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ABOUT THIS EPISODE

Today I do a market roundup, some brief technical analysis and talk about the San Fransico FED and how their economic theory suggests it was Bitcoin Futures that crashed the market. Check out the launch offer for my new course The Master Cryptocurrency Trader at:
https://www.cryptoversity.com/courses/the-master-cryptocurrency-trader/

Sources:
https://coinmarketcap.com/
https://www.nytimes.com/2018/05/07/technology/bitcoin-new-york-stock-exchange.html
https://www.frbsf.org/economic-research/publications/economic-letter/2018/may/how-futures-trading-changed-bitcoin-prices/

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English
United Kingdom

TRANSCRIPT

00:00:13one of them again on today's episode on the grit of as live stream pressed one button every time anyway let's make sure it doesn't play out his stuff that we have right so you party and so my two yesterday said it was going to pour out video yesterday
00:00:28holes and gave me a mild migraines which wasn't debilitating book %HESITATION knows the bill taking as a Formica rain but it was enough to kind of throw up my concentration to make it a rather unproductive day from my work standpoint anyway now if you don't know a whole
00:00:43sink is it's the audio technology that I use for meditation which puts my nervous system on that large amounts of stress so that it responds by growing more resilient right now if you wondering why on earth anyone would do such a things to themselves well it's just the
00:00:59same as lifting weights in the gym and then aching like hell the next day so you take your muscles too you know debt limit and then beyond the limit and then the muscles get stronger right I just have to do that I just do it with my central
00:01:12nervous system in my brain right does it heads yes sometimes does it work yes absolutely it works as well as lifting weights in the gym so for all of you people tell me to chair up in the comments sometimes those are probably the days when my nervous system
00:01:30has been taken beyond its limit so that's a change let him be on those particular days anyway today I want to apply the rule of three as always muck around of the technical analysis from on the few major coins maybe two or three major points today number two
00:01:45the SEC security declaration news high number three New York Stock Exchange will launch physical bitcoin futures and off the back of that we'll talk about the federal reserve some Francisco how they've put this economic letter together applying some economic theory that states the major price correction from twenty
00:02:06thousand all that going away down to six was actually as a result of the launch of the big corn futures market on the Chicago mercantile exchange says we're gonna do today so let's begin with market benefits in technical analysis and keep this pretty short because it tends to
00:02:22consume most of the episode otherwise so let's just stick to some highlights here as I speak to you right now the markets looked like they were covering if their rooms now back in the green that's point nine percent gain for the day four hundred and thirty billion dollar
00:02:37market cap and a slight dip in volume today or any twenty two and a half billion dollars traded in the last twenty four hours now from there we'll go over to the charts because I've got a couple a chance to show you him let's load of my %HESITATION
00:02:53overlay because it hasn't hasn't loaded it and only does not open to the big queen charts with the US dollar right share what I made two big coin bodies let's look at the for our child in some way to big going by is I did one yesterday at
00:03:13around this level here nine thousand fifty one and added another bite we one yesterday one today around the same price and that big one is now a goal going into buying some **** around three thousand one in fifty seven should too she is so let me actually walking
00:03:32through those decisions on big Korean I already had this horizontal line of support drone at ninety fifty one so I'm basically betting that this will hold and push the market puts right any given every looked slightly further out one include I like to do not to this point
00:03:50with the autos Iman so include the two previous this double top from you know when we went to eleven thousand six hundred and then at the second bottom down at six thousand foreigners so we we saw the ten thousand dollars bounce and then this here is where my
00:04:07school level is at ninety eight fifty one and also looking on the one hour China we actually saw a couple of touches on this so it did dangle slightly below that we had a bomb of eight eight nine eighty so in a ball in a little bit higher
00:04:23than the bottom but you know that's absolutely vital trying to catch the bottom but that's why I just said it the way I said it which is absent I am betting that this his supporter will hold right and it is somewhat of a small gamble is a calculated
00:04:38risk but it's still a bit right it's a bit based on probabilities so I'm willing to accept that risk and then I did in two pieces those are mitigated my risk by buying it once yesterday just in case support broke right and then a terrible influence as it
00:04:53was I'd go back in today and the ductal dangle that willow would ninety fifty one this here this is actually overnight see looking at four five in the morning for it in the UK so can I wasn't around trading at that time because I can get in was
00:05:10in about nine o'clock this morning when the market started to move back up again so that's the two bodies that I did %HESITATION check what did I do with that yeah I'm I'm hoping that that's not hoping I was no good but I'm betting that that's the bottom
00:05:26of big queen and then I'll push the whole market open then the owner of the queen this is the use unknown and I know **** it's BTS BTC is one look at BTS BTC this is the one I was shocked let's take a four hour view on this
00:05:43so we can see the perspective this is the previous time I traded but she has been out of repair not sold out there so I'm looking for another entry point looking back to the replacement of support here this is where I want to get in fairly the thirty
00:05:55one fifty seven three thousand one hundred fifty seven sit too she is about and that's gonna be strong support so I took hold of a core that I purchased with fiat currency and stock it all into **** and I'll do not decision either way right someone said in
00:06:11the comments the other day that I had made some of what they called horrendous coals which is absolutely true right you're absolutely guaranteed to make some horrendous coals when trading however never ever do I say you should do what I'm doing never do I say that right these
00:06:29videos a purely for entertainment purposes so if I make a horrendous cold you just see that as you you being a spectator and just enjoy the spectacle to go hug Chris made about cold he probably lost money right so you don't absolutely not be betting on anything that
00:06:44I say ever okay so that's that so if you don't if you don't losing trades here that I would suggest that something wrong because the law of averages states that if you do something often enough then the ratio will appear by any any run of a hundred trades
00:07:00that you place while they were going to be some hunting isn't that right that turned out to be big loses and as long as you get out of those trades fast for a small loss while the price can full for miles in a be okay and there are
00:07:12gonna be Tracy get into where the price then takes a massive don't write notes okay as long as you know on the train when it defines the heart right and that's also why technical analysis is is only one component of trading right I said this the other day
00:07:27but a lot of people in comments seem to think the technical analysis is all you need to know to trade successfully well that's patently false and that actually is chose gross ignorance as to have the complexities trading so there's too much more you need to know which is
00:07:44why I made a course about it recently right you know that was committing it anyway onto this area because there is breaking back up above its own resistance levels of a publicly if they're in charge against the dollar this is for our shot once again look pretty much
00:07:58the same shape the codicil settled kept going on it was like you should write letters to the bottoms was it yesterday or the day before that would be on the seventh says two days ago now so if you really look at breaking back above resistance at seven thirty
00:08:14four and that's not always on the white line of go here it was seen that from my previous videos as well it's looking like it's posted right now as we speak so I guess the one hour China and okay this is good this is very good so right
00:08:28now in the UK was about eleven AM that hourly bus closed above this resistance level and the height of that Kendall has been broken now granted we've got this says all of this is a sort of bearish candle right here we've got a rejection of a high price
00:08:44in the last hour however and the the fact that's many the fact that the ten AM candle wasn't able to break the resistance the eleven AM candle was closed above resistance and then the high broke well that's to me normally confirmation of a breakout anything I'll take into
00:09:02account here is that the room was set is saying lower highs consistently over the last few days of hydro this let is that's a definite that's a technical dips in a go of it as a technical downtrend however at the same time it's setting hi-lo's like this ticket
00:09:22dispensing going on right now so this is this is the inflection point for the room they support levels recently significant I like the fact is closed above it however look at that is almost a perfect technical downtrend life eleven highs so I'm actually is the the on that
00:09:38to monitor it so wouldn't that wouldn't trade this right now necessarily ordinarily I wouldn't trade that as sort of a break out of support as I break out of resistance however you take this into account and then doing the like right is it so we'll see if that
00:09:52really continues if it continues and boasts this downtrend line here then that's great then it will be above both moving averages which is struggling to break above right now and it was just lying then we should be going back up towards eight one eight I'd be pretty confident
00:10:07about that if you want to post a video rewind it all the same downtrend line that's the theory I'm against the US dollar on the fixed price feet look at the alley cha and then just copy that trend line join the four peaks up and keep an eye
00:10:22on that level okay because we want to see if you really wanna is the same sort of price action is this right you want to see a green candle the breaks of both this downtrend line closes above it and then breaks the high right so the candle of
00:10:38follows the breakout Kendall says this is the break I kind of write this is this is what was imagine this horse on a one line was this downtrend line so we want to see a kinda like this breakout close above it then the following candle goes higher than
00:10:52the high the break a candle so this pennies to repeat itself above this downtrend line that's what I want to see her before I I'm confident we're going to be shooting right back up to eight one eight so that's it for a theory I'm am most of the
00:11:09gold coins a kind of Chillin underneath them moving averages of the last couple of days book so ideal best number one particular word about that anything until buys a quick follow up on dash because dash had that significant level of resistance but it bounced off let's see here
00:11:28back over to the for our child dash against the US dollar I mentioned this the other day like this brilliant at technical resistance with three failed tests in two failed breakouts pretty significant I was actually followed by a twenty percent sell off from top to bottom so the
00:11:47resumes was it resistance at five oh five H. and then we had this great big old self down to wasn't quite twenty percent four hundred and eleven dollars in my little more stock in the one hour China that boom bust down below the support level at fourteen fifty
00:12:03seven and then have almost four hundred and eleven you knew perhaps it was it's fortunate in any of the day when I said I'm gonna buy dash when his two hundred day moving average maternity I think it was the two underpaid moving average on the four hour so
00:12:19going back yeah I I want to buy right here about four hundred and forty seven and my bank books my debit card from buying for big band maybe that's because destiny hero's fate my car got blocked because I'm now in the process again the cotton blocked for passing
00:12:35a bit panda and I can pitch is a much lower price so thank you very much to the bank for that as the one time I'm actually please my goggles blocked either way I would have in the decision right into these are still coming out to make money
00:12:46on that trade anyway even if it's a boy in a folder voice haven't so does that that's not the Macarena to anyone else's move on to the SEC and if everyone being a security well basically I think we've all been victims of mis information here which I'm not
00:13:01particularly happy about for a couple reasons or ethical reasons the first is that I'm sorry right in my research normally but this is one that slipped through the net and inevitably you gonna get stuff is slips through the net right this isn't didn't just happen to me though
00:13:17%HESITATION Michael of books mining apologized for the same thing yesterday as well when I was watching his videos and this happened to me because on the day I mean that video talking about this I only had so much time to research the issue right and I did go
00:13:31to the source like I always do right to do a fact check in this case that was going directly to the SEC's website to validate what the media headlines are saying and so I'm like okay where did this come from only get to the to the root of
00:13:43it and find the source material when journalism you called the primary source and that that's the thing I want to make sure that there before I start stocking narrative on top of it right and when I went to the SEC website I'll be honest back before me the
00:13:58video I was actually able to find anything listed on the intent of that hearings are scheduled meetings stuff like that but I just figured it was because in it I just of figures was able to find it with the amount of time that I had in if I
00:14:12commit more time to it I would be able to find it on the mistake I made was to go ahead with the video anyway right so I'm now kind of forced to go back and say that this is very fake news until such time as I see a
00:14:24primary source that verifies exactly what's going on here and the the any source that would give me that confidence is the official SEC website itself otherwise it's just hearsay and this is it this is a good lesson really what we can take from this you know that phrase
00:14:38that says ally can make its way around the world twice before the truth is even guys shoes on that that's kind of what happened here and that I was even guilty of perpetuating something that wasn't verified which I will never he would do okay well his his them
00:14:55even at a more abstract level has the underlying problem incentive system for you to prison podcast as it only allows for a certain amount of depth of research right to make content creation sustainable content has to be poor out regularly and consistently and doing the very in depth
00:15:13research is very time consuming excuse me and because crypto news in particular the case so quickly many of us just can't afford to spend huge amount of time fact checking every single detail because if we did we just wouldn't be able to survive as content greatest we pour
00:15:32out maybe a video week or video free ethnic maybe couple of videos a week and that we missed tons of stuff and then also that wouldn't be enough content to actually sustain ourselves as a as a content creation business so the incentives are all out of work that
00:15:47in my case in particular IE I have all the crypto businesses to run right without those I would be able to afford to do the consecrations of anyway right so there is no perfect model does far as I can see we just have to kind of do out
00:16:01best and then take it on the chin when something sick slips through the net maybe I need to hire a research or something if you're interested let me let me know gay and such but I always do is you know strive for excellence no perfection as Martin Weiss
00:16:16said to me the other day not the final story of the day big one New York Stock Exchange will apparently launch physical point futures so who said that well that was something that came from it today de think it was The New York Times as a New York
00:16:33times article that actually before we get to that speaking of fact checking check this out I've highlighted this bit in orange up with on the US clear things out as as the parent company of the New York Stock Exchange has been working on an online trading platform that
00:16:48would allow large investors to buy and hold big coin according to emails documents viewed by the New York times and for people briefed on the efforts who asked to remain anonymous because of the plans are still confidential anonymous sources crates no the reason I mention that is because
00:17:12after that mistake we just made with the SEC thing I'm now temporarily temporary cattle hyper let like hyper paranoid that we're being intentionally misinformed with this kind of stuff right now that's just because my in my apparently is heightened temporarily right and that's going to say that this
00:17:28is a plan to project and could therefore still be scrapped so let's not go crazy just yet if this were to go ahead though it would be significant because the plan is for it to be a futures market is physically settled right and I would have a much
00:17:44larger impact on the big car market than say %HESITATION bison sellers of the paper contracts like the cash settled ones because bison sellers would be physically taken possession of that coin rather than just you know doing up paper training on cash settled markets having said that though this
00:18:01is combined with another story that I found here we go check this out so this is how I got back to the beginning of the article yeah this is on the website for the Federal Reserve Bank of San Francisco and the first thing I picked out here is
00:18:18as the record run up and subsequent fall in the price of big when this is after the introduction of futures did not appear to be a coincidence rather it is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset so this is a
00:18:35letter by is an economic letter talking about how futures trading it changed coins prices so this is kind of interesting right so the saying the rapid run up and this is what falling prices after the introduction futures doesn't appear to be a coincidence are they say introduction of
00:18:51futures tends to follow this path wet optimistic speculators bid up the price and then when futures are introduced that allows pessimists today in short the price and they say that cycle has repeated itself and economic theory suggests that is exactly what should have happened I'll just or something
00:19:11if that were true what in these these people bet on it or maybe they just academics and a really bad on the theory that just like to pontificate in any case moving on the next day he says the big big going price coincided with the day of big
00:19:25corn futures started trading on the Chicago mercantile exchange the advent of blockchain introduced a new financial instrument but going which optimistic investors bid up until the launch of the big computers a lot of pessimists to enter the market which contributed to the vessel of the big point price
00:19:44dynamics well well wait a minute way way way way way I know this is the San Francisco fed right and I'm just little Crisco nearly into that book I've gotta say they're incorrect right the notion that the Chicago mercantile exchange futures was the fast option or the first
00:20:04opportunity shopping coin that these folks because poorly exporting had big coin landing on that platform by for short sellers and a bit Max they've been around since two thousand fourteen right so that's why I say that's false however where they are probably correct is that major institutional traders
00:20:26at the party when allowed to use those platforms because they're on regulated so I can decide if a bit Max and then in a stock shorting but going back in two thousand fifteen or sixteen with the CME futures right as a futures contracts that opened up the floodgates
00:20:41so from that point of view %HESITATION all the incision dress could have flooded in by the CMA seven that point of view the San Francisco fed is correct so will will look you know what will kind of agree on that book I'm kinda just been pinning down the
00:20:55detail of what's true what's false what's full says you could show a big point prior to the futures contracts luncheon you and I could have institutional vest investors and traders probably couldn't because those platforms are regulated so they would only will go is what I say to that
00:21:12applied economic theory this suggests that the biggest contributing factor to that big market crash this year was because of the larger the bickering futures markets let's have a discussion in the comments until then that's all I've got for you today is to be like the Serbs are go
00:21:27ahead hit the like button and it is like to think that it's like one please leave me a comment blows of feedback and get subscribed and if you like to learn how to trade to currencies when I check out my boyfriend's new course on train cryptocurrency is called
00:21:42the master crypto currency trader there's a launch a phone with a name in a fifty percent discount so check it out on criticism come up with a link below for you but until then guys it's me risk anything dive in and

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