The Wolf Of All Streets - Huge Win For Ethereum & Crypto | Bitcoin: What's Going On?

Episode Date: June 19, 2024

Bill Barhydt, the founder and CEO of Abra, joins me today to break down the latest news in crypto including a major win for Ethereum over SEC. But what's going on with Bitcoin?  Bill Barhydt: https://x.com/billbarhydt Chris Inks will join us in the second part to share some interesting trades in crypto and beyond.  Chris Inks: https://twitter.com/TXWestCapital ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/   ►► The Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities!  👉https://thearchpublic.com/  ►►OKX SIGN UP FOR AN OKX TRADING ACCOUNT THEN DEPOSIT & TRADE TO UNLOCK MYSTERY BOX REWARDS OF UP TO $60,000!  👉https://www.okx.com/join/SCOTTMELKER  ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. Use code 'TENOFFSALE' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker  ►►NGRAVE This is the coldest hardware wallet in the world and the only one that I personally use. 👉https://www.ngrave.io/?sca_ref=4531319.pgXuTYJlYd  ►►NORD VPN  GET EXCLUSIVE NORDVPN DEAL - 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY! 👉 https://nordvpn.com/WolfOfAllStreets   Follow Scott Melker: Twitter: https://twitter.com/scottmelker   Web: https://www.thewolfofallstreets.io   Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto #Ethereum 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.

The SEC is closing its investigation into Ethereum 2.0 in a huge win for Ethereum, for consensus, and obviously for the industry as a whole. Did price move at all? Not really, because we're in that part of the cycle where even good news does effectively nothing. I'm going to unpack this, everything going on with the market, of course, where we're at in the cycle with Bill Barheight, of course, Texas West Capital on the back half. 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 hit that like button. I'm going to bring Bill on right now.

Got him up super early to join us. Not exactly an afternoon on a yacht in Dubai, which is the last time we did a show. A little different. Yeah, a little different. A little different. Yeah, a little different. A little early, but anything for you. Appreciate it. Appreciate it. So listen, here we go. US SEC closes investigation

in Ethereum 2.0. Major win for industry. This is coming from ConsenSys. There you go. They did a write-up on it, and of course, their tweet, Ethereum survives the SEC. Now, what I find interesting here is if people don't remember, this investigation was announced and then immediately, immediately within hours, ConsenSys effectively countersued or went after

the SEC for clarity on what Ethereum was. And now a few months later, we see this closed. I long held that since we've seen the Biden administration thawing a bit, that a lot of these Wells notices would not end up in enforcement actions because it's so politically unpopular. I think this is the first example. They got the Wells notice, people thought they'd get sued, and they didn't. I think it's a question of the SEC saying, what can we win and what can we lose? I don't really think that they're doing an internal popular opinion poll as to whether or not they're concerned about the public's perception of crypto lawsuits. If that was a concern, my guess is this would have all stopped

a long time ago. But I think it really comes down to, okay, do we have a chance of winning this in court if it gets that far? And I think the answer is no. I mean, who are you suing? Right? I mean, at the end of the day, if Ethereum has no off switch, if it is truly decentralized, who are you suing? Right? So you can't sue Ethereum as a concept. You have to sue an individual or a company. Does ConsenSys own Ethereum? They may own some Ethereum tokens, but they don't own the Ethereum network. And I think that, you know, the SEC, they have to understand this to some degree. And at the end of the day, they may still sue consensus for some fundraising activities that leverage Ethereum, but they're not going to be able to sue anyone for owning Ethereum or the idea that Ethereum is a security. It was inevitable that we understand that Ethereum is not a security.

Something that has no off switch can't be a security because there's no one to sue in the first place. Right. There's no based on the effort of others component to the Howey test. So as I said, I think this was an inevitable decision. They did the right thing. And here we are. Yeah. Kind of digging into this a little bit in their tweet. They said, this means that the SEC will not bring charges alleging the sales of ETH are securities transactions. So that's really what's at the core of this, just for, obviously, clarity. But they say our fight continues. In our lawsuit, we also seek a declaration that offering the user interface software MetaMask swaps and staking does not violate securities law, should not take a

lawsuit to provide the much-needed regulatory clarity to allow an industry that serves as the backbone to count this new technology's innovations to thrive. But here we are. So this isn't over. They obviously have exposure. They own effectively MetaMask. And I think really, I mean, the story here is we got an Ethereum spot ETF approval out of absolutely nowhere that week when there was a ton of political pressure. And it's really hard for them to continue going after them for Ethereum transactions being the transactions of securities if they've approved an Ethereum spot ETF. So I think the question for the industry is the fundraising, right? Meaning if you raise money to support a token project, is that a security

offering? And I think it can be. And I do think there are instances where it is. I think that in the case of Ethereum, you have to go back so far pre-guidance on ICOs and other related activities that my guess is that anyone before that guidance is probably going to get a pass, right? I mean, if you look at the ICO market back then, and you look at any lawsuits, I think there was like, I don't remember the year, I think it was maybe 17 or 18, that they came out with guidance on this issue. And I don't think anybody who raised before then has been successfully sued or sued at all for that matter. And so I think that's more or less going to be their modus operandi going forward.

And that's probably a good thing because there's, you know, again, if you're going after wins, there's slim pickings to be had post guidance in the ICO market. If that's really what you care about is, is, is, is racking up wins and, and, or sending a message. Um, so I don't think that consensus itself is free and clear. I think that this issue of Ethereum not being a security, that fundraising related to the launch of Ethereum was probably a security offering, but that chip has long since sailed. Yeah, I totally agree with you. And I've

even spoken to lawyers. I'm not one myself. I play one on TV. But who said this is likely past the statute of limitations for it anyways, by the time this would even happen. I mean, we're 10 years beyond effectively the launch of Ethereum in the original sale. Right. That's true. Yeah, exactly. And like I said, there's plenty of short-term opportunities for the SEC if they really care about just racking up wins. What do you make of the fact that uh we saw this massive price pump of a whopping three percent when we got this news yeah i loved it like if this was a 2017 or 18 thing it'd be like a 40 move in ethereum or something and here we are in this part of the cycle where just nothing moves anything yeah look i mean it was post uh post etf um announcement uh post ETF announcement. We're in the middle of summer sideways. And, you know, Ethereum is a, you know, exponentially growing liquidity suck versus Bitcoin, which is its own liquidity suck.

And so while we're in the doldrums of summer, while, you know, like the movement of cash and liquidity in the markets is still pretty low, I'm not surprised at all. Again, if you would have said to me, oh, the SEC is going to make an announcement that Ethereum is not a security and we're in June or July of 24, what's going to happen? And my guess would have been not much. And that seems to be what happened is not much. You know, it's probably good news for the likes of Solana and some other L1s that are kind of like, you know, where Ethereum was in the evolution. Not the tech, but the status of the adoption, you know, maybe seven or eight years ago or six or seven years ago. And that's good news for those L1s. And so as somebody who's super bullish on Solana, it's great. But again,

kind of same message, right? I mean, it's inevitable. We know it's not a security. It's becoming more decentralized every day. I don't think the SEC is going to be going after the L1 market anytime soon. Yeah. Well, I'll take that as a major win right now for the industry. But it begs the question, if things like this aren't big catalysts, what will be the big catalyst that sends us out of this summer consolidation chop fest that you sort of alluded to earlier, which by the way, anyone I spoke to had on their radar as a likely scenario after the halving because it happens every four to six months after the halving that period. Yeah. I mean, I'm a little disappointed in the Ethereum ETF model because

it doesn't support staking. And to me, like, why would you, if you're going to lock up Ethereum anyway, you may as well lock it up in a staking node, which is, you know, how the product was designed. And so, or what the product was designed. Or what the product was designed to do is basically pay you rewards for validating transactions. And Ethereum locked up in ETFs is not validating any transactions. So that's not really that interesting to me personally. I think it's great that investors have these options and many will want to do it, whether it's 401ks or IRAs, just like the Bitcoin ETF, which I think is where a lot of the adoption was in the earliest days. We haven't really seen much

institutional allocation to the ETFs yet, although I still think that's going to happen. I think that we still have a massive debt refinancing problem. I think I read yesterday that the interest payments on the debt have passed the defense budget in the United States. And that is, I mean, there's just no words for the insanity of that, really. And so, you know, we're financing that at 5% to 6%. And that's going to get worse unless we take some kind of action, get inflation down. And I think inflation is trending right. So we have to do something about refinancing the debt. And I think that if they can do some magic around quantitative easing to finance the debt, that's the win that they desperately need right now, because that frees up cash for other things. And so I think that's the liquidity suck that the market is looking for, is how are we going to deal with injecting cash and liquidity and being able to

refinance the debt at lower rates going into, you know, the end of this election cycle. And it's not looking good for, you know, for Powell and, and, and treasury right now. And so I don't know what rabbit they have to pull out of their hat, but whatever that rabbit is and inevitably, inevitably they find one because they always do. They have a plan. They have a plan. You're giving them more credit than I am. I'm saying they have no choice. Well, that's another issue. So the problem with the elections, it tends to just equal more free money. Now, if I care about the structural integrity of the United States, I'm very concerned. If I care about making money in the short term, I know that they have to do something to basically you know

put a uh you know ease the pressure on the system as right the valves are running at super high pressure and they need to do something because they can't finance the debt at these rates uh sustainably and everybody knows that and and so therefore i do suspect like i said there's going to be a liquidity injection whether it comes in the form of lower interest rates or quantitative easing or whatever you want to call it. It's coming. It has to, because like I said, the current financing regime for for the debt is unsustainable. OK, so let's say we don't get that, but we still have the normal halving cycle and we just kind of come into the election and things are as they are, which is not horrible, not great. However, each person defines it depending on which candidate they support or which is not horrible, not great. However, each person defines it depending on which candidate they support or which party they're a part of.

Do we still just get the normal halving cycle six months later, October, parabolic move? Are we literally depending now on the Fed for the liquidity to move our market? Well, okay. So implicit in your question was that there was no causation before. And I would posit that that's not true, meaning I think that the sampling size for what you're calling a halving cycle is too small. And I don't believe that they were completely uncorrelated to begin with. I think that these election cycles and liquidity cycles actually overlap with what we're calling a halving cycle. And what we're really calling a halving cycle is more or less a global liquidity cycle. And the question in my mind is, is that four-year global liquidity

cycle going to play out again? And if it does, it's going to look like the halving models and the stock to flow are continuing to do their thing. And if it doesn't, it's not going to look like they're doing their thing anymore. And it you know, it will be a drawn out, you know, sideways movement. But I, again, like I said, I don't see how that happens. I really don't. You know, unless basically there's some Elizabeth Warren forcing function that says, for some reason, we need a market crash to reset. And I think she thinks the opposite. She thinks we need lower rates, massive liquidity, free money, and a way to buy the election because when you're running against weekend at Bernie's, you're running out of shit on the shelf. You know what I'm saying? So I think they're out of shit on the shelf and they need

free money. And so they're desperate for that free money, which to your question is going to look like another halving cycle. Yeah, that makes a lot of sense. You and Raul kind of have been the champions of the four-year liquidity cycle thesis. And I think that it makes a lot of sense, especially in context of the election. There's an interesting thread here. You have not read it, but I will break down the concept for you. But it's from Miles Dutcher. A major fundamental flaw in crypto is starting to emerge. It's the number one reason why altcoins are underperforming this cycle. And currently there seems to be no fix. I just dug through all the data.

How altcoin dispersion is killing crypto. Instead of reading this to all of you, it's something I've posited here before. We've had a million coins launched in the last couple of months, 500,000 of which in the last month were meme coins on Solana. But we also have these endless unlocks of the huge tokens, even from last cycle, hitting the market. So basically, the idea here is that we have indefinite, endless supply of new and old altcoins hitting the market and nobody to buy those bags. And that's why we're seeing zero performance outside of very temporary moves on meme coins and Bitcoin in this cycle. Yeah, look, I mean, we have seen this before. ICOs, NFTs, call it whatever you want. There's never been a dearth of opportunities for

grift in the space and people just, you know, shilling their shit. And honestly, I don't really care. I have no problem with that. I think it's more or less, like I said, I consider what's going on a big global test for the fact that Solana can actually now operate at bank grade scale. And you can't do that unless you're putting your own money to work and or creating thousands or hundreds of thousands of tokens, which is what's been happening. And so in that regard, I think it's a great thing because it's basically a way to test this thing at massive scale and it's working. So I'm all for that.

I don't really believe that, you know, this thesis that because there's millions of tokens and this is what Goldman's was trying to say about Bitcoin, you know, six years ago. And I remember going on McCormick show and just debunking all of this where they were like, oh, well, Bitcoin is basically going to flatline because there's an infinite number of tokens you create, which are just going to get all the liquidity. Well, that's just the dumbest thing I've ever heard. That's a complete lack of understanding of what Bitcoin is or what Ethereum is. And, you know, and so it was just super easy to debunk. And it's the same thing now saying that Bitcoin is flatlining because there's millions of tokens or that Ethereum and Solana aren't going to get massive adoption because there's thousands of tokens.

It's just stupid. Right. So so I don't I don't buy in any theory that and I haven't read the tweet that you're talking about. So I'm not even sure if I'm answering or responding to something that was written. But but but my point is, is that all of these most of these tokens are going to die. And that's totally fine. I've always said that. I said, you know, you want competition or you want to move the space forward. You have competitive products and those products can compete. I think what we're competing for right now is smart contract supremacy. I think the hard money battle is mostly one. I think there's some scalability and privacy issues with the hard

money solution we have, which is something I've been saying for seven, eight years, as it relates to Bitcoin. It seems like most people don't care, which is, I guess, fine. That's the way competition works. And I think that the competition for the L1s is going to continue. And I think that's a great thing. And particularly around smart contract scalability, which is what we're seeing between Ethereum and the Solana L1 and the Ethereum L2s right now. And like I said, I think that's great. But this idea that the structural weakness is causing price action sideways and down,

that's not where price action is sideways and down. Price action is sideways and down because the speculators don't have don't have the the pumping liquidity that we've had in in in the other cycle we need new money so we need the answer isn't that there's too much supply it's that there's no demand for all of it right now and well there's no demand for a lot of these alt coins right i'm just saying it alludes it it means it's going to be very difficult to see one of those 2017-18 type alt seasons where literally every token all goes up you know a thousand percent a day right because there's just so many tokens so maybe we get an

actual flight to quality which would not be the worst thing in the world no it wouldn't be but but again this is the exact same discussion that was having happening in the last cycle during covid when you know we were just before massive money printing. And so everybody was like, oh my God, what's going to happen? Ethereum's down 30% or whatever. And to the earlier discussion, this happens in every liquidity cycle that we've been in that's overlapped with crypto

because you have an 80 vol asset and you can't have 300% up moves without 40% down moves. And it's just the way it works, right? You have older bag holders taking profits. You get these kind of sideways consolidations. It just looks like a big downtrend when an 80 vol asset is consolidating because it consolidates in a 35, 40% range.

And if you can't understand that, first of all all you shouldn't be trading um worst case what you should be doing is holding your your stuff and not looking at it every day because it's just going to give you agita unnecessarily it's like waking up after eating seven slices of pizza right you just don't feel good you know so don't do it that's the answer don't do it stop looking at this every day Don't do it. Stop looking at this every day, every five minutes. Stop eating the pizza at 10 p.m. and you'll feel fine the next morning. I think that's where we are. I think people just need to get it out of their head that there's something special.

The only thing that's special is they haven't figured out or haven't announced how we're going to get the free money in the system this time. That's the only thing that's different so far. That's just because they haven't gotten to it yet. And they will get to it and all will be well, at least relative to the fact that they're blowing up the dollar to oblivion. A friend of mine, Carlo, a lawyer did send me a DM and he said, all turned so down, ARB's price has dropped to near its all-time low, and its market cap has increased from $1.27 billion to $2.23 billion. Massive token unlock. So that just shows, you know.

But what you're referring to as altcoins are coins that really haven't even recovered from the last cycle. They're down 90%, 95%. There's nothing to recover from because water always seeks its level, and these tokens, you know, they're not doing anything yet for the most part. I mean, the vast majority of the value, the MEV is accruing on Ethereum and Solana. And there's days when Solana is actually beating Ethereum now. And that's where the action is. And that's where the value accrual is going to happen. And as well as certain L2s and Ethereum, just given the limitations of the l1 which is

great we need that and that's it right that's where the action is and and that's where the price accrual is going to be along with expectations on any potential competition to solana and ethereum that may arise you know new l1s for example if aptos get starts to get really real developer traction like solana did in the last cycle, that would be interesting. But other than that, I think that these kind of last gen technologies are going to languish in price a little bit. They'll get bumps because of the beta of the market, but they're never going to see crazy all time highs again because the market has moved on.

Everyone's always like, what's the token that's going to absolutely pump in the next bull market? And you're like, something that doesn't even exist yet that I've never heard of. It's always the new shiny thing that gets the biggest moves and attention. Although Solana was the first mover here. Yeah. I mean, stop thinking like a degenerate and accept the fact that, you know, Bitcoin moving 100% a year is actually pumping. So that Yeah, yeah. You know, that's the comment I get literally all the time is like, dude, I say just buy Bitcoin. It's so easy. What I'm not gonna get rich on that. I need to be in the memes if I want to get rich. Right, right. Well, good luck. That's the same reason that poor people are the ones who buy all the lottery tickets. Sure. Sure. And by the way, I, you know, I've said this to you on the spaces. I've said it

to here. Our fund owns meme coins. You know, it's, it's a small percentage. Uh, it's still way, way, way up versus what we paid for it. But we it's, it's, it's a part of the fund. It's a part of my personal money where I understand that the risk I'm taking is a hundred percent of those funds. And I'm okay with that. It's a very small allocation. We have people who actually track that stuff, who understand it. I certainly don't. You ask me why you should invest in Mother versus Bonk versus whatever. I have no fucking clue.

And I don't even know what they are, to be honest with you, half the time. And so I'm not making those allocations. I have someone that we trust that is actually tracking that. We have somebody who tracks it and loves it and thinks it's super interesting and is into the pop culture, none of which is my cup of tea. I think it's interesting. I think it's fascinating as to why somebody would leverage their socioeconomic status or whatever status to promote that stuff. I certainly couldn't do it, nor would I. But but, you know, I can't pick winners in that.

Yeah, I have to then allude to this this story because we talked about it yesterday and we literally were taking bets whether this DJ token was actually related to Donald Trump. Well, they started poking around. And it's Martin Shkreli, the farmer bro who was behind it. But he claims that, like some people were alleging, it's him and Barron Trump. And he has hundreds of emails or conversations showing that it's him and Barron Trump. But I mean, this is just we're at like peak stupidity right now.

I mean, that's all I can say. Right. It's just peak stupidity. Yeah. Look, if you're airdropped and I look at my Solana wallet, you know, once a week, the number of new tokens that just magically appear in there, it's mind blowing. Like, what the hell is this and where are these things coming from and who has all this free time? If you're getting free tokens dropped into a wallet, right, you are the distribution channel, right? You know, it's not mana from heaven it's somebody using

you for money for you know exactly it's somebody using you to basically shill their grift and and you know hoping uh that you play along and that's that's what it is and is there money to be made sometimes maybe you know you can't scale it right um you know i i i heard vinnie you know talking about it yesterday i mean if you if you're looking to put real money to work you can't scale money into this stuff that's what spaces yeah you know yeah and and and so um it's fine it's it's like i said to me it's a big global test it proves to me that that solana scales at large numbers that you could actually use it for viable banking and other type of applications, which is what I think we're going to see this

cycle. I think we're going to see retail neobanks all over the world cropping up on Solana that leverage stable coins and these new derivative functions as banking applications for retail. And Ethereum is going to continue to win the institutional race and life's going to be good that's that's why we just focus right now if you're like you're here and you're in this choppy part just focus on bitcoin ethereum solana call it a day and figure it out when the run starts first of all you should be on vacation it's it's june july august enjoy time with your families get out out sun, get some vitamin D. Um, you know,

if you're going to buy some trades and meme coins to, you know, what I think about when I think about meme coin trading, I think about Pokemon cards, right? I have three grown boys. Um, I, I, I pissed away so much money on Pokemon cards when they were kids. I don't even know if that's still a thing. Um, you know, with, with younger kids, you have kids now, right? I don't even know if that's still a thing with younger kids. You have kids now, right? I don't know if they're into that. It's a thing. It's a thing, right? So multi-billion dollar industry. It was postage stamps in my grandfather's, my long since passed away grandfather's generation.

It's Pokemon cards now. Are those securities? Does somebody who trades in stamps need a money transmitter license? Does somebody who trades in Pokemon cards need a money transmitter license or form a trust in order to store Pokemon cards? No, they're just trading Pokemon cards. Give them a break. Right. So, so that's what this is. The fact that anybody can create their own Pokemon cards and create grift around it and do things like this squirrely guy or whatever you were talking about. I mean, am I a big fan of his and the way he shills all this shit?

No, but do I protect and value his and everyone's right to do that? 100%. And we need it for many reasons, which I've just gone into. So look, have fun and expect to lose. And that's fine. You don't buy Pokemon

cards expecting to make money. And so you do it because as a child, it's fun. And as a semi-adult, you can do it because it's fun. And that's what's happening in my opinion. And some people do expect to make money. Some people do it because it's fun. But you should expect to lose money if you do it. Godspeed. Well, today I'll take the Ethereum news as a win. And I'll take your advice to go touch grass or play outside or something as good advice. And maybe we'll just circle back in September and things will be looking a lot better. Guys, thank you so much, Bill, for coming. You can follow Bill on X tagged right down in the comments, man. Maybe you can go back to bed now since I woke up early.

I'm up. I'm an early riser. All good. Same. Thanks, man. Speak to you soon. Great to see you. All right, guys, before we move on quickly to Texas West Capital,

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by saying it's dead, it's over, but it seems to be on Wednesday that everyone's talking about how dead and over it is every week. Yeah, I think we're kind of at that peak. Oh, my God, the sky is falling. Part of this pullback now. And I think things are actually really starting to look interesting for Alts. So I think, you know, if you're into alts, if you're looking to be into alts, I think now is probably the time to really be paying attention. And so I've got

some charts here after the Bitcoin chart, of course. I tweeted the same yesterday. I said, I'm not going to share all these coins that are sitting at support that are oversold with potential bullish divergence because people will freak out and tell me that I'm insane. But here's a couple of them. Oh, and by the way, just before you even dig in, Bitcoin has oversold bullish divergence on the four hour and the six hour here. And kind of what I wrote about in my newsletter this morning is that when we went to 72, we assumed we had to go to the range highs at 74. We didn't. Well, here we are at 64 bottom and people think we have to go to the range lows at 60. And both of those had bearish and bullish divergence with uh oversold

and overbought rsi so here we are but you can dig in now it's funny how that works right um so yeah i mean you know if we're looking at the daily this is actually the uh the cme the futures here um you know just usually i'm bringing up other charts so we brought futures this time but it's the same idea right so basically we've got a 50% pullback right around the range EQ here, the way I draw it here. You can note that from this previous swing low to the swing low here, we've got higher lows in price and we've got lower lows in the oscillator, the RSI here, which tells us hidden bullish divergence, which means continuation of the bullish trend, the bullish trend being off the spring here. So everything's looking good there. We've actually got what

appears to be a wedge. I posted this, I think yesterday. And, you know, you can see this here. We've got a slight dip below here, like a throw under the wedge there and this rally up to the wedge resistance. So we'll look for a pullback here and see if we can get the breakout. You know, it's still possible it could come on down further to the s1 pivot um here you know on that hourly time frame on the futures here that's right around 63 700 63 700 uh but ultimately just looking for an impulsive breakout and close above this descending resistance here um that'll be if if we can get that, that'll signal that, hey, the bottom's probably in there. If we can get impulsive breakout and close above

this pivot here on the hourly, you know, that's going to kind of add more to that scenario, that idea there. And then, you know, if we're doing that, the odds are significant that we're on our way up to head out. Now that doesn't mean we head up tomorrow or, you know, even five days from now, but it means, you know, this next move up is where we start getting ready to pop out. And so, you know, I think Bitcoin continues to look good. You know, we're still in this, what is it, three plus month range here. If we were to continue down toward the lower end here, that to me would suggest, you know, if we were to get down toward this lower end here. That to me would suggest,

if we were to get down toward this 62 area or so, I think that would add to this idea that maybe we've got a much larger range still in progress. And that means a few more months probably of sideways. That's not my base case at the moment, but I'm open to it potentially happening. At the end of the day, again, Bitcoin, I think for most people, if they understand the potential with it, I think it's a buy and hold. You kind of buy it, you hold it, and then you go out and

you try to make more money to buy some more. If you're trading it, you got to know what you're doing, smaller timeframes, lots of opportunity to make some money. But the first goal should be, as I always tell you, you should have that bag. Even if you're a trader, you should have that bag of Bitcoin that you kind of hold excess Bitcoin in there and you don't ever touch it. You don't ever go to it. If you run through all your money in trading, well, guess what? Go out there and make more money to trade. Don't touch that bag because you'll end up being, which is what most people do, is that like five years down the road, like, damn, if I had just held instead of trying to trade it, I didn't know what I was doing. I didn't ever actually go and learn.

And I traded it all the way. And if I just held, I'd be up, you know, five times or something even. So I think Bitcoin still continues to look good. I think we've still got a lot of great potential for it. We're just going to see if we can get some rally from this area here and breaking out. Or again, if it's coming down to the bottom range,

I just suggest we've got actually a larger range playing out here. So that's where I'm at with that. Now here's here. Yeah. Yeah. This is a, this is the all dominance chart here. And locally here,

it does appear we have five waves up it does appear we have three waves down into the weekly s1 pivot right here right there around the 70 and a half retracement rsi is about to reset into oversold stoke rsi is bottomed out and oversold there's there's little bearish about this look here now that doesn't mean it can't come down a little bit lower maybe to 78.6 but generally speaking i would look for this s1 to hold here and for it to rally up and from there and this seems to align itself with you know with a lot of the uh different uh all coin charts as you were noticing you know kind of get into that support area um you know potentially getting ready to reverse so this So this is the big thing. I like this.

I like the way it looks at the moment. Nothing's guaranteed, of course, but the way it is counting out, it's, again, the 70.5 is my favorite retracement level right there. That's that institutional type level. S1 pivot on the weekly. About to reset and oversold with RSI, Stoke RSI. I mean, it's everything, right? Always talk to people. Don't enter just because there's a chance. Look for the higher confidence entry

where you've got multiple things happening, confluence of things happening at that level that says, listen, nothing's guaranteed, but you're probably more right than wrong at this point. Still got to use proper risk management though. So there's the setup. I think this is a really great setup. So I'm watching for it. If we look at some of these, so we look at, you know, these other ones, everybody loves to hate on ADA here. We've got this, you know, it does again, appear to be five waves up here, three waves back, right around the 61.8 retracement level golden pocket this is the daily uh again you can see that the um rsi here is giving us some um looks like some bullish divergence on there let me see here yeah from this swing low sure to this one right here

uh and of course stoke rsi bottomed out there uh So I'm really interested in seeing if we can get this breakout, if we can get a nice impulsive breakout and close above this descending resistance. That'll suggest the bottom's probably in on that. Breaking out above Wavex Triangle resistance here at, let me see if I can see this here. It's this little wick up here, about 49 cents. If we can get a, don't have to close to close about if we can just pop right above it, that's going to suggest the bottoms in and we're heading up, um, beyond this swing high up here

at, uh, what is that? 81 cents. So, I mean, this, I mean, this is a nice clean look here. It looks really good. Um, I like, I like that. It's not, you know, open to multiple, really a ton of different, um, um you know potential counts to it so it looks pretty clean so we'll see if we can get that rally um so now if we take that and then we jump into our other alts here uh this is render um it does appear to be five waves up and then potentially a flat correction here right down around the eq of this demand structure we had a great basically the s1 pivot here on the daily held this support, right? We got this great pin bar, nice long lower wick down in there.

We've got bullish divergence in RSI. Stoke RSI breaking out of oversold there and potentially getting ready to turn on up here. So, you know, in order to say this count is likely correct, we've got to get above wave B, which is $11.89 or so. Wave three has got a minimum expected target up there, $17.75. But for me, you know, my first thing I would look for is can we get a nice impulsive, again, impulsive breakout and close above that descending resistance. And that'll suggest the bottom's probably in. And then we just want to see it continue to follow through.

But render looking pretty decent at the moment. Yes, some HRs look like this. The one I posted was near. Kind of looks the same, right? Just makes this kind of almost equal low or whatever, right out of major support, oversold on the daily. There's so many that look like that. Exactly, exactly. And so, like I said, you know, I mean, it doesn't guarantee that these bombs are definitively in yet,

but with where they're at, this is, I think, the point at which you really start paying attention. So I've kind of zoomed out to the weekly on some charts here because, man, oh man, they're clean. So this right here is ENS, USDT here. And you can see it's pretty clear. One, two, we've got a nice three here, a four, and then we've got five up. Clean ABC. I mean, this, one of the cleanest charts you can see here. And then we've got one, two, three, four. We've got a five.

So locally, we should see this rally at least to about $39.50. Though this, you know, again, this is the weekly. If we zoom into the daily, it does look like we've probably got one, two, three, four, finishing a five here. So we'll probably get up and pull back down toward the daily pivot here at about 22 and a half dollars around that area before it kind of takes off. In that case, I don't know, let's see here. It's probably, you should close somewhere up here around the swing high. And so that would actually get us closer to about $53, 53 and a half. But minimally based on the height here of this, we would look up there around 39.50.

But everything else aside, again, it's such a clean chart here with the major count. That's five waves up. That is pretty clear. You know, three waves pullback. That's a, how far is that pullback there? 70 and a half right there. I mean, again, all the perfect things, right? All the things we're kind of looking for.

And you can notice it right here at the pivot on the weekly as well. So again, confluence of factors coming up. Just really looks, itluence of factors coming up. Um, just really looks, it really looks good to me. Yeah, that's amazing. What else do we got here? We've got, um, Oh, flare. Yeah. Flare. Look at flare here. Uh, again, looks like another pretty clean five waves up here. Uh, and then three waves down again at the weekly pivot. Uh, we've got this great pin bar printing right now. Now, you know, this is the weekly, so we've got still until Sunday, uh, you know, midnight UTC on Sunday to figure out

how this is going to end. But right now it's a really nice pin bar on support. Uh, you know, just kind of dipping into this order block right here. But again, looking for an impulsive breakout and close above that descending resistance to kind of signal, hey, we're heading up. Again, we have to break out above wave B if we're using other wave to kind of say, okay, the three waves are complete. We're heading up. So that means we got to get above basically 4.7 cents.

What I would look for here is if we can get that breakout and close above this descending resistance, we should pretty easily, you know, locally get to this EQ area here around 5.1 cents or so. So it's almost 100% run from where we're at right now. But yeah, so get the pull up there toward that swing high and then a pull back and then the breakout, um, which is what we usually get, you know, again, when, when we're looking at, um, price advancing. Right. But, uh, this is, this has been a really nice chart here. It looks really good.

So I like it. Um, let me see what else we got here. I've also got FTM here. Uh, let me see. Let me jump out here to the weekly. So there's the weekly. If I'm looking at this, it looks to me like we've got a leading diagonal going. It looks like an ABC and then ABC and we're getting this support here, you know, right kind of as you've got this nice big candle right here, right there, just above the pivot here. After take, you know, just kind of grabbing this liquidity right here, trying to close up above it.

So it's looking pretty good right now. Basically, you know, again, it's three waves down. Breakout above 96.5 cents right here. Indicates we should be headed up further. And from where we're at right now, if it doesn't get any lower, that gives us a $2 and 22 and a half cent target. So from where we're at right now at, you know, 50 cents, 55 cents there, um, that's what one, two, three, four or five X. Yeah. And that's just to get up there. And so, you know, that would be a leading diagonal to one, two, three, four, five, You pull back down toward this fifty five, 60 cent area probably. And then you'd be looking for the breakout higher. But even with here, you know, again, looks one, two, three, four, five waves up.

Looks clean on that movement there. But again, we do need to see the breakout above this ninety six and a half cent area to really kind of confirm that that that's three waves down. That's locked in. It's corrective. And we're heading up toward at least that two dollar and twenty two and a half cent area. So, you know, again, looks good. You know, I bring up the weekly charts because they're really looking clean right now. And I think for most people, it's probably the better way to trade instead of trying to be on the 15 minute, uh, because let's face it, most people, you know, retail traders don't really know how to effectively trade short timeframes. Everybody wants to very few actually know how to do it and have the experience to do it. But the weeklies, I mean, these are great setups here.

Uh, you can set it and forget it for a while. And, and then, you know, again, again, concentrate on going and making more money. Put it into more. But be ready to do whatever you're going to do. Do what you guys need to do. Do nothing. Do nothing. It's so easy.

Yeah. Yeah. So I think it looks great. The others' dominance chart there, the altcoin dominance chart that we showed there at the beginning, I think looks very promising. So I'm excited to see how this kind of turns out now i think we also had just like sort of peak frustration and anger yesterday or over the past couple days you can just tell you know you can feel it if you if you bother to read x for some reason which i don't recommend any of you do ever uh that's i think all we got today. TX West Capital, obviously, to follow Chris. Otherwise, space is in 30 minutes and running it back tomorrow at nine.

Chris, thank you so much, man. We'll speak next week. Later, guys. Bye. Take care. Let's go. Let's go.