This video is brought to you by masterworks, go to masterworks dot, io or check out the link in the description for more information. Hey everyone meet kevin here. Let's talk about the cryptocurrency market and something that i believe is a bullish, and that is why i've been buying the dip like crazy in crypto, i'm going to talk about multiple different coins that i've been buying as well in this video, of course, if you're in The stocks and psychology of money group you already know because i send out alerts every time i buy or sell something. But anyway, let's first look at a little bit of just some basic ta some patterns that i'm seeing.

Then i want to talk some crypto updates and some other thoughts that i have so, let's just get right into this comprehensive update. First, it is worth noting that remember, and i know this looks like there are a lot of lines going on here. I know i know this seems crazy here. Let's just remove the lines for a moment remember when we fell to that low 28 000 level.

It really came because of liquidations that we had in may, which, interestingly, if you go to may and you look at tech stocks. This is when you had peak fear in tech stocks as well before some of the recent pain that we've been seeing in tech stocks, and we know that we've been seeing the beta uh, with with bitcoin aligned more closely with tech stocks, which basically means and when Tech stocks go down, crypto's likely to go down when tech stocks go up, crypto's likely to go up we're seeing that alignment more and more. It used to be that crypto was a really great diversifier uh uh and would frequently do the opposite of what the stock market has been doing uh, but that has fallen apart. We already know that, but, as we had this peak fear over here in may, we quickly crashed right through our support levels.

If we draw these here, the 47 000 support level which we've frequently bounced off over here, which is actually where we sit right now. We crashed right through that to get down to that uh. The supports down just under 30 000 right look at what we have happening here now. We've got this liquidation pane that brought us down to about forty two thousand.

We quickly rebounded to the next level of support, and this is where we've been sitting right here at forty seven thousand. This is where we've been dancing back and forth in my opinion, unless, for some reason we continue to see pain in the stock market, especially with tech stocks leading to some folks going to their crypto to rob the crypto piggy bank to go, buy deals and tech Stocks, i believe we could end up being stable around the support. I think it's going to take a lot of negativity in the stock market and the markets in general, a lot of additional fear for us to break below this 47. 000.

Now we did briefly break below this 47 000 today, when we had a substantial amount of fear this morning. What i want you to do is take a look at arc and then compare the pain that we had this morning in bitcoin arc this morning fell to below 90 dollars. Now it's substantially recovered. We opened up in the negative now we're up four point: two: four percent you're, seeing the same thing with amc, you're, seeing the same thing with a lot of stocks, we're going we're turning that risk on again at the same exact time as we saw the arc Pain and the tech pain this morning during my market open, live stream.

Look at this folks, the price of bitcoin fell. I ended my live stream at about 7 10, and i said folks now, i'm gon na go, do some shopping and send some alerts to the people in the stocks and psychology of money group. What did i do? Folks? I bought myself some crypto uh and now we quickly head back headed back to support. I bought btc about soul and i bought dot right there.

In fact, i sent my notification at 7 15, which was right there. It's pretty good, that's pretty good. In fact. In case you don't believe me, i can literally show you that notification right there look at that btc.saul added 32k each let's go uh, so i've been buying the dip on kryptos here lately.

But my point is that we're seeing a little bit of a recovery in tech, but we had a lot of pain this morning in tech and despite a lot of pain and tech. This morning we didn't that substantially and for that long fall under this uh. This level of support that we have here this channel of support that we've been dancing in now after the fed meeting, we had a little bit of excitement. We kind of ran above uh the support lines which we quickly pulled back to that's fine.

But to me the more we keep rubber banding back to this and the harder it is to actually get that liquidation pain to drive kryptos down the more. In my opinion, the pain that we see. As we said in this channel the more it's by the dip opportunity for me so uh, you know a lot of folks got mad at me because i sold a lot. I sold all of my crypto with the exception about 40 000 in an axi team.

I sold everything when we were right around 58, 000 uh 500 and that's because the signals that we're seeing implied we got more pain ahead. We got that. I don't know that we're going to have enough pain to actually push down to the 37 level and that's why i'm buying now, if, obviously, we go down to 4 to 37 000, i'm gon na buy down there as well. Don't get me wrong, but right now i don't.

I don't personally see those catalysts and i could be wrong. So don't sue me bro, but in my opinion these are the times where crypto is a lot more interesting for me to add to especially since i'm a big bull for the year of 2022 for crypto. But folks there are some important things that we have to consider and it's beyond the christmas coupon code for the courses down below or are you using a cryptocurrency rewarding credit card like blockfish crypto rewards credit card which you can get by going to metkevin.com bf block Five med kevin.com bf to sign up for, but folks listen to this if you are upside down on some of your crypto, i want to make this clear. This is not tax advice, i'm not your cpa, so i cannot give you guaranteed information here, but listen folks.

If you're upside down on some crypto, there is technically until december 31st, i believe, don't sue me bro until the end of the year, no wash sale rule for crypto. This means that let's say you bought bitcoin at 60. 000. If you sold your bitcoin right now and then rebought it, you could take that 12 000 loss and re-buy it.

So it's kind of like you, sell it and re-buy it at the same time. So now you take the loss, but you don't get impacted by the wash sale rule. So you can take the loss, lower your cost basis and re-buy at that lower cost basis by realizing that loss and really you haven't done anything because you just quickly sold and then re-bought just saying you only got another like 13 days to take advantage of that Opportunity something to keep in a consider. Look it up yourself fact check me on that: okay, i'm not a tax advisor now before we talk about some more things that could be bullish for cryptocurrencies.

We got ta get to a message from our sponsor masterworks dot, io with stocks trading at their highest valuations, since the dot com bubble of 2000 and inflation, not looking too transitory professional investors are trying to find ways to significantly outperform the market or just hedge their Portfolios and by professional i'm talking guys like larry fink, the ceo of blackrock, the world's largest asset manager. Recently, he called the asset class that we're about to talk about which not a lot of people are talking about, quote the world's greatest store of wealth today, and if you want to know what larry is talking about, you need to check out mastworks. They let you access a class of assets that have outpaced the s: p 500 by 174 from 1995 to 2020.. That's almost a triple the appreciation of real estate, gold and 90 of cryptocurrencies.

During the same time, and according to citibank, this asset class has the lowest correlation to the stock market out of any asset class and is shown to outperform, during times of inflation. On top of that, this market has grown over 2 700 and last 20 years with no signs of slowing down the asset class is contemporary art with wall street. The wall street journal calling this one of the hottest markets on earth according to their reporting. The upcoming auction season is pointed to sell off at least 1.6 billion worth of art, including works that could sell for 15 times their asking prices.

You obviously don't have to pay 1.6 billion dollars for artwork, because otherwise none of this would apply to you, and so that's where masterworks comes in and that's what's amazing about masterworks is that you don't need tens of millions of dollars or billions of dollars to invest In fine art, so guess how masterworks works? It's simple! You just invest in a slice of that painting and you could either wait for that painting to be sold or sell it on the secondary market to somebody else which masterworks does for you. If you want to take advantage of this, and you want to invest in fine art, you want to skip the wait list. The best thing that you can do is check out the link in the description down below it, supports the channel and it supports masterworks, go check them out, go to masterworks.io or use that link in the description down below now. In my opinion, we've also got quite a few things that make me a bullish also for cryptocurrencies.

First of all, we know that this week, elon musk tweeted that tesla will make some merchandise buyable with dogecoin and we'll see how that goes. Obviously, doge had a pretty good spike after that, which was very very exciting for the dose community uh, though that spike did not, unfortunately, last very long, we've been sitting down over here, just on top of that 1632 support we're sitting at 17 right now, we did Have a very nice spike to where we rocketed past about 21.4, but again, unfortunately, that did not last very long. Look at this temporary elon musk move here, yikes and then right back to that 1632, essentially, which we've been channeling here between 1632 1939, significantly closer to that 1632 over here. Of course, you could see those that liquidation spike, which we saw at btc as well uh.

The fact that we that we keep coming back to this, especially after uh liquidations like we had seen as is a sign that this is a pretty good, relatively strong support line. We zoom out, obviously on the day chart uh. You know, we've definitely got a little bit of a momentum bleed here, but despite that, we seem to be flooring because look at this, we hit this in june this bottom. We hit this bottom in july.

We hit the 19 bottom in september and now we're sitting at that floor again. So the good news again - and i find this is bullish - is we're having a lot of trouble breaking down under that floor. It's kind of like in another video. I talked about how you know docusign had this massive sell-off, you go to the day chart on docusign massive sell-off, but even though we keep getting worse and worse news on some of these days, we're not breaking past that floor and so far i find that some Of these things are bullish, no guarantees right, but it's exciting.

You know elon musk's, like elon musk in general, he likes doge more than bitcoin because of the transaction volume that bitcoin supports at this point until, of course, we get to lightning and we fully implement lighting right now. Transaction volume for bitcoin is relatively low, and that makes the cost per transaction high a fun note. If you haven't seen the video of elon musk being interviewed by time magazine in it, he talks about how bitcoin is a very suitable store of value and even a transfer. It's really good for transferring that store of value, especially across borders, but he believes that fundamentally, it's not a good and suitable currency for transactions again, at least at this point, dogecoin he actually believes is better suited for transactions because of that higher potential total transactions.

Remember the tps transactions per second that we can do right now, bitcoin right now, sitting at about seven transactions per second doge at about 33, once we get to lightning or ethereum 2.0. Of course, these numbers are going to explode like ethereum, 2.0 is going to explode supposedly to 10 000 uh per second or more visa can support somewhere around 40 000 transactions per second, but tentatively really transacts about two to four thousand transactions per second uh. You know cardano right now before we get to the theoretical one million, which is the hopeful goal, is about 250 transactions per second, it's a lot as the one that really takes the case here. Solana, by the way, we'll talk more about nfts in just a moment, but where i have where i have a jungle cat, it's the only nft that i own, but anyway, solana, 50 000 to 65 000 transactions per second juicy juicy juicy in terms of transactions.

So anyway, elon definitely has an affinity with doge. We know that elon's come out and talked about how many employees at tesla facility facilities talk about their dogecoin investment. So he does have a slight affinity to doge compared to probably some of the other coins like whether it's polka dot, natick, uh or or um, ultimately uh solana, but anyway uh. We look.

We know that doge is also slightly inflationary, but that inflationary number is fixed. Elon talked about that as well, so over time that inflation decreases, it becomes less inflationary over time, but still encourages transactions and spending, which is one of the benefits of having a slightly inflationary, concurrency relative to uh, store value, currency now, uh. Something else that's worth noting is the irs has also now added a check box to your irs 1040.. You now have to answer the question quote at any time.

During 2021, did you receive, sell or exchange or otherwise dispose any financial interest in virtual currency? And now i think this is kind of interesting because we did get some know your customer rules that were changed in the bipartisan infrastructure package and so uh. There's there's a lot of new tax reporting and transaction reporting coming to crypto currencies. A lot of frustration by the way for cryptocurrency miners, because, while they're validating transactions they're not actually collecting information from uh the people whose transactions they're validating - but this is just congress being entirely stupid. But it's worth noting that you know there are going to be a lot of people who feel like you know, i'm not going to check that box.

I kind of worry and think that that box is a trap, because the bipartisan infrastructure package is also requiring companies like blockfy coinbase robinhood, to report uh at least some degree of your cryptocurrency transactions. So i'm worried that if you're like no, you know my crypto's not going on my tax return or whatever, and you don't check that box and it doesn't like automatically trigger another form that you have to fill out, which i thought was really weird. It's just literally did you, or did you not that's it like there's no other form that it says like. Oh, if you check yes, then go to the next page or whatever.

It doesn't say that it's really weird, it's literally. It feels like it's just a test to see if they want to come audit you or something so uh. You know i'm gon na answer that totally honestly, like hey yup, i'm checking that box. Yes here.

This is what it looks like just so you could see it on the tax return form right here at any time. During 2021, did you receive, sell, exchange or otherwise dispose of any financial interest in virtual currency, and then just has that yes or no spot right there with nothing else? It's not again. It's not like, if you check yes, go to this form or whatever kind of interesting kind of a little sus uh, but anyway, that that did appear. So something else to know other things to keep in mind.

Folks, nft is absolutely blowing up. You've got the global market for non-fungible tokens this year, getting to 22 billion dollars, so the bees auction house sold nfts totaling over 100 million dollars, 78 of nft bidders by the way were new to sotheby's, so they are obviously opening up a whole new cohort of Customers, more than half of them were under 40, which aligns with what visa reported to us. Remember folks, visa told us in in their piece which they had a phenomenal piece on this. But they told us that active owners and passive owners of cryptocurrency are much more likely to be millennials younger than male.

And if you go over to the cryptocurious cryptoskeptics or the crypto unengaged cohorts, you get people who are more likely to be female boomers and don't watch youtube. That was literally one of the things on here. They talked about the biggest sources for the unengaged or crypto skeptics. Their biggest sources of information were tv, so mainstream media and their friends or family, who are probably also watching mainstream media, whereas the active owners look at this primarily get their information about crypto from youtube boom.

It's pretty awesome, uh, but look nfcs are exploding. I only have one nft one of the reasons: personally, i'm not the biggest nft buff in in terms of putting more of my liquid assets into nfts is mostly because of liquidity. I'm a big fan of trading crypto. That's why i i bought a lot of ada at a dollar.

That's why i sold out uh near two dollars. It's why i bought a lot of bitcoin and ethereum when bitcoin was sitting around 28 000 to even 37 000 anywhere in that range, i was willing to buy crypto, as it was still running up. 35. 36.

37. 000. Just because of the trend signals it's easy, but i like transacting quickly and if i have let's say my ethereum locked up into a crypto punk, which i've seriously considered. Then, in order for me to trade that my time frame for being able to sell a crypto punk could be anywhere between two weeks to quite frankly, three months before somebody buys my crypto punk and by then my trade opportunity could be gone to lower my cost Basis or whatever, so if you know there are some nfts i'd, be willing to just huddle forever.

Like i'm going to huddle my jungle cat, i love it uh, but in terms of a larger portion of my portfolio, i love that liquidity of being able to quickly move my cryptocurrency. It's one of the reasons that for trading i keep most of well right now. I keep almost all of my i'd say 95 of my cryptocurrency at coinbase pro, because the fees are the lowest. However, if you're just a straight - and this is going to make some people cringe - i know what i know it, but if you're, if you're just a straight up trader of crypto - and you don't care about trade uh staking honestly robin hood beats coinbase pro on the Fees - and it pains me to say that pins me to say that i know not your keys, not your coin, i get it but uh.

They do have the best fees uh anyway, so uh yeah, sotheby's, blowing up uh, you know christie's is obviously competing with him. As well, remember, christie's had that 69 million dollar auction for uh the beeple nft. That was really really incredible: uh 69 million dollars, folks in case you're, not familiar with uh. What that nft piece was uh.

Here's a picture of that nft really really really incredible. Here. The first 5 000 days really exciting uh. Then, of course you did have the most expensive crypto punk to sell.

Yet they did remove by the way that crypto punk that somebody basically bought and sold from themselves from the highest sale of a crypto punk. But but look at this crypto punk here 11.7 million dollars for the uh for the mast, crypto, punk - really really incredible, but again liquidity constraints here, but uh look! Nft is blowing up to the point where sometimes i'm starting to question how much we're blowing up sotheby's launched their own metaverse. It's an nft exclusive site for exploring the metaverse, the sotheby's uh nft collections and galleries and such in their version of the metaverse. Look at this see how they they threw the crypto punk over there in the window.

Uh, i i don't know some of this does make me a little skeptical that you know when melania trump starts. Launching an nft collection called melania's vision. Okay, folks like if you really wanted to go to melania trump.com the eyes nft and spend one solana buying uh an nft from melanie trump, you could uh and, and it comes with this, you know positive affirmation here, you ready, let's listen to it. My vision is look forward with inspiration, strength and courage.

That's deep! That's deep strength! Courage got ta, look forward with inspiration, folks, you know what i'll just keep my jungle cat but uh anyway, i did want to talk also a little bit about some other coins that i bought uh i did buy uh. I am diversifying i'm creating a little bit of a basket uh. So right now my basket includes solana, dot, etherium avax, uh, matic, polygon and uh, and cardano cardano's been a project that i've been a fan of for a while they've gotten through a whole flood cycle. Here recently, i'm glad that i sold and now i'm rebuying, but then again that's part of the crypto trading verse so anyway, folks this gives you a little bit of a look into some of the updates in the cryptocurrency space.

Some of the things that i'm doing some of the things i'm looking at on the charts, if you found this helpful, consider sharing the video check out the programs on building your wealth down below and folks, we'll see in the next one thanks. So much bye.