The Wolf Of All Streets - Is It A Good Time To Buy Crypto?

Episode Date: September 12, 2024

Join Alex Miller, CEO of Hiro, as we break down the latest in crypto and try to find the answer if it's a good time to buy crypto.  Alex Miller: https://x.com/alexlmiller In the second part of the show, Dan from The Chart Guys will share his market analysis and some trades.  The Chart Guys: https://www.youtube.com/@ChartGuys  ►► WANT MORE? JOIN MY COMMUNITY AND GET EVERYTHING WOLF OF ALL STREETS! 👉https://www.thewolfofallstreets.com/ ►► GET ON ROUNDTABLE AND START EARNING RTB TOKENS EACH WEEK! 👉https://roundtable.rtb.io/shortUrl/tvQKLRn ►► 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/  ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. Use code '10OFF' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker  Follow Scott Melker: Twitter: https://x.com/scottmelker Web: https://www.thewolfofallstreets.com/ Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto #Investments 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.

Everybody always tells you to sell in May and go away, but nobody tells you when to come back. It seems that there's an expectation that we're going to have a massive fall. Does that mean we should remember to buy in September? I've got Alex Miller here from Hero. Of course, Dan from the Chart Guys in the backside to talk about that and everything happening in the market. Let's go. What is up 12 people left in crypto? I am Scott Melker, also known as the Wolf of Wall Street. Before we get started, please subscribe.

Hit that like button. Subscribe, like, subscribe, like. I mean, just show up at this point. We're happy if 15 people want to even talk about crypto because it's September 12th. And this is the part of the year and the part of the cycle where you've all given up. You've capitulated. You hate me. You hate my guests. And I'm going to be honest, you might even hate yourself. I don't know. It's possible because if you're like holding an altcoin from last cycle and it's down 99.9%, you're probably ready to give up, which means it's probably time to buy. What do you think, Alex? Should we remember to buy in September?

Man, I don't know. It's the fault. Like, so September is always a weird month in Gordo. I think the particular thing right now is because of how close the U.S. election is, I think everyone just feels stuck in such a wait and see pattern. And it's particularly funny because it's not like we're going to not keep building what we're building and working what we're working on, regardless of what happens in the election. But I think everyone just kind of wants to know what's going to happen and is sick of the total limbo state. And so we're just kind of sitting around and being like, yeah, if you,

if you like Bitcoin, like me, I don't know my dollar cost averaging to Bitcoin on an ongoing basis, but it doesn't really matter. I think people are deeply concerned about the crypto industry, obviously, because they view Harris is more likely. We don't know more of the same,

more Gensler, more tax, more everything's an unreg of the same. More Gensler. More tax. More everything's in unregistered security. More hating fun and puppies and unicorns and rainbows, right? Because that's how we view things in this industry. But we talk about the election. Just last week, we were reporting big news. If Trump wins $90,000 Bitcoin, if Harris wins $30,000 Bitcoin. That was like the big article of the day. Well, in case you're wondering now, according to CoinDesk, $125K if Trump wins, $75K if Harris wins. I love that the bear case, according to this article, is like up 30-something percent.

Yes, the bear case is the all-time high uh it's the oh god whose line is it anyways the rules are made up and the points don't matter yeah yeah this is standard chartered who love big predictions listen i i don't necessarily disagree with this i just think it's funny how all over the map everyone is with every expectation at this point um and i think your point is the best it's just going to keep chugging along no matter what happens like why are people waiting i mean look i do not want to you know a regulatory state that is as hostile and unuseful to work with as we've had for the last few years going on but even if it is it's not like it's going to kill krippet like especially again the blue chip stuff if you're

just you know like i work in bitcoin i believe in it for a reason it's not going anywhere and so the idea that like one candidate over the other is going to be that i think you know the reason a lot of people are sitting back and waiting isn't so much that they think like harris is going to be that i think you know the reason a lot of people are sitting back and waiting isn't so much that they think like harris is going to kill bitcoin if she gets elected it's that they think it'll rip crazy if trump does and so people just trying to figure out like when they want to time their buys i think bitcoin should rip crazy either way bitcoin because it's the halving cycle and there'll be the panic people that buy because of Harris and there'll be the, it's going to be a strategic global reserve asset people that buy because of Trump. Yeah. And if you're in the US, you can make the same arbitrage on guns and ammo,

which I literally keep saying that if you think the same people who would, I keep saying it, who would buy guns and ammo or like move to Puerto Rico because of who's elected president are the same people that should be buying Bitcoin as a flight to safety because they deeply believe that the world is going to hell in a handbasket. Now, listen, we talked about altcoins being down 90 plus percent and people being sad and capitulating and it'll all be okay for Bitcoin. I don't know about anything else. Check this out. Grayscale to launch first US XRP trust paving way for potential ETF. This is on Fox Business and XRP trust. Now I'm going to go out on a limb and say it's good if we want more assets to get ETFs, that this is a first step. But I'm also going to say that Ethereum spot ETFs, which are actual ETFs launched by BlackRock and other major issuers, are doing literally nothing right now. Who's buying an XRP trust?

Yeah, I don't see it. I'm not sure who the exact market is. I mean, XRP makes sense, I guess, in a little bit because it's such an institutional play in the first place. So like, if you're going to pick another coin or, you know, something else off the top 10 or top 20, it makes sense that XRP would be the one that you go to in that respect. But I can't imagine there's enough volume on a lot of these things to really make it worth people's while on it. Yeah, I mean, most of the altcoin trust products that have existed over time have just slowly and quietly shut down from multiple issuers. And I think that makes sense, right?

In a peak of a bull market, maybe we'll see a lot more interest in things like that. But I do view it like, all jokes aside, as a net positive if we believe that this is going to become a mainstream asset class, that each thing that builds towards that is probably a good thing. Yeah, I just think the thing that I've always found interesting about all of the widespread amount of interest is that the Bitcoin one just has always made a lot more sense to me because Bitcoin has always been fundamentally an asset. Whereas again, especially with the Ethereum one, the whole point to Ethereum is that you're supposed to be able to use it for other things and holding like a trust or an ETF share is only about the financial side of it, which just seems worth less value to me, especially in a case in a world where we have such better custodian options than we did five or 10 years ago and certain and, you know, have now better like accounting treatments. If you're an institution who has to apply by gap rules, you no longer have to deal with all of the impairment stuff. And then, of course, again,

on a lot of these, especially, let's say, Ethereum, if you're in the trust or if you're in the ETF, you can't do staking. So you're missing out on like all of the yield off it which if you're buying it for purely financial reasons you probably want the yield that's a huge amount of like financial upside you're way over paying for the asset if you don't get the dividend off it so like i said the bitcoin one just makes sense in a way to me that the other ones don't. Yeah, I think that that's always been the case. So listen, we have all this news, but it's whatever, man. Let's talk about what you guys are actually building and what you're excited about on Bitcoin.

And ahead of that, there is one news story that I want to show you because it might actually interest your interest. Swift to test solutions interlinking fiat with various tokenized assets we're talking about swift the world's oldest slowest and worst payment network that's adopted everywhere and most monitored by the government talking about tokenized assets i mean you've been talking about tokenized assets on bitcoin and all this for forever i mean as bearish as everyone is and as slow as things are there's so many crazy things happening in the background they're going to look back and go oh yeah like blackrock tokenized treasuries on ethereum maybe that mattered yeah uh so first off my favorite thing about how bearish everyone is is like look at them not just the, but the level of overall like development activity and things like we're in a lull.

We're not in a bear market right now. I'm sorry. Did you, does it, has everyone forgotten that 18 months ago we were at like 16,000 Bitcoin. And I mean, the people who were being like Bitcoin and crypto stuff, that was always stupid., it was going to come back. But the idea that we're in a bad place right now relative to where we were 12, let alone 18 months ago, is just absolutely insane to me. And like, you know, as you know, but you might not like I run a dev tools company called Hero. We build dev tools for people building on Bitcoin and in particular stacks, which is a layer two for Bitcoin. The amount of developer activity that we see on a daily basis compared to again, 12 or 18 months ago is like multiple times higher. And you're seeing constant amounts of innovation,

especially in the Bitcoin ecosystem. You know, Babylon just like announced their staying thing sold out the like thousand BTC slots on it in a handful of blocks, like under 10 blocks or something like that. In the Stacks world, the community shipping the Nakamoto release in the next few weeks, which is going to bring 10 second blocks to the chain down from like the 10 minute-ish blocks that are Bitcoin blocks. So there's a huge amount of innovation and work going on right now. It's there's just like a little bit of less of a hype cycle.

Honestly, I kind of like where it is in some ways. Yeah. So then why are we so scared? I mean, Bitcoin goes back to the election. It was 57, 699 right now. And we are terrified. It's horrible. Well, I think it goes back to the election of nobody knows exactly like what's going to happen.

You know, three months ago, everything was doing really well because people were really confident that Donald Trump was going to win the election. And now nobody knows what's going to happen. And again, the funny thing is, I don't even think it's so much that people really don't want Harris to win. Not that I'm saying they don't want it to win, but like that they think it will go. It's the certainty that Harris would win right now would be better than a question mark. People hate markets, hate uncertainty. Yeah.

Well, you want that question mark? There you go. 50-49 on Polly Market. I think, you know, it's about as high as 55 for trump ahead of the debate but still kind of i mean i think one standard deviation away sure it's all comes down to like 25 000 voters in pennsylvania it's you you you in florida and mean wyoming or me and Montana are not exactly pivotal voters in this election. Are you saying that my vote doesn't matter in the great United States of America?

So my vote kind of does potentially because we've got a very competitive Senate race here between Tim Sheehy and Jon Tester. So I at least get to vote in something that matters on that. But on the presidential side, I don't think either of us are really going to be the marginal voter here. So obviously, you mentioned developer activity. And there was sort of this massive explosion of building on Bitcoin in general, which you were way ahead of, right? But I think Taproot unlocked a whole lot of possibilities. And so we saw this sort of rush from other ecosystems to do things that existed in other places on Bitcoin. Which one of those do you think have the most promise?

Which things do you think might work? And I'll say that dated, like in the next two to three years, as opposed to in the next five to 10 years. Because we always get these hype cycles and it's like next cycle you start to hear about it again and then next cycle it actually starts to happen yep so i think it's the the question of building on bitcoin is actually really complex for purely technical reasons right i think the bitcoin uh you know layer one community right the core community is very, very hesitant to

add technical upgrades or changes to the chain, which overall I think is a good thing. I mean, when you have something where there's as much value and as much dependency on the chain as there is with the Bitcoin L1, you want to be really deliberate and careful about what changes you're making and how you're doing them and incorporating, because obviously the cost of nuking trust in Bitcoin, right? And that's the whole thing that Bitcoin did is decentralized trust. You really don't want to take the chance on that. And so you've got a lot of folks putting out very theoretical things that they're doing interesting research on. But like, we don't even have ZK rollups really working on ethereum and that's where you actually have compute and verifiability on the l1 there so the idea that like we're going to have them on bitcoin in the

next six or twelve months i think just isn't going to happen the infrastructure didn't yago do it live on stage i mean again there's a lot of there's a lot of different proofs of concepts and people that are trying and like yago i think i have a huge amount of respect for yago and like what they're doing is um uh the work that he's done both over the years and right now is obviously one of the very legit players in the space but what he's working on and demonstrating is like nowhere near being able to run an actual layer 2 using zk on bitcoin right and i think a lot of this stuff very often, it looks a lot like the AI stuff where you start hitting these advancements and you can get to that 80, 90,

maybe even 95% really quickly. But that last 5% is a beast. And I think the thing with building blockchains and this kind of tech in general, so I come from the web 2 world originally um and you know when you're building like crud apps and lamp apps and things and you know just anything on the general internet it's so much known unknowns at this point right like yes there's hard problems to solve you have to do scaling you have to write your code well

but you kind of know what the challenges are going to be. And the difficulty in blockchain stuff, and especially when you're doing the boundary pushing things or you're trying to add compute to Bitcoin, anything like that is, you know, you think you're 95% of the way there, and then you hit something and you realize you're only 30% of the way. And that just keeps happening over and over and over again for devs. There's just, you know, to quote the late great Donald Rumsfeld, the unknown unknowns are the things that kills you.

You just have no idea what you're going to run into when you're doing it. And so I think what we'll see be big in this cycle is stuff that's built on a little bit more stable and known technology. So, you know, the way that if you look at like how Stacks works and the way that we've been doing it is, is stuff that's built on a little bit more stable and known technology. So the way that if you look at how Stacks works and the way that we've been doing it is, it's got its own chain that relies on Bitcoin for a lot of the security and the history of it. So you get to inherit the security there.

But down the line, might it change into a ZK model? Absolutely. But that's not something that's going to happen in the next 12, 24 months. So like we're focused on improving the current architecture, making that work really well and smoothly and like getting the fast blocks there. And then you run a separate research team who's focused on, okay, what is this? What does it look like five or 10 years from now? How can we be building that out? You know, while we're still giving people the ability to build the

early days of the Bitcoin economy? Early days then. Yeah. For a robust DeFi ecosystem that's competing with the global financial systems on Bitcoin, a decade. Yeah, at least. And look, it's not an overnight thing. It's not bad. That means we're early. The old joke, overnight success or 10 years in the making. We just need to, like, actually get more and more moved on. And you are seeing and you're seeing more tokenization of assets.

You are seeing obviously stable coins continue to be the number one absolute killer application in crypto. I think that's going to be true for a long time. And I think that's a good thing, right? That is the easiest possible on-ramp for people is to ask them to change one thing, right? And I think the problem that you see with a lot of people who want crypto or which is the idea of looking for moving people to crypto denominated transactions is you're asking them to both change the technology layer that they're using. And it's not the easiest technology to use today. We've still got a lot of work to do on the user experience side. But asking people to change both the financial denomination aspect

and the technology aspect at the same time, I think is too big a lift. It's, you know, people want to make smaller changes. And so the thing that's really nice about stablecoins is you're basically getting to borrow the credibility and the known aspects of the US dollar while helping people transition the technology and the rails that they're used to. Once they've done that, getting them to move to crypto-denominated becomes much easier. Speaking of stable coins, and we were. Tether made more money than BlackRock last year. This is the craziest headline to me, not because it's unexpected or because I didn't know how much money Tether was making. Tether made $6.2 billion in 2023 simply as a result of doing nothing but buying treasuries, which have a relatively high interest rate. BlackRock made $5.5 billion last year.

Last time I checked, Tether has 120 employees and BlackRock has 26,000. Yeah. I mean, what? Well, BlackRock has to actually have business units and things. And I mean, again, this is one of the hilarious things about US crypto policy, right? So you've got this situation where the US government has simultaneously created the entire market

for Tether by being incredibly difficult to work with, both if you want an actual US bank account, but also making life much harder for US-based stable coins like USDC. And because of what they're paying out on treasuries, giving them the entire business model that they work with. So yeah, I mean, Tether owes their just entire existence to the US government simultaneously having a great asset that everyone wants access to and making it a giant pain in the ass to work with. If I was Paolo Arduino, the CEO of Tether, I would send Larry Fink just email that says,

have fun staying poor. Sure. But what if they want them to tokenize Tether? I don't know. BlackRock ETF. I don't know why just had a meeting with larry fink it's like i mean the crazy thing is like even so obviously their profits are going to go their profit margin is going to go down rates are coming down in the

coming years but it's not like rates are going back to zero any times i you know i think we'd be lucky over the next couple years to get back down to like three or something and frankly rates shouldn't be zero zero rates are not good um but even at two to three, they're still going to be printing it. And they've also started just massively diversifying what they're, maybe not massively, they're making $6 billion a year on treasury. They've started diversifying some into other assets, I think, looking down the line and seeing that obviously rates are going to be coming down. How do they create kind of a business that's a little less cyclical? Yeah, they're doing a lot of investing and a lot

of AI investing and infrastructure investing and stuff outside of crypto. Last I talked to Paolo, he definitely was highlighting that for the very reason that you're saying. We hit the jackpot here, but it's not like we're going to scale to 100,000 employees based on the income we made in 2023. We know that that's a temporary moment in time. But one of the things that will be interesting to see, though, in the long term is how big do crypto teams have to get? Because it's one thing to build the technology and put it out there and that. But, you know, part of the reason that like BlackRock has a bunch of people and Tether doesn't is because of, you know, you can call someone at BlackRock and they will help you and they will help you move your billion dollars into it. And I guess if you literally have a billion dollars you're putting into Tether, you can,

you can probably call them and they will help you do it. But yeah, customer service answers. Not if you're doing a little bit less than that, I think. And so it's going to be interesting to see how crypto businesses and things need to evolve, both what the demand from users is, but then of course, as backend technology scale, how much they can continue to keep it automated

or people relying on themselves. There's another breaking story from 40 minutes ago that I just have to highlight because it made me giggle. Eleanor Tarrant, new SEC chairman, Gary Gensler, is under investigation by top Republican lawmakers, Jim Jordan, Patrick Henry, and James Comart, for engaging in suspected political favoritism in his hiring practices. If you open the letter here, it says he's hiring civil service employees based on their political affiliations, which is a violation of the Civil Service Reform Act of 1978. We write to request relevant documents and information regarding these allegations.

Now, these dudes do these dudes hate Gary Gensler as much as we do. Like they will stop at nothing to just get things on the books that are, you know, anti Gensler. But you got to be here for it. I mean, you know, the considering there is literally nothing you can do to get fired from the Biden administration, period. They're really giving the House Republicans a lot to chase after on things like this. So, yeah, they do not seem to like him. I got to say say i'm shocked yeah i i'm very shocked because they've generally just said such nice things about him in the past

i know well maybe maybe there will be new and exciting things or i don't know how much time do we even have left with this congress don't they have like important don't they have like legislation to try and pass or something? No, no, whatever, man, they've got money to raise. I assume they're back.

They probably only got three or four weeks back in session before they have to go take another vacation and break. Yeah. Some of them might have to like win an election or something. I don't know. I'm pretty sure all of the house has to win an elect, although they're not exactly competitive these days. Meanwhile, talking about vacations and breaks,

since we have a couple of minutes left, Singapore next week not exactly competitive these days. Meanwhile, talking about vacations and breaks since we have a couple minutes left, Singapore next week. Oh, yeah. What days are you down there? I will be there from Tuesday to Sunday, but of course that means leaving Sunday to be there Tuesday. Yes, I'm leaving Saturday to get there Monday and then leaving

Monday to get home an hour later on Monday, which is just crazy. But what are you looking forward to? So obviously, listen, everybody here is focused on the election. It's all they care about. We're very focused on regulators and what's happening with Gary Gensler. And this happens every year. I'm in the U.S. and I have this sort of vibe going for crypto. And then I go over to Singapore and they're not talking about any of it at Token 2049.

Even like in the heat of SBF and FTX, they were like, who's that? Yeah. Didn't care at all over in Asia. It's a little different of a world. So, all right. Obviously, let's get out of the way of the important things. Hawker markets, it has been, oh my God, I need some Chinese chicken. I need sharp sweet pork.

Whatever. I need all the food so sweet that's gonna be great um i'm a little conflicted about being in singapore for a week for anyone who hasn't been there um going to singapore for a week is like going to vegas for a week they're basically the same place with a little bit of flavor difference and like i don't know singapore is great for like 72 hours i don't there's only one casino though and they don't let the locals in which is yeah i last I went last year. I literally was on the ground for 47 hours and in transit for 54. So I'm saying, yeah, little, little, little longer of a trip there this time.

I think the thing that's interesting is, so there's four or five separate events that are all going on and kind of related and stacked to each other right you've got token 49 solana breakpoint network state conference are you gonna go to f1 because you like that i'm going to f1 with with okx from mclaren actually okay how do i get an invite to i think no one's inviting me to f1 i need to get it i i just get lucky it's like you're famous or something um so you know i don't know don't know how many of these events I'm actually going to go to, but I'm looking really forward to just everyone being in the same place

and getting a lot done. Yeah. Everybody's happy at Token 2049. Yeah. Yeah. It's going to be really amazing. I look forward to it every year. I mean, to your point, like I'd rather not have to spend four days of my life

traveling to go to the same place every year. Yeah. But, uh, you know, first world problems, man. At least you're better adapted to it than I am living where you do. It's three hours last night. It's fine. I, apparently all my cells are dying or something. You know, every time I, every time I get bad sleep, somebody, and I mentioned it, somebody sends me an article that I need to sleep better. I'm like, thanks man. Get kids. I'm sure after you land, someone at the hotel will have like a doctor with IV bags who can get,

and you know, be 12 shots or something. I hit the ground at three. Uh, my wife's coming with you. My team's coming with you. I hit the ground at 3 PM on Tuesday. And I think I have a commitment at five,

a dinner at seven. And then like some raging mega party at Marquis with Dylan Francis until 3 in the morning. It's going to be great. I'm going to be in impeccable shape. And then interviews starting at 9 a.m. Well, we got to do something. I'm lucky.

I got Charles Hoskinson, Anthony Scaramucci, Yat Su, Jeremy Allaire. We're lining them up. It's going to be amazing. I mean, again, everyone goes there. That's what makes it a big event. Yeah, it's going to be amazing. And it'll be good training for Bitcoin conference in Vegas next year. That terrifies me. I know. It's a horrible idea. It's going to go...

Singapore, I can do more than three days because I'm, I mean, I don't know. Like Singapore, I don't know. It's not all, I'm not living in a casino in Singapore. Yeah. We're going to like now with Vegas, it's going to be like, okay, I'm tired. The night's over. I slept four hours last night. Let me just get back to my room and crash before my next commitment in five hours.

And you have to walk past craps tables. I know you're going to end up paying craps for three hours. And then like, yeah. It's going to be just awful, amazing. Amazingly awful. Yeah. It's going to be great. Alex, everybody follow Alex building on Bitcoin Hero.

It's right down in the description. And I'll see you next week, man. See you next week, see you next week man bye all right dan you coming to singapore you're not coming to singapore no it's too far for me dude it is so far my trip there's 30 hours yeah i got an eight hour layover in dubai unfortunately because i booked my tickets too late but i mean it is it is. It's a lot. My wife flies with me. She's coming with me this time. She came two years ago and she wouldn't allow me to talk to her for the full 19 and a half hour flight.

She was like, this is me time. I tried like I would like, you know, a little thing. She's like closes the door. So it's like I'm traveling by myself anyways. Whatever still should be fun. Should we talk about the market? I guess so. F anyways. Whatever. Still should be fun. Should we talk about the market? I guess so. Not about flights to Singapore.

It's nice, but they'll lock you up and throw away the key for drugs. Yeah, we definitely can't talk about marijuana stocks in Singapore unless you want to go to jail forever. Yeah. So last week we were talking about a lot of things looking for weekly higher lows, including Bitcoin. And they're trying to shape up. A few names have done it. Gold, new all-time highs right now. Silver just set a weekly higher low. We'll look at those in just a moment. But Bitcoin, weekly inside bar, potentially shaping up. And as we know, the FOMC next week. So need to see a little bit more upside for that weekly higher low. And I don't want to see these EMAs, this is the

12 period and the 26. I want to see that failed across bear because generally speaking, when it crosses bear, there's usually follow through. There's one example where it didn't really follow through, but the rest it did. So I really want to see the Bitcoin bulls negate that. But a little bit of a daily uptrend just confirmed, not really much follow through. And again, as you mentioned, things are so slow. I'm just sticking pretty much the slower things get, the more you should zoom out. And the weekly timeframe is where it's at for now. And we haven't been doing a whole lot the last six weeks. And so we're just patiently waiting for this tightening range to shape up and give us a clear break. Yeah. at the moment for Bitcoin, I'm just kind of waiting to see if

that 52.5 low we just had ends up being a higher low. Yeah, and this kind of series of lower, low, lower, low, lower, low, that kind of to me, if we get above maybe 65, I think, you know, is the line for me, I have the chart here somewhere. But yeah, basically this, I mean, you got all these series of lower highs, lower lows. So now if we get above this, I would start to feel like we're in much... I didn't even show it, did I? We're going to be in a much better market structure above here. Yeah. This could be a higher low, but we need that higher high to confirm it.

That's the way I've been looking at it. Yeah, that would confirm the weekly uptrend if we get it. And again, last week we talked about, I can't be playing off this level. It's too far away, too much risk. This now would be the thesis where you say 52.5 is either the weekly higher low or I'm wrong. And you're going off of that level to have much less risk rather than going all the way down to 49 and an extra 6% plus of risk. So that really, if we break that low, it's not an idea. It's not a good look for me. And same thing with everything. Again, the NASDAQ is trying to set this weekly higher low as well. A wild day yesterday in the NASDAQ, we had complete bear control for the first

90 minutes. And let's show it on the five minute. And then it was just absolute V shape. We went 4% from the low of the day to the high of the day in like five hours with, I mean, this is the five minute chart. There was no meaningful consolidation to go 4% on the entire NASDAQ, a pretty wild ride yesterday. And definitely a bit tricky as a trader. A lot of people get frustrated and, oh, I should have done this and this. I look at this and say, that's an anomaly day. That doesn't happen often. That's a one percenter. So you can't look at a one percenter and say, I should base my trading style around this because the vast majority of the time, this isn't going to happen. And so we just need to ensure that we don't get crushed on anomaly days by shorting and not having a stop because we're overextended and then you get run

over. So anomaly days remind us we must have stop losses. But again, don't beat up on yourself too much when something very unusual happens in the market. Yeah. So you mentioned obviously FOMC. I think everybody now looking for 25 versus 50. I think consensus is that we're going to cut. What do you see in the chart to align with what you think might happen after that meeting? The chart's the chart. Yeah. For me, the burden's on bears where, I mean, yes, we had this big fear pullback, but if we set this same thing as Bitcoin, if we set this high or low here on the weekly and follow through a bit, we have very few resistances and we're up at all time highs. And the S&P 500 is even closer. I mean, it's right

there. This is a double top at all time highs, absolutely, but we're still right there knocking on the door. So I can't be bearish the broader market until I have a reason. Not, oh, we might pull back. I need the bears. And again, I'm not going to nail the top. I need the bears to show me something is shifting longer term, knowing I'm not going to nail the top, knowing I'll get that signal and then respond. But until that happens, you know, if we just set these higher lows, we're going to see new all-time highs. So this low of last week is now a very important level for me because we can make a simple statement.

If the low of last week holds, we're going to see all-time highs. And so the bears have to prove to us that's not going to happen by breaking the low of last week. Yeah, I totally agree with that. So in the meantime, anything specific you're looking at? Just keep an eye on the altcoins. Again, we're looking for Bitcoin to set a weekly higher low. Some already have, like Binance here. This is a weekly higher low now set as we're over the high of last week. And so bulls are hoping this is an inverse head and shoulders to try and set a monthly higher low, very similar consolidation to Bitcoin on the monthly, but just one step ahead as far as breaking the high of last week. And the bulls want to see as many altcoins do this as possible

because the more individual names that set a weekly higher low, the more likely Bitcoin will do it as well. So there's a handful out there. And as you mentioned, XRP with its news, it's now set a weekly higher low. I really like the clarity of XRP's weekly chart, just an equilibrium tightening up. But again, I love these equilibriums because they give us clarity. And then we look for the breaks of these tightening ranges for follow through. And so I'm looking for XRP to tighten up potentially another week or two. And then we look for the breaks of these tightening ranges for follow through. And so I'm looking for XRP to tighten up potentially another week or two. And then when it breaks, we'll get the first bit of information that we've had in a couple of months as far as a clear trending direction, as opposed to sideways chopping around. And they're getting a grayscale XRP trust. We just saw that in the news.

It helps. I mean, 6% plus response, bulls will certainly take it. That definitely stood out, you know, on my list as far as, again, just another altcoin that has set a weekly higher low. So if I want to make a list, you know, stronger altcoins, weaker altcoins, the ones that have set a weekly higher low are stronger, and the ones that are near recent lows are clearly weaker. But one at a time, the more that follow through, the better it gets. And we look at the dominance chart. And the dominance chart, the weekly year, I know some people don't like the dominance chart, stable coins, blah, blah, blah. But at a glance, we can see that all coins in Bitcoin have been doing the same thing for six weeks. If we're sideways, they're doing the same thing roughly. So nothing changing there. And until this range breaks, nothing will change. There will be no

new information to be had, but we can say that dominance is still remaining strong as long as we are holding this base here. All coins are wrecked, man. They look terrible. Yeah. I mean, I think that's a good thing, you know, but yeah. Yeah, it's hard to, you know, the people that are... It's hard to have a positive spin on altcoins for me. As we've said many times, you know, I don't think 2021 happens again in the crypto space with just everything going up insanely, but there'll be little periods, little windows of it for sure.

But just in terms of, you know, hundreds of percent moves for everything, I think markets eventually mature past that point and we may be there for crypto. We'll see. So in the meantime, anything else you're watching? So again, just quick look at the metals, silver. It looks so much like Bitcoin. I mean, and these altcoins, silver is very similar, but weekly higher low just set today. Gold, new all-time high, weekly bull flag confirming. So good thing for the metals.

And again, quick check in on cannabis. Don't get arrested in Singapore. Talked about it last week, TCNNF, this Florida name. Trump came out over this past weekend and said he's voting yes. He's voting for legal Florida cannabis. And we go up 15 the next day so really nice follow-through this is why my focus is on the florida specific names into the election and now it's just all about this 1123 level to try and get to four month highs here but again

this name is outperforming everything else in the sector because of its dominance in Florida. It's going to be interesting to see what happens in the vote here. I had it as 50-50 just because you need 60%. You need 60% for it to pass. But now that Trump says, I'm voting for it, I think it does get a little bit of a probability favor. And again, you just got to keep in mind, this is an OTC penny stock, essentially. Its volume is junk. Its liquidity is junk compared to something on the NASDAQ like Tesla. So just be aware, you know what you're trading here. But again, the hope is that we see demand outweighs supply enough to get that move following through as we continue to approach November. We've only got like 39 trading days or something like that.

That's all the vote. It's not a ton. That's crazy. It's crazy. Is that all you're looking at today? That's it for today. You got someone here who said they took your chart, your trading course in 2019, and it was a great start. Awesome. Glad to hear it. Where can people find that? Chartguys.com. we got the free intro course everybody should definitely start there to get the basics down and then more in depth if that's

what you're looking for awesome guys follow chart guys check out dan follow him uh we're gonna be off next week because i will be in singapore but i'll see you in two weeks man sounds good have a great time all right guys thanks so much See you tomorrow for the Friday Five. Later.