I have I Have my favorite exchanges I like any of the US exchanges and that is well No, I don’t like Polonia X. I think it’s crappy And I like bit tricks, but they need to get all those dollar pairs I Like by Nance and that’s not based in the US but by Nance’s is is trying to go fully decentralized They seem to have the same they seem to have their Foul, you are call your morals or their ideals in the right place So Hold on I gotta put in my two-factor authentication All right. Now I want to go to basic here and So this is just the the front This is just a basic one of by ants but on the order history for nano What I want to point out Nano nano. Nano. Nano This trade history on nano yesterday, I haven’t seen something like this since The futures market or forex on some You know low volume nights before so there’s some like big news or low volume weeks like we’ve had this week in forex But this as price was approaching this zone right here Where we got that rejection if you can see that on the screen says that 2397 This screen here Was like almost stuttering like I think it was almost crashing my browser. These were getting executed so fast and And I it was very manipulative if that if that’s a word. It was very douchey what was going on? The order amount or the size of the order was point 0.01 and it was just a flood of cells of that value just Just an endless stream going off So it was like stuttering it was going so fast, and that’s not the first time I’ve seen that happen but it was the first time that I’ve actually watched it and seen how long it lasted and it was just gobbling up every single Attempt to push it higher cuz there was clear counter heavy counter buying to try and and and put put it up higher, but it got firmly rejected when that stuff happens my my spidey sense tingling On it Because the only reason that somebody wants to drive something down is because they want to control of it We see this happening stocks a lot if you if you trade equities like, you know small cap biotech is probably a good example of where this happens where you have a few institutions Owning the majority of the shares float and they allow it to be shorted and they short it against each other So that it, you know everybody who wants to come in and buy it. They can just keep it down Until that small cap comes up with, you know a phase three drug and then all of a sudden that dollar 21 By small cap biotech is now like getting a buyout from one of the bigger biotech stand It’s gonna go for twelve dollars a share so, you know That kind of stuff Happens in equities. It’s not surprising that this would happen in Crypto currencies as well. So nano is a is a Something that I I do I do pick up on a lot actually picks them up yesterday and the day before and I’m fine holding on to it and I don’t think we have a lot more down down area because just looking at the market geometry and the structure here is that it It’s well below its lowest harmonic. So anything below the 2621 value area is severely oversold Additionally, we’re seeing a lot of volume pump in here as prices have gone down further Yeah, it’s not it’s not natural trade Mike Mike actually Michael you actually said it better than I did it was not natural and What I mean by natural was that it was just normal job lows like you and me trying to get a Good price on something that we think may go up. That was clearly a Sellers wall put up now. It’s different when you see that happen on the The coin base, but I call them the majors anything that’s on coin based I considered a matrix that Bitcoin cash that thing can rot in hell but Bitcoin Ethererum and Litecoin if you go on G Dax or on any other or BitFinex And you look at the order books there you can see that there’s huge by walls and cell walls that show up by one person or a couple individuals or or Or a single institution, you know Those those are fine. Those are normal I Think the SEC is gonna put a ban on some of that stuff because there’s obvious there’s obvious You you cannot manipulate the order book. You cannot spoof the order book that’s that’s illegal in and regulated markets it’s even illegal in the Mostly unregulated market of Forex. So that’s kind of stuff is going to definitely be Illegal in in crypto currencies and I think for a lot of it has kind of stopped but when you see that kind of stuff in Bitcoin litecoin Ian theorem, that’s You would expect that because those are those are huge huge traded Pairs, it’s really weird to see it in something like nano. Alright like Nano has a shocking amount of volume all the time. All right. I mean there’s there’s a there are not a lot of Doubt and for an altcoin, it’s weird that it has a lot of volume and then as an altcoin It’s weird that there’s some shady price action that goes on and shady orders that go on To me again. That is something that I want to participate in okay, and At the at-at point ooo, two one three I Don’t have a lot of risk there. I Don’t have this is not a this is not a very risk heavy trade here but do remember that so like this is at $1 Forty something and in Nano dollar a Dollar sixty Is what it’s worth and but not very long ago Back in oh Yeah, what was that March it was worth $17 I Would anticipate that This would go maybe that’s $17 this year, but definitely more than a buck. I could see it going up to ten the Nano There there was one Thing that happened in February, I think it was that that like bit Grail in Italy there was something to do with that exchange which was actually just run by one dude, and nano got a Lot of nano was was hacked and like seventeen million dollars worth so There was some issue with that. There was elite some legal I don’t know if those legal things are still growing enough, but it’s not I mean I was reading into it doesn’t seem like it was anything that was bad it was just yeah, it’s Not worried about it But yeah nano nano is a something that I am willing to put a good percentage in and letting it just sit and wait because there is a There are some shyster ii stuff going on in the background and that’s the kind of stuff I like to get into All right as far as the other ones another Guy if I had to compare it to a major of any sort I compared to litecoin litecoins got a huge Transactional component to it like winds up pretty much a transaction based coin. I believe I don’t know if it’s still true or not, but I think like money-wise litecoin still is the most used source transaction coin there was an article not very long ago, maybe a couple months ago or a month ago that 99 million dollars worth of Litecoin was transferred across its blockchain for two cents Don’t let me find the article Business Insider someone transferred that’s that’s a Damn it 99 million transaction with Litecoin and the lightest fee. So 99 million dollar transfer This was they posted it on reddit that Is true it would take days for that to happen I Forgot I think it says n’t how how much it was but it was pretty cheap. It was like 2 cents or 3 cents That’s pretty crazy Oh 40 cents and fees My bad, I was way off way off two cents 40 cents. That’s a huge percentage gain 99 million dollar transaction that took only for 40 cents in fees That’s big that’s Big that’s a big deal Oh Yeah, mic mic nanos a Nano has not been able to cross above. I’m not a moving average kind of guy I’m not I will tell you right away that I think moving averages are bad that they’re That they are Sold to that should dispute I’ll use a 200-day moving average on a daily chart, but otherwise, I don’t like them, but if we were to just Play along with the piper here and and do probably the two most used we have the 200 Turned out at 200 and the was this 250? Which comes close to it, is it the 20 Yeah 20-period moving average on the daily. I mean we have not been ever been able to sustain above it in nano so as it starts to flatline and make these new lows it gets a lot easier for Nano to Which crypto is closest to a real-world usage Bitcoin I Mean really it’s it’s the only major one that is Accepted by major any major retailers like overstock.com And overstock.com and I’m trying to think of some others, but oops There’s people who accept payment for it. I I Make probably 40% of my income from accepting cryptocurrencies as payments for for the work I do so I’ll take Bitcoin as a as a form of payment Real-world usage okay, how do the majors I think litecoin was probably the closest because if litecoin they almost had that they almost have their own like debit card Where where you could just use it like any other debit card and the transaction happened immediately? I could go to Subway and you know pay eight bucks for a sub meal or whatever and Swipe my visa that had litecoin on it and the conversion whatever the at point-of-sale conversion rate for the dollar to litecoin was that’s what would be taken out and Then of course visa recognizing Their guys Visa MasterCard late to the party. There’s a big overblown company’s, you know, they just not only do they stop innovating but they they they can’t keep up but yeah, they recognize the threat that that Blockchain technology and then crypto currencies represent to their business model. So visa was probably like no. No, this is evil No, we’re not gonna let you do that. So like Wayne did not get to do that but bitpay Bitpay I think has a real world It is very close to having the real world adoption they really just you think it got to advertise this like yeah, suck it up get their investors on board and and Bitpay Pretty fascinating I Like bitpay You it is a payments Sell the anyone anywhere the card they have a card With Visa. I think this is I don’t know. I don’t remember how they got the cool thing to do with this but Yeah, it’s um, it’s pretty it’s pretty awesome like oh man, I had this there was this dude who I’ve been avoiding because he keeps coming over all the time, but He works for one of the other cable companies in town and always trying to get me to change services which I don’t want to cuz they don’t offer gigabit internet and I have two gigabit in it with the provider that I have so I’m not interested in changing. But anyway, she was asking he knows he knows what I do we were just kind of shooting the shit and I told him about bitpay and He was just fascinated with it. Like he didn’t he’d never heard of it. Now that people have heard of it. But um Yeah. Oh Yeah, definitely. Yeah, Michael. You’re you’re you’re dead-on Bitpay is something that normal people could wrap their head around and understand very easily Like cash this is going to catch on so fast and I think especially with the growth of of People doing a lot of freelance work and people just I mean working online more and more all the time And you know, you do like some contract work. I mean getting paid through cryptocurrencies is stupidly fast I Mean, I don’t know if any of you have ever done work through something like freelance or calm or up work calm I do that quite a bit and It takes a while to get paid I mean just the process like like the person who hires you they fund it goes into that account, but you don’t get paid Right away when the works done. You got to wait like you got out they get you get charged a fee for it And then you send it to PayPal they get a little bit of a fee and then you transfer it to your bank finally hell There’s a there’s a site that I write for every week. I get paid weekly in Ethererum and It’s just right there. I don’t have to wait for it to transfer boom. It’s like right there It’s easy Yeah upwards I love up work great but bitpay definitely has the has the most I Think big utility if they were to just advertise Suck it up and pay the couple million. It’s not like they can’t afford it do some primetime advertising about using bitpay oh my gosh, I Love it, but bitpay I I have this is I think I’ve mentioned this before but bitpay is Represents a good chunk of my portfolio. I love bitpay. I don’t think you can go wrong with this With this Crypto I mean it’s like you’re buying the crypto but really it’s like you’re investing in the company. So yeah Bit pays awesome Going back to the technicals here nano the volume Increase in nanos great. I really like the long trade in. Nano today based on the 50% level it, isn’t it square. So this is a square of 144 That’s how tiny the square is on this chart. And so you know, it’s right above its it’s the the Upward slanting 45-degree angle and it’s it’s just slightly above the perfect square of price and time and we’re on the 50% timeframe their level so More often than not what happens when you approach one of these time cycles in a square Is that the time cycle and a zag and trader? This is how I trade is that time? Dictates the movement of markets not price action or humans or news or tweets. So I take a long based Solely on the time cycle regardless of whatever else is on the screen. I like to see supportive conditions and other oscillators another analysis, but for Something that is happening on a broad timeframe like within a square like this then I just take the trade because I’m gonna hold on to it for a while and Depending where the price action is when it gets to the end of the squirrel probably sell it And take profit or if there’s a shorter bull market, I might you know take profit and then short it like you would do in forex, so Next week, I’m gonna do a Maybe a day or two on shorting the cryptocurrency market and why you should do it because I think if you are not participating in shorting you are you’re leaving yourself vulnerable to half of the price action and I don’t mean that you should short whenever there’s an opportunity what I do mean is that during the Upcoming fall time period when we’re getting into the fall in the winter That’s the time to Oh one up like a crackin account and be ready to shift some funds over there because when we get to those new highs we’re definitely want to be exiting the market and taking profit and then and start entering into some short trades and I tell you what There is more money to be made on the short side of things in a short amount of time Then there isn’t taking a long trade you make a crap ton more money on shorting I’d love to short and don’t hate it when people say they want to short cryptocurrencies because there’s nothing wrong with that Shorting is the only way that You can besides just selling but you already have what shorting? provides integrity and honesty in a market Okay If something is really overbought and people come into short it You’re going to know whether that value that has gone up so much. That is quote overbought if there’s enough conviction by enough people to support that price being that high then they’ll come in and and Reinforce that conviction by buying it more buy more of it and then causing a short rally But if there’s not then there’s then people clearly are not Interested in in buying anymore that a certain price and that’s when shorts can come in and take advantage Shorting is not evil. It is a necessary component to any market And you should short And you can do that on and and I only use one site to do it crack in mainly because they’re they’re based in the US and They have you know, and and as such they have like a lot of rules They’ve got to follow you that you can leverage they have leverage trading there too. It’s not a lot it’s like five times so you can short Bitcoin and Ethererum up to five times with with margin up to five times your your Yeah play both sides exactly have they have kind of like you have a personality that is a bias towards one side of trade and It’s important that you recognize that if you some people are more predisposed to being comfortable Doing a short than they are to go long. I’m like that. I’m more I Feel more natural when I short something than I do in going long And that’s just how I am and some people are too the inverse of that in fact In behavioral trading this is such a well-known thing that for a lot of people Like if you like like I was saying yesterday that that there’s a difference between analysts and traders analysts are masters of observation analysts or masters of self and if you are somebody who Cannot look at a chart and be objective enough because you have such a ingrained bias towards one direction like like you always want to be short or long if I’m somebody who is you know, always wanting to be Short and I’m looking at this market that’s rising then some chart software let you look at it how you would Like to look at it, you could reverse the chart See to me. I Have no problem going short here like this This looks way more comfortable to me because I’ve inverted the chart But I just have to remember that I’m going along here instead of taking a short but it’s just a different way to look at it and There’s nothing wrong with that a lot of people Have a one directional mindset when it comes to trading and if you can’t change it Don’t don’t try to force it because you because you’ll just mess up but you can invert you can trick your mind And and invert the chart Okay, that’s I don’t think you can do that on trading view though But anyways nano loving the by on nano I’m actually gonna put that in here right now me GC or Lower whatever it goes to and then let’s see. There was another I think steam was it Steve yeah steam I wanted to go long again. But only if we go back to That 141, so what was that ratio? Yeah that guess I’d be above the 21 8 Oops Iota missed the driver on this one I want to use iota as an example of his relative rotation graphs because iota was one we talked about Earlier this week. I think maybe on Monday when we were looking at the relative rotation graphs of cryptocurrencies and I was like Okay
When we see IO to cross over into the improving that’s when we want to take along on Iota because it’s it’s it’s away from the center It’s so it’s an outlier. So the Alpha on this that the the long opportunity on iota is Currently greater than all of its peers except for Neil and Neil I’ll never trade neo but Neil it would be turning into a good opportunity here actually a whole bunch of these are so If they’re in classic is a good buy ripple is a Shit coin but it is showing to be a good buy litecoin is and is pointing to be a good buy Ethererum is Notice, which one is not Bitcoin is not. I mean, it’s too close to the center. So we don’t we discard we discount a Bitcoin here, but Cardinal will eventually be a good buy one, but let’s look at iota It’s actually got kind of a bullish Drive up here and then the other one was ripple the evil thing Believed that ripple was up to that area last year ripple is not very far away from its it’s 20 day average which is a big deal to some people but ripple could actually be but I’m more comfortable buying trading ripple than I am Neil, but ripple is looking to be a buy here pretty soon and then litecoin litecoin I think is a buy I Like litecoin’s level both on the chart where it’s at now and then when I’m looking comparing it to the relative rotation graph That’s looking good. So was Minero Talked about my narrow, really? Oh, wow, that’s actually Uh, yeah when I’m done with here, I’m gonna pick up some one arrow. That’s a beautiful candlestick and sexy volume. Holy cow. Oh Yeah, get down on that Yeah, definitely Yeah, the present values is good That’s a nice amount of volume so I would call it there’s there’s a lot of volume trading today Quite a bit look at Bitcoin More volume than yesterday Coming off of I mean, so if we’re in a long biased market then whenever we get both oscillators into these extended conditions They’re telling it that’s telling us that we have that these are buying levels. So Bitcoin is showing a buying level at this current area on the daily depending if we close like I mean We’ve got a a really nice-looking hammer Candlestick not a huge pattern guy with single candlesticks, but I mean that it’s telling us there’s a lot of buying pressure here That’s good yeah, I think the weekend is gonna be pretty interesting if We experienced a lot of sell-off into the weekend. I’m holding off on In getting anything else right now except for some one arrow. I’m probably gonna dip into that a little bit after after this afternoon Kind of want to see what Saturday and Sunday look like as far as where price is at because that could kind of affect what price position we want to get in but certainly, if we end up forming a pivot a Pivot candlestick, so we talked about those this week. I know if we basically if we get a candlestick tomorrow That we’re the low and the high are both higher than the low and the high of today So tomorrow we want to see a higher low and a higher high if That happens then definitely a buyer on Sunday Because we’ll have formed a pivot off a pivot candlestick pattern off of a half of a bullish hammer So those will be good and a fact I know that I’m looking at my book here Bukowski’s Got a reading system for certain candlestick patterns and the hammer Hammer is The peak the information occurs in the truffle hammer this formations I rank the best in in our scale and we’re close to a tie with morning and evening stars So yeah, these are the best I think maybe that’s probably people know that already that hammers are are the Most favorable looking candlesticks that you you can get hammers are hanging man Or actually they it’s also called a Cossack a saw or a paper umbrella pattern That’s if it’s if you get this hammer pattern at a peak instead of a trough so this this is a good candlestick Doesn’t matter the color Doesn’t matter what the what the color of the clothes is on it. It’s just matters the formation. So this is a nice Looking candlestick. It’d be preferable to have the volume At least at average or higher than the we on the week, but it leave it sits higher than the yesterday than yesterday. So That’s good But yeah, I’m excited for next week I think we’ll see some activity, you know Usually things kind of change a lot during a month every 30 days there seems to be you know And it happens everywhere like new months mean new trends sometimes certainly We’re looking for an opportunity to trade higher here, so Yeah, I hope you guys have had a great week. Thank you for for watching the video Thank you for being with us the crypto markets. We’re going to still be free for now. We’re going to transition into a A paid service at some point here down the road. It’s not gonna be very expensive. I know I know some services charge like 300 dollars a month for stuff. It’s just for goddamn dick ulis you know, I Yeah, I get upset about that. But anyways, this is a It’s a team operation. I’m just the trader and educator there’s there’s a two other guys who are in the background who do a lot of Reaching out and the advertising and getting the technical side of things working so, you know those unseen people in the background that you never get to talk to they are as Equally important to this process as I am and Yeah. Anyways, I hope you guys have a great had a great trade week. Have a safe Friday Take your mind away from the market over the weekend if you can trading is addictive it’s because it’s fun and exciting But you really need to give your brain at least a day Away from it try Saturday. Try to not Do much on Saturday if you absolutely can’t help it set some type of alert on your phone That if Bitcoin worked to get close to a new all-time high somehow then maybe you’d want to pay attention to the market. But otherwise give your brain a break from the market so that you can at least have a restart in your head of this so Again, Forex lens folks or here. I’ll talk to you on Monday morning and for the rest of you I look forward to talking with you next Monday same time at 1:00 p.m. Central Standard Time. Oh, and don’t forget to Like and subscribe Have a good day. Bye bye

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