the only chart that matters right now in
the cryptocurrency world is this chart right here gonna talk about it in this
video and why you should really just be keeping an eye on this chart when you’re
buying or selling any other coins at this time stay tuned what’s going on
guys so obviously it’s been rough it’s been fun it’s been a rough there’s been
some major moves up down all around with the cryptocurrency world right now if
you’re holding a good coin don’t be scared I think you know we’re just
getting a nice pullback we’re gonna see some upside here in 2018 but the big big
problem that we have is everything is following Bitcoin it makes sense because
Vic wins the king the world basically looks at Bitcoin like hey if bitcoins
going down everything else is going down and you know there’s times where certain
coins will go up being and Bitcoin won’t really do anything but recently in the
last couple of weeks it’s been pretty evident that the whole Bitcoin
correlation is really strong across the board so I’m holding a couple different
coins there’s no point in me even looking at those charts it’s basically
just me looking at the Bitcoin chart and figuring out okay yeah we’re not you
know we’re not breaking out so my coin is not gonna break out I am whatever I’m
gonna have a hole pick one for a while but if you look here at the chart
there’s all these lines and boxes and all this magical technical analysis on
there that I’ve drawn which really it means nothing other than this idea of
you know where the support where the resistance is where the trend is and
what we’re looking at obviously beginning of December we had
this crazy move we ran out there to 20,000 and now we’re pulling back and we
haven’t really found that solid support yet just yet we’ve had some nice bounces
we bounced from the $9,000 area right back up there to 13,000 but then we hit
that kind of trend that downward trend and we could not get above it if you see
here this is what we’re really looking at really looking at this trend here you
know a lot of people were getting excited when we bounced off that $9,000
areas so hard because we know we’re bouncing back it’s time to buy buy a
body but I was looking at it like hey if we can’t break here with thirteen
thousand twelve thousand dollar area we’re gonna have trouble
and you know we rallied up through the 13,000 had a nice little bounce from
11,000 up there to 13,000 and we got smacked and from 13,000 we pulled on
back down here to the $11,000 area right here I think if we break below 11,000
and we start selling hard we’re gonna have some panic selling you
can see these panic cells become stronger and stronger because people are
getting scared you know when bitcoins not going up
people who are used to Bitcoin is going up up up when it starts to not go up up
up then people get scared people are pulling out all these people who bought
up here they’re like I just want to cash out you know I bought in here at the
17,000 fifteen thousand dollar area going for us we got a lot of resistance
up here you know a lot of people were buying here a lot of new investors
people chasing this we’re trying to buy the dip here people over here buying
that thought Bitcoin was gonna go to a million dollars in a couple days they
thought they’re gonna buy there the 20,000 our area this is gonna go to the
moon previously you know we made these all-time highs we didn’t really have
that resistance there we were just going higher and higher and higher and higher
and higher but now we actually have this previous resistance these areas where
people actually bought out where people actually sold at and all that stuff
going on where we didn’t have that before and now you know the the picture
is different so looking at this chart before there was nothing there when you
were going up it was like hey we’re going up up up up and nobody knew how
high this isn’t gonna go but now looking at it we’re like hey you know 15,000
17,000 19,000 these are all key areas we got a watch so as a trader now I’m
watching and I’m wondering like hey is it time for me to sell if I would’ve
bought the dip here at the $9,000 area I’m looking to sell if we can’t break
above 13,000 and that’s exactly what these traders are doing these traders
are buying that dip they’re running it up people are trying to chase it you got
people who are amateurs who are buying there the $12,000 area hoping this is
gonna go to the moon again and then you get all the traders who are dumping
right there at the $13,000 area when this can’t break higher from there so
from 13,000 we pull it on down and there we are back down there to 11,000 and you
can see you know looking at the chart we’re we had that previous support at we
got the $8,000 we had a nice lookin solid Asian you know
really didn’t consolidate through here at all it was just up up up up up he had
some little crashes or moves but there really wasn’t much consolidation it was
just nothing but up and you know this was really the only consolidation and it
wasn’t even that much consolidation so we could possibly get down here the six
thousand dollar area and find some support there if this can’t start to
consolidate we really need to just consolidate we got to make higher lows
we got to get moving here which right now you know we’re looking like we’re
holding this $11,000 area so this could be good you know we could find some
support there and now we can look to make that new high so now we can find
some support there at the eleven thousand dollar area and we can get
moving here but really the bigger picture you gotta be looking at the big
picture you know if you look here at the five minute chart it looks a lot
different you know when you look at the smaller timeframes
it looks like wow a bitcoins really bullish a balance from 9,000 up there to
12,000 it’s time to buy buy buy but then when you zoom out when you look at the
overall chart you look at it like oh wow yeah there’s we got some problems here
so I’m gonna be watching this 11,000 our area obviously but really I need to see
this break I want to see this break of this 13,000 14,000 dollar area before
I’m like hey all right we’re bullish it’s time to
start buying I want to be buying these dips I’m looking for some new high is
here and I think it’s gonna take some time I think we really just need Bitcoin
to consolidate we need to get people you know back into it we need to just move
sideways for a little bit we gotta get people hey it’s looking safe again we’re
not getting these big crashes where you know slowly moving higher we’re at
11,000 there were at 12,000 we’re just kind of trucking along but these big
fast moves up and down its gonna scare people away everybody who bought here
the 12,000 dollar area and thirteen thousand dollar area there they ran away
as soon as this thing started crashing so that’s so you know we’re gonna get
these big crashes if we don’t have that consolidation we need consolidation to
get moving higher from here and really no matter
what coin you’re holding these charts all look very similar if Bitcoin starts
crashing big everything else starts to pull back with it so we need to see
Bitcoin we’re all in the same team right now we need to see Bitcoin consolidate
when you see Bitcoin start to make these you know higher lows and then break
through this downward trend that you can see here very clearly on the chart so
there’s a chance that we could test is $14,000 area and then get smacked
back down similar to this move so you can see this thing pulled back to the
$10,000 area went back up here to 16 kind of bounced around 16 again pulled
back and then boom got up here to 17,000 which a lot of people were like wow yeah
it’s going we’re going to new highs we’re going to new highs it’s happening
but it was it you know we hit this downtrend and boom got smacked this is a
very strong downtrend at this point and you don’t want to get caught you don’t
want to be a bull getting caught in a trap here this could be a clear bull
trap if this thing can’t break over 14,000 I think we could possibly get
down here to the 8,000 6,000 our area obviously I’d rather $8,000 area hold
than to see 6,000 but there’s a chance if you look at the chart it’s pretty
clear that there was a chance we could get down there the six thousand dollar
area in no time if this thing starts crashing it’s gonna flash crash they’re
gonna be bloody very very bloody so be careful at this point if you are long
Bitcoin if you’re holding from these areas here the 17 of 20,000 our area I
feel bad for you but that’s as part of the game you know
long long-term if you’re holding you’re not that worried about it I tell people
the best thing to do when you’re investing in anything is to really only
invest the amount of money that you can lose so that when these times happen
when you do have times where things crash and you know you gotta just hold
yeah look at the bigger picture think about you know nothing’s really changed
here bitcoin is still Bitcoin cryptocurrency is still booming there’s
still a lot of new things happening every day in the cryptocurrency world
but we’re you know we’re pulling back it’s part of it can’t go straight up
can’t go straight to the moon you got to pull back at a consolidate gotta find
some support to get these new highs here and I’m just hoping that we can find
some support here at $11,000 area and then get this move over 14,000 I think
if we break over 14,000 this thing is gonna really start rallying and we can
easily get back to that 17,000 our area and then over 17,000 there’s no question
in my mind if we break over 17,000 we’re gonna break back over 20,000 and
possibly make an even bigger move from there can you time the bottom here can
you find the exact bottom that’s gonna be hard and that’s one of the reasons I
tell people to think about dollar averaging you know buying some dips
buying a little bit buying a little bit but until we break above is 14
in our area I think we’re still heading lower so don’t get too excited just yet
we need to break over 14,000 and start to consolidate and move higher from
there we’ll see what happens I wanted to make this video kind of talking about
where I’m at mentally and where I’m thinking I want to be bi and want to be
selling here Bitcoin with cryptocurrencies in general we need
Bitcoin to get back to all-time highs to really just rally the market we need the
world to see that Bitcoin can bounce back so if Bitcoin bounces back strong
it’s gonna get people excited it’s gonna get people buying everything they’re
buying altcoins they’re buying Bitcoin they’re buying like when they’re doing
everything because they’re excited they want to be a part of the action but if
bitcoins going down people are gonna be on the sidelines like I’m not gonna buy
it’s crashing why would I buy right now we just got to get you know people back
in the game you gotta get these investors back I don’t get the people
that are moving the market to start buying again trying to chase this trying
to get this to move back up there at all-time high so that’s the game plan we
need to hold this $11,000 area if we can’t hold 11,000 we could possibly get
down there 8,000 if we get to 6,000 I’m loading the boat I am loading the boat
at the $6,000 area anything below 6,000 I’ll sell my kidney to buy Bitcoin at
this point but I really got to see if this thing can get back above this
downward trend we got going here so if you are trading Bitcoin if you are
trying to buy a Bitcoin or really any cryptocurrency in general look at the
overall big picture not just the daily chart not just the hourly chart I see
people that are like wow like coins rallying like coins rallying it’s going
crazy but then you zoom out like oh it’s actually bout the hit resistance so key
things to watch you gotta be looking at the overall big picture here and this is
the big picture for a Bitcoin mentaly chart wise technical analysis all that
you know there’s there’s a stigma that’s the reason that Bitcoin went crazy like
a date I went from $5,000 to $20,000 in a matter of weeks because people were
just excited people wanted to buy and people wanted to make money and that’s
what we need to happen before you know the crypto world can really bounce back
here and get bullish again so we’ll see what happens I’ll talk to you guys soon
I’ll update you if I see anything happening but I think it’s a good time
hey what’s happening right now let’s dududu let’s go let’s go let’s go but
kind of think about if you’re any coin that you’re trading look at the Bitcoin
chart keep an eye on Bitcoin if bitcoins going up there’s a good chance that your
coin is going to follow at this point I’ll talk to you guys later on

22 thoughts on “NUMBER 1 CRYPTO CHART TO READ!”

  1. It's not just amateurs that are buying higher. It is pros that are adding too profits also. It is folks that are hedging there their shorts in the futures. Jesse Livermore used to add all the time. Even I will chase with "profits" just in case it keeps running. Peace.

  2. Futures contract is controlling the market right now. everyone shorted bitcoin from its 20k cap and dumped the day before the contract ended on the 17th then shot back up after the contract. next contract ends friday so look for another dump this week and your last big dip. the next contract will be bet long on.

  3. You're pathetic, I lol at how you call them amateurs

    I've known people who made thousands on crypto and have zero trading and investment backgrounds. They just looked at the price, said it's lower than usual, bought, and got out at their target. Mean while fools like you are falling into their confirmation bias because they think they're not "amateurs" and can draw fancy lines on a graph.

    Yeah, technical analysis is nice and all, but at the end of the day "pros" and "amateurs" have the same weight on supply & demand in this purely speculative asset. The amateurs caused the recent dip just like the pros caused the initial rise.

  4. I bailed out at the top right as futures markets opened up to this. Heard a lot of to-the-moon chatter about new money pouring in with their intro and what a great thing it was going to be …but as a former futures/options broker, I knew better. There are no bigger manipulators on the planet than the futures markets and traders regardless of the commodity or instrument. Sad that other coins can't move on their own strengths and have a sort of umbilical relation to BTC. Futures markets need to kill this off sufficiently so other coins say screw you to bitcoin, and do their own thing. Except for well timed scalps or even short swings, one should never EVER be long and hold any coin that opens itself up to the futures markets. It is a Kiss of Death that is clearly illustrated in the BTC chart.

  5. Sell you kidney and buy bit coin! Wow like it or not some people really listen to your advice and you will get them in financial trouble by saying stuff like that. This is a very very very speculative asset ( some coins are up 20000% in 52 weeks) you are playing lottery investing in cryptos at these levels. having more than 1% of your capital is insane and crazy. Don’t sell your kidney mortgage your house or borrow money in any way shape or form. 1% of your net worth not a penny more.

  6. Hey Patrick, quick question. Have you ever thought about starting a chat room of your own? I mean you have a pretty decent following and from what I've seen it's been growing rather rapidly. And you seem to be pretty knowledgeable on day trading to grow smaller accounts. I feel like with the right minds all in one room it could be rather successful. IDK just a thought.

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