Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs.
My name is Ben.
Everyday on this channel, I show you how to make money in cryptocurrency.
If you like money and crypto, make sure to hit the subscribe button.
Also, guys, if you like our Sunday morning church drives in the Hellcat,
make sure to go ahead and smash that like for me.
So, okay, guys, let's get started.
I want to talk today about I got wrecked yesterday.
And, you know, someone told me last night, I was talking to somebody on the phone,
and they told me, they said, "You know, a lot of this lingo that you use on the channel,
people may not know what it is. I didn't know what it was,"
and so when we talk about getting wrecked, we're basically talking about losing a trade big time,
you know, losing a huge amount.
It can actually be getting out of a cryptocurrency at the wrong time,
and then it goes way up and you missed it.
It's just generally getting wrecked.
That's what it is. You definitely don't want to get wrecked in the car though.
You like how I took my eyes off the road to tell you that?
But, guys, we're going to be talking about how I got wrecked yesterday.
We're also going to be discussing the dip for Bitcoin and where I believe that Bitcoin is going in the short term.
We have some experiential analysis, if you will, along with a little bit of technical analysis
I'm going to talk to you guys about.
It's not really that technical.
Obviously, I'm driving. Don't have a chart on here, but we are going to be talking about some price targets
that I'm looking at to long from.
So let's start with talking about what happened yesterday
and actually I'll be honest with you, I did get wrecked.
I lost all of the money that we made on the trade yesterday live on air.
I think it ended up being about half-- no, it's almost a full Bitcoin.
I think it was like 0.9 BTC we made.
I basically lost almost all of that yesterday afternoon.
It's the first--
It's the first big losing trade that I've had
that I wasn't able to immediately turn around and get it back.
I'm going to tell you why.
And I'm getting a lot of people sending me messages and talking to me about leverage trading,
and they all have about the same story.
And it all starts just like this.
"I know that you told me and you tell your audience to do this, this and this,
but I went ahead and did it the other way and now I got wrecked."
And so, if you guys would listen to me and the things that I'm telling you about leverage trading because, you know,
kind of like I feel like I'm really good at explaining to people in the YouTube world
how to make a YouTube channel and do it very well.
Why? Because I did it wrong for so long.
For so--
For years, I made this channel. Nobody was watching.
Why? Because my content just wasn't that great.
And now I can tell people, other YouTubers, I give them a lot of advice and help them out.
And we do, we love the other crypto YouTubers.
We give advice to a lot of people that are interested in how we grew so fast.
I want the entire space to grow, so we talk to those people.
You know, a lot of you smaller YouTubers message me. I message them back.
I talk to them. I do collaborations.
I have smaller channels on my channel, things like that.
But leverage trading is the exact same thing.
I did everything wrong for so long!
For so long, I got wrecked so hard that, you know, I wasn't making any money,
I was losing so much money, and I was learning the wrong things to do.
And so when I tell you guys don't use overly high leverage,
don't run without stop losses even though sometimes I do,
when I tell you don't FOMO in at the tops,
wait for the dips to long,
only long in a bull market,
only short in a bear market,
when I tell you guys that stuff,
if you listen to it, you'll do well.
To a person, when they message me and they say they've lost money,
they always have a caveat to the story which is,
"Ugh! I know you said not to do this one thing, but I did it."
And so, in that same way of thinking, I was getting ready to take a nap yesterday.
Okay, I was getting ready to take a nap,
and you guys know I kind of like to not use a stop loss because I like to monitor it,
see what it's doing,
but I wasn't feeling that confident about longs yesterday just for the fact that we were up so high.
So what I did is I set a long at, I can't remember what it was,
maybe it was $56,000, something like that.
But I said to myself,
even though usually I don't set a stop loss because I like to just have that wiggle room
and I'm okay getting liquidated because I can make it back up,
I said, "You know what, if I get liquidated over, like, while I'm sleeping,
that's gonna be a problem."
Because I didn't have profits locked in already. I was down a little bit in the trade.
And I said, "You know what I'm gonna do? I'm gonna go ahead and set a stop loss
for like half my position,"
or maybe, I think it was 30% of my position,
"because I know if it drops below this number,
I'm gonna be in a bad spot and I'm gonna be asleep and I can't catch it if it bottoms out."
And sure enough, I tell you what, I woke up,
you know, I went to sleep probably about 4:30 for a nap, woke up about 6:30,
I pulled-- that's a big nap. I know.
I can sleep, okay? I can sleep.
You guys don't believe it, but I can.
I don't a lot, but I can.
So I pulled to open my phone and I looked at, I was like, "Oh, my gosh!
What happened? Where's my position? I must have got liquidated."
And then I remembered that I set that stop loss. I was like, "Oh, man! I wish I wouldn't have set that stop-loss."
I would have gotten liquidated.
That dip yesterday was so big and so fierce.
Ethereum went from like $2,000 all the way down to like $1,850.
People were texting me bloodbath while I was asleep.
People were texting me brutal,
all kinds of stuff that I was seeing when I woke up, and I was like,
"Oh, this must have been really bad."
And I went and I looked and that wick was so long down the page, down the chart,
and I was like, "Man, if I could have caught the bottom of that, it would have been great!"
It just proves you can have no time to sleep in this market!
But you know what? I woke up and I was very thankful that I had the foresight to put in that stop loss
because I would have gotten liquidated.
And a lot of times, when I'm going to sleep and I've got trades open, I'm already in profit,
then I lock in the profit with a stop loss, which a lot of you guys want to know how to do.
It's very simple.
We might talk about it on the livestream maybe this week, something like that,
because I do it live on air quite a bit.
We're not supposed to be actually showing our trade executions live,
so that's why when we actually, like, will set a stop loss, or I will execute a trade,
we take it off the screen there for a minute because, you know, there could be some issues with that
in YouTube and things like that,
so we're--just so you guys know, that's why we're not doing that like we used to.
But the fact is, guys, where is Bitcoin going?
Where is it heading to?
And the thing is we could be seeing a CME gap developing.
And I want to talk about that CME gap and I also want to talk about Sundays, okay?
So if you don't know the CME gap, these are the Bitcoin futures--
this is the Bitcoin futures chart from CME that's on TradingView. You can look it up.
And what happens is is there will be-- so-- so in my face there.
What happens is, is that it's only open from Sunday at four-- or at Sunday--
I think 4 PM CST, Central Standard Time.
It's in Chicago. Chicago Mercantile Exchange is what CME stands for.
And it closes Fridays at four.
Something like that. Maybe it opens Sundays at three, whatever it is.
It's basically five days---24/5.
It's open 24 hours a day, five days a week, but it's closed on Saturday and Sunday.
So what happens is, is that the Bitcoin price will be at one place at the close,
and then, at the open, it will be much higher if you're in a bull market.
So, right now, the close on Friday for the CME chart is $56,500.
And so, obviously, Bitcoin is established above $57,000 right now at the time of this recording.
And I don't know exactly what it is. I'm not looking at it,
but there's a great chance-- now, you almost kind of don't want Bitcoin to run off today.
You don't want it to start going up much higher because then that gap is going to be sucking it back down.
It's kind of a self-fulfilling prophecy, but it does, in fact, have some, you know, psychological effect on the market at least.
And so what we can see is we can see we go upwards, and then it gets back down to that $56,500 level.
So what I think we're going to see, and this is based-- this is not based on charting.
This is not based on anything other than short-term experience,
I'm going to tell you what I think is going to happen today.
It doesn't mean it's going to happen.
And I don't have anything to back this up other than the last three weeks okay?
The last three to four weeks, I believe, we have had a sizable drop every single Sunday.
Every single Sunday, we've had a sizable drop.
How do I know?
Because I've been liquidated three times.
And I think they're, all three, the last three weeks,
maybe four weeks, maybe three out of the last four weeks,
every time, it's on a Sunday afternoon.
About lunchtime, it starts tanking down, down, down, down,
and everybody thinks the market's over and everybody's freaking out.
CoinDesk called the-- or maybe it's Cointelegraph, one or the other, called yesterday's dip a dip for ants
because it was so fast,
and the buying pressure was so strong, it shot it right back up.
It went right back up. The buying pressure was so strong.
And I think it's a little bit of a red herring. It's a little bit of a bull trap, if you will, I think.
Because of that CME gap back at $56,500,
if we were to open tomorrow where we're at today,
to me, that says most likely that's going to line up with getting that dip today,
so, that way, we don't have that gap in the morning.
But I do think it was really good that we did get that drop yesterday
because it scared a lot of people.
A lot of people got liquidated. A lot of people lost money, which isn't a good thing.
We don't like when people get liquidated, of course. We hate that. We want you guys to win all the time.
But the fact is, as you know, when we were looking on Glassnode,
we were looking at the NUPL chart yesterday,
it was getting very dangerously close to the blue, to the euphoria, when everybody's in profit.
It doesn't mean that it's necessarily F2Pool out there dumping on everybody.
It means everybody's in profit and people are taking profits.
So I do think the most likely scenario is we do see a dip today.
That's not based on technical analysis.
It's only based on the fact there is a CME level at $56,500
and then also, in addition to that, just every Sunday, we've had a large dip out of nowhere,
so I do suspect we might see that today.
So you guys be careful today.
Always be careful when you're doing leverage trading.
We love leverage trading. We do it successfully.
It can be done.
I went from someone who didn't know what I was doing with it, afraid to talk about it on streams,
to absolutely crushing the markets, as you guys see.
I had one little losing trade yesterday, but I think we're like 14 out of our last 15 in the green,
so, you know, it is what it is.
Excuse me, I had a cough there.
I'm not going to edit it. I'm just going to leave it. I'm going to show you I'm a real person.
I cough just like everybody else.
But, guys, if you do want to try out Bybit,
and you want to do it the safe way, the responsible way,
you want to listen to all the advice that we're giving you,
make sure to check out bitboycrypto.com/deals.
You guys can get access to all of those, all of the Bybit links.
You get access to Market Cipher, VPN link, as well as, you know, many other things we have on there
such as KuCoin.
We're going to be covering a video today later I think at 6 PM about a coin that is on KuCoin
you guys are definitely going to want to check out.
So you guys can get access there. KuCoin doesn't know KYC,
so you're totally good there.
Americans can trade there no problem.
You don't have to use a VPN, nothing like that,
so KuCoin's a great exchange. We love KuCoin.
They had a hack a while back and we think they handled that very well.
Nobody actually ended up losing money, no customers. That's good news.
So, anyways, guys, that's all I got today.
Drop me a comment down below. Let me know what you guys think Bitcoin is going to do today.
I know it's a little bit longer for a Sunday drive video.
I had a lot of stuff I wanted to talk to you about.
I hope you guys enjoyed it.
Hey, be blessed.
BitBoy out.