How To Play The Crypto Crash
I want to do a little bit of a rant. This morning, i usually have more of a focused uh market take but im kind of pissed off about something. I want to share an experience with you that just happened to me yesterday, and so we had a bit of a crypto flash crash on tuesday september 7th and we saw bitcoin go down 10. We saw ethereum go down 15, we saw alt coins go down 25 sometime around, like 11 oclock, 11 30 uh tuesday morning and thats normal for crypto thats. Not why im pissed off ive been ive, been in the game for a little while been holding these things. Ive been through a couple of these cycles: thats, not why im bit! I expect that im pissed, because i wait for those moments to buy more thats how i buy. I wait for these these these volatility downdrafts and i buy in those into those moves. So i did my normal thing. I saw the move. I saw my portfolio getting decimated and i said you know i even had a buddy who texted me and hes like what do we do and im like you, do nothing or if you have fresh cash, you buy some, and so i put an order in on My coinbase account – and i know for all you crypto heads out there im not a real crypto head im, a stock trader but im dabbling and investing in the crypto world, and i know coinbase sucks and now i really know it sucks.
I put an order in ethereum to buy ethereum right around near the low. Let me show you, let me show you a chart of it share it with you so check this out yeah. So yesterday, right around this time, uh right here, 3400 and change 33. I put an order in to buy it on coinbase, okay, im sitting here more than 24 hours, more than 24 hours later and lets look at bitcoin. Bitcoin did a big move too, and i still havent gotten a confirmation for the trade my moneys gone from the bank and now im in limbo. I dont have a confirmation for the trade coin base is saying its pending and i know a lot of people are out there in the same situation. I have a pending trade in the theory. What are they waiting for to see if it goes up 20 from here, so they can break it? Coinbase is showing they dont have any integrity. They want to operate as an exchange theyre even offering to give people interest rates. Ive been offered to lend out some of my crypto at an interest rate and im semi interested in that, because its a decent yield, but these guys are not operating like a an exchange with integrity, a brokerage firm, thats regulated. So perhaps the sec is on to something. So what im here to tell you today is dont, sell any crypto short coinbase. These guys are trying to play with the big boys they want to play with the big boys, but theyre, not big boys.
The stock is still up here, its going to gap down a little bit, but not nearly enough. I think the stock should be making new lows based on how on how uh the lack of integrity in their platform in in honoring trades they break down every time. Theres a little bit of volatility thats when we want to trade theyre, not robust enough to be a big boy, company uh, and i think that you could be long. You could stay along all your crypto and all you have to do is short coinbase thats. All you got to do, and so, if you like this video, please like it on youtube. If you agree with me test it out, thats a great hedge, listen, you could short coinbase, you could buy. Some puts theyre going to go down if crypto gets decimated. You dont have to get its like. Writing calls its like writing. Calls against uh covered calls against your stock portfolio, its insurance, but i think that that stock can get whacked. Even if crypto goes higher because theyre just dont, they should be regulated. They need to be more robust. They need more integrity and theres other people that are going to do it better than them if they dont so lfg guys, if you like this video, like it on youtube, if you havent already signed up for joy of the trade, i have a lot of ideas.