Bitcoin & Litecoin Loading Up – Marketcap Levels, Govt Regulation, Psychology, Getting Rich – Ep 124

what’s up guys this is Carter Thomas with coin mastery TV and make sure you hit that thumbs up button today let’s get that thing going to smash that thing today we’re talking a little bit about what’s going on in the good old crypto markets we’re doing daily updates for anybody who’s brand new thanks for joining us a little bit about the inevitable or maybe not so inevitable I guess the dominance situation of what’s going on with all the coins and Bitcoin talk a little bit about what’s happening with regulation and the government and all that sort of stuff and then I want to spend the second last part of this as we often do on Fridays discussing a little bit about the psychology behind in crypto about what’s going on especially in times like this high volatility environments for Mo’s were running crazy and people are starting to make some money right and I think that for anybody who’s getting into crypto who’s been in crypto for less 12 months there has been a moment where you have made some amount of money and often you wake up and there’s more money than you ever dreamed of and just wanted to have that conversation and we’ll get into that a little bit but first I want to kick it off with a good friend Bitcoin just really just messin with us just non-stop and it’s always hard to tell what’s what the what the what’s really going on behind the scenes of Bitcoin especially any any time that there’s the biggest the biggest mover in the market what exactly it is is the South Korea is it the futures market is there someone domestic in the United States what’s happening with Bitcoin and that is why we really try to follow these lines I’m not doing trend lines the way I was earlier this week as we broke through that trend line on this side we are doing some retracement lines and more importantly we’re just seeing how many times this accordion is going to coil up before it makes its next big move so what I’m what I’m focusing on personally with my loose attempt at technical analysis with a Fibonacci guess I should go up a tiny bit more you can see on the daily charts it bounced off the 50 the 50.5 fib right here yesterday and today we are slowly unfolding a candle and we’re but we’re staying above that that 50 which is nice so keeping an eye on that even when you go into the four hour it’s the same story so as long as it stays above I guess let’s like call it twelve eight four zero twelve thousand or 40 US dollars on coin basis is obviously gonna change on different exchanges bitstamp it the next Gemini all the other big ones we are we’re just in a sideways pattern potentially in an accumulation pattern potentially just in a price discovery Pat a decision you know area for the futures markets as new money comes in and I think that it’s just a wait-and-see and I wish that there’s more news to give you guys on Bitcoin but until we see a big move it really is speculation now yesterday really this week could be talking about theory my thought today be helpful to talk about coinbase you guys know I’m really for the last three weeks have been very bullish on coinbase I continue to be bullish on corn bait I’m sorry not going based right litecoin which is on coin base and I drew one fib up from this this big low up to the Fibonacci you could potentially make a case to draw one from the 97 level really depending on you know what sort of timeframe you’re looking at but you can see that this fib is not that clean and I think that the reason why that’s important to point this out is because often you might draw a chart hoping that it’s gonna show you what you want it to show you right you might draw something like a like this and you you maneuver it to get it so that the levels hit perfectly but when you draw the chart as the candles or whatever else show you you may not get the clean levels that you’re looking for now it doesn’t mean it’s it’s not worth it by any means it just means that you got to follow the the charts more than you follow or you got to follow like what the price action is doing more than you follow what the technicals are telling you and it’s it’s just a it’s a data point just as much as a news article can be a data point so I think that that’s really important and this is something that I’ve learned a lot of is that you don’t want to mess you just you do what the chart tells you to do and you go from there now there’s different ways to adjust this right we’re there not in the daily where you can move it to just be in the candles and not be on the wicks and then things start to change if you do it on the wicks it really depends on the timeframe but you can see that that’s just an important piece especially for anybody getting in technicals this is something that I have struggled with because you want to like fit nicely into that box and often it doesn’t so either way we’re floating right around the same line right this is this is not that different than Bitcoin right now other than this huge run-up and I personally I’m I’m really excited about Bitcoin I’m sitting on litecoin the volume is kind of slowly increasing it’s not getting a lot of the same price action as bitcoin there’s no Lake Oy market yet and I think there’s just a lot of like upward potential in litecoin so of all the top coins right now other than I would say still illumines litecoin is the one that I’m excited about I’m accumulating it and the rete one biggest reasons why is because almost everybody in crypto thinks these are too boring right now and that is when I want to be buying the most because if you’re buying the thing that everyone thinks is the hottest new coin you may get a little bit of it but you know I like it when I’m the lone wolf in a buying situation so that’s the other big reason why I’m I’m stoked on this stuff because it’s expensive it’s not moving very much it’s boring you know all that so keeping an eye on that that’s really what my well my big accumulation play is but at the day I’m just kind of sitting back and letting the markets do its thing for now now let’s look at I saw somebody post this on Twitter I think it was crypto Yoda just so that I give full props if you guys don’t know I’m it’s crypto yacht easy I’m assuming it’s a guy he always has very good insights and posts new stuff what I thought was really interesting is that when you look at the we often look at the actual coin charts with technical analysis and there’s no way to do this in real time right now but you can also look at any chart any market with similar albeit simple technical charts the one that I would encourage you to look at is the the simple one though the lines right the previous resistance is new support when you look at total market capitalization previous resistance was 6:45 in early December and now it’s dropping down to I guess yesterday or today I guess you should say it get down right around that area so if you drew a straight line right there you’ll be pretty close and at the in the very short term here you can see that it’s kind of bouncing off of it meaning if this technical held true for this chart as it should in any technical analysis based on a lot of different forces this is a this is a good sign this means that the market may be bouncing off of this and it’s also holding true for altcoins now the difference being that this is much more clearly a parabolic slope this is not a like a retracement slope so our trace when we flat this is more of a diagonal that would equal those two which means it’s going up but it’s still a trend line in that sense meaning we very melt if this holds true we very well may have another big surge in market cap which could be Bitcoin bull run all the Quran all at the same time and that’s when things get really crazy which is kind of what happened in May and June and everything did really well and then Bitcoin kept going and everything fell off so that I thought that was just a really interesting chart to look at really interesting graph we’ve been looking at the dominance and I think that this will continue to unfold as we see the market cap increase as we see the futures markets come out as just that everything gets more and more phlex so exciting times as always looking through you know by Nance COO coin all those different exchanges bit tricks obviously one of the biggest there’s it’s it’s one of these things where if you drill into some of these coins you can find out some really good you know what the what the particular situation and what the news was the thing that drove the growth but I’m more interested in the macro implications of what this all means I am not very good at doing shotcalling on coins unless I’ve done a lot of research and I’m just haven’t done enough research on the thousands of coins that are available I do think some of these exchange coins you know one of the things we talked about yesterday was these guys signed up two hundred forty thousand per hour we had to change the title I put per day and they’re making money right so when every time you do a fee so the BnB coin and then accrue coin kcs coin that’s like a that’s a real business model and it’s a very lucrative business model so you’re actually you’re investing a quote investing into a company that’s actually making money this is not pre-revenue this is real digital currency that can be converted into Bitcoin or fiat or whatever it may be and so I think that that is going to be an ongoing trend of 2018 definitely 2019 2018 we still need people to get around that I think but this idea of in your portfolio a question you can ask how many of these coins are businesses how many of them are actually making money today are generating revenue and I think that that is more of a value investor standpoint I don’t think it’s necessarily a growth standpoint meaning just because they generate revenue now does not mean they’re gonna go the biggest it just means that they may have the best staying power because you know they can hire employees and people get people will continue to use the products it’s a valuable you know all the things so keep that in mind I think the Debbie very available the difference with B&B in case yes Beebe is obviously much bigger little older kisi s younger smaller but it pays out dividends so go check it out that’s only on cuckooing in account links below now this I just saw this morning I got a look into this a little bit more where we met as we saw with South Korea I saw China we saw South Korea and now we’re seeing the United States those are the big three in terms of volume in crypto it’s China South Korea United States in Japan’s up there for sure and they’ve had their own regulatory but they often work in their own sort of echo chamber in regulatory ways but I would say that whole ecosystem the United States is really the one that has not come out and made any sort of serious decisions about the exchanges about crypto in general I mean they’ve loosely talked about taxes but that’s something that not only do we we want more recognition we want more guidelines so that we can act accordingly we can bring in new money but we also want to make sure those guidelines are our we have a say in that I think the last thing we want to do is have them just decide what what’s good and what’s not good and tell us it does really help so it’s good to stay stay in the know of this keep the conversations going and even to reach out to people maybe it’s your congressperson your senator started to get people together I know I’m talking to with a lot of really good early smart people about how we can make a difference and reach out to senators and talk to them about providing good information about almost like a lobbying group just to get clear guidelines around crypto and taxation and regulation regulations and this just came out this morning where the Treasury secretary of the Treasury Steve munch-munch c’n newskin I can’t pronounce that that the financial stable civil the Oversight Council they’ve create a working group on crypto currencies now what’s interesting is that he said quote we want to make sure that bad people cannot use these currencies to do bad things do you may have seen the article that came up a couple weeks ago where the press secretary Sarah Huckabee was asked about crypto or Bitcoin and she said that they’ve brought it up but it was brought up under the Department of Homeland Security it’s not brought up under the you know IRS or the SEC or FTC or anything like that meaning that crypto is in many ways being looked at not necessarily as a financial instrument but as a like an anti-terrorism defense thing you know national security situation and that is a conversation that I think that is important to make sure that we all are aware of so that we can help educate and inform and make sure that people know that cryptocurrency is not for malicious purpose it’s just a digit you know it is what it is but this is going to be very interesting and I would encourage everybody to stay up to date on this sort of stuff because it’s going to impact you whether you like it or not doesn’t matter if you agree or disagree with any sort of the political stance or whatever it’s more about this is regulation is about to be it’s being formed and the the regulators they will listen to the public they always do and the more we can be involved in this conversation the better so I’m going to keep my my ears open about this I want to keep connecting helping you know building communities and spreading the word and trying to make sure that we we get really good informed regulation and not regulation that mis is a big part of what this is all about and sets us back years in terms of progress so just a good thing to keep in mind as we dive in you know 2018 is just going to continue to be a huge market so nip this in the bud as much as we can now lastly there was an article called the highs and lows of cryptocurrency investing I’m sure if you’re watching that’s listening this I’m sure you’ve never had any bad day script investing right you’ve never FOMO baat you’ve never had any sort of regret I say this facetiously for anybody who can’t see my face right now but I think what the point is is that what happens in these markets and I’ve seen this happen not obviously nothing like crypto but in emerging markets when there’s money on the table when it feels like the opportunity is time-sensitive and that there’s time running out it tends to accelerate not only bad decisions but the feelings of highs and lows right the FOMO gets worse and worse and it’ll continue to get worse and worse for a while it’s just like the stakes feel like they’re getting higher and higher and maybe gets harder harder is in quotes here to hit a huge ROI on a coin and I think one of the big things to keep in mind right as we look back on this and as we look back on the global charts and altcoins and everything and one of those overarching themes is that you can protect yourself from a psychological standpoint of the absolute deluge of dopamine that’s being just showered into the crypto markets and the way you do that is you have a balanced portfolio right on some level you have cash available so that if everything goes up and down whatever you have something that’s stable and then the third thing is you can educate yourself you can keep a journal you could stay smart you can talk to people about it you can move a little slower into the market so that you are more deliberate and conscious of the decisions you’re making because bad decisions are gonna hurt you a lot more than good decisions are gonna help you and this this market I mean when when this financing coup coin world when this dominates our life when black folio is what we’re refreshing when we’re waking up in the middle night so we can check our portfolios I know people do that I mean everybody that has done that or continued to do that as that happens the more than that happens the more likely a one bad decision may slip through the cracks and and setback your all your progress a lot and I think that that’s the big piece I want to take away from this this article is more about you know the infrastructure and the overall opportunity of crypto can it really survive and break through and have a you know become attention to our opportunity that’s that’s gonna happen okay it’s gonna go big it’s more about it’s more a matter of when and how does it happen but I think for you guys listening and watching all about you and your micro decisions right this is your life this is this is your this is your future this is your thing and you got to treat it very very seriously and realize that this this whole game is not designed to help you it is designed to take money from you okay it feels like crypto is built to me to feed you huge returns but realize that markets are designed to take money away from you you have to realize that now because in the next 12 months it’s going to be doing that to a lot more people and you just gotta get these habits in now gotta get the psychology dialed in trade less get some sleep don’t chase the random stuff do your diligence you know do all the through all the things and the the thing I need to tell you obviously none of this is financial advice but over the long term which is really all that matters you’re gonna make bigger gains by having smarter more consistent decisions even if you have a huge win now it’ll prevent you from having a big loss later so that you even out like you did you want to have a compound all right if you’re here for three months to get in get out it’s probably isn’t for you if you’re here to build a real new world like a new future for yourself as I think a lot of you are that’s what I’m here for play the long game and that brings me the last thing this tweet I guess I should say tweet thread uh where I’ve been getting a lot of emails recently of people that are making a lot of money like a lot of money and first of all I wanna say congratulations and second of all I think more importantly for people who aren’t making a lot of money it’s not your you have not missed your chance okay there is there is an infinite amount of opportunity left in the next five years for everybody to get a piece it’s just going to be about who’s who’s making the right decision so I think that that’s really important and I put this up because the tweet said you know people are making money here’s here’s some thoughts on the psychology of wealth I put this up because let’s say you bought like a thousand dollars worth of ripple when it was one cent and now ripples that I don’t know two bucks or whatever it may be and you wake up and you look at your port your black folio or you look at your coin tracking or you look at wherever it is that you look keep your portfolio and you say wow this is worth I don’t know what the math is on that let’s say it’s worth ten million dollars or five million whatever you say god I have five million dollars I’m rich I’m five finally done it that is awesome but that is a very dangerous thing to think because until you can take that ripple and I’m just ripples like one of many examples it could be anything it could be like I’m you know I don’t know civic right I mean you could pick any coin in the top in the Merc cap but until you can take that coin and you can go in exchange for goods and services or whatever it may be it’s it’s not necessarily going to make you rich it’s just worth something right now you still need to convert it till two US dollars in this case or into Bitcoin or maybe and does something like litecoin someone might accept like coins payment or whatever but if somebody else will not accept that coin as a form of exchange as a payment or as a as a way to exchange value you you’re kind of rolling the dice in crypto because at some point if it if that ripple or if that Civic or whatever maybe if it stays as a very valuable asset and it continues to be one of the one of the assets that people continue to value and continue to to say is the worthwhile one then you can trade that asset to other people who have that asset you will become very very wealthy over the long term but if you have if you own something that you have to convert into another coin that is the thing that everybody agrees is the transaction or the valuable one you’re inevitably going to be losing money over the long term like it’s the price is going to depreciate of the coin that you have and I know that this is kind of a this is kind of a meta concept this is more of a economic concept with you know money supply and all that sort of thing but it really comes down to this in the next couple of years only a handful of these Kryptos are really gonna go big are really gonna be worth anything because networks require like everybody adopting them for them to work the same way there’s only a couple of social networks there’s only gonna be a couple of kryptos because they all like everybody has to use them that’s why the network effect and if you own one of the network coins whether it be Bitcoin or litecoin or theorem or whatever you have a network that will all value that same coin if you own a tertiary coin or secondary coin I should say for you to redeem the value you need to put it into the network that everybody like values then you can get your you know you can get your value out of it and so when you know that that is what’s gonna happen in the next few years it is very important for you some people call taking profits some people called scalping whatever if you make a lot of money on an altcoin you need to put it into some of the coins that you believe are going to have the biggest networks in five years whatever you think it is I mean you may think that cardano’s gonna have the biggest network you may think the ripple is gonna have the biggest network you may think that bitcoin or light coin or a theorem an arrow whatever it is but that’s the one like those are the ones that you want to be stockpiling and it’s very counterintuitive to think that way right now because everybody’s making tons and tons of money we can massive on paper dollar amounts from all coins but they’re not stacking their their main coins that they’re making their big bets on and what’s gonna happen is at some point they’re just gonna realize like oh maybe I should start to move some money over to this one but I’m gonna hold on to this one they get emotionally attached to it and they slowly start to you know lose their riches off of these all coins and they don’t have the stack of the coins that actually do end up becoming the big big winners so there’s I’m not saying one coin I don’t know which coin it’s gonna be I don’t even know if it’s gonna be Bitcoin that’s probably the best guess because for obvious reasons because it’s the biggest but we’re not really sure I think that owning the top many of the top market cap coins is probably your best bet for now but I think that that is the psychology of of wealth right it’s it’s spreading out your your riches into assets that will have long-term staying power if you make twenty million dollars in a business you don’t necessarily want to invest all twenty million in to do that business you want to take five million into the business and you put five million it over and a car dealership and then you put five million into this you put five you know that’s how you become wealthy and that is a very important psychological hurdle to get over and I think that if you are listening to this or if you’re watching this and you have not made what you consider to be a huge amount of money if you’ve only gone from like five hundred dollars to five thousand dollars which is incredible in its own right this is still this concept will still apply to you because the pain of losing money doesn’t matter if you’ve got five thousand five hundred million it’s still gonna it’s still gonna feel like you have lost a lot especially if you’re earning power is if it if it’s a big part of your earning power I wanted to I just this is something that I’m I’m really thinking about because this is going to affect a lot of people in the next two years next year even and the last thing you want to own is an altcoin that just it’s not gonna be the thing it’s not going to be an event it’s not gonna be wake up one day and there’s a there’s a crash from ripple or whatever and it just prices dumps like in one day what’s gonna happen is it’s gonna slowly go down I shouldn’t use ripple let’s take her nano right or neo I mean any coin I’m not trying to pick on any corner but slowly goes down everyday we’re like right well it’s down 3% down 5% it’s not a big deal cuz now this thing is gonna crush it like I know it’s gonna go and it just ends up just slowly going and you’re like well it’s gonna come back I’ve got all those tack whatever you know lose all your money you just like you lose all like a lot of the benefits and a lot of the gains from it because you didn’t diversify didn’t lock in the the port of the profits or you didn’t diversify the risk and that’s that’s what I just I hope that doesn’t happen to a lot of people that’s how I’m a big fan of diversification so I’m a fan of taking your profits when you get them and that’s why I’m a fan of playing the long game because that’s how you get that’s how you make the real cash again not financial advice just saying so with that we wrap it up TGIF guys I hope you have a wonderful profitable and fruitful weekend I will catch you guys next week peace out

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