You may know of ‘Carl the Moon,’ from last week’s episode of CryptoNites. And for those who don’t: He’s a popular crypto investor and educator who runs a YouTube channel about Bitcoin news and is known for his easy-to-watch technical analysis videos for crypto newcomers.
Speaking with Alex Fazel, the host of crypto edutainment channel Cryptonites, on Part 2 of the podcast, Carl discussed all things Bitcoin, the best indicators to trade cryptocurrencies, chart patterns, and Bitcoin trends in 2021.
Here’s a snippet of what he said!
“I have a reasonable exposure to altcoins. I think that’s rational to have because we know that all schools tend to go up a lot. And I only care about all schools going up against Bitcoin, I don’t care about going up against the US dollar. So I want to end up with more baseball in the end.”
“I will suggest doing some basic research, of course, not just going and buying random dual-core market cap. But also you don’t want to buy scams, right, and there are a lot of bad products out there.”
“What I basically tried to do is I rely on information from people that I trust, and I know that they did a lot of research and I take a look at it, of course and then I buy but we’re trying to stay to what I understand”
On emotions in trading
“If you’re buying something without believing in it, without knowing what it is, then the volatility will get to you, you will be emotional. And that is why I don’t have a lot of exposure to these altcoins, for example, because I don’t understand them well enough to hold if they were to dump 60%.”
“I think people should always do research, you can buy altcoins that’s completely fine. But in that case, you should do a lot of research, actually just as much research that I did on Bitcoin, which is like, weeks and even months maybe, like extensive research to understand the fundamentals.”
“[Research] what goes into the narrative of why to buy bitcoin. But people just don’t do this in articles at all. People simply buy based on hype or what their friend bought or something pumped 100% this week, now they want to buy it. It’s a very risky way to get into crypto.”
Carl’s favorite trading indicators
“People think that the more indicators the better but in my opinion, you should just choose two-three indicators that you’re comfortable with getting comfortable with them and learn them and then develop a strategy”
“Take a look at chart patterns because when you have converging support and resistance formulas to triangles, you have something to treat whenever price breaks out, you enter a trade and you can make money and you don’t really need any fancy indicators for this, to be honest.”
“The RSI is very, very cool to take a look at oversold or overbought [levels]. And one of my favorite things to use the RSI for is the bullish and bearish divergences. So when you have a divergence between the RSI, and the price to where they basically go against each other, that is usually a sign of a trend change. And that can be very, very powerful.”
(Catch the rest of the exciting CryptoNites podcast with Carl’s thoughts on Bitcoin prices, DeFi, and other trending topics right below!)
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