Transcription
Hey, it's your boy, the Crypto Goon, and shout out to all my crypto goons for pulling up. Once again, I appreciate you all for pulling up.
Now, I get a lot of requests for technical analysis and breaking down the Fibonacci, um, and showing people, you know, how to start, where to start as far as plotting your chart. Now, before I get to this, let me just say this. Um, there are two types, right? When it comes to these markets, you have investors and then you have traders. Okay?
Now, when it comes to the cryptocurrency market, I am a trader. Um, and most people are traders. They just don't know it yet. And I'll be 100% honest. And, you know, this is just my opinion. That doesn't mean that I'm right. Doesn't mean that you're wrong. Doesn't mean that you're right. Doesn't mean that I'm wrong. 99.9% of the cryptocurrency market is not investable. However, it is tradable. Okay?
The reason being, the cryptocurrency market, you know, it's it's almost like the penny stock, you know, the the penny stock market. Penny stocks, you know, a bunch of pump and dumps. Okay, here's the thing. This is just like, um, if you all have ever seen the movie Wolf of Wall Street and how he found penny stocks and was like, "Whoa, the spreads on these, you know, like we can really make money." And they actually showed one of the companies and it was in somebody's backyard in the shed, right? That's how a lot of majority 99.9% of these cryptocurrencies are. They're they're really just pump and dumps. You know, you're you're you're buying these things. You're buying and and you're holding these these so-called assets when really what you're doing is you're just providing liquidity to a group of people, individual person, you know, uh, some of these companies are fronts for money laundering, um, you know, sex trafficking, different things, right? You It's really hard to know cuz all you know is what their Twitter says. They throw up a website, they buy a Twitter following, you know, they have fake comments and they have these fake things that they say that they're doing. And, you know, it it's it's it's like I said in my last video, it is not regulated right yet, like how the Forex market was at first, but now the Forex market is regulated. So, with that being said, you have to treat it like so. Okay.
Now, the majority of these will go to zero. Okay? Point blank period. If you go back, you look at 2015, 2016, 2017, and you you type in 2017 top cryptocurrencies, you'll recognize Bitcoin, Bitcoin Cash, um, you know, XRP, but the majority of those that are on that list are at zero. Okay? You know, you had these guys became, you know, they they made four 500 million, billion dollars, and they say, you know what, let me just take my money and go, right? They they exit the company and you never hear from the company again. Their Twitter page is dead. Their website is gone. Like it is what it is. That's why to me, you know, I don't look at cryptocurrencies as investments. I look at them as something that is tradable, which is one of the reasons why I use uh technical analysis. And one of the reasons why, um, even if you look at my TradingView pages, these things are they actually pan out because I don't look at them as investments long-term. I look at these things as tradable to make money. You get in, you get the money, you get out.
But I asked you all down in the uh in the community section, the post section, you know, what are some that you want to see me do technical analysis on just to show you all my thought process and how it goes. Um, so you all picked two. I saw people two people answered. So there's Jasm and there's Quant. So I'm going to hop into those right now.
So the first one that we're looking at is Jasm, Jasmcoin. Um, now I'll be 100% honest. I don't know anything about this coin. It is what it is and that's something that I normally trade, but I'm going to do technical analysis just to show you all, um, you know, potential possibilities in this right now. The first thing that I always look for is patterns. You know, I've been looking at patterns for years. So, my pattern recognition is on point. Um, so, I see a triangle pattern here. Um, so, if you look like this and then like this, right? And again, when it comes to these triangle patterns, it's not always the actual line. It's an area, right? So that area could be like this. Oops. Or it could be like this, right? So, you know, never get attached to a line, a trend line or support or resistance because they're fluid. It could go slightly above it a couple cents. It could go slightly below it a couple cents, right? It's just, you know, it's it's it's a part of the game and the faster you learn that, the better off you will be. Um, you know, especially when you see like these wicks, the average person, you know, when you're looking at this long wick right here, they think, "Oh man, the market left, you know," and, um, and, you know, you may have been using Kraken to do a short and then you exit at a loss and the market comes back down and goes in your direction. Right? That happens all the time to most people that have really have no idea what they're doing or they are too emotionally involved in this market. Okay.
So with that being said, as you can see, we have higher lows and then we have, um, you know, we're stuck in this range on the top. So this is a triangle pattern. Now, for the beginners, this is what you should do. Head over to Google and type in triangle patterns. Okay? And you can start to, um, learn these things, right? So, what we have here is what we call an ascending triangle, right? So, you have the higher lows, but then you have a flat top. So, if we go back to this, right? We have the higher lows and we have a flat top. And although this this high is higher than this high, we're looking at the closed candles, right? So if you look at the closed candles of all of these things, um, of all of these, you know, again, at the bottom you have the higher lows and then you have this flat top, right? So, um, that that's right. So you can come and you can look at a bunch of different images on Google and just just to see, right? Right here, see right here, flat resistance, rising lower trending support, we're in an uptrend, right? So as you can see right here, we we've started this uptrend and and, um, again, the breakout, right? So essentially with this, you know, this one is a no-brainer, right? It'll probably do something like this. Okay. Boom. Boom. Boom. At some point, it'll close up top, turn this into a new support, and then up into whatever direction followed by a correction as it always does where it it'll drop down something like that. Okay, that simple, right?
So now, how does the Fibonacci come into play? So with the Fibonacci, right? And when we're using the Fibonacci, you want to come over here. We're using the fib retracement. Okay? There are a bunch of different fibs, but I'm using or always use the fib retracement. Okay? So you want to take it from the low to the high. And let me just throw this in there. Also, I always use a long-term chart, okay? Monthly. You can use a yearly, but with this with uh with this particular crypto not being that old, um, the yearly chart won't have that many candles. So, it'll be kind of hard. You you'll be squished in trying to figure it out. I I use the monthly on everything. It's a lot easier. It is so easy to really just, uh, you know, we're all guessing at the end of the day, but to predict where it's going to go using the longer term time frames than if you were on the daily or the hourly or the four-hour. Okay?
So as you can see based off of this low and this high taking the Fibonacci, the market came down in between the 50 and the 618 like I always say it does. And what did it do? It popped back up. Now from here, okay, I click on the Fibonacci to open the settings. I scroll down and I come right here to reverse. Okay? Click the reverse button. Now, before I even put the Fibonacci on there, I knew where it was going. Okay? So as you can see right here, the 141, the 141 for me, oh, you know, that's like 90% of the time it'll hit that or very close to it. And if I if I happen to look at the chart and catch it, sometimes I I'll get out the trade. Right? Now, the 1618, it doesn't that's like 70%. Right? We would love it to go that far, especially since it's coming from 1 cent, but it's not as promising as the 141. And as you can see, we can it's it's stopping at this wick right here. Right? So, in in crypto, a lot of times, majority of the time, we fill wicks. Filling wicks mean once it makes a wick the market normally comes back into that area of that wick to produce a candle like this or, you know, like this, right? But we also have right? So if you look further up right where the 200 is right, what do we have? Another wick. Okay? So I'm not quite ready to predict 200 like that. May be years, a year, two years, three years down the line, but, um, as far as on the Jasm, this is how I look at these. I don't second guess myself. I don't look at it, make a prediction, then come back and say, "Okay, let me change it." No, this candle is doing this. It's changing. You know, nah. The first thing I see, that's the first thing I go with. Trust your intuition. Especially if you if you have been doing this for a while, like myself, you got to go with your first instinct because when you second guess it, that's when you're going to psych yourself out. You're going to make an emotional decision. You're going to, you know, be in the red.
And it all depends on how you plan to buy this, right? Do you plan to actually buy the coins and hold it in your wallet or do you plan to use the spot market and you're just making money off of the movement? Right? So, it all depends on what your strategy is. For me, I do both. I short in the spot market and I long in the spot market cuz some some coins if I if I don't have the wallet to get it, you know, I don't I'm not pressed to go download a wallet just to be able to get access to some coins, right? I I'll just make money off of it on the spot market because I'm not I don't plan to hold on to it for that long anyway, right? So, that's just me.
But let me just show you all one other thing. Um, let me reverse this back. Now, take a picture of my settings because most likely if you just opened up a TradingView account, you your fib is going to be all over the place. Okay? So these are the settings that I use. And really, you only need the 618, the 50, um, and the 141, right? Just those three lines really. But you can feel free to put all the other ones on there. I just normally just don't touch it. I just keep it on there like, you know, it's whatever. But put put these right. So look, take a picture or if you're watching the video, open up, you know, your phone or open up your laptop, click these buttons just so you have them. Uh, because nine times out of 10, if you have a new TradingView account, you're going to have everything clicked and it's going to look crazy, but you don't need everything. Not saying that they don't work, but based on what I do, you know, I just use a certain amount of lines. Um, you know, when the market is coming down, I'm looking for an entry point. I'm using a 50 and a 618. Okay? And when I'm reversing it to look for targets, I'm using the 141 and the 1618. It just it just depends. Like the 1618, you know, it's almost like using FanDuel the 1618 like putting putting a bet a 25 part leg parlay in in FanDuel, right? Like sometimes it hits, sometimes it doesn't. Most of the time it doesn't, right? But anyway, um, so that's Jasmine.
So I wanted to come over to Quant. Uh, Quant is very interesting. This is wild to me. This this pin bar right here that came down to about 5 cents and then came back up to 100 $107. That's crazy. Whoever caught that, they they they did their thing on that, you know? They they really did their thing on that. Um, and that's like an anomaly for real. Um, you don't really I think Bitcoin did that one time a couple years ago. It didn't go that low, but it had a pin bar that dropped something crazy like that and it went right back up. There were some people that made millions of dollars off of it.
But now looking at this, right? Um, and again, here we have another triangle pattern uh starting to form. Okay. And again, we're on the monthly. So, as you can see here, we're starting to have higher lows, but with this one, we're starting to have lower highs. Okay? So, it's a triangle pattern, but it's a different triangle pattern. Um, and let me just throw this in there while I'm thinking about it. We're getting ready to head into a bull run. Okay? When you hear the president trying to do whatever he can to get the interest rates lower, that is when the markets are going to go crazy. But you want to pay attention to the ones that are making the patterns like so like this one that's making a pattern like the one we just went over, Jazz. They're in these triangle patterns because when that bull run happens, that is when you're going to see the leg up like going crazy. Okay? So I know a lot of people are trying to time the bull run. You got to pay attention to the interest rates. They make a big difference when it comes to it. Although we've had a lot of altcoins that have been going through a bull run already, you know, like, um, the Sooie, the Sooie's been going crazy. It had two legs up. It went up crazy, had a retracement. I did a video about it, then it went up again, right? So, um, you know, you just got to pay attention to the ones that are kind of silent, but they're slowly making the patterns because later on, when hindsight is 2020, you'll be like, "Damn, man, that drone was only seven cent. Now it's, you know, $6." Right? But if you had paid attention to the patterns, you could have caught that. Right?
So with the Quant, um, so this particular triangle pattern, and again, you always want to use reference. Um, so as you can see here, um, it's kind of hard. Let me see if I can zoom in. Oops, I clicked on it. Okay. So as you can see, you have the resistance coming down and the support coming up. So, according to what we have here, you know, it's it's possible that, um, you know, it could break out to the downside, but at the same time, it's 50/50 when it comes to a a pattern like this. Um, you know, something like this, if it's if it's not clear, then most likely I'll leave it alone. Now, let's see if we can find any more. And I'm just showing you all the thought the thought process because this is what these things do. Um, so this one is actually is considered symmetrical triangle. See, like in this picture, it's saying that that's going to go up, right? So across the board, right, ascending and descending are all going to be the same. No matter what website you go to and pull up a chart, they're all going to be the same. Ascending is going to go up, descending is going to go down. But asymmetrical is like 50/50. It's a gamble, right? So, um, you know, with that this particular one, I would leave it alone because it's it's not it's not 100% flat. Now, if we had wicks, um, that were like coming down and coming back up, but if you look at it, I mean, it's it's kind of flat. It really just depends, but it's not 100% clear because you can obviously see higher lows, right? It's obvious. Although these triangle patterns are an area, we have higher lows. I don't like that. Right? So, this particular one could easily just, you know, go like this, right? It it would be a great short setup on the spot market, you know, on on Kraken or whatever, whatever you feel like using to short these things. So, and when it comes to Quant, me personally, I'm I'm I I would leave it alone. For me, I'm not going to touch it. Now, if you want to touch it, again, that's totally up to you. This isn't financial advice. We're just we're looking at pictures. We're analyzing patterns. But for me, this one isn't clear enough.
But when we go to Jasmi, this one is a lot more clear than uh the Quant one. This is perfectly clear, right? This is is so obvious that I'm probably going to publish this chart and most likely take this trade. Okay? Because this where we are right now is a good entry point, right? We're at the base. Let me take this Fibonacci uh off real quick so you all can see. We're at the base of the triangle, which is generally a good area to get in, right? A lot of people will wait for it to pop out and then do a retest on the on the uh old resistance that is now support, um, and then they'll get in and then put a place their stop somewhere down here. But I prefer to get in down here where obviously the bottom is here, right? Um, so to me, you know, in this area is a good point to get in because what all it's going to do is just bounce in this area until it finally shoots off, right? So this one is a lot more clear. Quant is not that sexy to me. This is sexy. This is classic trade setup. Classic, right? You can go through every cryptocurrency and just look for the sexy classic uh classic patterns, right? That match up to the pictures that are on Google. Um, you know, and just line them up. And it's it's that simple. It's really not that hard. Obviously, it takes pattern recognition consistently to be able to recognize these things by just looking at them like I can because I've been doing it for years. But this one is a sexy classic pattern, right? This this will most likely pan out. But the but the Quant, it's a roll of the dice. You're you're at the casino with it. I I really, you know, I don't want to say, "Yeah, this one going to go crazy." Like, I really don't know because there there are several other factors, right? We have this pin bar like I talked about previously just a couple seconds ago in the crypto market. We have a tendency to see markets fill wicks. This is a wick, right? So, at some point, the market is going to come down and create something like this, but on but on the flip side and then maybe make a move back up. That's just me, you know, being a conspiracy theorist, right? So, um, all in all, I hope I didn't talk too fast. I hope I explained it a lot. And I'm glad somebody threw the Jasmi out here because this is a classic example of a chart pattern that is something that is easy to take advantage of. Easy. It's just a work of art, you know, and you and you treat it like that, right? You don't get too excited. You don't get, you know, you don't second guess it. We we we just did the work. That simple. And it is a sexy pattern. And this will most likely pan out just like this, right? Boom, boom, boom. Shoot off. uh, you know, create a high that you know, cuz we haven't had a high since 2022, a new high, um, not the all-time high, but a new high in the past couple years, and then it'll return and then it'll do it all over again. Okay.
So I just wanted to just show you all that and again, you know, look just look at these things how they are. Don't get emotionally attached to the to the technology. I don't know what the technology is of Jasmine. At the same time, I don't care. I can just trade straight off the pattern and make money without without having to get involved. Now, if I want to make an investment, which I think that there are some cryptocurrencies that may be investments, you know, obviously Bitcoin store value, right? You have Ethereum and Tron that are going head-to-head. They're basically a similar technology. You have XRP, you have XLM, which some of those are, you know, could possibly be investable, um, assets. However, the rest of these that really, you know, they're they're they're pump and dump. So, just just like I talked about with the penny, um, with the penny market, right? When you take these penny trades, how they doing with Wolf Wall Street, how we see some of these people on YouTube making hundreds of thousands trading pump and dumps on the on the penny stocks, right? The cryptocurrency market is the same thing. It's really no different until it's, you know, crazy regulated and then it's going to shake off a lot of the BS coins, the meme coins, and whatever. So, that's just how you got to look at it.
Um, I just wanted to just throw this in here just to give you all some kind of, you know, bird's eye view of how I look at technical analysis and how I'm able to, you know, 90% of the time predict these things accurately by just, okay, I found a pattern. Then you can search Google and you can look at hundreds, thousands, millions of charts and see the same pattern playing out over and over and over across different markets, right? So, you know, it's it just it puts the odds more in your favor when you can spot them and when you can understand, you know, the entry and the exit. Always have an exit. Again, we're here to make money, not to boast and brag about our holdings. Okay?
But anyway, I just want to bring this to you all. I appreciate you all. Again, this is not financial advice. You know my motto, don't be stupid. It's your boy, the Crypto Goon, the one, never the two. I appreciate you all. Crypto Goon out.