What's going on snipers Nayeem a little baby here, I hope all of you guys are having a wonderful day today
Let's go ahead and dive right into our daily cryptocurrency
analytics for today and take a look at the psychological
aspect of trading rather than just the technicals because I think a lot of people can get caught up with the technical analysis when
psychology and emotions have a big part to play in the market, so let's go ahead and dive right into it so
We've currently got our Bitcoin chart opened up right now and the reason we're making this video in a different approach is because I think
A lot of people have emotions kind of stirring their head right now
And I think this could help a lot of you guys looking at the current chart
You can see we're currently finding some support levels right around 10,000 656 satoshis
I'm sorry dollars
And I would be very careful though to call this a support level at this point being the fact that if we pull ups in
Indicators here. We'll go ahead and insert four different indicators. Just right click insert indicator. This is our trading view chart
The link is in the description below
It's a free resource you guys can click three moving averages volume relative strength index and the moving average
Exponential to make your chart look exactly like mine. This is the EMA right here or the moving average exponential
that's sticking close to the candlesticks you get the three moving averages the 50 the 100 and 200 a you've got the volume here and
The RSI down here looking at the current price levels
We have dropped below this 100-day moving average and as you guys know I've been talking about bitcoins price
Level and if it does go below that 108 moving average
It does have a high chance of going into the freefall mode. However that doesn't necessarily mean
it's a bad thing for those traders that are
Psychologically prepared to trade and that's what this video is gonna be about so if you guys don't know you've never seen the investor cycle
Of emotions you guys can see here exactly how investors think the majority of investors think this way because of the fact that they're not
Emotionally stable enough to understand the market I've actually just added in our discord if you guys are on our discord
This is a free resource once again as well
This link is in the description below under help for bees I added one of my favorite books about trading psychology
It's called trading psychology the Bible for traders by Unruh death Sethi
I hope I said that correct so you guys can actually go in or discord and check that out
But I was actually going through our analyst corner if you guys don't know we have these analyst corner here where we have all of
Our analyst posting charts helps a lot of people out when trading and a lot of these charts are showing negative patterns
So I'm like why do a price predictions video today like we typically on a daily basis rather
Why don't we just talk about why prices are so low right now?
So this is pretty much the psychological aspects of trading it starts with optimism goes into excitement thrilled euphoria anxiety denial fear just
this desperation panic
capulet ation
despondency
Depression hope relief and optimism now. Here's the point that I want you guys to understand here
So why life wow I feel great about this investment
And this is really in that green phase right the thrill and this is really where we saw this thrill here
This is where people were man. I feel great. I feel really cool about this investment. This is really gonna
Make me a lot of money. I'm making money, and that's where people feel really good. They're there
They're putting in money into the market
But this is the point of maximum financial
Risk because here's the thing if everybody feels good about the market guess what happens after that once
There's a ton of you know clear days clear skies
Then the rain starts to come and the dark clouds start to come in and this is really where we start transitioning
Emotionally in the market, and that's where we start going into anxiety. That's really the first point in which we transition into this
Second phase of trading and this is where the denial comes in fear
Desperation and this is where people are like you know what I'm a long-term investor, right?
This is really the area here where they're like you know what I'm a long-term investor
We just bounced off of the 50-day moving average. No big deal
We've done that before sorry let me draw that out, so we've done this before if you look at this chart
We've bounced off the 60-day moving average quite a bit of times in the past and people are just like oh yeah
You know let's find
I'm a long-term investor
But then you drop below that
50-day moving average right the South Korean news came out and now we bounced off of that 100 day moving average
And this is where people start saying oh my gosh. You know. I hope this is gonna work out
I feel kind of depressed my portfolio is down
I'm not at the profits that I were I was before should I start selling right?
Maybe the markets just aren't for me, and this is the point of maximum financial opportunity
And this is why I came here to make this video for you guys today because here's the point
Understand the market is down, but here's the thing great traders. They buy in the red, and they sell in the green
That's one of the most fundamental aspects of trading that I've drilled into you guys since the start of this channel
And I'm so
So glad that some of you guys have followed that rule but some of you guys are new to the channel
And I want you guys to be reminded of that that understand the best trade
Know exactly when to buy when to sell and when to buy at this point in the market for me personally
This is the chance for me to get the positions. I want to get in the market yes
We are on a decline. Yes, we may be in a freefall however
You shouldn't feel like the market is completely gone, and you have no more opportunity. I want you guys to understand
That's the point of this video instead of taking the technical approach. I want you guys to
Psychologically be prepared to understand that the market goes through flux you wake
Fluctuations and looking at the current technical analysis obviously, we're finding that support there, but for the most part
We are following this descending pattern here
You can see support levels are continuously descending here
And we are on the way down however the question is how far down can we go?
So why don't we go ahead and pull up another indicator here?
I typically don't like to use more of the advanced indicators because a lot of you guys just started in trading
But this is gonna be the Fibonacci indicator. You can see we've just entered this Green Zone in my opinion
We do have the potential to stay within this zone
Which means price levels can go as low to around eight thousand six hundred and thirty-eight dollars?
So I think in the next couple of days if we are gonna stay within this channel
We're gonna see price levels
Hover around these levels this for me is the best time to buy
Into Bitcoin so you can have that potential to have those good
Positions and some when prices start to increase and we start to see that run up again that you guys are in a great position
Of where you're at right now once again, this isn't financial advice, but this is what I'm personally doing guys
I'm currently
positioning myself
To enhance my portfolio and have my position to set out to the point where I'm not gonna be in a bad position long term
See most traders like to buy around these areas and sell around these areas where the most
Experienced traders understand, this is the time to buy this is the time to sell if their swing trading right so?
Looking at the global charts here what I want you guys to understand if you guys look here at the total market capitalization
This is also a chart that I'm keeping
I'm keeping in front of me because a lot of people don't look at this
But you have to understand we went from an
800 billion dollar market a couple days ago back down to around a 500 billion dollar market
But understand that we've found support around this area in the past you can see here ever since December
18th and on we had
Support around this market cap right here so for us to go below this market cap in my opinion would be
Devastating to the market because we would probably go back down to this previous support line around 400 billion
Which I just don't know if that's gonna happen if it does happen. It would be extremely surprising to me
however in my opinion
We are in this sweet spot here where the markets are low the markets are at these support levels there all the way down
That's the time to buy it's in the red not in the green right so
Looking at the percentage of total market capitalization in terms of dominance
You can see bitcoins dominance is also at an all-time low
We're right around that 30 run right under 35%
Where all coins are starting to rise in value now all coins will most likely continue to follow Bitcoin as the trend continues now
The question is when is this reversal gonna occur
When are we gonna see prices start to go back up in?
My opinion as we follow this Fibonacci level as you guys can see and now that we've broken that 108 moving average
You can see this 200-day moving average is right around the support level of the screen Fibonacci line so in my opinion
We can start to expect to see prices possibly go down to the $8,500 range as that's where the 200-day is
That's where the bottom the Fibonacci is and we're currently within that Fibonacci realm right now as you guys can see and Fibonacci doesn't lie
right uh-huh so
We can certainly see prices possibly go back into this blue, but then start to set back down
That's definitely possible as more traders get into the market and see this as a buying opportunity
However, you can see RSI is also not at the bottom yet. You can see we hit RSI bottom right over here
We went under 30 back here around
Looks to be September 14th, and we went under that area that showed that that was the bottom
And we saw that run-up
And that was followed by that period of consolidation that we saw for quite a bit
And now we're kind of seeing something similar however. We just not we have not hit under 30
Just yeah
So hopefully this approach
Was a little bit helpful for some of you guys if you guys are not on our disk or the link is in the description
Below I'd love to see some of you guys there
We actually have all of the patterns set out here for you guys to learn and educate yourself
We have a whole community here ready to
bring more of you guys in and accept you guys so that we can have a
Fulfilling and strong community that can only add value to each and every member so thank you so much for watching this video guys
like always
snipers out
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