Crypto Dip | NEO / VEN / ICON Spikes | Bitcoin Analysis
Cryptocurrencies have taken a hit today and I thought it would be a good time to provide an update on some of them. Note that this video is less formal than my normal videos and I would love your feedback in the comments below as to whether or not you're okay with these videos (in addition to the higher quality, more focused ones). Here's a rundown of topics in the video:
- Recap of why markets are down due to South Korea
- NEO and Gas up due to ICO excitement. Gas might have more potential due to being divisible.
- ICON excitement. Is this project promising a bit more than they can deliver? It seems that way, but won't comment more since I have NOT done much research at all.
- Vechain partnership causing a price move to upside
- Overall Eastern Hemisphere coins seem to be doing well (good call on China coins Carter), which I generally tend to avoid due to discomfort with regulatory picture there along with ability to do research being hindered due to language barrier
- Update on Bitcoin (still bullish)
- Update on Ethereum (still bullish, but cautious about idea of investing more)
- Update on Ripple (could be a good trading opportunity, don't love it for investing)
- Update on my video for "top x crypto holdings for long-term"
- Why I don't like most technical analysis
What are your thoughts on the market? Let me know in the comments below, thank you.
P.S: These types of videos are only way you'll hear me make comments on coins you bring up a lot in comments. Sometimes I don't have enough info for a dedicated video on them, but can at least mention in passing here.
Something stinks in the market. Looks like there are a lot of books that are totally owned and I was wondering if you can comment on that? Thanks
Hello, I follow your videos on youtube.
If you are doing a video on strong alt coins for long term investing you cannot avoid those 3 picks:
Monero: Obviously the best privacy coin out there.
Bitshares: they provide a fast blockchain and a mechanism to create bit assets that track real life assets like bitUSD. The potential to replace tether makes Bitshares stand out.
Pascal coin: Wild pick. Pascal is using a different code base altogether written in Pascal. They designed the coin with a safebox which contains all the account and balance information. This makes pascal very fast 100 tx/sec and very scalable. You only need the safebox. You can see the safebox as a pruned blockchain. This is done by design.
Cons of pascal: mining is centralized and you need to get a pascal account to start transacting. Accounts are created alongside coins in mined blocks. The pascal accounts are already baked in the consensus. You need to buy an account from a miner. The pros is that the pascal blockchain is bounded by design and thus scalability and speed is achieved.
On TA, the chart shows what the market psychology is but it doesn't tell you how to interpret that into the next move.
Level-II trading is the way to position yourself, TA is all lagging RSI, B.Bands etc. Level-II shows where traders/trades are positioned which makes it bit ease to make a call.
A few points. You're right about Ripple's position - putting it simply, the banks will have their own solution, while Stellar Lumens might turn into the Western Union of the future because it's so easy-going.
I think that nations will also have their own solutions , and that many people will (have to) go along with these... and that investment in crypto will be extremely regulated soon, and tech stolen.
Everybody who can afford it will have their own solutions. Blockchain !
As to Technical Analysis, tried lots of that lately and at time it's just beautiful - at others it's useless abracadabra.
Remember that it only tries to depict or foresee the normal human psychology at work, and that therefore the term"technical" may not be so ideal. It's nice to know a lot about it while staring at the charts - resistance levels do mostly work, and the most effective ones for some reason are round numbers. I certainly wouldn't go as far as Haejin does when he says that "news are what happens to confirm Elliott Waves after the fact," which isn't working so well in our momentary market situation... where it's typically "it's either up or down from here and my guess is that up is more likely."
So I'm frequently day-trading or in fiat these days, watching, and I prefer euros as fiat as the dollar isn't exactly climbing either.
My impression s that many people are now in fiat, and we may see better days soon as monthly pay days are coming up.
As I think I said once before, video quality doesn't concern me as long as I can understand what's being said, I rarely watch youtube videos fullscreen, and I have doubts the smartphone crowd ever will ;)
I also think nation states will create their own crypto.
the writing is on the wall. After Telegram and Facebook crypto that will bring even more awareness to the mainstream, nations and central banks will be forced to jump in.
Also, more diversification and that means the market will be less transparent for rookies, more like the normal stock market. It will in fact be part of the normal asset market... that factor will easen the volatility we were used to, and which was a motivator for so many new people coming in in the first place.
Once crypto stops having the nimbus of being a "get rich quick lambo" sort of thing, the general interest will come down and everything will be back to normal, banks will be banks and sheeple will stay sheeple. Looking at what's going on at the social networks, people are still trying hard to get used to animated cat gifs, trying to avoid politics as if ignoring would make the problems go away, and generally preferring to be humans.
Most want to avoid 'complicated' at all cost, therefore the crypto growth potential may work itself into a stasis in 2018.
From then on, institutions will have the say, most cryptos will be marginalized and likely soon forgotten, or used for special projects only, remember the dotcom boom - but here, we have finance industry direct concerns taking over.
Thinking along these lines and watching the fickle psyche of the momentary investors, who run scared at every hint of a government official thinking aloud about remote measures of regulation, I start getting doubts about Bitcoin ever reaching a level of $ 50k at all. There's no reason why it should before 2020, or at all. I just looked at the BTC chart again, which I haven't been doing a lot lately, and it's at exactly the same price it was about a week ago, when I last had a closer look.
Meanwhile, we heard several pundits constantly change their minds about what will happen, while nothing really does ;)
Trying to get over the cognitive dissonance is the major challenge here.
Be alert for a wave of cash possibly flowing into the market when people get paid these two coming weeks... and think about what YOU would invest in if you were inserting new money.
Great post. Glad to see we're on the same page. I've been telling people the same thing about ripple. It's more a or less a good short term play. However, banks have spoken about creating their own system, and they will eventually create their own system. It also seems that MANY banks are partnering with ripple for the use of xCurrent (Ripple network without XRP) instead of xRapid (Ripple with XRP). It's interesting how the intermediaries (banks) don't want to rely on an intermediary for exchange (Ripple) lol.
I don't think NEO is going to disappear in the long run. People seem to forget that the Chinese will support Chinese products. I've also heard that their government is only allowing ICOs on the NEO platform. More reason for the east to be bullish on NEO. So glad I bought at $16 and forgot I had some until this pump.
Long time listener first time commenter. Your channel is solid bc your critical and informative. I do like how your less condescending on these more informal videos. Don't get me wrong, your tone is much needed in this pie in the sky time we're in.
A few suggestions.
https://www.theverge.com/2017/6/29/15892392/anchor-podcast-publishing-to-apple-google
Personally, I use charts to set possible targets for buying and selling. My logic behind it is that there are a lot of people out there using the same tools and measurements setting similar targets based on those measurements, which defines their reliability. The validity (and its predictive power) of TA, for me at least, comes not so much from the patterns themselves but from the people who use them and, thus, validate them over and over again. In that sense, neither markets predict charts nor charts predict markets, but they tend to overlap because people use them as a guide for action.
Resistance and support lines are the same in their essence - they work when people agree on a specific line using a specific set of rules to draw those lines. That way, what comes first - resistance/support lines on the charts or people's perceptions that those levels are actual resistance/support levels - is a philosophical question (although I suppose most patterns come from previous observations of repeated market moves, so their origins are as much in human psychology (as described by the charts) as pure mathematics).
More advanced charting techniques that give deeper insights into what's going on on the market, in my opinion, are made valid by the same logic.
Funnily enough, you said you didn't use Fibs, but the targets you mentioned in your previous videos lie perfectly within the expected Fibs retracement levels for the upward move of BTC last year, which made your statements about TA in this video even more surprising to me. You must have developed a sixth sense through experience for this stuff.
People seem to forget that Asia (even without China) are the biggest investors in cryptocurrency. We are never going to know exactly what drives their buy and sell decisions, but they most likely have a home bias to projects created in the continent. I'm bullish on Asia because they've been pushing the crypto-market forward even when the West doesn't pay attention.
In regards to NEO, both their founders are fluent in English and are pushing the platform all across the world, with events in the US as well as Europe and the broader Asia area. I invested after their Reddit AMA as they seemed incredibly competent and passionate about blockchain and its potential to change the world.
I'm considering just investing in a few names only to have exposure, but not worrying about them at all - just letting them sit there forever. Sort of passive indexing almost for that side of the world since my expertise isn't the best for that region.
If you do that, please let us know what names you choose. I know you probably don't want to endorse any specific cryptos, but sharing your research and conclusions would be extremely valuable to many of us. Then we can add that information to our own research before making any decisions. Thanks again for sharing your knowledge!
Agree with your analysis that Asia is bullish and optimistic toward real progress. Trade and cooperation will produce much better results than debt and death and war. Peer to peer deepens the ties among people of all nations.
Asia are always faster to adopt that the west, look at China and renewable energy...
Like that ridiculous Mona Coin LOL!
Guys, i am originally from China. Always interested in those Chinese block-chain projects and I spent a lot of time to understand who they are and what they are trying to do. A lot of "developers", "inverstors", "backers" have actually very little interests in technology rather than making fast money. I have to dig into their background and invest the project with reliable people. For now, NEO is the only one I invested. TRON is a joke for me and I think Justin Sun is trustless
Thank you for your thoughts yuka.
We need good information about what's happening in China and all of Asia and I think it's extremely important that "we the people" deal directly with each other. And especially that we don't rely on governments to do our thinking for us. Governments will follow if only people will lead. The closer the ties and the greater the number of win-win situations the fewer will be the misunderstandings.
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