Bitcoin

Do not I repeat do not buy Bitcoin today tomorrow or possibly the day after that I'm talking about why you should not be buying Bitcoin at $7,500 at the highs of his latest rally it's a bad bad bad idea talking about it in this video so make sure you stay tuned what's going on crypto fanatics day traders and whoever. Else watches these videos what's good. Today I want to talk about Bitcoin it's been a while in a while so I'll talk about cryptocurrency in general but Bitcoin has been making moves and everyone's getting all excited everybody's like oh baby bitcoin broke through $7,000 it's going back to all-time highs it's time for the bull market it's time to get rich time to buy the. Lambos it's going to the moon I don't know how many times or how many posts I've seen. On Twitter people. Posting about Bitcoin going to the moon now I'm all about making money. I'm all about having fun. I'm all about all that stuff but at the end of the day I'm telling you one thing here bitcoins not going back to the moon today or tomorrow or the day. After that maybe by Friday but right now I'm pretty sure that bitcoins not gonna. Go back to the moon right away now I don't by any means claim to be an expert I don't by any means claim to be some type of financial guru I can't have I don't have all the answers and I can't tell you what you should do with your money by any means you. Should never listen to anyone online anyway but I can tell you one thing one simple fact something that I've. Learned from experience over the last couple years of trading cryptocurrency is that you should never. Buy cryptocurrency when it's going straight to the moon if you look at the chart if you ask anybody you ask. Anybody out there hey what happened the last time you bought cryptocurrency when it went to the moon well they say yeah I bought it and then it started crashing it's always the same story there's a reason for that my friends there's a reason that the SMAW investors buy at the bottom and. Sell at the top there's a reason that most retail treaters end up buying the top and selling the bottom it's because of hype and FOMO. It's really easy to see Bitcoin going above $7000 once again and being like wow it's up 60% in the last couple of months I should buy in now I should buy. Buy buy no you no no no you should not and what's even more frustrating is the same people my friends my actual real white friends the same people that I told to buy Bitcoin when it was at the $3,000 area. Or litecoin when it was at the $40 area the same people are now texting me asking hey bitcoins going to the moon should I buy it $7,500 my reply is yeah dude go buy it now do it I hope you lose all your money no I actually I tell them. That they're idiots and don't ever text me again and lose my number because I told you to buy it when. It was $3,000 but really let's talk about this is simple idea here actually I got us it's really funny stat where's that what nothing good oh god my phone I posted a poll on Twitter last night asking people would you buy Bitcoin right now or would you short in people 176 votes 60%. Of those people said they would go long I'm dead I'm dead 60% of those people said they would go along when Bitcoin was $7,500 oh my gosh what are you people doing what are you thinking what a terrible idea now bitcoin. Is how much is it $7,000 so since this tweet it's dropped five hundred dollars I'm not trying to say that I predict at the top of this rally or anything like that but I I will be honest I was looking for opportunity to. Get short just couldn't really figure out the best game plan I kind of was looking at different options different places but nothing really looked feasible and then it just wasn't. Able to get. In in time before the drop back down because it's pretty simple here guys it's the same as trading any day when we see a. Stock that's super overextended it's going straight to the moon especially on a daily you see a daily candle that's going straight to the moon and you see how overextended that daily chart is you're thinking one simple thing that. It's a short and even though I believe you know long-term Bitcoin has potential I don't believe that bitcoin is gonna go straight from 7,000 to $20,000. In only a few days in the past I made some videos talking about how bitcoin the chart how in the past Bitcoin went through like $100 to $1,000 and then drop back down and it did this pattern multiple times which I haven't actually looked at it recently but I just pulled up a chart behind me and. Kind of see it back there it's a chart that I made when I make that I made that chart back in April of 2018 and I talked about how in the past Bitcoin went up a thousand percent and then pulled back 85 to 90 percent and what's interesting is 85% was hit in January of 2019. Now again I'm not trying to say I predicted that by any means I was looking at a chart and looking at the previous moves the previous bull markets it worked it actually did exactly what we thought it would do it pulled back 85 percent from the highs which it's kind of. Interesting because it's like did I see the future maybe I saw the future nope I didn't I just saw the chart and it's really simple if you're thinking about buying Bitcoin when it's going straight to the moon think again if. I could give you one piece of advice about buying Bitcoin cryptocurrency in general it's only buy cryptocurrency when it's read I know this sounds crazy but if you're gonna be buying it you might as well buy it at a discounted price you might as well buy it when it's. Crashing then when it's going straight to the moon you ask anybody it's the same it's simple you ask anybody who bought Bitcoin back in 2017 when it was going to the moon ask him how much Bitcoin they. Own now and I'll tell you the same thing they'll all say they lost their Bitcoin they sold it. It's very simple people buy these fomo push these big rallies they bye-bye-bye and they're already kind of hurting for money in the first place but they buy buy buy. And they end up selling into the drop and that's what adds on to the selling pressure because. You have all the smart investors who bought Bitcoin at three thousand dollars recently it breaks above seven people come in they start buying buying buying because of the phone won't because people on Twitter all the Guru's telling people that bitcoins going to the moon it's time for the Lambos so Bitcoin breaks through seven and. Guess what happens everybody who was smart who bought it at three thousand is selling selling selling all the idiots who are buying buying buying start to see that the price is going lower and they go oh I bought it a seventy five hundred now it's dropping. What am I gonna do and they end up selling and they add on to the selling pressure so that's why bitcoin is now seven thousand dollars yeah so pretty simple it's not rocket science by any means but it is kind of frustrating that I. Get this question over. And over I made videos on YouTube a couple months ago talking about like pointing when it was $40 today it's $90 today people are asking me should they buy litecoin should i buy like going it's 90 dollars it's a good. Deal right no. No it's not you should have bought it when it was 40 dollars you idiot the whole point of this video is hopefully trying to save somebody some heartache trying to save somebody some money because they just don't understand how the market works you're. Gonna have big rallies you're gonna have similar drops when the market goes straight up what do. We get we get a nice little pullback and that's part of it that's market mccann that's just how the market works it's natural it's almost like I wanted to somehow equate it's like nature you know like survival of the fittest I guess idiots are gonna buy the top smart people are gonna buy the bottom they're gonna. Sell it to the idiots at the top it'll be funny to see what people. Are talking about this week on the news and CNBC I can guarantee you there's gonna be a whole thing about how bitcoins back it's rallying its gonna go to the moon and we'll get a bunch of idiots who are gonna. Buy buy buy and then. Before you know it it'll change the whole narrative and Bitcoin I'll be crashing back down it's not to say that bitcoins going to zero. No but what it is to say is there's a good chance bitcoin is gonna go lower before it goes higher again I am NOT a financial expert by any means but really since most politicians believe that bitcoin is not even a financial instrument what am I really talking. About here I'm just talking about digital assets that are worth some type of money so I guess I could give it a vice and tell people to buy and. Sell at certain points like I did in the past a couple times I was wrong a couple times I was right a couple of times but overall the key here is being able to manage your risk if you're buying Bitcoin when it's three thousand dollars in your stop is. $2,800 that's a great trade if you're buying Bitcoin when it's seventy five hundred dollars and you don't have a stop loss because you don't know what. To do when it's crashing back to seven thousand well that's not a good trade it's not hard my friends you got to be smart. You know understand what the overall market is doing the well-educated smart buyers are buying at the lows and they're selling at the tops is this the bull market that everyone's been waiting for I don't think so I don't know I'm gonna be pessimistic here and I'm gonna just sit back. And I'm gonna wait I'm gonna watch I'm gonna look for the right opportunity I'm gonna wait for a big. Nice sell off a big read read read sell sell sell kind of day and maybe I'll jump in with a tight. Stock maybe until then we'll see what happens but I'm telling you one thing and I don't want to brag but I've kind of talked to some influential cryptocurrency people I've talked to some different cryptocurrency teams I've seen how corrupt the cryptocurrency space is remember there's no real regulation behind cryptocurrency. All these coins that you see getting pumped every day they're going to you know ten thousand twenty thousand percent there's a good chance they're all gonna go to zero in the future the world is not this utopian a magical place where everyone's gonna have cryptocurrency and everyone's gonna be happy and everyone's gonna be able to send money back. And forth for free it's just not that simple my friends it's better to be pessimistic and understand that in the bigger picture big. Money and power will always win us little people people like me people like you we don't move the market we just have to ride the wave when it comes down to we want. To jump in at the bottom and we want. To sell the top Bitcoin it's just not time to buy it is not time to buy I will talk to you guys later on.