The Wolf Of All Streets - Crypto Adoption Gets A Massive Boost | Week In Review

Episode Date: November 4, 2022

The main crypto news of this week: SBF's Alameda financials reveal massive FTT related asset holdings, high tech companies are laying thousands of employees off, 29 yo MakerDao co-founder dies under strange circumstances in Puerto Rico, Jack Dorsey's decentralized social media Bluesky to launch beta, Fidelity and MoneyGram boost crypto adoption among retail clients, and there are more crypto stories and charts! ►► JOIN THE FREE WOLF DEN NEWSLETTER https://www.getrevue.co/profile/TheWolfDen  GET UP TO A $8,000 BONUS IN USDT AND TRADE ALL SPOT PAIRS ON BITGET FOR ZERO FEES! ►► https://thewolfofallstreets.info/bitget   Follow Scott Melker: Twitter: https://twitter.com/scottmelker  Facebook: https://www.facebook.com/wolfofallstreets   Web: https://www.thewolfofallstreets.io  Spotify: https://spoti.fi/30N5FDe  Apple podcast: https://apple.co/3FASB2c  #Bitcoin #Crypto #Trading The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

it's been quite a few days since we've actually reviewed the news with the new format. So I'm looking forward to sharing all of the stories that were big this week. And there are quite a lot of them, including the fact that we confirmed that Sam Bankman Freed is really, really stinking rich. A lot of crypto companies are doing layoffs, but that's also the case with tech companies and other companies across the world. It's a bear market. What do you expect? Also, we saw some big news from Coinbase, a few more hacks because yes, this is crypto. I've got a lot to share with you and I'm going to share some charts that are looking really good as the market seemingly could be turning around. You do not want to miss this. Let's go. What is up everybody? I'm Scott Melker, also known as the wolf of all streets. Before

we get started, please subscribe to the channel and take your water gun that's called the liquidator and liquidate the like button. Yeah, I told you guys a long time ago about the liquidator. I found it by the pool and I brought it inside so that we could do some liquidating. The liquidator, liquidate that like button, but in the process, do not get liquidated on any of your favorite leverage exchanges where you're probably not trading because you respect and love all your money. What's up, guys? Seems we got a lot of the classic wolf pack up in the house. We got Dez. Good morning, Christian.

Good morning, Tyson. Good morning. I just don't even know how to pronounce. Jesus Expose. Always here. What up? What up, Brian? What's up, Cook Tech?

What's up, Jeffrey? What's up, Ian, Ian, Ian, and Ian? MB, Texas, West, Capital, and Ian. MB, Texas. West, Capital. Pirate. We got a lot of you guys. Abed, Simon, Gregory. Going through it.

All right. Dragon, Architect Jeff, David Hover. Hey, Dave, what's up, buddy? Hey, I know you. Good guy. Good guy right there. Good guy, that David Hoverman. Hey, so that's it. Oh, and of course, Randy,

what's up, man? Yeah. Jeff, what's up? Oh, it's Jesus Christ pose. Your Jesus Christ pose. Anyways, we got a lot to get through today, and I do want to share a few charts because a few things look like they could be popping off. I don't know. Usually, if we share charts, it means that the market dumps over the weekend and it's all over and we're dead and we're finished. But let's go ahead and start in to the news. Look at that cherub angel, Sam Bankman Freed. Much, much discussed Sam Bankman Freed. Some love him. Some seem to hate him. He seemed to catch the ire of the crypto community because, I don't know, he has the audacity

to be pragmatic and work with regulators. I don't know, man. I don't know, man. The arguments about DeFi, we talked about it at length yesterday if you missed that conversation. But here you go. Divisions and Sam Bankman Freed's crypto empire blur on his trading Titan Alameda's balance sheet.

Well, no shit. No shit. Everybody knows that Alameda and FTX are in bed together because the guy is the CEO of both of them. But what was so shocking to people here is that Alameda had $14.6 billion in assets, meaning that they're really big and really rich. Really big and really rich. But I guess what was blurring the lines that shocked people, shocking, was that of those 14.6 billion in assets, 3.6 billion was FTT or FTX token, right? And then they had a 2.6 billion entry for FTT collateral. And then they have another 292 million of still

locked FTX token. Of course, he was very early on. Solana has almost a billion dollars in Solana, actually over, 292 million in unlocked, 863 million in locked Solana. If you guys don't know how it works, when you invest in something and it has a long vesting schedule, the tokens unlock on a schedule.

Also a ton of other assets. Yeah, the story here is that Sam Bankman Freed and Alameda Research, really rich, and that obviously Alameda holds a whole lot of the native token of FTX exchange, meaning that some people have a problem with how closely the two are tied and related and the fact that Alameda obviously

can control and move the price of FTT. I don't really see what the story is because if Alameda didn't own it, FTX would own it and they could do the exact same thing. But the moral of the story here is that Sam Bacon Freed has many, many, many mucho monies.

Take a look at FTX token, FTT, not much to see on the token at the moment, to be quite frank. If you were here before back in March, I said, yeah, this looks like a pretty gratuitous short right here at key resistance, 53.48. It did in fact break down an hour down here. Half of that, half of that. For me, I can't really get excited. Maybe there's a short-term trade if you get above

26.83, but really this descending black line is kind of it for me. But a break of that 26 should at least send it up to 32. And then if the market gets really bullish, we'll see some volume come in and things will go higher. The next story, crypto layoffs, Dapper Labs, BitMEX, Coinbase, Galaxy Digital among firms to force to make mass job cuts. Reading is hard. Reading is fundamental. I messed that up. As a bear market sweeps the crypto industry, Coindesk is keeping a running list of industry players that have been forced to cut back on staff.

And holy shit, it's a lot of them. Look at this. Look at all the scrolling I'm going to need to do here. Dapper Labs, BitMEX, Digital Currency Group, Galaxy Digital, NYDIG, GSR, Crypto.com,r crypto.com was your x steakfish nobody's ever heard of steakfish that's not real that's not real they should have just called it surf and turf but they spelled steak without the e so it's true layer just snap web3 team i mean guys i think we know it's bad obviously Obviously, CoinFlex, Core Scientific,

Robinhood, who apparently we're counting as a crypto company now. The list goes on and on and on. Listen, I think we all know it's a bear market and shit's kind of bad, right? So we're not seeing anything here that's unexpected. And the longer it goes, the more people are going to have to go ahead and save their money, save their money. But it's not just crypto. Now, this isn't because the bear market. This is just because, holy shit, Elon Musk is having a field day over Twitter. Yeah, I'm sure you've seen this. He's laying off like 50 percent of the staff, 50 percent, 3,700 Twitter employees. I told you the other day, it was like office space. Hey, what do you do here, bro? Excuse me, 20-year-old intern. My name is Lon Musk. I'm probably not intimidating at all. What exactly is your job here? Go get me some coffee

and don't let the door hit your ass on the way out. So he's basically just firing everybody, you know, coming in like Oprah. You get a pink slip and you get a pink slip and you get a pink slip and just firing everyone causing mad havoc is going to charge us eight dollars and hopefully kill the bots in the process. But it's also not just Twitter. Let's take a look at the Twitter chart first. Listen, he bought the company for this price, right, which was the highs for, you know, since some point in 2021, should expect at least that the stock is on the daily chart will come trade up at $54.57 around there. But right now, nothing really doing on the chart. But payments processor Stripe cutting over 1000 jobs. That's 14% of its staff. It's a lot of stripers, stripers, right? Amazon pauses corporate hiring on economic uncertainty. What?

Even through the pandemic, if you remember, Amazon was on a mad hiring spree, which makes sense because, I don't know, they were still open while there was COVID and because everybody was having everything delivered to their door by Amazon Prime, right? If you didn't already have a Prime account before COVID, you got your Prime on when COVID hit because you couldn't go to the grocery

store because they told you, you literally couldn't go to the grocery store, have them sweet groceries delivered to your door. You know, all your weird accoutrement that you need in your life, your sex toys, all that shit right to your door overnight. Right?

So it's a bit, bit concerning. Maybe that Amazon has paused their hiring, especially when you take it the, oh my God, that's what the chart looks like. I'm buying Amazon today. I am. I'm going to do it. I said I was going to do it the other day. I got too busy and now I'm going to be even more richer, more richer-er, I think is a technical English word for it. I'll be more richer-er as a result of Amazon continuing down. This is the weekly chart.

It's brutal. But stocks opened up today. Amazon getting absolutely slaughtered. But like $90 Amazon? I can't. As like a 10 to 15, 20, 30-year investor, I mean, where is Amazon going? Fucking nowhere. Everybody uses it.

Nobody replacing them. For me, it keeps going down. I'm going to just wait. Maybe it'll come down to 81. That would be sweet. I'm going to go bid that the minute that we get off of here. Phil Boswani saying, don't do it. What do you hate? Money and fun. And you probably don't even like puppies or ice cream. Whatever, man. Oh, bro. That's an ugly chart. That's a falling knife. I'm not going to buy that quite yet. I'm going to bid 82 bucks and see what happens. And by the way, I dollar cost average into Amazon and still up. Lyft. Lyft to lay off 683 employees in cost cutting push.

That's a lot, right? What's that doing to Lyft stock? Well, this is the weekly chart on Lyft. Ooh, that's right there. That's right there. They need a Lyft. This is an ugly weekly candle actually forming right here as a clear rejection of that key resistance around 1456. So that one I would not be buying personally. Lyft. I don't know shit about their company anyways. I mean, Intel also cutting jobs. Apple paused hiring. It's slaughterhouse out there and it ain't just crypto. So don't be fooled by the crypto's bad. Everything else is great narrative. The whole world is on fire. And I would actually argue who cares if crypto companies are firing people. There's still funds being raised. There's still funds being deployed.

And the coins are still kind of fine for the last four months, which to me is somewhat encouraging. Now, here's a story that'll rock, rock your world. Coinbase chief product officer steps down. Time to get off the ride. Time to get off the ride. Surgeit Chatterjee, we all know about, came from Google just a couple years ago, like less than three years ago. And now, like, you know, it's controversial. He doesn't want to be at Coinbase anymore. Wow, man, he must be sacrificing a lot. Must be sacrificing a lot to get off the ride. No, he's not. Guess how much his package is worth as he's exiting? It's right there. $646 million in compensation. And I'm going to, then I can just walk away with $647 million. Would you ever stay at any job? You could literally tell me that I was going to be, I don't know that like, I would be, you know, the next, uh, that I could go road manage the next Biggie and Tupac tour, uh, with Bob Marley as the opener and be like, or I'll give you $646 million

not to do that. I'd take the $646 million. It's absurd. It's absurd. But good for him, man. I ain't mad at Surgeon. He's going to enjoy living on his little island and kicking back. But yeah, man, a lot of Coinbase slowing their hiring, firing people, and this dude's walking away with $700 million.

Seems like there's a little bit of a miscommunication there. Maybe they blew that one. $646 million. I can't get over it. How do you become almost a billionaire? That's way more than any professional athlete has ever made anywhere for a job. This guy didn't found Coinbase. They literally brought him in a couple of years ago to a company that had been in existence for six or seven years, was already getting ready to IPO. And he's just the product officer, not even the CEO, almost a billion. Oh my God. This guy is basically like LeBron James times 10, but for Coinbase.

Insane. This story is sad and really freaking weird. Did you guys see this? MakerDAO co-founder Nikolai Mashigian, I butchered his name, dies at 29 in Puerto Rico. First of all, what an epic career for a 29-year-old. Created Balancer, was the architect behind Dye, a number of other things,

BitShare, as you can see here. Yeah, he was found dead. The story is that he died due to drowning after being dragged by sea currents on Condado Beach in San Juan. A lot of people died at that beach, one of the most dangerous places in the world, with at least eight people dying there in 2021. Now, a lot of people had very nice things to say about how brilliant he was, about how he was fundamental to the development of crypto. But this is where the story gets super weird. I don't know if you saw this

and I'm not into conspiracy theories, but my God, this is his last tweet. The day that he died. Before. CEI and Mossad and Peto Elite are running some kind of sex trafficking entrapment blackmail ring out of Puerto Rico and Caribbean islands. They're going to frame me with a laptop planted by my ex-girlfriend who was a spy. They will torture me to death. Whoa. Okay. And he'd also

been hinting at this for months and had said that one of the things was that the CIA would kill him and make it look like a suicide. What a story. What a story. I'm not saying this is true, but holy shit, he literally tweeted this and then died. Maybe he was suicidal and it was whatever. But my God, my God, what a crazy story. I have no idea what this means or if it's true. All we know is that it's super sad that he is dead, but he tweeted that on that day. I mean, to me, that is just, whew, crazy. Yeah, he had said potential suicide by the CIA

as one of his possible futures. Moving on from that story, Jack dorsey's blue sky social app what we know so far is it is him here does jack dorsey look like a character from either the hobbit or game of thrones but i am kind of digging the uh hobbit slash today is gonna be the day wonderwall haircut that he is rocking in this photo. Good looking guy. Good looking dude. Yeah, look at Jack.

He does look like a hobbit though, right? Kind of. But yeah, he's launching this Blue Sky social app. It's now accepting users for beta testing. It's set to launch soon. Now, this set, when he went to found this, first of all, it's like a direct competitor with Twitter, which is kind of weird.

Like, dude, you just left, bro. Yeah, I know you're mad, but it's like fucking your ex's best friend. Right? But it's going to rival Twitter, Meta, Snapchat. It's going to be all the social medias in one, and it's going to be more decentralized. But yeah, everyone was super pumped in the crypto space because, you know, Jack is a crypto, he's really a Bitcoiner, but there's no blockchain involvement here. He said it's blockchain agnostic. You could use blockchain shit around it, but no, will not sit on top of

a blockchain. And their CEO, Jay Graber said, I'm confident in our decision to not put social media content on a blockchain. They actually made the argument it would be a bit less decentralized because it would be locked onto the blockchain, right? So basically creating something that's very similar to a decentralized blockchain by sort of doing it like email where it's hosted on servers all over the place as opposed to one central server.

This is through their AT protocol. But what they had to say here, it's a federated network. It's a way for servers to communicate with each other like email. Instead of one site running the network, you can have many sites. It means you get a choice of provider and individuals and businesses can self-host if they want. Basically, the bottom line here is that you will own all of your own data. That is cool. Nobody will be able to monetize it.

You'll have control, be more decentralized. Here's how they described it. The development team described the app as a protocol for large scale distributed social applications that will allow for account portability, algorithmic choice, interoperability, and performance. So one of the huge things here, which is something that's being built all around crypto as well. My friend, Justin Rezvani at Zion is building something very similar with digital identities, DIDs. We're basically using a blockchain. You create an identity. It's like a private key in a wallet, and then you can use that to sign into every social everywhere without compromising your

security or your data. Same thing being built in unstoppable domains. Well, now it's happening without a blockchain here. So basically, you'll be able to sign up for this platform and then use that login for every other social media platform on the planet. Pretty cool. We'll see what happens. Now, listen, a lot of news. Oh, and if you want to read the blog post about it, you can do it right here. But a lot of news around institutions that's going wildly underreported in this bull market. But this is

huge and bear market. Fidelity to open commission-free crypto trading to retail investors. What? Right? Listen, we've obviously seen a massive trend from E-Trade, Schwab, platforms like that for stock trading of getting rid of commissions. Now, listen, when you're not paying commissions or fees, you're probably the product, right? And we saw that very clearly with Robinhood when the GameStop thing went down. But either way, you're going to be able to trade with no commissions on Bitcoin and Ethereum starting. And you're also going to have access to their custodial and trading services from Fidelity Digital Assets. And you only have to have $1 in your account to do it. $1 in your account to do it.

So listen, if you don't like the price that you pay to buy Bitcoin on Coinbase, nobody does, it's horrible. Like round trip on Coinbase will cost you 1%, right? Be able to do it free. Free on Fidelity with safe custody through their custodian, which I would probably trust because I'm assuming it will be insured.

Yeah, pretty good. Yeah, they'll have to eat you alive on the bid-ask spread. Right. Just how Voyager had no fees, but you paid, I don't know, like $50 more for every order. Yeah. Jeff said the same thing. No commissions.

But I think that actually is going to be a bit different this time. Christopher Walker, I missed the BNB entry this morning. Should I chase it? We'll talk about that in a few minutes. I'll take a look at that chart. We got to do news, bro. Got news going on. So Fidelity, obviously, this is huge. Fidelity has been leading the charge for institutional adoption and for the mainstream as well for a very, very long time. they're miners. They've been in the game. They've been writing reports. They've offered crypto services. Well, there's a natural extension of everything they've done, but making it really attractive for retail. Next, MoneyGram debuts crypto purchases on mobile app. We just talked about this a couple of days

ago that they announced they were going to do it. Well, now they done did it. Almost every state in this United States of America and the District of Columbia offering these services. You can now basically trade and hold, buy, sell, hold Bitcoin, Ethereum, Litecoin. I know for a fact that might actually be it. Yeah, that's it. With MoneyGram. Now, listen, I don't think there's that many people I'm rushing to MoneyGram to buy and sell crypto. But MoneyGram is a huge payment company, like the PayPals and Venmos and all those of the world. And they know that crypto is going to eat their lunch and they got to get involved. And to me, that's the story. That is the story from the liquidator right here. The story is that they got to get on the train or get run over or left behind. I prefer run over. So MoneyGram now moving towards allowing users to engage with the crypto market. And this is

just the beginning with much bigger plans down the road. So I think this is massively bullish. These kind of stories three years ago would have moved the Bitcoin market like 10% in an hour, and now it does nothing, which to me is a sign of market maturity and that things are looking up for our industry. But for things that are not looking up, we keep getting hacked, guys. We keep getting hacked. Yeah, keep getting hacked. One billion crypto hack fears spurs 20% gala plunge, but firm implies it attacked itself as a safeguard. Every time I get attacked, I just say I attacked myself, right? Listen, the story makes absolutely no sense to me. It might as well have been written in Chinese, to be frank. But basically,

somebody printed out of thin air and exploit a billion Gala tokens, right? And that's generally bad when you increase the supply by a billion and then go dump it on the open market. But what they're saying here was it was actually P-Gala, like P-Gala on the P-Network, and that P-Gala saw something bad was going to happen. So they printed the token so that they could then themselves drain the pancake swap pool that they thought was going to get exploited and that there's nothing to see here. And then it was a white hat hacking. I mean, you figure it out, man. You figure it out. Seems like you would want to announce that before doing it. I don't know, to make people not panic and think that uh the thing had been completely hacked either way it's an exploit

whether it's uh good or bad intention shit is ridiculous this shit is ridiculous and listen let's take a look at whatever let's take a look at the chart okay yeah i mean that there was the drop and it's bounced a bit. Major sell-off. Right after it actually was looking kind of good. We had charted this recently, and someone was like, I need to buy DALA here. And I was like, nah, bro, you're at like every resistance we got on this chart. Chill.

Right? Like, who cares if it's white hat, black hat, or otherwise? Shit should not be able to happen. Yeah, I don't know, man. Oh, man yeah i don't know man oh man i don't know man anyways decrypt writing an article here about our uh favorite biggest uh crypto futures exchange and guess what guys they got hacked 28 million dollars in bitcoin ethereum and that sweet, sweet centralized USDC. I don't know if you guys saw this story, actually. I don't have it pulled up, but USDC announced that they're moving their treasury largely into a private fund that is going to be managed by BlackRock.

Whoa. BlackRock and custodied by Boney Mellon BNY Bank of New York melon. So I mean, nothing says, you know, rage against the machine and opting out of legacy systems like custodying your assets of BlackRock and bony melon. Yeah, we know that Circle is insanely insanely centralized will be probably the centralized stable coin of choice for the uf government us government as they regulate could literally effectively become the central bank digital currency but to be honest it's the one you should feel safest in if you're in the united states probably because is actually backed fully so is usdt i think and if it's being custodied by baker new york melon you don't really have to worry

about the assets being redeemable but yeah 28 million dollar deribit hack on their hot wallets had users were not affected in any way shape or form that this was their own coins on the exchange but jesus man get it together like what is going on. It's like only 28 million. You had 28 billion. You'd be pretty psyched. Yeah. I don't know, man. I don't know. It's, it's, it's getting exhausting, isn't it? The hacks, the exploits, how I don't understand how we would expect regulators not to go. Maybe we need to regulate this. It needs to be regulated. Christopher Walker says,

his mind's still blown by the amount of tabs I have. This is only one of five windows I have. These are the active ones that I might look at or think about for streams, these charts over here. Yeah, need a good internet connection if you're going to be me. Crypto VC firm CoinFunds looks to raise 250 million seed fund. The story here, obviously, is that people are still raising money, still looking to invest in Web3. There's no slowdown there at all.

But the bigger story here is that they just raised $300 million for a VC fund like three months ago. So if that doesn't show you how much interest there is from accredited investors and institutions in getting their sweet, sweet money into this Web3 environment, think again. Lots of money. Final story here before we dig into a few charts and maybe you're going to look at, I don't know. Coinbase cuts Q3 losses in half, sees crypto headwinds continuing into 2023. The crypto changes transaction revenue fell 44% from the second quarter. But they cut their losses in half, which now in this world is good news. You lost a lot less. And they had some things, some metrics that were up.

But basically, people are viewing this as positive earnings, that the bad news is slowing down. And that things should be turning around into the next year. Let's take a look at the stock. I don't understand how the stock can be doing pretty good when you give someone $646 million worth and you can go sell that shit. But hey, I mean, the stock's doing nothing, right? Yeah, it's up slightly today. It closed yesterday at 55, hit a high of 63 today. That's quite a move, but now chilling right around $60. I consider this an accident right here. Shouldn't have happened, but this really is the range right now. And you can see we're trading right around $60. I continue this. I consider this an accident right here. Shouldn't happen, but this really is the range right now. And you can see we're trading right around the mid range. Nothing really exciting there. Yeah. Uh, looking at what you guys have. Yeah. The bar

is very low. Good earnings means less bad. Good earnings means less bad. We actually just, I cooked through all the news there in like 25 minutes. It was a lot of stories. It's a lot of stories, but we blazed through it. Should we take a look at a Bitcoin chart? Look, guys, nothing's happening. And I like it. I like it. You guys know this monthly chart, right?

Up, down, up, down. Oh, we didn't really think it was going to, we thought it was going to go up here. It went down. But I mean, this is down. Oh, we didn't really think it was good. We thought it was going to go up here. It went down. But I mean, this is the most aggressive, strong support you will ever see on a chart ever coming back from 2013. And it's just hugging it right now. So we're basically going to a million. It's fine. I didn't say that. I didn't mean it. Weekly MACD is still looking good and growing. But I mean, you can't get excited about a chart that's doing this, guys. Can't get excited about a chart that's doing this guys can't get excited about a chart that's doing that as much as i would love to you take a look on

the daily and you know this is like you can even just pull you got the bigger range obviously you know which is basically 17 to 25 17 5 to 25 everything in here is sideways chop but you can pull this tiny little range right here you can play this very easily down basically 20 to 21, right? A lot of money to make in that little range, but at 20,789, you're sitting right in the middle of it. So God knows what that means. I don't even know what these other charts are. Yeah. Remember we had the big breakout of the bands? Well, that slowed down, but we should now holding this, head up to the top bands again and expand. I think Bitcoin looks fine, guys. I really do.

And I'll tell you, I didn't even know I was going to look at these charts, but I'll tell you right now, I see it without even having to see it because it's just deeply ingrained in me. There's bullish divergence there in the four-hour chart before this move up. Right at the dead bottom. Yep, there's your move. Little divergences, making those moves from 21 to 20,000. Really easy there.

Moving on. What do we got? Same chart. Same chart. Let's look at ETH. I love ETH, man. I'm loving it, and I posted it. I talked to you guys. I've shared it. I even put it in the newsletter when I hadn'tTH, man. I'm loving it. And I posted it. I talked to you guys. I've shared it. I've

even put it in the newsletter when I hadn't been sharing things. I mean, guys, both the ETH Bitcoin pair here, which we had the bullish divergence breakout flip of this key area. And now that was your local demand right there on the daily, right? Broke out, came back and visited that candle. That's what you see and rocketed up with hidden bullish divergence, which is a sign of continuation. The same hidden bullish divergence exists on the ETH USD chart. Went overbought with a little bear div, came back, hidden bullish divergence and heading up. You got to love it. You got to love it. We should see a lot of resistance now here coming into this area though. So my target always for this move was in the 1700s. So we'll see what happens there.

Yes. Kristen says Scott is the eternal optimist. That's because I've been here a while, man. It's going to be fine. It's going to get better. It's not going to be bad all the time. Not going to be bad all the time. Anyway, so ETH looking pretty good there.

Let's take a look because we can at meta. That's bad. Look at that. The Zuckerverse looking poor and horrible. Now, listen, I don't know what I got pulled up here. We can take a look. SPY opened up, but very volatile right now. That's obviously how I view booking at the stock market. Let's look at Pyrex. I tweeted this and somebody had asked me for this. I do not own this. I've never owned it. Honestly, I don't even know where to buy it. I have no intention of owning it. So shut up with the shill shit. Sometimes we just share charts uh i i did own some meta but i stopped out a long time ago but here you go man this is a major major resistance i would actually now i'm looking closer i would bring that down poquito oh and that actually to lock in there but that actually makes this retest even more epic

right here but above the 50 ma with the 50 and 200 squeezing got to get above the 200 but like this should be an easy path right back to 5.3 right now certainly to 6.6 which is this level that hasn't been tested but honestly guys i mean on a breakout like this your expectation is that with a matter of time which could be, you're going back to the highs. This is like seeing charts like this existing right now means that downtrends could actually be breaking and things could be turning up. It's pire. It's called Vulcan Forge, whoever was asking. Don't own it. I don't own it. I don't have a KuCoin account. I don't own it. So shut up. Yeah. But I've seen a lot of bullish charts. Take a look at Matic. Well, actually,

someone asked about BNB, right? Should you chase it? Was that the question? First of all, no financial... And I found out that saying no financial advice actually doesn't matter. I'm not sure if I'm allowed to tell you what I would do. It's really overbought as an analyst, but we saw Doge go to like 95. It's like 83. You can see it more appropriately. Let's see how I drew it. I drew it like this because this is my view on it. As you push through this, you go more overbought. I wouldn't chase it because most likely if it's going to continue up, you will get a retest of this box. So I would rather bid it below. Listen, sometimes you miss trades when this happens. There's a lot of people who trade breakouts. It's the riskiest form. If you bought it when it was going through 337, right?

Yeah, you're at profit right now. So that's great. That worked, depending on when you sell, of course. What you often see then is that the candle comes back and closes back down below it. You get sucked into a liquidity grab, right? So you often get faked out. You buy a fake out. The next more reasonable and safe way to do it, but with the risk of missing the trade, but who cares if you miss a trade, there's always another trade, right? Is that you buy the,

you buy the retest of the area that was broken out. That's your confirmation. That's the safer way. But taking a look here, I shared this in the newsletter today, I think. Yeah. So you had this, it's kind of a bull flag up, down, not really. Right. But if it it's kind of a bull flag up, down, up, not really. Right. But if it was, you're kind of, I just gave the idea that lines up at the golden pocket up here, 61 to 65. That's of this entire range, right?

From the range highs all the way down to the breakdown of that range below that was swept. That lines up with the idea that you would consider this sort of a big flagpole, a breakout and to the upside. Maybe it gets stifled around 450. Either way, flagpole, a breakout and to the upside. Maybe it gets stifled around 450. Either way, BNB has a lot to run here, but you might risk buying it here and seeing it drop way back down to like the 320s, 330s before it heads back out. My approach would be to just chill, put bids around this red box and wait. Yeah, there you go. Matic. Matic. Same idea, right? Now, massively overbought, 76. Not nearly as overbought as that BNB was, right? But we had the inverse head and shoulders

I'd shared before, right? Kind of disregarded it after a while, didn't think about it, but we had this kind of idea, right? So with the depth of that pattern, your target of that is 1.4. That hadn't changed. It just, when you have a target of a pattern, first of all, they rarely hit their exact target. Let's be honest. But that doesn't mean it's going straight there. You knew we were going to get resistance at a buck, like a buck has been massively problematic and it was the key support here and here. So a dollar, 1.01 is what we want to see Matic closing above, not breaking above slightly, not a tiny little close, like a real close. But I would take the same approach. I would venture to think that it's likely it will come back to test a dollar. It might not. It might do it way over here. You might come all the way up here and then do it and then go it's very hard to buy this at 115 when it's overbought and is already broken out yeah right it's just you might miss it you might miss it but if if we get a real like alt

coin run right here you'll find something else yeah Yeah. So if you bought the breakout, you're up 15%. But the question is, are you actually going to sell it now up 15%? What are you going to do? What's your plan? How are you going to manage it? Right. So hard to know. But yeah, bottom line is that we're seeing a lot of coins break through key resistance. BNB, very key resistance. that red box all the way back to this entire year, right? T, Matic, right? I mean, you can mint Polygon NFTs on Instagram now. There's a reason. And then listen, Dot hasn't done anything, but I'm watching it, man.

I'm watching it like a hawk. I've got my eyes on it, right? Because this looks like Pyre before Pyre became Pyre, right? I've got an alarm. You can see that little icon right there. It means I have an alarm on this daily chart for a break of that blue line. Then I'll start paying attention. We can add some more resistance here, by the way. Like the first move probably gets stifled, you know, eight bucks, something like that. Then we could even argue that this line is more appropriate here, but somewhere in the 10. But guys, I mean, these are like, we've been in this bear market. This since 2021. Right? I mean, this is November 21. Remember, we had October and then

everything was great. This has been a sustained downtrend since then. And if you like diagonals, these diagonals indicate that that downtrend is breaking. Right? Now, if you like diagonals, these diagonals indicate that that downtrend is breaking. Right? Now, if you're more conservative, you might say this is a high, low, lower high, lower low, lower high, lower low, lower high, lower low, lower high, lower low, right here. Meaning that you have to break above 974. That would be the last lower high for confirmation. So you still got to go up 50% just for confirmation that the bear market is breaking, but that resistance right now is definitely the first move.

Can you do XRP? I have an XRP chart somewhere on my other tab. Let me bring it up. The XRP, listen, is a weekly chart, but not different than last time we looked at it which was a week ago i know it's hard to like uh see it going up and whatever but like i think you got a clear 54 cents for you to actually not be chopping sideways this right now it doesn't look bad right i mean it looks like uh kind of a little bull flag or excuse me bull pennant right

your flagpole right here so you're targeting somewhere up in here but you either want to buy the retest of the support or the flip of resistance to support buying it right in the middle for me is not something that i would like to do yeah fibo swanee says xrp is on my who gives a shit tab that is more accurate than i would like to admit more accurate than i would like to admit so guys that's that's it it's wednesday uh it's wednesday friday friday means end of the week we'll be back on monday will we be back on monday actually no i'm off on? Actually, no, I'm off on Monday. I'm off on Monday. I'm going to see Adam Sandler Sunday night.

Do some funny shit. Tell jokes. And I'm not going to be back in time on Monday. So I'll see you guys back on Tuesday. Now, listen, if this continues, it's going to be time to start sharing charts and doing charts and sharing trades and making money again. Lost a whole lot of audience and followers when I started to become a golfing influencer account and stopped talking about trades and charts, but I'm not going to do that when the market's bad,

but starting to look a little bit up. Interesting to see Bitcoin trading sideways and us actually getting some bullishness on altcoins. Pretty encouraging. Pretty encouraging. Any who guys that is, let me get rid of this banner, my free newsletter. I mean, do you guys even read? Do you guys know how to read? Do you read? If you read, it's right there. It's free. It's free. It's been real guys. I enjoyed it. I hope you enjoyed it. Now, you know, all the news and we didn't have to talk about it every single day. So Tuesday, I'll be back trading Tuesday. I don't know who our guest is next week.

Let me see if I've got that here. What month is it? What day is it? Where are we? Where are we? I don't know. I don't know. We don't have it yet.

Don't have it yet. No, maybe we do. I don't know. I don't know. We'll see. Next Tuesday is election day too there's gonna be an election united states has a huge erection on tuesday bye guys