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In This Issue:
These TikTokers Will Make You Rich!
Bitcoin Breaks Up
Altcoin Charts
Die Dollar, Die
How Rich Is Michael Saylor?
Binance Delists Assets And Prices Drop
Michael Saylor Is Playing A Different Game
The BITCOIN ETF Could Be Rejected For This Reason, And NOBODY Is Talking About It!
These TikTokers Will Make You Rich!
Investment experts often advise to 'buy fear' and 'sell greed.' Countless clichés echo this sentiment, ranging from the wisdom of Warren Buffett to 30-second TikTok clips.
The issue with this ‘conventional’ advice is that it is actually teaching you to be unconventional and counter-trade the herd but stops short of teaching you exactly how to do it. On the surface, this advice is simply telling you to ante the f up when there’s panic. Scary and not necessarily wise.
One of my favorite instances of this phenomenon was when well-known YouTuber KSI ‘boldly' purchased Luna during its crash, believing it was a being sold at a genuine discount. Unfortunately, KSI incurred a loss of $2.8 million in a single day.
My other favorite example of this 'unconventional' behavior is a TikTok couple who went viral at the peak of the 2021 bull market, elaborating on how they "make money from home." This video will always crack me up. I transcribed their 'advice' below, so you don't have to leave this page.
So how do we make money from home?
The answer is really simple. Basically I just trade stocks on an app called Robinhood. They actually give you a free stock, so they are paying you to sign up.
I know trading sounds intimidating, here’s my strategy in a nutshell. I see a stock going up and I buy it and I just watch it until it stops going up and then I sell it and I do that over and over and it pays for our whole lifestyle. If you're wondering how much you can make doing this…
In this month I turned about $400 into $14,000.
And in this month, I turned less than $1,000 into $20,000.
And honestly, my favorite part about this isn't even the amount of money you can make, it’s that we don't have to work a 9-5 job.
We can focus on things we actually enjoy doing. If you have friends that want to make money from home, share this so you can let other people know there are more people doing this now.
I believe the key distinction lies in the fact that Warren Buffett initiates his investment journey with the 'buy fear' and 'sell greed' mantra, while less experienced investors begin and conclude their approach there. After Buffett voices this mantra, he then dedicates hundreds, if not thousands, of hours into thoroughly researching an idea. On the other hand, less experienced investors might utter the same mantra for a boost of confidence and then promptly start searching for the buy or sell button.
Before I wrap this intro up, I want to defer to one of the greats, whose philosophy on conventional and unconventional investments has greatly influenced my investing over the years. Howard Marks made his name by mastering the art of buying fear. I love this advice. I suggest you read it. Then read it again.
“Extraordinary performance comes only from correct non-consensus forecasts, but nonconsensus forecasts are hard to make, hard to make correctly, and hard to act on. You can’t do the same things others do and expect to outperform…
Unconventionality shouldn’t be a goal in itself, but rather a way of thinking. In order to distinguish yourself from others, it helps to have ideas that are different and to process those ideas differently.
If your behavior is conventional, you’re likely to get conventional results - either good or bad. Only if your behavior is unconventional is your performance likely to be unconventional, and only if your judgments are superior is your performance likely to be above average.”
Don't limit your pursuit of success to 30-second TikTok videos or commonplace clichés. Moreover, if your professional career is unrelated to investing and you lack the time to delve into making investing a successful hobby, consider seeking a trustworthy professional. Remove yourself from the equation and rely on the expertise of those well-versed in the field.
If you do have ample time, approach the market as if it's the most crucial test you'll ever take in your life. Study, practice, rehearse, and then repeat the process until you're as close to certain as possible. There's a high likelihood of being wrong, even after you put in the hard hours, so mitigate your losses and refocus on the process once again. Financial success only requires being right a handful of times in your life. Luckily for us, our current situation (crypto) could be one of those instances if you put in the work.
Whatever you do, please don’t end up on a TikTok meme page, I am begging you.
Have a great weekend.
Bitcoin Breaks Up
Bitcoin is not messing around.
While many would point at the "ascending wedge" that is forming, anyone who has seen Bitcoin in a bull run knows that this is generally just a series of higher lows consolidating hard into resistance and that they usually break... up.
Bitcoin continues to push harder into this key area of resistance, hitting the EQ so far today (the dashed center line).
We really want to see candles closing up here, not more rejections with long wicks up.
The end of the day will give us far more information, but Bitcoin continues to look very bullish. I see nothing bearish here at all.
Price almost hit $39,000 and made a new yearly high on this recent push.
I shared this on X yesterday, when I noticed that Bitcoin had formed and was breaking out of a bullish descending wedge. Zooming in can often give you clues as to when a chart is ready to finally break out of consolidation.
Now have a new support at the previous highs, $38,480.
Altcoin Charts
For those who are new here, I share SETUPS and not SIGNALS. These are ideas that I am watching - if a certain thing happens, then the trade triggers. I am not telling you what to buy or when. I am showing you how I am watching certain charts and what has to happen for me to take a trade.
You are all aware that INJ is one of my largest positions, one that I have held and traded around through the entire cycle.
This is one of the few coins that looks destined to break it's previous highs. As you can see, it has broken resistance after bullish consolidation and looks ready for another push. The line up top is the all time high... not sure far to travel from the current levels.
It really should be heading there. If it can break the all time high, we have a blue sky breakout and sky is the limit.
At the moment, price needs to break the recent high (19.14) to signal continuation, so there is nothing to do right now
Die Dollar, Die
In the financial markets, European stocks saw gains, led by mining companies Anglo American and Rio Tinto, following their stock upgrades and a positive report on China's manufacturing activity. U.S. futures also edged up, while the dollar weakened against other major currencies.
Investors are closely watching Federal Reserve Chair Jerome Powell's upcoming speech for hints about future interest rate decisions. There's speculation about whether the Fed might cut rates next year, but some analysts warn against excessive optimism.
In Europe, Italian bonds outperformed after unexpected drops in manufacturing data, leading to increased expectations of rate cuts by the European Central Bank. Meanwhile, crude oil prices decreased despite OPEC+ agreeing to reduce supply.
In the U.S., October statistics indicated a slight easing in inflation, supporting the idea of the Federal Reserve slowing down its aggressive rate hikes. This easing has contributed to the significant gains seen in various market indices in November.
Amidst this, the OPEC+ meeting's promise of output cuts lacked clarity, affecting oil prices. Brent crude traded below $81 per barrel. In Asia, despite initial losses, Chinese shares recovered somewhat, possibly due to state intervention in the markets.
Key events this week:
US construction spending, ISM Manufacturing, Friday
Fed Chair Jerome Powell to participate in “fireside chat” in Atlanta, Friday
Chicago Fed President Austan Goolsbee speaks, Friday
Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.7% as of 9:49 a.m. London time
S&P 500 futures rose 0.1%
Nasdaq 100 futures were little changed
Futures on the Dow Jones Industrial Average rose 0.2%
The MSCI Asia Pacific Index fell 0.3%
The MSCI Emerging Markets Index fell 0.5%
Currencies
The Bloomberg Dollar Spot Index fell 0.2%
The euro rose 0.1% to $1.0901
The Japanese yen rose 0.3% to 147.82 per dollar
The offshore yuan was little changed at 7.1444 per dollar
The British pound rose 0.3% to $1.2668
Cryptocurrencies
Bitcoin rose 2.4% to $38,660.75
Ether rose 2.8% to $2,103.33
Bonds
The yield on 10-year Treasuries declined two basis points to 4.31%
Germany’s 10-year yield declined three basis points to 2.42%
Britain’s 10-year yield was little changed at 4.17%
Commodities
Brent crude fell 0.3% to $80.61 a barrel
Spot gold rose 0.6% to $2,048.24 an ounce
How Rich Is Michael Saylor?
Let’s do some quick math.
Michael Saylor owns 24.2% of MicroStrategy.
MicroStrategy holds 174,530 BTC.
Saylor's share: 24.20% of 174,530 = 42,209.66 BTC.
Saylor personally owns 17,732 BTC.
In total, Michael Saylor (theoretically) possesses 59,941 BTC.
At the current price of $37,750 per BTC, Saylor's holdings are valued at $2.26 billion.
If Bitcoin reaches $100,000, Michael Saylor's Bitcoin would be $5.99 billion.
If Bitcoin reaches $1 million, Michael Saylor's Bitcoin would soar to $59.9 billion.
Binance Delists Assets and Prices Drop
Starting December 7, Binance will delist BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) from its platform. To be candid, I've never come across most of these assets, so the decision to delist them from Binance doesn't surprise me. In fact, I believe de-listings should be a more common occurrence.
Last week, Binance removed 10 trading pairs linked to BUSD, including some more well-known names such as APT/BUSD, AXS/BUSD, FIL/BUSD. Essentially, Binance is streamlining its offerings to maintain compliance.
For reference, this is the chart of Walton Chain, a perfect visualization of asset death.
The official note from Binance said, “At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”
In my view, this seems like a tactful way of indicating that these tokens exhibit low developer activity, lackluster trading volume, or may involve ethical or fraudulent concerns, perhaps encompassing all of the above. Binance’s gameplan is remove the CEO, pay a fine, delist some trading pairs, and then get back to business as usual.
Michael Saylor Is Playing A Different Game
At this point, we've grown accustomed to observing Michael Saylor accumulate substantial amounts of Bitcoin seemingly at any given moment. However, witnessing a 10% addition to his already considerable holdings, in a month, especially when Bitcoin is reaching its yearly highs, is truly a spectacle. Let's be clear—I'm not critiquing this strategic move; in fact, I find it to be nothing short of genius.
Michael Saylor doesn’t give a damn about the short term; he's simply purchasing as much Bitcoin as possible and then contemplating how he can repeat the process. In this recent instance, Saylor procured approximately 16,130 BTC at an average price of $36,785 each, elevating his overall holdings to an impressive 174,530 BTC, averaging around $30,252 per coin. We are witnessing financial history in the making.
The BITCOIN ETF Could Be Rejected For This Reason, And NOBODY Is Talking About It!
Matt Hougan from Bitwise explains why an ETF approval in January is no sure thing. There's a reason it could easily get rejected, and nobody seems to know!
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.