And that question revolves around the fact that over the past day or so, Ripple has made a really, really nice move. I mean, when you consider where the price was at these low points, and then you consider where it is right now, and I just say that where that is right now, because the markets are open 24/7. So I can't say the price closed there, but that's currently where it is, point here being that any rational person is gonna say yeah, Ripple has definitely made a very nice bounce. Now this leads to the valid question, therefore of, but is there any sort of true power behind this bounce?
Is there any sort of genuine strength, or is this just some sort of knee-jerk reaction dead cat bounce? I have no idea, but like I said, by using charts, we can make answering that question very straightforward. And in my mind, it all revolves around the level down here, which is support and I don't quite know the value yet, what is that? 78 cents, why, or yeah, 78, why is 78 cents so important? Well hopefully, we can all agree on the logic that price movements with true power, with genuine strength, the price is gonna progress forward. The price is not gonna go back to where it was bonuses nz. I'm assuming you're saying, hey thanks captain obvious. Of course a price movement with true power is not gonna go back to where it was. That would be a contradiction, exactly. So with that mind, think about 78 cents. Any sort of closes blow it, or worse yet, if the price separates to the downside, what would that be doing to the price? That would literally be putting the price right back inside of this range of the chart that it just broke out of. Again, going back, not a sign of true strength. Whereas let's say the price pulls back, so over the weekend pulls back and then does something like this, and then starts to work its way back upwards. What would you have in this situation? Well, you'd have a set of lows right here, you would have this previous set right there. If you picture each one of those as stair steps, well hey, now you have stair steps progressing in the upwards direction, and that's the name of the game. That's what a truly strong move is gonna do, it's gonna make progress forward, and in this situation, I am defining, quote unquote make progress as 78 cents. Now what about areas of resistance? So if this upwards move is going to continue, where some of these key battlegrounds at. As it stands right now, the main level of resistance, let's get that changed to red for resistance, and I almost put it right where it needed to be. But right up here, give or take around the 96-cent mark, you can see several occasions over the past that prices have been up around this area. You go back here through the history of the chart, knock down the price there, knocked it down, knocked it down, so you get the idea. But really in my opinion, top priority right now is not breaking levels of resistance, top priority is over the weekend, going through health consolidation and beginning to build higher bases, because as long as higher bases start to be built, then that's how this overall bounce can pick up that much more steam and maybe even potentially turn into a reversal, but one step at a time, that first step is staying up above 78 cents. Welcome to my desktop, and here is the chart that should look very familiar. This is what it was looking like as I did that video, which you just got done watching. And I want to really reiterate the point of this is not to try to come across or make you think that technical analysis, the use of charts, is some holy grail that's perfect all the time, that it's some sort of secret sauce in the market, there are nothing like that, it's a tool that can be used, but it is not a holy grail, they are not perfect.
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Hey Clay, I want to get into crypto-trading, I want to get into cryptocurrency investing. I know you're all about technical analysis, but does technical analysis actually work with the cryptocurrency market? Let's talk about it. That's actually a super-good question, and a very popular one that I've been getting as cryptocurrencies continue to fill the headlines, and who knows, maybe a couple of years from the time I do this video, someone will go, what are you talking about cryptocurrencies, but I think they're here to stay. In what form, I don't know.
But let's get to the question here, and the question is, do charts work? So let's just talk about technical analysis, the use of charts. What actually is a chart? A chart boiled down to its simplest kind of common dominator is two things. You have down here, volume, meaning is there a market for it? Are people exchanging something? Something, I'm not saying stock, I'm not saying options, just something. Well let's run that test real quick. Are people exchanging something in the cryptocurrency market? Well yeah, they're exchanging currency, cryptocurrencies. So yeah, alright, check. The other big part of charting is over here, price. Or you could look at this as value. So again, let's run it through the test. Does that something that they're exchanging have a value, have a price associated with it? Well, in the cryptocurrency market, of course it does. I mean, a market by definition is gonna have prices and values. So once again, yeah, the crypto market not only has people exchanging something, but that something also has a price and value. So yeah, absolutely, absolutely charts can be used in the world of cryptocurrency. And I realize this is just theory on a whiteboard, and that's a totally fair point, so what I'm gonna do is take you to my desktop, and before I get to my desktop, I want you to watch a video chart analysis that I did on Ripple, one of the many cryptocurrencies out there. And these video charts, if you're not familiar, I do them on a daily basis, and I just talk about the basics, but the basics even in charts can be very, very powerful. I really harp on it in the video on my desktop, but I just want to get it across right now too, I'm not sitting here saying that charting is the secret sauce, that charting is the holy grail for cryptocurrency, and it turn you into a millionaire. I'm not saying that at all. Are they a very useful tool? Yes, 100% they are a useful tool. Are they always perfect, do they always work? No, of course, not but there is no such thing as a perfect system in the market. Like I said, I do reiterate that as I get onto the screen, but I want you to first, like I said, watch this video that I've done beforehand, and then I'm gonna take you to my desktop and walk you through what happened afterwords, and you're gonna see that, not only do technical analysis, not only do charts work with the crypto market, but they can actually work very well. So let's get to that video, and then I'll see you on my desktop. And sitting between these candlesticks here representing one day's worth of price action, which is what you would normally see, each one represents 30 minutes worth of time. So while this here may look like several day's worth of time, it's actually just today's price action broken down into 30-minute time slices. I look to this timeframe kind of does a good job of telling the quote unquote story of a price, and in this situation makes mapping out a very logical question quite straightforward. To pay for your bills. Otherwise, you're trying to speculate. See, the most dangerous thing is this: If you go into something, and you're speculating, and you think to yourself, "This is a business."... It's not a fucking business. At best, at best, it's speculation. To me...
Some people might disagree with me. I know I'm gonna get comment from YouTube, on social media, about, "Oh no, let me explain to you about cryptocurrency, let me explain to you about blah, blah, blah, blah. Let me explain to you, it's not what you think." Fuck you guys, I don't give a fuck. I'm just saying, I don't agree, and it's not what I invest in. I'm so pissed off, because I have people, quite a lot of people, using my name. Set up fake Facebook group, fake Facebook profile, fake Instagram profile, fake stock tip profile, using my name. Using my picture, pretending to be Dan Lok, telling people to buy certain stock. Telling people to buy certain cryptocurrency. Telling people, basically, scamming people, using my name. I don't approve of that, I don't appreciate that. So, if you see anything like that? If you're my fan, don't believe in that. You see anyone recommending a stock tip, cryptocurrency, or bitcoin, or forex trading. Whatever it is... 100% percent, it is not me. So, if you want to follow me, follow me on the proper social media channel. Which, I have my links on all my sites, on my YouTube description. Those are the official social media accounts that I have. Anything outside of that? They're fake, they are not real. People using my name, because they know how much exposure I have. And that's what pisses me off. Not only they are telling people to invest in certain things, they are basically using my brand to deceive people. That is just fucking wrong. And my legal team is constantly, we're shutting that down every damn-- Before, it was every month. Now, it's almost every day we gotta shut these things down. That's how crazy it gets. So, the most dangerous thing you can do is, going into speculation, thinking it's gonna be an investment. It is like, the other day. Jenny and I, we were in Vegas. And I never gamble. I don't gamble. You've read my book, you know I don't like gambling. But we got some time to kill. And I thought, you know what? Why don't we just, sitting in front of this Monopoly, kind of a slot machine. So, cool! Let's just play some games. So, we put in like $100 bucks, or whatever. We play, and we actually, from $100.00 bucks, within like, 30 minutes, we were up $300.00, $400.00 dollars. This is cool, this is fun, right? And then, afterwards, we keep playing, and went from $400.00 - $300.00 - $200.00, and then we lost all. We lost $100.00 bucks, right? It is very foolish to think, oh, you know what? Is that an investment? Or, am I trying to make a living, playing the Monopoly slot machine? Or, am I trying to get rich with that? That's how stupid it is, when it comes to you thinking about forex trading, or cryptocurrency. That thinking of, you know what? I'm gonna make a business out of that. It's as if you're saying, I'm gonna play the slot machine, and hopefully that will make me rich. No. It's not even speculation. To me, it's a game. It's like, I lose $100.00 bucks, it's no big deal. It's a fun thing. It's just entertainment. I'm not counting on that to make money. You shouldn't count on that to make money. The only thing you count on make money, is you. See, real estate doesn't make me money. The stock market doesn't make me money. Business doesn't make me money. I make me money. Those investments work because I work. Your investment would work only if you work. The only thing, the only person to count on to make you money, to make you successful? It is you. So, comment below. Don't follow those advice. They are not good for you. Learn to think independently. And, until next time, I'll see you in my Bentley. |
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March 2019
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