Bitcoin Recovers Quickly (Transcript)

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Podcast link- http://bitbetterhavemymoney.com/podcast/bitcoin-recovers-quickly/

[00:00] To bit better have my money. I am Mitchell Stulken and I have got a long day ahead of me yet. I am super, super busy running out of time. I’ll explain in a bit. Let’s jump right into it though today. Quick look at the trading portfolio, uh, after a bloody bloody, not so much weekend, but I guess you could say like bloody Sunday, pretty pretty rough. Uh, trading portfolio cash wise is down 2,384 bitcoin. That’s what on Friday, I believe I was at point four for bitcoin. Now I’m at point three eight, so I believe this hasn’t updated quite yet. I think it moved up some today about two percent, so I’m probably up a little bit higher, but real, real rough day. Let’s look at the 24 hour trend GC. Our coin is down seven point seven, one percent. I’m actually trying to sell this coin off.

[01:06] I am not going to try and do a quick swing trade of it. The volume is too low. It looks like people are probably manipulating it already and I don’t want to jump into that game and not be in on it as well. It seems like everyone else is, you know, if someone’s in there manipulated it, I’m probably a little too late for the game. You can probably still ticket you if you have like 50 bucks. I still might. Maybe eventually with like 50 bucks, but right now I’m going to work. I’m pulling out my, all my investment. I’m, I’m working on that and I’ll talk more about that tomorrow. But that’s uh, the biggest one down seven point seven, one percent the seven days down 22. And actually looking at this, it’s not too bad. Yesterday it was all red, just rough. Uh, but dragon chains the next one down, three point eight, seven percent.

[01:59] So not too, too bad there and everything. Bouncebacks real nice. Repeal up 11 percent on the day. The chain is always the strong one. Seven point eight percent and civic had a nice little jump. Seven percent roughly loom. There we go. Loom really a, that was a bad trade on my part. Uh, I bet on it bouncing up because a lot of talk, a lot of things going on with it and instead it went down. But that is a good longterm one. I’ll just have to hold onto that a little bit longer is what it is. Top over here on chain effects in bitcoin. Twenty four hours. It’s up two point four, two percent to $6,260. Etherium is also up two point seven, nine percent for 61. So nice recovery on their part. It usually does the biggest gainers. Holy Cow. I. And again, I don’t look at this stuff, I do it because I like to be surprised and you get better reaction.

[03:02] But this is cortex is up 48 point four, nine percent in a day. So that’s really good. It’s down 40 percent for the month up 12 percent for the week. So according to on chain effects, it’s only two months old. I’ve never heard of this. So let’s see. According to this, a cortex states that its main mission is to provide the state of the art machine learning models on the blockchain in which users can infer using smart contracts on the cortex. Blockchain, one of their goals also includes implementing a machine learning platform that allows users to post tasks on the platform summit aid apps. So that’s a mouthful. I would have to dive into that more to really looking at it. I don’t. It looks like it’s obviously doing machine learning, ai sort of things and using apps to do that. So That’s interesting. Probably something that Ai’s coming along, so cortext might be an interesting one to look at.

[04:10] I might have to look into that a little bit more. Uh, the first I’d ever heard of it is right now there’s just too many to keep track of. Another one on here, Theta token that is up 21 percent on the day, so that, that’s pretty big movement right there. Five months old on that one too. Big Movers, a biggest losers on chain fx. There’s only two. So read coin down four point seven, three percent and Rd raiden network token token down point one, nine percent. So that’s pretty good. It’s easy to see why yesterday was such bad day that everything was, unless it kept going down, uh, things were gonna recover took a big hit. So let’s get a little bit into that here. Bitcoin soughts lowest 2018 level. So at the lowest price of 2018, which yeah, it dropped pretty quick. Got Down to 5,833. And the last time it got there, according to this is not since October, 2017.

[05:29] So actually not that long ago. It just goes to show how quickly it ran up to 20,000 and it was super fast obviously. Um, yeah, between two and two and 5:00 PM yesterday it went back up to 6,200. So it’s, it moved real quick. It was jumping around and right now it’s at 62 60, so it was up to about 6,300 I believe earlier and it’s kind of pop and back down. Uh, so it recovered quickly, which is actually nice to see. I kind of speculated at once it would hit, you know, drop below that 56,000 mark. I in a lot of other people’s kind of thought. Once it broke that resistance, it would just keep falling. But it didn’t, it rebounded very nicely and very quickly. Maybe market manipulation, I don’t know who knows on that one, but it’s good to see shows, uh, because when it dropped to 58, everyone must have been like, wow, that is a great buying, great buying price and just shot it right back up.

[06:38] So, I mean, not including myself, I saw it and I bought some. Uh, so that’s one of the things going into this to is notice op opportunity. Bitcoin hasn’t been down to that price since October 2017. So it’s a perfect buying time. Realize that yes it could and I thought it would fall farther, but there’s always a chance that it doesn’t. And it didn’t and it was quick opportunity. There’s also really good opportunity in alt coins with that. Again, everything’s a risk in this, uh, but all coins took a huge dive yesterday and again, you’re betting on bitcoin possibly not falling more and taking all coins down farther, but if you’d have bought into something yesterday, you had a good return today, so it’s just what kind of risks you want to take. If you’re doing a quick trade. Even yesterday you could have bought into something, set a tight stop loss and just waited to see what happened and you would’ve been paid off nicely.

[07:42] So remember to use stop losses. But the main thing is just keep paying attention. There’s opportunity there. You just have to be patient. And I myself, I have a hard time with that being patient. It’s tough. I get a little overzealous jump into stuff sometimes everybody does, but it’s one of the things that start small. You can work your way out of it. Notice what you’re doing wrong and learn from it. That way when you start trading more, you’ve already had this experience. So yesterday was a really good opportunity. Hopefully you at least bought some. I didn’t buy much, but I bought a little bit and I’m just gonna hold onto it. A bitcoin is going to come back to a higher price. It is, I have no doubt in my mind. I am actually looking at doing something with GCR that’ll get into probably tomorrow or the next day, uh, because I have some things going on.

[08:36] I actually just had got done with work and I have to take off. I’m recording this. I have to drive three hours now to Sioux falls because we have a meeting with some bankers tomorrow. Uh, they want to talk to us about cryptocurrency. Uh, and we’ll see how that goes. They haven’t really told us what they want to know. One of our, one of the guys I know just they want to talk to him. He’s bringing us along and we’re going to go talk to them, tell them what we think. I’m really curious to hear their thoughts, what they know about it, what they think about it, what could happen. So that is tomorrow at 1130. It’s a June 25th today. So it will be June 26th that we have the conversation, so depending on when I get home tomorrow, I will either record what I learned either Tuesday night or Wednesday evening.

[09:32] I’m hoping Tuesday night I’m trying not to get home too late. So be on the lookout for that. It should be really interesting. I’m excited for it. Should be fun. Little nervous about it but should be kind of fun. So with that, would you kindly hit that subscribe button? Like button? It would help me out a ton. Let people know about what you’re listening to. If you like it, I would like some feedback as well if you have any. And with that I’m going to go listen to my book on tape and drive for another three hours because I only already drove for all day. So good times. Good Times. All right, we’ll talk to you later.

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