This is the blockchain backer, bringing you the latest cryptocurrency news and analysis and its a late. In the day, video drop ive had enough time to look at the charts throughout the day and see the price action playing out over here. In bitcoin and in the cryptocurrency market to see were still just waddling, along in here, i put out a video yesterday really kind of showing the conflicting things throughout the entire cryptocurrency market in regards to bitcoin being below all of its moving averages in here. Not really the best sign you could see out there for bitcoin. We could see that the total altcoin market cap still sitting above the all time high and bouncing right there off of that 200 week moving average and its been a really wild ride in the cryptocurrency market. For the last i dont know three months, ive had some opportunities to really kind of ponder my portfolio and the cryptocurrency market, because theres been a lot of contagion in this market. Theres been a lot of downward price action, a lot of unknown factors in this market. On whats coming next is there going to be other things that happen? You know we have the luna and ust blow up that ends up leading to celsius being a solvent or going quiet and locking users, funds and block fi. Then three arrows capital and voyager and it just seems to keep going and going and going and the big question is: is it gon na stop? Is there gon na be more of it? Are we gon na see this continuing to be impacted and prices continuing to flush down and its a really hard question to answer? You know we can look at this.

We can look at the total ultimate market cap, but you know never in this market have been in here where weve had something of this magnitude happen were just having contagion after contagion, after contagion happening in the market. What comes next in the market and with all the confliction that i have and what i showed in the video yesterday, im not really knowing which direction this markets going to go right now and if theres going to be more contagion that causes it prices to get Impacted even more well, the question comes well im, looking over here at my portfolio and im like man, if were going to go deeper right, am i going to be able to hold these things with conviction, deep down into some type of bear that ends up coming? That gets really deep and really ugly and be able to weather the storm for myself getting through all that and i think thats the conflict that ive been battling with myself right now, i own, like 30 to 40 different cryptocurrencies, many of them ive held for three Four, some five years and, as you guys know, i did a lot of rotations with my bitcoin back in february of 2021., some of them have held up okay, some of them not our rotations primarily were into bitcoin cash, ethereum, classic dash xrp, eos and zcash. I did those rotations back in here in february and really during these time periods in here and have just been holding on to them ever since.

In the meantime, bitcoin has fallen 60 and well since that time, bitcoin cash has fallen, 77 percent dash has fallen, 59, eos has fallen, 72 percent, ethereum classic is up, 85 xrp is down 22 and z. Cash is down 43, so of those dash bitcoin cash eos. Would have been better off to stay in bitcoin, but for xrp, ethereum classic and zcash netted slightly better than being in bitcoin, with ethereum classic being up about 85 percent, even with bitcoin being down 60 so kind of a mixed bag. We didnt really see much of an alt season come in in the cryptocurrency market and its questionable, if were going to, i personally have a strong belief in having decentralized money with a limited supply that is not in control by a government. In particular, i really value privacy and i think, thats really important in money. I was brought into this market by bitcoin. I thought bitcoin was awesome. I totally backed it up, as you guys know, im a huge silver and gold lover too right just the whole idea of having your own money that cant just be printed with the print of a finger or hitting a finger, a finger on a keyboard. But as i grew in this space, i learned a lot of things learned about xrp. It really. I really understood it because if we were going to start using this as cross border payments and if it was going to be utilized in business practices, it made a lot of sense to me.

If you dont know this about me, ive done a lot of international supply chain business and have wire transferred many times, multiple, tens of thousands of dollars per wire transfer and its the silliest process in the world that we have out there that we still do that To this day, when engaging in international business so start learning a lot about new different types of technologies in the crypto space, the problems that they can solve and xrp has made the most sense to me because of how fast it is, how cheap it is and Love it or hate it, whether or not its okay with you that ripple has a large amount of them. There is a limited supply of it and when it came to you know, currencies privacy coins made the most sense to me, and they still do especially things like monero, which is considered the gold standard of privacy coins. Weve got others out there, youve got dash and youve got z cash as well as we enter this moment of unknown on whats gon na happen here in the cryptocurrency market. I think its time for me to start kind of considering what am i gon na do about my personal portfolio to be able to weather the storm? Is the cryptocurrency market collapsing, or are we just weeding out a bunch of stuff or is there more contagion? Thats going to be coming, i dont know all the answers to all of those things, but i can see what rotations have worked for me.

What rotations havent worked for me. I have to start saying what am i going to do in order to keep my sanity moving forward if were going to keep going down? What can i have conviction in for holding and thats kind of where im at right now im like being like? What am i going to do for my portfolio to like have conviction, you know if the markets crashing into oblivion? Obviously the cash is the place to be right. I dont have that answer on if the markets going to crash into oblivion. But i have to say what what can i hold moving forward and feeling comfortable with my investment portfolio with the cryptocurrency market, and i think its come time that i have to start weeding. Some stuff out, my portfolio is up to like 40 coins, some stuff been holding for years, and i think its time for me to consolidate that down to like 10.. I think ive got to cut some of these losers that just havent done anything throughout all of this and theres a lot of stuff that i still have strong beliefs in that havent gone on. Big runs, but i have faith in that idea and that idea i can hold on to and so right now for my rotations that i have ive essentially got two different privacy coins right ive got dash and ive got zcash between the two from an activity standpoint And a community standpoint zcash is much more popular from what i see out there on twitter and funding and i still believe in privacy.

But i think for me personally, im gon na have to weed this down to one and im gon na. Take my dash and im gon na rotate it into my zcash. Normally i wouldnt do this ill. Look at the structure that dash is doing, and i think to myself. You know the likely thing is probably gon na rotate back up in here. I can go ahead and do that right there and then you know, take care of business later, but the problem is, i dont, know whats happening with all of this contagion, thats happening in the market and how bad things are: selling off and whats gon na make It and whats not gon na make it watching luna and ust go to zero, drastically impacted me and well. This is what id normally do. I dont like that were all the way back at the lows. One could argue hey. This is like the biggest support level in the history of all time, thats, the dumbest decision you could possibly make. I would agree with that, especially if z cash is going to be the one who ends up doing the exact same thing. Well, how much lower does z cash have to go its got 59 to get down to the same level? A dash is already at so its not that i think its like the smartest thing on the chart. To do i mean you could draw out here, hey, you know, youve got all this trend in here.

Youve got the support level in here. It all looks good. The problem is the contagion that just keeps happening in this market and for my own personal convictions, of what i believe in cryptocurrency. What i think is important in cryptocurrency in minimizing what i own, and so from a technical standpoint, im not exactly loving. The way zcash is looking here after breaking a multi year support, but i know that the enthusiasm about z cash exceeds that of dash and in this market, community matters and thats, a major focus for me when it comes to realizing whats, getting adopted and whats. Not getting adopted as for eos as for bitcoin cash, same story, theyve got the same structures normally id be sitting here. Saying: hey, you know what roll back up in here cut it. I mean that thats, what you see happening in here, right, rallies prior to capitulation, capitulation rolls back up cut it in here cut it in here. But the problem of contagion in this market is something that i cant shake for. My own convictions right now again could be the dumbest move in history. Youre back here at support eos losing multi year support quite concerning still has support way down here. Could it go another 50 percent lower its possible, but for eos for bitcoin cash theyre, going to where i have my strongest conviction in this market and its xrp doesnt necessarily mean the bottom of xrp is in, i think, its very possible its not in that we Could see lower prices that could be much lower, but for my long term conviction to be able to weather the storm of contagion, theres no place id rather be than here, even though theres an sec lawsuit overhanging.

That could turn ugly. Like i mentioned when i got into crypto when i understood the use case that we could solve here and theres a plethora of new use cases out there as well, this made sense to me, and so, while we try to weather the storm, this is where im Going i have like, i said i have 30, i have 40 different digital assets in there. Lots of them. Look like this. The majority of the market looks like this. It doesnt matter where you go, this stuff exists everywhere, no matter what it is that you love. We see this stuff everywhere, even litecoin, one of the beloved cryptos from 2017 that even hit its all time high here in 2021, still looking just as ugly down in there and of course, doge massive as well. But as we head into this moment and whether or not theres going to be continued contagion or if the all coin markets ready to rock and roll after hitting the 200 week moving average and after a holding the all time high candle closes in here. For me to remain with my conviction in this market and my understanding of the cryptocurrency market, its time for me to start cutting a lot of the garbage that i have in my account – and i dont know if its the right decision to make and im not Saying anybody should follow along with me, i could be making a huge mistake, but i want to be able to navigate moving forward feeling confident in what i own, even if the markets going to collapse with it.

I want to at least have a conviction in what it is that im, owning and im, not saying these are all the assets you should own, but im going to narrow my portfolio down and its going to go down to these assets only and that is xrp. Cardano im still holding my ethereum classic and that might be the dumbest idea in the history of the universe, but im still holding it zcash bitcoin iota litecoin. I could say i dont feel super confident about litecoin thats, a hard hold for me that one was super borderline, monero, ethereum, stellar lumens, and then i do have a little side. Bag of deegan coins, which i dont even know if theyre deegan coins but ive, got them and that would be 0x oxt and the graph and oxt is orchid, but my primary bag being xrp cardano, ethereum, classic z, cash bitcoin iota litecoin, monero, ethereum stellar lumens. Again. I dont know if thats the right bag to have – and i would not recommend following me – but i do know – were in a weird time in this market. Weve had ridiculous amounts of contagion. We have macro elements at play. We have the altcoin market hitting the 200 week moving average, while at the same time weve got bitcoin breaking it down its a weird time in the market, cash may end up being king moving forward if bitcoins gon na go into a complete plunge, but if were Gon na go into a longer period and im gon na be accumulating bags into a longer period.

I wan na have my stuff kind of picked out and ready to go and just keep adding to those bags as we go. I wish i knew the future of whats going to happen here, its probably the most challenging time and conflicting time in my own head, as were in this moment, and i dont know what the right answer is and i come onto this youtube channel and we look At the charts – and we talk about the charts, but is there an underlying thing – thats also happening at the same time, thats really kind of weighing over it, and i dont know i dont know how much that impacts it. So i want to make sure that hey look if im going to hold through this. I want to have stuff that ill feel good, adding to if the bear market gets much worse. So i wanted to share that with you before i do it, because i havent even done it yet, but by the time i come on here again, i will have and of that bag that i have of this 40 assets that im going to narrow down to The list that i mentioned over half of it is going into xrp the rest will kind of be split up between cardano iota monero and stellar lumens. I dont know if thats the right play to make, but thats where i can hang out in and be like. Look im doing my best: the future is uncertain, it is a wild moment.

The absolute best play may be just to go to cash, and maybe things are going to get a whole lot worse with how fast things have happened seems reasonable, but its an unprecedented time for that im going to where i feel comfortable, and i could tell you These charts, some of them they dont, look like they bottom like cardano, does not look like a bottoming structure. Maybe itll start looking like one over time and something will start working itself out but im looking at this right here, it looks like it. It might want to break down. I mean it seems possible to me so im not doing this to be like hey im, doing everything at the bottom and everything is going to be sunshines and rainbows after that, its more of like weathering the storm of complete uncertainty. Thats happening in this market right now, normally that would be like going to bitcoin right thats what people usually do weathering storms of uncertainty, but im having a hard time seeing im having a hard time seeing optimism for bitcoin, with it being below that 200 week, moving Average in there – and i imagine myself – accumulating more bitcoin – i imagine myself adding more bitcoin to my bags when we get down in here and then, if that doesnt pan out well ill, do it ill wait all the way till down here to get some more bitcoin And im telling you not not everything im saying i even think its just the right decision to let go of things at the particular times that theyre at i really really could see these things ripping back up and it being a better opportunity to do it at Another time but the confliction i have when i come onto this youtube channel every day is being like.

I am uncertain if this matters right here or if that matters right there and i dont, want to come on here being, like you know, hey. This has to happen. Fingers crossed please lets go lets. Have this happen right now, its too its so uncertain. I i its the hardest thing ive had since ive had this youtube channel to try to navigate this. You know its caught me by surprise how fast it happened when we had the events happen with luna and ust, and it just hasnt quit ever since, and its just been more and more stacked on top of itself, with celsius block fi, three arrows capital voyager and Its a hard time – and i want to be in the stuff that i have conviction on holding on and not just being in some type of rotation play, but being in it because im like okay, ill weather the storm through this right and i dont want it To be interpreted that im doing this to buy the bottom of all of these things, because i dont know – and i look at some of these like some of these – are you know if stellar lumens has to go? Do that and go all the way back down to the lows: uh? Well, you know thats the dumbest move on bitcoin cash eos and dash to do that right. You essentially just doubled your losses on those right so its not that that this is technically the right thing to do.

For those things most of them, like eos, is still like 96 away from its all time. High. Well, so is xrp. Extra pay is 90 away from its all time. High stellar lumens is over here, 88 89 from its all time. High iota is over here, you know 95 away from its all time high, so the percentage is theyre all still there on these things that im doing, but if the markets going to go through a really turbulent time, i want to be sitting in the stuff that Im like okay, i can handle this. This is my crypto portfolio im, not just in some rotations im in the stuff that i can like weather the storm with. So i hope you can understand that. So i feel good man if were going to go through something like this, if its going to get worse, if theres going to be more bodies that float to the surface after all of this and where i want to be xrp, cardano ethereum, classic zcash bitcoin iota Litecoin monero ethereum, stellar, lumens and then really small bags of deegan plays with uh 0x oxt in the graph, and i dont think those are all perfect portfolios by any means and the bitcoin and ethereum dominance points they could just be breaking down and we could be Seeing these all coins taken off and rallying like crazy anytime soon – and this is just to pause out before they keep going and hey if we get something like this and we get the all coins flying, i may sell stuff into usd at that point, because this Is where the majority of my focus is at right now with this market, whether im right or wrong, i dont know, but i think that the rest of the altcoin market is going to outperform bitcoin and its going to outperform ethereum, which does that mean? Does that mean that bitcoin and ethereum are going to collapse and the altcoin markets going to collapse less, or are we finally going to get our retrace if were going to get a rally happen in the altcoin market, because every single time these move downs have happened? There was a rally in the altcoin market im hoping for that.

Its happened every time, but this is a unique situation. Ive never been through ever in the cryptocurrency market. I try not to make rash decisions in the heat of the moment, just be like, ah sell everything, but try to take time to like ponder things and debate. You know what do i want to do here and after spending enough time thinking about it. This has kind of been the decision that im gon na go with just getting it getting the portfolio more consolidated to the places that i want to be. Maybe cash is king. Maybe the markets collapsing, maybe its going to get much worse. That might be the best play to make thats, not what im doing im merely consolidating into the things that i can have more conviction in, and i wanted to share that with you before i do it. So that way, you guys know where im at well im right, whether im wrong. You guys always know you guys know i sold a pico top of ethereum got out at the top of bitcoin. We also know ive had ive had some rough rides too, and so you know where im at im transparent on it and well see how things play out so thats it late video release. I you know spent a lot of time thinking about this today. I spent time with my daughter hanging out my daughter too just kind of thinking about it im just thinking about it all day right.

I should be present in the moment with my kids, but instead im like thinking about this stuff and its like. This is what i need to do, so my xrp bag grows even more, but all right, guys, thats gon na, be it for this one, its a late late, video release well see who catches it and ill. Let it run in the morning too um. I hope that you guys are doing well out there. I want to thank you so much for watching. If you could, please like this video and give it a thumbs up if youre new to the channel, please subscribe and hit the notification bell, so you could be notified of when i create new content and when i go live as always.