YouTube Video
YouTube Video Transcript
Hey so I wanted to do another video tonight because today was a rough day for the back to launch although not really a lot of people are trying to say that the black the back to launch on the 23rd of September was a major letdown or a failure and I think they’re saying this mostly because the price dropped a significant percentage during the day and honestly it wasn’t a huge move for a Bitcoin this is a relatively small move I think people were just expecting a huge move today because of the back to move best the back news in either direction I think people were expecting that the price was either going to jump up significantly or it was going to fall very significantly and break out of this tightening range that it’s been in and it wasn’t the case it was in a downward trend all day take a look at the five minute you can see once it broke down hard it actually looked like it was gonna pump after that it was like it was gonna do a fake-out but it stopped at the 200 moving average on the 5-minute and it just kind of confirmed the downward trend for the day and just kind of kept going down the rest of the day and there’s really been a lot of negative news around back today it doesn’t seem like it if you’re only following the the media with cryptocurrency because things like you know coin Telegraph and other the other news sites they seem to cover it in a pretty positive manner but the volume most people were rather disappointed with 71 and when I say 71 was the volume that is 71 contracts total traded throughout the day on their monthly contracts now the contracts are for a whole Bitcoin so 71 that’s seven hundred ten thousand dollars that were traded in a single day on a brand-new exchange a brand-new product I should say that has never never been done before that has a much higher barrier to entry than a lot of these other exchanges have and if you’re ever curious you can look at the bank details go to Bank comm slash markets and this is where I went just to get the quick details on this but you can see the current price and the volume and if you prod expect it will tell you all about it like the contract size is one Bitcoin differences in the price I think that’s what’s called increments on some exchanges they’re called different things that everyone’s the block trade and minimum ten Lots so you have to have money to play here this isn’t a retail exchange although from what I’ve seen it’s supposed to be following on Twitter they’re wanting to have more people come in but like but you see things like this constantly all day on social media if you’re following it this could get ugly today’s back launch was rather disappointing a grand total 71 contracts exchanged hands hardly a Perpetua start something that no one has done before done this completely regulated on an exchange that is very well you know that they’re very very far along they’re very well developed I should say I was having a little bit trouble coming with words but they’re they’re very well developed you know maybe they followed all the regulations and all the rules and this isn’t like bit mix where you can just sign up send a portion of a Bitcoin over and go a hundred times long no this is legit they’re following rules and regulations and the other ones just probably aren’t it’s that simple and and I know quite a bit about exchanges I don’t know if you’ve seen the videos that I’ve done before in the past if you’re new to the channel I’m just watching this video but I’ve I’ve worked with a lot of exchanges with their api’s and I can tell you that there are a lot of exchanges that use open source software to run their exchange and let me pull up coin market cap and you can probably guess which ones use this open source software that runs fake exchanges or at least fake volume yeah you can look by reported volume if you use the adjusted volume they have the qu the crappy ones out of there but who is bkx you know exchanges like this that come up that you’ve never heard of I mean I’ve been in the crypto scene for a long time I come to this page maybe once a month at most and these exchanges I’ve just some of these I’ve never heard of and they’re in the top 10 above big ones you know bkx is bigger than finance I don’t think that’s true so just to give you some perspective the volume on these this is for all the products that they’re claiming now a bit Mex maybe that’s real but of course they have the power of leverage but let’s see where 710,000 puts you it’s not in the top 100 okay so the very first day launching two products reporting real guaranteed real volume they are a top 160 for exchange in crypto just just to products barrier to entry huge contract sizes this is I mean it’s it’s pretty big they’re setting a precedent is what I would call it and what most people should call it they are setting the precedent for Bitcoin to be traded on real exchanges the real volume real regulations and real price discovery as they call it so just one day in they are a top 164 just by reported volume that makes me curious to see where they would be with the adjusted volume oh my goodness that cannot be right a billion dollars in volume never heard of them let’s keep going maybe this is just the same list no it is slightly different I just don’t think coin market cap guys finished pruning all of the fake exchanges because here they would they would have moved about 30 spots this with two products on the first day and granted they had a lot of marketing behind it but like I said berry energy was huge people couldn’t get to it only certain people could get to it so actually I think it’s pretty impressive mainly because it sets that precedent and second of all because it isn’t that bad you know a lot of these exchanges have been around for a long time I mean I’ve actually heard a bisque and they’re way down here you know some of these are legit and they do have retail people or you know anonymous accounts that don’t have kyc and they’re they’re ranked below what back to us today on its first day so I’m not disappointed with backed at all regardless of the future of bags I think the big thing to come away from backed is that it did set that precedent and it almost doesn’t matter what the volume is as long as other exchanges come in but I think I still be fine they’re pretty big player in this space I don’t think they’re going to have any issues in the future you just gotta let it grow but count it back to the price I’ll take a look back at this again before I head off I just want to record that today because it was kind of a big day as far as the news is concerned oh there is one more piece of news I wanted to cover before I get too far let’s see if they deleted the tweet yet or not you you okay maybe they’ve deleted it let me search this website real quick beggars you can see all the indicators okay yeah here it is all right so the report is that kick is shutting down their messenger app and this is pretty much entirely in response to the sec crashing down on their unregulated or unregistered crowd cell that they did for their kin token and if you read it I don’t know if they’ve changed this article because I could have sworn they took it down after I read to the first time and reposted it it was some different wording but essentially they are considering getting rid of the kick messaging app completely and reducing their development team to 19 core developers to continue the Kin ecosystem now I don’t see those numbers in here so I do think they’ve changed it but that is what I saw earlier 19 core developers to continue working on the Kin ecosystem despite the fact that they’re thinking that the kik messenger app might go away so yeah the original reporting I saw on this you know I saw it on my phone it might still be in the cache so I’m gonna do something kind of funny and if I can find it I’m going to show it on the screen because I can no longer find the actual tweet yeah here we go I found call it my stream software so I can see okay just a moment I am zooming it I don’t y’all see this so that was the headline when they posted it kick will be shutting down following an SEC lawsuit says the CEO as it definitely is very interesting okay yeah this was the coin desk so I pulled up the wrong one that pulled up coin Telegraph so that’s probably why information it’s entirely but I think they might have gotten it mixed up anyway because coin Telegraph is just saying they’re considering shutting it down whereas the the coin desk one made the the headline to where it was they were like essentially guaranteed to shut it down but yeah it’s pretty interesting stuff from kick I thought they were gonna continue fighting it but maybe not let’s see kicks lawyers stated at the SEC took quotes out of context twisted facts to support their allegations and misrepresented the facts because they have no strong evidence to support their claims so let’s just lawyer talk for you know what we did we thought we did the correct way even though it might not have been in the meanwhile kik launched a five million dollar crypto initiative to fund its lawsuit against the SCC this is kind of what I have an issue with is them funding for a lawsuit when they raised hundred million dollars and a token offering and granted they probably had reserves set aside but I mean your corporation and you’re doing something like this it’s a huge risk you need to have a legal fund set up to where you can approach something like this I mean I I don’t see who who is paying for this other than previous investors who don’t want to lose their original investment like what why would anyone want to come in and pay them money to fight this I mean unless you’re really a huge advocate for crypto and you got a ton of money laying around but you’re not gonna make money off of this you had to have been invested in this earlier there’s plenty of other projects out there that are fighting the SEC why would you pay this one just cuz it’s a big name maybe I don’t know I would never help them raise funds to fight this lawsuit considering they already raised so much it seems seems really messed up that they could have all that money and still need that one no well alright so yeah that is all the news I forgot about these other things but the new daily started and it looks like it’s off to a good start so far if they can hold on the five minutes above this 50 moving average then I think we’re gonna do pretty good for the day hopefully because on the daily chart we are still within that range as I said you can see it’s still kind of going up slowly it’s been touching the bottom or coming close to it quite a bit so it very well could break out and as I said that today if it does break out I think it’s probably going down to the 200-day average which is around eight thousand three to four hundred something like that but I don’t know the longer it stays down here and with it being as red as it has the last several days it’s gotten some of the indicators pretty low just the cassock RSI but the MACD is turned pretty strong red now and it’s kind of building momentum so things have got to slow down and stop losing otherwise that that bottom is probably gonna break and it’s gonna go down but that’s okay it’s just another dip opportunity for myself but as always it’s not financial advice for all of you all so I’m gonna hop off of here I appreciate everyone for watching the video let me know what you think about what’s going on here with back and with kik I’m probably gonna do these videos a little bit more often they’re pretty easy to do I usually get a few minutes at night where I can do this so I’m thinking we’re gonna try and do this a little more often than weekly but save the big trading stuff for the weekly and maybe just talking about the daily news whenever I get a chance like this especially on a big day like this when we’re talking about pact but definitely leave a like subscribe do whatever check out my trading view profile please because if you are new to this channel then you probably have no idea what’s going on here but I just started this new trading view account not too long ago and I’m starting a scripting tutorial series here on YouTube and I’ve already got five tutorial scripts published and I have already recorded two videos the second one hasn’t yet published as of this recording but soon we will have many videos in this series on how to create your own scripts and tradingview and make some really powerful indicators for yourself but thanks everyone have a good night and I’ll be back soon thanks
