subtitle Hello everybody and welcome back to crypt0s news just needed to get out a video for you guys Hello everybody and welcome back to cryptos news just needed to get out a video for you guys subtitle talk about some of the stuff that is going on subtitle and what is going on right now is we’re having a bit of a rally in cry[pto currencies And what is going on right now is we’re having a bit of a rally in crypto currencies We’re seeing some coins up double digits including iota like coin aetherium and AOS and another coin that’s done Not too bad is Bitcoin up around seven eight percent as it gets back to that four Thousand dollar level that is hoping to breach After it broke down below it once we had a little bit of a rally and and it proceeded south recently now we’ve covered on this channel how it looks like it’s creating a kind of inverse head and shoulders which is something that node investor on YouTube made a fantastic video about today He actually explained some numbers to look at different ways to trade this kind of position this kind of pattern So go ahead and check that video out. I’ll put a link in the description down below But you know, this is the time to place your bet right because I’ve been following this for a while now I know many of you guys have I I’m gonna also later on talk about you know in a separate video this Fantastic article that I found from a trader who traded for over ten years on Wall Street And he decided to create a list of tips one of the things that he pointed out. However Was be very cautious when trading on something that a lot of people have eyes on and this inverse head and shoulders pattern is Something that a lot more people have eyes on and you need to keep that in mind I hear more and more people talking about it more and more charts pertaining to it more and more social media posts about it and The thing with these charts is they might just be witchcraft or who do but people trade them because they see them so There is the fact that a lot of people are seeing this pattern now, which could easily put like pretend what could happen next? really in a positive way, so it could mean that it plays out in the way that it’s expected because more and more people are gonna be Purchasing it in that direction So right now it looks like we’re trying to create the second the last part of it actually the last shoulder It’s been like a two month process here or no. I’m sorry like yeah, like 32 day process creating this pattern and So, you know Now that the shoulder is happening if it in fact breaks into that neckline we could see Bitcoin hit about 4400 to make 4,300 really to 5600 conservatively, I mean Those look like some good targets to perhaps consider selling. I mean you have to ask yourselves When you want to get into this Are you gonna get into it? like before we get a break out over the neckline and and pass the shoulder and into the actual breakout when you can get more confirmed gains That’s what really more professional traders prefer to look at they wait for the breakout Which we’re not at yet Before actually initiating a trade or you get in before that so really it’s a you have to consider your own Risk and reward scenarios here. So obviously if you get an earlier, you have the potential to make a lot more But if you get in later then that might be a safer thing to do make sure if you are trading that you have stops in case it drops below a Certain level that way. You don’t get completely burned out if it proceeds lower But it looks like there might be some opportunity here again You have to be cautious if there’s a lot of eyes looking at this thing So don’t go too crazy until maybe we get a breakout might be a tip to consider or you know Do whatever you want to do and and Yolo it out, but it’s really up to you it would be really exciting to see a break down and break up that is and that might happen around the new year so that Would be a good way to start things off Everybody has been tax harvesting meaning selling before the end of the year in order to have those losses Available to them when they do their taxes for this year and so maybe some of that selling will Stop and more people begin to trade into this pattern and it does precede up and gives you opportunities for some gains That’s something to consider. Absolutely something else I wish the shots at who see you guys chat with you guys about a Wall Street Journal I’ll put a link later on the description below so you can check that out, too they put out a report they talked about how you know, we’re not seeing too much correlation esterday between stocks and Bitcoin and crypto currencies which you know, however, they should have been hailed as a savior You know bitcoin savior and a hedge for your traditional stock portfolio, but both of them have not performed really well recently Especially bitcoin over the last year. So now What is correlating really nicely however is gold which has a point 84 correlation to the price of Bitcoin? So maybe you know as gold and precious metals are seen as a safe haven when there is Less appetite for risk when people are scared of what’s gonna happen with stocks They buy gold and precious metal tradition for precious metals that is traditionally That’s what they’ve done Maybe with this correlation that we’re seeing the same thing will happen for crypto currencies as a way out and that’s something that I do Believe continues to serve as one of the main functions for Bitcoin and crypto currencies. Now another part of it is they talked about the VIX which is the Chicago Board Options Exchange so that’s a CBOE. They have the VIX which is the volatility index and with the volatility index you can See how volatile obviously we’re seeing movements go up and down in In traditional equities and that has a point 77 correlation to Bitcoin So that’s perhaps something else to follow but of note They noted how the space has become way bigger as of late Especially now where we’re seeing more institutions begin to get involved more seriously more Products that are geared to institutions to attract them and so they talked about notably greyscale investments which is ran by Barry Silbert and You know, the digital currency group is involved and they own coin desk. And so they have this Gbtc, it’s like their own little personal kind of ETF It allows institutions to purchase Bitcoin and have them cost City and all this and they talked about how they only had about 51 million dollars in assets back in 2013 a while ago and now greyscale is managing Well actually last year they managed in 2017 at the peak 3.5 billion dollars. So what a freaking leap and now things have become a little They’ve dropped off a bit to 900 million dollars just south of 1 billion, but still quite healthy and life We’ll see more institutions begin to have more interest and a healthy appetite for cryptocurrencies at the levels that we’re seeing and getting into The opportunity just seems so much better and as well they talked about the amount of Venture capital money that is in the space where before it was just like 30-something million dollars Maybe thirty one thirty four million dollars back in 2013 and in 2016 That number jumped up quite drastically to about two billion dollars I don’t know the exact figures right now. It might be actually two billion, right? I think it’s two billion dollars as of right now. So that’s a lot of money that is being invested into the space to grow these products and Hopefully we’re gonna get to see some results for that and it just goes to show how far The space has still come in a short amount of time Man, I was watching a video today that was talking about how overnight shipping works and I was just thinking how crazy the routes We’ve made logistically so we ought to ship something anywhere in the world within a day using like FedEx DHL Or UPS and you know, we had just invented the plane early last century and Then look how far we’ve come with hundreds of planes of all type flying everywhere and it goes to show me how quickly technology Sneaks up on people and we really don’t appreciate The extent of how quick human civilization moves and so I expect cryptocurrencies to follow that same Curve of adoption and I think it’s gonna be absolutely huge I still think we’re really early on really early innings here and it’s a great time to be getting involved Just some quick news here. So we saw that Apparently there was a thief in Taiwan. This just came out and by their news and reported on it He apparently had been running about 17 different internet cafes and doll shops which were really fronts for Using for basically stealing about 3.5 million dollars worth of electricity He hired electrical engineers to route things so that it wouldn’t be detected to mine over 17 million dollars Worth of crypto and he got caught the gentleman’s name was Apparently was being titled as yang and he has been arrested in Taiwan. This is something interesting. I wish to share with you guys I wonder how many people are doing something similar They have an internet cafe whatever and you know, they charge up the of the but for the cafes time and They use the electricity that they’re able to get commercially and route things to be able to mine kryptos. Now those dollars of note Yeah, and the other thing was you might have heard about this already, but if you haven’t and you’re using an electric I liked rum wallet, then be cautious many wallets are built on electrum. I’ve used Bitcoin wallets that are an electrum I’ve used Z classic Z cash wallets that are an electrum electrum is a kind of technology that allows people to connect to nodes So you can basically pick using the light clients. You don’t have to download a whole blockchain You just pick a node that runs a blockchain for you and you submit a transaction to that node and they do all the processing and so it looks like there was Some sort of nefarious Individual who ran up multiple servers that these light clients randomly connected to because I say work You don’t really pick a node I think you can but really they randomly select a node and what what happened when people randomly connected to these nodes Is that a pop-up came up saying you have to download the latest version an update of the electrum wallet and then I pointed them to a phishing site this these people were able to steal over 1 million dollars worth of Bitcoin so really problematic there Hopefully we see fixes for this but there aren’t really like authorized Nodes that are that are sanctioned out there. I think there are places that do more authorizing of this kind of thing, but the whole idea of decentralization Is partly why we have these this random node connection But it does allow the opportunity for people to scam others And so I just wanted to make you aware about that scenario if you weren’t hearing about that so anyway we’ll see what happens over the next few days if it breaks out or If it breaks the trend of well the pattern that we’re seeing right now even though more and more eyes are looking on it always be cautious out there always be careful and Stay informed. I’ll try to do that with you guys. Thank you for watching. Take care much love I hope you are having fantastic holidays in a fantastic new year as well if I don’t see you and hopefully we kick it off with a Little bit of green out here. So take care of much love and stay cryptic pigs