what's going on guys Patrick here bringing you a brand new video today we
got another killer video if you guys full of information today we're gonna be
looking at Ripple vs. JP Morgan who's gonna come out on top we're also be
looking at some Bitcoin technical analysis as well as tons of other news
that went on in the cryptocurrency space but guys before we can start with that
if you want to enter a chance to win some free Bitcoin all you guys have to
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you check out the first link in the description or the first link in the
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coupon up for you guys who are interested now let's get started with
some technical analysis as you guys heard that I said previously Bitcoin has
not been doing too much we are so gonna take a look at what things are looking
like first of all it seems if we zoom in that we have found some pretty strong
resistance at around this level so we can't make our decision if we're going
up or down we're seeing some very very large candle wicks to the upside and
same can be said to the downside so we are finding support and resistance in a
tight range so what we're waiting for now is a big move and we've talked about
the two possibilities before and trading and technical analysis is all about
looking at the statistics trading is about figuring out what
but which possibility is more likely to happen and when things line up perfectly
that's when you see the opportunity for a trade as of right now I am waiting for
a little more confirmation on what's gonna happen as Bitcoin although we do
have the possibility of testing up here like we've talked about previously the
more and more we trade sideways the less likely this becomes in the higher the
chance of us coming back down and testing our support range which if we
break could take us to the lows that we've already seen I've seen tons of
people talking about the bottom and have we found the bottom when's the bottom
although personally I don't think the bottom really matters I think if you
know how to trade in the short term or in the mid term if you know how to trade
all coins you don't need to time at the perfect bottom if you are in here for
accumulation purposes and you want to make sure that you buy in at the right
time then you should always dollar cost average at the different levels we have
levels at around $6,000 if you zoom up there was an accumulation phase then
that a lot of people were able to buy in it and personally although that might
not be the bottom and we see right now that that was not the bottom it was
still an opportunity to accumulate some Bitcoin it's a dollar cost average and
same thing can be said in this region we're at right now where we are trading
with very little volatility in a range looking like another accumulation phase
if we do break down or if we do break up that is harder to predict we're gonna
need a little more information personally I am still on the side that
believes we have not hit the bottom and we still have lower lows to go but I've
seen several people talk about how we might have hit the bottom so the best
way that you can be prepared for this especially if you're not into technical
analysis you don't do it or you don't trade is to simply dollar cost average
and like I said if you are trading then it doesn't really matter to you if the
bottom is in so if you are trading on these shorter timeframes and even if you
are trading in the mid term timeframes there are tons of opportunities all the
time in this market but like I said not too much in terms of technical analysis
we can talk about right now again waiting for a move from Bitcoin I think
you know given the long weeks if we do break under this range we will likely
see big coin drop back down and test the support if we do break up above roughly
here we will see Bitcoin go up and test the resistance that's just the level
we're at right now there's not a lot of happening and if
you look at the volatility this is the Bitcoin historical volatility index this
is where things get interesting so you know I'd say not a lot is happening the
reason I say that in the proof that that is true is the fact that the Bitcoin
fellow the Bitcoin wallet ility Index is super super low we are at range that we
haven't been in in a long time in ranges that we usually do not stay in for a
very long time that is look at how low we are previously when we did this it
was at the end of November when if you guys remember nothing was happening
Bitcoin was boring it was difficult to talk about Bitcoin technical analysis
because of how little volatility we had again this is historical lows that we
have seen previously again this range this range every time we've stayed in
this range if we've gone to this range we have not stayed here for long so I do
expect Bitcoin to have a little bit of a bigger move coming in soon it's just a
matter of when that's going to happen now this is pretty interesting and I
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seriously I would highly recommend checking this out now let's get let's
continue on to the market before we talk about the actual news we are seeing
let's go hear Bitcoin not have much happen so bitcoins down 0.08% been
really boring the last few days making videos talking about the market
especially when it comes to Bitcoin technical analysis because nothing has
been happening and I'm not gonna go in and make a technical analysis video on
dent just because not as many people are interested in dent but the big boys well
not much move 0.08 0.3 1.1 0.7 0.2 0.8 this is not the
cryptocurrency people are used to we're getting back to the point similar to
what we had like I said at the $6,000 level that range where if Bitcoin moved
you know 20 30 dollars people would lose their mind that we were waiting for that
volatility then it reminded us who it really was and what it could really do
when it dropped 50 percent in a short period of time
that's the volatility people are used to a Bitcoin not 0.08 percent so we are
still waiting for a bigger move we are still just over 120 billion dollars of
market cap with a 52.7% Bitcoin dominance biggest gainers like I said
dense crypto calm ontology hazel's finance coin several crypto currencies
are in the green which again shows there's opportunity in this market even
if the big even if Bitcoin and overall the bigger crypto currencies are
sideways it is looking like halfway through though we do hit the ones in the
red with the biggest loser being comodo down 10% loop ring down 8.6% stratasys
down by coins down qualms down but that's enough for that pretty much we're
in a sideways market in case you hadn't checked any of the charts now there is
good news still 700 percent increase in Bitcoin adoption worldwide this is from
the Casper and Casper Keys Kaspersky I don't know if I'm pronouncing that
correctly but it is from their survey so there is still a desire for the 700
percent increase in Bitcoin adoption worldwide is insane and I know we've
been talking about the adoption news every single time that I see when every
time we have something cool I try to bring it up on the channel to show you
guys even though we are in a bear market and it sucks we do still have tons of
adoption more and more people coming in and we might be undervalued right now
it's similar to how we might have been over valued at $20,000 we might be
undervalued right now so those who actually build wealth and make a lot of
money in this market and maximize the opportunity are the ones that accumulate
in the bear market accumulate when things are down and don't simply wait
for Bitcoin to hit $10,000 to hit $20,000 before they think about buying
in I say that but trust me most people that get in the market when we do enter
a bull run again most people will get in the market when bitcoins 15k when
bitcoins 20k at the all-time highs and then you know
it just cuts down your profit percentage greyscale actually reported that
institutional investors provided 66% of capital inflow that's a lot of percent
of capital inflow so if we look at if you go into more detail analysis as well
of the investor profile a greyscale noted that the protracted bear market
has John Klein's whose perspective is long-term the high percentage of
retirement accounts forty percent points to a multi-year investment horizon so
like we said the average investor looks at things in the short-term they are
impatient they wait for big points a hit twenty kids to hit the all-time high
before they buy it or maybe even wait till it hits 30k or wherever the next
top is that around about that range is where most of people are going to get it
and most people are going to get hurt that's why they say few people make
money especially trading they say 99% of traders loser was at 96 percent of
traders lose whatever it is most people lose because of that mentality these
guys are coming in with the multi-year investment horizon and with a long term
perspective into them buying in at these ranges means they expect Bitcoin to go
back to all-time highs to break you know break the all-time highs in the future
and that's where they're going to make a majority of their money the short term
to them does not matter having to hold through you know what could be another
few months for this bear market even maybe seeing eighteen hundred who knows
maybe even seeing one thousand maybe even seeing eight hundred dollars
although I don't believe we're gonna see eight hundred dollars even if that does
happen to them the multi-year horizon allows for that to happen before they
even think about cashing out on their investment now JPMorgan launched JPM
coin this I've been excited to talk about this this specific topic and what
it has to do with ripple the comeback that ripple said everything has been
going on so Jamie Dimon we know is notorious for crashing the Bitcoin price
possibly crashed you possibly manipulating it because the we later
found out that JPMorgan was also buying some cryptocurrency while he was saying
that it was a scam and the price was job because that's the first thing we know
and we don't really trust this guy you know I don't know him personally I
can't tell I'm sure he's not the only one in his position
that can manipulate this market but he is now the one that is in the in the
limelight because he called it out and now they launched JPM coin so they're
saying JPMorgan is rushing into the crypto fraud now from what I understand
you and I are not going to be able to purchase this coin this is specifically
for them and their use only how it's gonna work
is it will be based it will be based on a similar principle as stable coins
which are no fun each JPM coin will be backed by a US
dollar which which should ensure its stability customers will receive coins
after they put dollars into their accounts and then after the necessary
operation where the bank's crypto are completed the lender will destroy the
electronic coin and let the customers have their dollars back so that's how
they're working this isn't necessarily bullish news the bullish side from it
that I can tell is they're seeing more and more and they've been seeing this
for a while I don't believe this is the sudden realization that they've had they
see what cryptocurrency and the blockchain can do how it can help them
how you know they're their company can be facilitated things can be cheaper
things can be faster they've realized that now they want to take advantage of
that and that's what they're trying to do with creating their own
cryptocurrency again you and I are gonna be able to buy it this is specifically
to them if every bank were to do this then every bank we're just gonna have
their own crypto currencies a lot of people have been asking about what this
has to do with Ripple is there a battle going on who's gonna win is this bad for
ripples as bad for XRP well personally I don't believe so first reasons because
the JP Morgan coin is going to be used only by JP Morgan
so that can kind of narrows down how many people are going to use it but when
Brad Garland house was asked about about you know back to banked kryptos and how
XRP would compare he believes XRP obviously is the CEO of ripples that
would make sense he believes they are going to win now what he said was a bank
issued digital asset can only really efficiently settle between the banks who
issued it then two scenarios can play out scenario one is that all banks
around the world put aside competitive and geopolitical differences adopt the
same digital asset agree on its rules and harmoniously govern its usage right
scenario 2 which he'd mentioned is the more likely scenario banks not in the
issuing group issue their own digital assets with their own sets of rules and
governance so we're kind of seeing this already as the FT points out with cities
Citi coin and Goldman Sachs's several coin the result would be even more it
would be an even more fragmented currency landscape then we already have
today which we all know is pretty bad if banks of different if if banks of
different digital asset groups want to settle trades with one another they're
going to have to make markets between their unique digital assets or trade
between their digital assets and a current and a common fiat currency what
a mess so I could not agree more personally I think like I said this is
not necessarily bullish news for crypto although it does it is pretty bullish
for the use case and that this actually works it's not necessarily bullish that
JP Morgan is launching their own stable coin coin cryptocurrency whatever it is
that you want to call I've seen some people say this is not a cryptocurrency
but again I'm not gonna get into that I don't think it's that bullish except for
the actual use case I do I think it's gonna compete with ripple no because
it's only specifically for JP Morgan all the big banks aren't gonna want to add
object Morgan's think when they could simply make their own so first thing I
still believe ripple is in the same position it was before I'm still as
bullish on it as I was before but I do think it is pretty funny that Jamie
Dimon first comes out and calls it a scam and then realizes that hold up this
actually makes my company better some people of course yeah I was gonna say
that some people need to do their research before they talk but I'm pretty
sure he did his research I'm pretty sure he knew what he was doing and I'm pretty
sure he was trying to manipulate the price of cryptocurrency but either way
guys hopefully you did enjoy this video if you did don't forget to leave a
thumbs up and leave a comment down below and order tensor a chance to win some
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guys thank you so much for watching I'll see you guys tomorrow for another video
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