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