 What is going on, everybody? Welcome to Market Talks. I am your host, Tim Warren, and I'm so glad to have you guys here on Coin Telegraph's YouTube channel. And this is Market Talks, a show where once a week we meet on Thursdays to break down everything you guys need to know about the crypto market so you can be investing wisely. And we always have phenomenal guests that join us. I'm joined today by Dan McDermott. Maybe you've heard of him, maybe you haven't, but in case you haven't, Dan is a partner and a senior analyst at chartguys.com. He provides invaluable knowledge and feedback towards the development of technical analysis education. Dan is responsible for providing in-depth video reports and technical analysis to people wanting to learn how to protect capital and become more profitable. Let's roll this clip. What's going on, man? I'm hearing some feedback in my monitor. I don't know why. That's very confusing to me, but I'll have to figure that out. How are you doing today, man? I'm good, thanks for having me. You got the dude on, that's rare, that's a collectible. Yeah, yeah. Well, hey, man, I want to go and just jump in. We got like probably 30 to 40 minutes here to discuss Ethereum and Bitcoin charts. And you, you know, I love me some technical analysis, but you are definitely one of the best out there. And I want to get your opinion on what's happening now. And let's start with Ethereum. Let's just go ahead and jump over to charts. And I want to see what you're seeing happen on Ethereum right now because even though we had over an 130% rally within the last couple of months, the market's cooling down as we get closer to that E2.0 merge. My question for you is, will that merge bring an increase to prices or will we see a sell the news type of action happening? Sure thing. So let's pull up the chart here. But for me, the major factor that I'm watching for Ethereum to determine is this merger going to be bullish or bearish because I personally am not heavy into the fundamentals. I obviously put all my time into charts and trading and technical analysis. So I know that I can find many sources. If I'm trying to do research to say it's going to be bullish or it's going to be bearish. So for me, I stick to the charts because the charts, there's no opinion there. It's giving me just hard praise data, which is what I care about. And so we can see that recently, you know, Ethereum has been consolidating a weekly timeframe and we know the broader stock market is having a major impact. The dollar strength is having a major impact in the cryptocurrency space. But what we can say is that the way that Ethereum is currently positioned, we are much better positioned than Bitcoin. Bitcoin has retraced much more of the bounce. And if you ask me, you know, right now I'm looking for a weekly higher low to form anything above 8.79, which was our fear bottom. And the probability that Ethereum is going to form a weekly higher low for me is much higher than the probability that Bitcoin is going to form a weekly higher low. So the chart that I've been using is ETHBTC. And that just shows us relative strength or weakness. It shows us who's stronger, Bitcoin or Ethereum. And if this chart is going up, it shows us that Ethereum is stronger. And right now this is a classic bull flag that is trying to form here. And the retracement has been extremely healthy. This consolidation, you can see we had the bull volume was high on the move up, very low bear volume on the pullback. And so for me, if this chart continues as it has in terms of showing strength and breaks to that high or high, we're going to be testing very quickly the highest relative strength that we've seen comparative to Bitcoin in the last four years. So you can't say that it is bearish as long as this chart is bullish. So I am bullish Ethereum, comparative to Bitcoin until proven otherwise. And the burden is on bears to prove it at this point. Very interesting. I got a question for you on that chart. ETH over Bitcoin. I don't know if you use this a lot. It's one of the ones I love. There's one of the tools I love using on the charts. But if you went to the daily chart, you know, and go back to the dates about the 19th of July, give or take, and then of course, the peak that we have on that ETH over Bitcoin chart around the 13th of August, and you're looking at the RSI, that looks like bearish RSI divergence. Do you think that has been canceled out of this point? I know you referenced a bull flag right there that would take us well to the upside. What do you think is happening right now? Do you think that RSI divergence was canceled or do you think it still has an effect on the price? RSI divergence is one of the smaller pieces of the puzzle for me, you know, with technical analysis, you've got so many things that you can be looking at and it can be analysis paralysis if you're looking at too many things. And so for me, the number one thing is price action and trends. So are we forming higher lows and higher highs? That's the most important. And then there's things that are secondary and for me, RSI divergence is pretty low on the list. So it's worth keeping an eye on. It's worth making note of that. And here's what you're talking about here with the RSI higher and it's currently lower but the levels are much higher. So that is showing that divergence. But again, for me, if the simple statement is if this low holds, then Ethereum is bullish. That's as simple as I'm gonna break it down. I love very simple concrete statements where I can say if this, then this. And then that's it. It's because there's no overanalyzing. There's no letting my bias come into play. So my simple statement is if this low of August 28th and 29th holds, then Ethereum is the better place to have your capital as a bull comparative to Bitcoin. Yeah, and I love that you said that right there. We're gonna touch on that a little later on in the show. The having that analysis always of the if then statements that a concept of taking a motion out of the trading every single step of the way. But we're about two weeks away. Two weeks. So when we're looking at these charts from that ETH 2.0 merge, I know you said that you're not necessarily the guy that follows all of those fundamentals, but what are you seeing in the charts? If you as a trader and investor are looking at those charts alone, what do you see happening over those next two weeks and potentially what could happen a little bit after that? Well, in terms of things aligning for timing, as I mentioned, the broader stock market is having such a significant impact with the correlation. And we break from that correlation. It's always shifting, but it's still ever present. And so what we need to see the ideal scenario for the stars to align for the bulls heading into the merge would be if the broader market, and I'm looking at the S&P 500 right now, they're low. All we need to do is just find a bottom because we're in pre-fall ever since Powell spoke last Friday at Jackson Hole and talked about, we're gonna keep the pressure on here and we gotta knock down this inflation. The market has done nothing but go down very significantly with just not even a glimpse of bulls doing anything over the last five trading days. So we have to find a bottom. If we can find a bottom and set this weekly higher low, we don't have to rock it up and head to higher highs, just stop the fear. If we can stop that fear drop and get even just a little weak bounce going, I think that a name like Ethereum that is positioned well will very quickly set its own weekly higher low. And again, that retracement is much healthier than bitcoins, but set that weekly higher low, ideally here at 1420, and then head on back towards that recent high because we know that if this bounce, which was a great bounce, 100% plus, but we've gotta change the weekly trend if it's gonna have follow through. And so it's all about establishing that weekly higher low and we need the broader market to find a bottom. Yeah, no, and that's a good kind of segue into the next question about maybe that sentiment as a whole, what are you looking at when you're seeing sentiment in the space right now? When it comes to, you know, we were in a almost like a secondary bull trend here for a while, but now that we've set a lower high, we're setting lower lows, what do you think it will take? You know, I know tomorrow, for example, is unemployment numbers given once again. And I think those numbers would have had more significance in the past and they will tomorrow. It does sound like Jerome Powell, as you referenced, and the rest of the Fed have actually kind of leaned into saying maybe those numbers won't affect them as much as they used to, unless those numbers just absolutely skyrocket, which I don't think we're gonna see. What do you think it will take to stop this current secondary bear trend that crypto as a whole, but including Ethereum and Bitcoin are in right now? Well, I mean, obviously it's always nice when we have that clear fundamental event like Powell that just clearly sets off a direction and a trend, but it's not necessarily always required in my opinion. You know, we can just reach exhaustion in one direction. We can reach a point where anybody that was gonna short based on what Powell said almost a week ago has already done so. Anybody that was gonna sell their longs has already done so. And so you reach a point where, okay, the only thing left to do is short to do some covering or some bulls to buy some dip. So I'm not necessarily, we've got the next FOMC is I think three weeks from this past Wednesday. So just under the three weeks away, that's gonna be something that the market is certainly gonna be looking towards, but three weeks is a ways away. So I think it's going to just be based off of, again, just that the, it's always for me scales tilting supply and demand. So supply of coins and of shares, it's outweighing demand right now as we're dropping the last five days. And so we're gonna be looking for that to start to, to find a little bit of a balance and then maybe switch a little bit. And the bounce that we just saw over the last two months that was, you know, it was just a, I called it a bear frustration bounce because it just kept grinding higher and the bears were talking about the fundamentals and why are we going up? And it was just that balance where we just tilted the scales and demand exceeded supply and shorts were continued to force to cover. So I'm just watching for essentially a temporary short-term fear climax to mark a little bit of a bottom, try and set that weekly higher low. And then I wouldn't be surprised to trade within a tightening range into the FOMC which is the third week in September. Right. And then I think you're absolutely, absolutely right. You know, there's a lot of things to watch there. When you're talking about those fundamentals, especially that supply and demand, it will be interesting to see what happens on September 15th. When Ethereum 2, unless some bug comes in and ruins, it should be launching, Ethereum 2 that people have been waiting for for over four years now will happen. And what's interesting on that fundamental side, more often than not, when we're looking at these charts and we're looking at the price action, a lot of times we're measuring is the demand going up or down, but rarely do we get to see cases where the supply gets to go up and down. And we talked about this on my channel, Coffee and Crypto here a couple of days ago that when that launches, if it goes successfully, the rewards for all of the stakers will drop from 13,000 Ethereum per day all the way down to 1,600, which is a 90% dip. And just put that into perspective for all of the viewers out there and I want to get your take on this. You know, Bitcoin always goes up. Everyone talks about the having event where Bitcoin supply that gets produced daily gets cut in half. We always talk about the explosive nature of the price when that happens. This is a situation where we're looking at Ethereum supply dropping by 90%. There's speculation that Ethereum could just go ahead and defy the rest of the crypto space and begin to climb even if the rest of the crypto space drops as demand drops. What are your initial thoughts about that? And do you see anything on the charts confirming or denying that theory? I personally would be shocked if it just completely did its own thing and completely broke away from correlation. In my opinion, how it would look if that were to happen, it would be a scenario where, you know, for every step forward that Bitcoin takes then Ethereum takes multiple steps forward and for every couple of steps back that Bitcoin takes, Ethereum only takes a little step back. So that's when you see a really bullish correlation and you're still impacted by the correlation that has been present for so long, but it's just, it's a lot more magnified on the bull side of things. And again, we've been seeing that for Ethereum to a certain degree over this entire bounce since the fear bottom a couple months ago. And so there is the potential that we just continue to see that and that continues to be magnified. And if that were to be the case, that ETHBTC chart that we just looked at, it would confirm its weekly bull flag, it would hit the highest levels that we've seen in the last four years and it would continue to show us, yes, Ethereum is the place to be for the bulls. So I don't think it'll completely break that correlation, but it can continue to strengthen the bullish correlation that we've had over the last couple months. Yeah, well, let's flip that correlation. We talked about Ethereum here to start the show out. What about Bitcoin? Because Bitcoin, even this morning as we're, you know, I was doing my morning show and then it started dropping, then it's still dropping as it stands right now. We're down to $19,700. This is part of what we're saying when we're talking about the sentiment going down. You know, we talked about Ethereum and how the Ethereum or Bitcoin chart seems to be giving momentum back to Ethereum. But what about Bitcoin? What do you see for the future price action of Bitcoin? Can we hold and stay above the $19,500 that we've set twice now within the last couple of days? Or will we be dropping down to $19,000 or lower here very soon? Well, we're on the verge of that break. The bull's backs are against the wall right now. And what we have to see is again, it's spy in the S&P 500. It has to put in a short-term bottom. Bitcoin has been trading well for the bulls over this entire week because we're going sideways while the broader market is dropping consistently every single day. So right now Bitcoin, the way I'm just viewing it is Bitcoin's trading sideways this week and saying, all right, come on, spy, like find that bottom. I'm ready to go. I'm holding my support. Just give me a little bit of bullish momentum to work off of here because the Bitcoin bulls are playing defense, but they're not doing anything to go on offense. And they won't, in my opinion, until short-term fear is alleviated and we get a daily bounce in the S&P 500. Even if it's just a 2% bounce after dropping 10%, that little shift can be enough for Bitcoin to then start to take out some resistance levels, which it certainly has struggled doing. Where it stands right now, it's a daily bear flag. There's no other way to put it. Bitcoin is a daily bear flag and the burden is on the bulls to prove to us that it is not. And again, right now in this moment, the backs are against the wall because we have that recent low that is in play. So I'm just watching the S&P 500 and watching this hourly downtrend that's been persistent and significant the entire week. And it's just a matter of time where if that continues, Bitcoin will fall through 19.5 and hit a fresh low here. And so it's just a waiting game. Can the bounce begin before Bitcoin loses that support? Yeah, well, let's go. I want to look at your charts and I want to hear what you have to say. What do you say about the people that are calling for a $15,000 price within between now and November and some even calling for a lower price? What are you seeing on the charts that would either confirm or deny that prediction? And personally for yourself, what do you think the bottom of Bitcoin will be or slash is it already in? No, the trend is your friend. We know that we've heard that many times. So looking at my chart here, I've got the monthly timeframe is a bear flag again. So like I'm not gonna, if I have to choose, I'm going to go with the side of the trend and it makes perfect sense that people are bearish for a lower low because again, this bounce is very unimpressive from what we've seen. The gains were nice in the short term, but considering how much we had dropped, the retracement size, and I use my Fibonacci retracements to help gauge whether something is a flag or not. And the retracement of that bounce was, not even close to negating a potential bear flag. So it's just another scenario where until the bulls prove to me that this is not a bear flag, it's a bear flag. And so we absolutely can break 17-5. One scenario that I would be watching for, someone asked me a few weeks ago, what do I think is the most likely scenario from here? And I wouldn't be surprised if we see a scenario where Bitcoin does break that recent low of 17-5, but doesn't get a whole lot of follow through on that bear break and then starts to try and change the daily trend and lack that follow through. And we have a scenario where the altcoins like Ethereum who have been holding on a lot better could still be holding their fear lows even if Bitcoin breaks those fear lows. So I would be watching for that to be a possible scenario as well. But really, again, it's, I've been watching since, you know, I started trading crypto very intensely in 2017 when that run started. And I've been watching ever since just the correlation with the S&P 500, I don't wanna continue to beat the dead horse here, but it has been growing, just it's strengthening and becoming more and more prevalent back when I first used to point it out, people would argue with me and say it wasn't a thing. And now it's generally accepted like this is here and it's here to stay, unless there's some kind of massive news event that can break that correlation. You break correlations with massive inflows of volume, whether it's full volume or bare volume. And so you need that fundamental catalyst for that massive volume to flow in. And so again, if the broader market can set a weekly higher low and not head back to our fear bottom, then Bitcoin's looking good in terms of holding its bottom. But I honestly, I put more weight into the S&P 500 chart than I do the Bitcoin and these individual crypto charts. I make note of who's stronger, who's weaker, how are we holding up relatively? But honestly, there's so much more dollar volume in play for the broader stock market that that's where we're wagon, whatever the saying is, the tail wagging the dog, Bitcoin is just doing what the stock market is doing to varying degrees. And right now, it's a weaker bounce overall. And I embarrass as long as the broader market is showing weakness and as long as Bitcoin is showing weakness to the broader market, which it has been over the last couple of months. You know, speaking of those correlations, because there's a lot of them. I love, you know, you talk about the S&P 500. You know, when I was researching and trying to learn more about the calls you've made, the stuff you're trying to teach everybody, you've compared Bitcoin to the NASDAQ as well. My other question, and one of the things that I compare Bitcoin to, but in an inverse fashion, is looking at the DXY, the Dixie, which by the way, today is climbing. It is the highest it has been ever since back in 2002 and very well could be making its move up to there. So earlier, we talked about that if then statement. What would you think would happen? Just look at these charts and comparing them as best you can. If we end up seeing the Dixie climb back up to 120 and match those levels back from 02, I believe that's right, I'll fact check myself. But if that happens, what will we see happen in the crypto space, the NASDAQ, the S&P 500? What will happen to all of these entities? Well, if you're a bear in any of those things, you want the dollar to continue to climb as it has been. And if we head up, you know, another 10% higher as you're talking about, then in my opinion, Bitcoin is well under 17.5 and the S&P 500 is hitting fresh fear lows and confirming a monthly lower high, which we just hit and then a monthly lower low, continuing that downtrend. So honestly, the dollar has been gaining importance for me over the last month, just in terms of how clearly inversely related to it, we have been seeing all these markets and we have to top out on this dollar if we're gonna have any kind of confidence return for bulls in terms of longer term time frames. And with how strong the dollar has been, if you wanna pull up this chart here, I've got the dollar up. And I was watching this one for a long time because this was Isle of Equilibrium, which is just tightening ranges that eventually break and bring you volatility. And this is the six month timeframe. So this was a tightening range for six years that broke bull. And so there's a lot of power behind that. And we have to keep in mind that, you know, on this move up that we're seeing over the last year plus, even when we do top out and there's some relief, we're just gonna form a monthly higher low at least initially. So we have to be aware of that as well. And essentially as long as we're in this runaway train scenario where we continue to climb, it's again, it's hard to have a bullish thesis in crypto in certainly the metals, gold and silver getting absolutely smashed in this dollar strength and in equities as well. So the dollar has to top out and see monthly consolidation in my opinion, if any of these bounces are going to see followed through on monthly time frames. And it's absolutely doable. It's just, that's where the Jerome Powell and the Fed news is kind of weighing very heavily on all of this as you kind of talked about earlier. But with their lack of clarity about what the future of those interest rate hikes look like, if anything we've seen evidence come out, say that they're gonna keep pushing us to potentially get all the way up to 4% by the end of this year after just one month after Jerome Powell originally said three and a half. So it's definitely a lot of uncertainty unknown. That's what we call flood fear and certainty and doubt in the space that is gonna keep that bearish pressure on top of Bitcoin, crypto and NASDAQ and S&P 500 as well. You know, I wanna transition just here a little bit and get away maybe from the charts and let's just talk trading because that is what you do, Dan, you're very good at it. But I think what you're extremely, extremely good and to a level where I think a lot of people want to be at, they just cannot get there is your ability to take your emotion completely out of the trade, that you don't just trade based off your gut, you don't just have this hope or this fear that makes you move, you wait to see actual facts play out. How do you do that? What is your journey in the trading world that allows you to get to a place where you are so unemotional when it comes to your trading? So I started out like everybody else. You know, I started out with the emotional swings and with the lack of using stop losses and the sickening feeling in my stomach as it continues to drop way more than I ever thought it would. And so honestly, the biggest benefit that I had when I entered the crypto space in 2017 was I had already learned all those lessons trading penny stocks 2010 through 2013. So I did not repeat those mistakes, but essentially for those that want to get to a point, it's experience, you cannot replicate experience. You have to go through all those highs and lows. And you have to, you know, I learned as an educator, I can tell someone 100 times and look in them in the eye and say, you have to use a stop loss on every single trade. That's how professional traders do it. That's how you limit your risk. If you want to be in this game longterm, that's how you protect your capital. And still they will enter trades and their emotions will take over and they won't use a stop loss. And so I got frustrated, you know, teaching newer people to the point where I just had to accept like, I can only, I can say it so many times, but people have to feel it. You cannot replicate feeling that and you have to be the kind of individual that feels it enough to the point that says, I never want to feel that again. And I never want to be succumbed, I never want us to come to those emotions again. And it then becomes a drive and a motivating factor. And so you go through the highs and you go through the lows and I can remember early in my trading career, it was a big pivot where I was in a penny stock just looking for a two day swing. And you know, here's my, I'll exit if we hit here and this is my target. And then it was halted overnight. And I ended up with like a 90% plus loss on that position when my risk for my stop loss was only maybe 5%. And so that was, I lost maybe a third of my capital back when I had a small stack. And I can remember the next day, you know, how quickly I was able to get over it by just accepting, you got to detach from money and money is so highly valued in society and it's this emotional, it just triggers our emotions so significantly. You have to move to the point where you're confident and okay, if I lose this money, I'm confident that I'll be able to make it back whether that's through trading, whether that's through, you know, well, I'll just go back and get a job. That was an important factor for me psychologically to get beyond the stigma of money and to remove some of that fear. If I have confidence in myself, okay, if I lose all my money trading then I can just go get a nine to five job. That's, you know, my safety net where that alleviates some of that fear of taking a loss. So long story short, you cannot replicate experience. You will have to go through the highs of winning and the lows of losing and you have to ensure that you protect your capital enough that you come out the other side of those swings still with capital to play with because year two, three, four, you're gonna be way different than year one and you have to survive that year one and year two to get to that point where you can then apply the lessons that you've learned to improve yourself. Wow, that is a great answer. You know, another way that a lot of people utilize and there's usually like a kind of like an exodus or not an exodus, just an adding to how they invest. A lot of people when they're starting their investment journey and this is what's so great about crypto is you've seen quick returns on this is the DCA method whether just dollar cost averaging their finding points whether it be a consistent date or whether it's they set up levels and they're just like, hey, if we hit this level I'm just gonna buy in. What would you say for anyone who is a pretty good DCA who has been DCA'ing with success but wants to start dabbling in the trading game? What would you say? Is there a list? Is like a number of things that they need to be cognitive of or what does it take to go from a DCA mindset to a trading mindset that you would suggest if you cannot get here, if you cannot accomplish these things or get your mindset in these places trading just should not be for you. Yeah, I would say first off, keep your DCA position. I have a long-term no touch position which I call my antifomo. And this is really the first time I've been trading 12 years. This is the first time I've had a long-term no touch position thinking decades in my trading career. And so that helps me sometimes when I'm trading, if I'm thinking, okay, well, this is a big move up and I wanna lock in this profit and I sell and then it keeps going up. Then I say, okay, well, I still got my long-term no touch my net worth is still going up. And that helps me rationalize a bit to knock down those emotions. And I still feel those emotions. I feel the FOMO, it's just the difference is I don't act on it. I recognize it, I observe it in my own persona and don't act on those emotions. But I would say for someone who is wanting to switch from DCA to learning how to trade, start really small. And you know, you can paper trade but really you gotta have some skin in the game to feel those emotions, to have those emotions get triggered when you are losing money or making money. But it's, again, you're going to, I say that if you can go break even in your first year of trying to be a trader that's a huge win. You just got an entire year of free experience. So trade small, preserve that capital and learn those lessons. Because again, I would say if you're trying to be a trader seriously, you're not even gonna have your foot in the door until year two, three. So you have to remember it's a game of decades. We're not trying to become rich in a year or two. It's nice the crypto sometimes gives those opportunities. But if we're looking to do this game long-term we're talking 10, 20, 40 years then we have to be very patient with ourselves and say, okay, well, I can start small and be trading with an insignificant amount of money. And if I can prove to myself that, you know, I can control my emotions, I can be disciplined that I am getting these concepts then a year or two later I can increase my capital. And then a couple of years later maybe I can increase my capital again. And so that's the name of the game in terms of number one, again, staying in the game. That is the most important factor. Do not blow up your accounts. Can't be high risk in terms of, again, if you blow up your account you can always put more in and try again but it's such a big step back. And we want to prevent that at all costs because the goal for the first two years of learning how to trade is just survive. Don't think about I wanna make 50% in my first two years survive so that over the next decade you can then utilize the skills that you just learned in those two years to then do some really significant increasing of your position sizing and net worth. What would you say to somebody who's new to trading who says, Dan, I really wanna try leverage trading and then taking short positions. Do you think that's wise for me? What would you say to that person? I have never, I mean, I've taken some leverage stock positions but I've never taken a leverage crypto position in my life and the percentage gains that were possible without doing that, you don't need to. And again, I would say multiple years since you're trading journey, you can then go and play around with a little bit of leverage. But if you're just starting out, avoid it like the plague, it'll blow up your account and it will take you out of the game before you have a chance. As an educator, I've seen thousands and thousands of traders come through. And I've seen really good ones, good ones that get all the concepts, they understand technical analysis, they got it down, but they don't have the emotional control down, they blew up their account and took themselves out of the game. And I think, man, if that didn't happen, what could that path have forward have looked like for the next decade if that individual did not blow up that account? If they stayed in the game and if they were a little bit more patient and if they, I know so many traders that 2017, 2018 crypto and the top and that bear market, they learned all their lessons and they went through the pain and they gave back all their gains and they stayed in the game. And so this most recent bull run, they were able to smash it and make up for it 10 fold. So staying in the game is the most important aspect of being a trader. Yeah, that's such good information right there, Dan. I'm gonna look, I'm trying to find some questions here in chat. So if while I'm looking here, if you guys in chat that are watching this stream, by the way, there's 58 of you guys, almost 60 and only 32 likes, smash that like button if you guys have loved this show so far. I know I saw a question earlier. So give me just a second, Dan, and I'm gonna get it for you. Let's see here. I know a lot of you, this might be one of my favorite interviews according to Neil, pure TA in psychology. I love, you know, we all love TA here. Step two, talking about the chart that you love to look at Bitcoin USD over the NASDAQ 100 USD. You love seeing the correlation. What timeline, this is from Queen. What timeline are you thinking until we hit bedrock? And I know we kind of touched on that a little bit, but if you have an answer for that or if you have an if then statement for that, what would you say to Queen on that question? So we are currently in a market environment due to the macro aspects, due to the dollar strength and Powell and the Fed and all that that I have never traded in. So I've been trading for 12 years and I mean, really seriously the last eight years in terms of every day, full on grind. But I've never seen anything like this in terms of this macro environment. So for me, that means take a big step back. And if I were to throw out predictions like everybody on YouTube thumbnails loves to do with the big numbers and the shocked face, then I'd get more views. But honestly, as a trader, that's not how I trade and not how I approach this game. So I'm not predicting the timeframe or an absolute price bottom. I have absolutely no idea. I take it one day at a time and I get new information every single day. I'm getting new information. So to try and predict things without all that additional information that's going to be coming over the next weeks and months for me is just doing a disservice. And I know it's nice and people like that and it's exciting to think about the future but I'm so in the present moment as a trader and I try and live my life the same way in the present moment where it's just, I follow the trend as where it stands. I keep an eye out on the psychology, the sentiment, any kinds of news catalyst but in the end it all boils down to that price trend and I'm gonna be bearish as long as we're in monthly, weekly, daily downtrends and then once we start to change trends and once the macro environment starts to shift then I'm going to shift with it. And an example that I keep giving is before this most recent run back to all-time highs we bottomed in Bitcoin in the 3000s. We bounced, when the COVID dump happened I went into turtle mode where I just protected my capital and I've never seen anything like this and I'm preserving my capital and being extremely cautious. And so I missed the move from 3000 to 12,000 because I was just hands off and extremely patient but I then saw patterns that I am very familiar with as a trader really aggressive from 12,000 and then enjoyed the whole ride up from 12,000 to 50s, 60s. And so the lesson there is I was 300% off the bottom and still made very significant gains after that. So we don't need to be picking bottoms and tops and as traders, you're not going to be nailing bottoms and tops. And that's another thing that newer traders will it's a fallacy where they'll think like, oh, well, if I just held a little longer I could have gotten an extra 2% and I made that mistake. We're not nailing tops and bottoms. It's nice when you do, it happens from time to time but we want the meat in the middle of these moves. And so that's a perfect example of and I didn't sell the top either. I was selling in the 50s before we got to the 65 plus range. So I missed the bottom and I missed the top but that meat was very worthwhile. That is so good, Dan. That's something I say to coffee and crypto viewers all of the time. You got to stop thinking you're going to buy the exact bottom and you're going to sell the exact top. What you need to look for is good bottoms and good tops and that does not mean perfect. So I couldn't have said any better than how you just said it right there, Dan. Last question I have here for you before we wrap out this stream and this is a really good one. Weak Hoot said, you both are amazing educators. Thank you. Aside from resources you each provide, are there any books or other resources you found extremely helpful in your trading career? Dan, I'm going to go ahead and, you know, I actually haven't read that many trading books. So are there any books that you recommend for traders that you use to grow your knowledge? I've never read a trading book in my life. So, but there are ones that people keep suggesting. They keep, it's just not my style of learning. You know, I've been on YouTube. I've been scouring the internet and Google and articles and interacting with people in forums. That's my style of learning. But people love trading in the zone by Mark Douglas, I believe it is. That's one that's always popular. I, on my YouTube channel, I've got a psychology video where I go over books that I read in my college years and after college that helped shaped me as a person. And looking back on them, I can say, wow, these really benefited me as a trader. At the time of reading them, trading was the farthest thing from my mind, but it's interesting to look back on those. So a bunch of psychology books, you know, Be Here Now, The Power of Now, just as I mentioned, I'm in this now and I'm thinking about the future in the past a lot less those books helped me develop that mindset. So I think psychology, you know, technical analysis is, if you put in the time, it's easy to understand. The psychology is what takes a lot of time. And so I think it's an under appreciated aspect of trading and it's more so over the last decade, you know, there's more and more resources being put out about it. But you can have, as I mentioned, you can have technical analysis down and if you don't have the psychology down, you can still blow up your account. So as important as learning the technical analysis is, don't forget about the psychological aspect. And trading is a lifestyle and for you to become a better trader, you will become a better person. You will be more in control of your anger, your spouse and your kids will like you more. Like there's so many intertwined aspects of this. And so it's really so much more bigger picture than just.