The Wolf Of All Streets - These Narratives Will Drive The Next Bull Market l Ram Ahluwalia

Episode Date: November 28, 2023

Scott is joined by investor Ram Ahluwalia to discuss the narratives that will drive the next bull market.  Ram: https://twitter.com/ramahluwalia ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. USE CODE ‘2MONTHSOFF’ WHEN VISITING MY LINK.  👉 https://tradingalpha.io/?via=scottmelker  ►►TAP A super-powered money app - an all-in-one investment, money, and trading platform. Coming to the U.S. soon, with tons of bonuses. 👉https://referral.withtap.com/scottmelker  ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEK DAY! 👉https://thewolfden.substack.com/   ►► OKX Sign up for an OKX Trading Account then deposit & trade to unlock mystery box rewards of up to $10,000!  👉 https://www.okx.com/join/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=453131... ►►THE DAILY CLOSE BRAND NEW NEWSLETTER! INSTITUTIONAL GRADE INDICATORS AND DATA DELIVERED DIRECTLY TO YOUR INBOX, EVERY DAY AT THE DAILY CLOSE. TRADE LIKE THE BIG BOYS. 👉 https://www.thedailyclose.io/   ►►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 #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.

There's been quite a bit of debate as to whether or not we are in a bull market or whether this is just a bear market dead cat bounce. I think we're in a bull market and I think it's time to start discussing the narratives that will drive us through the next few years of this cycle. I've got a professional investor, one of my favorite people to interact with on X, Ramalawalia here to discuss. He is actively investing in this market and preparing for what is to come next. You guys don't 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 Let's go. think that we're in a bull market until proven otherwise. I think for Bitcoin, that started around $25,000 when the market technically made a new higher high. But regardless, it's very clear that there's been quite a bit of opportunity to make money over the past few months. But if you

look at the four-year cycle, the halving cycle, those cycles, as you know from my conversation with Raoul Pal, line up with a lot of cycles and TradFi as well. If you believe in those, then we probably are just starting and have quite a bit of time. And we'll probably get some of those 30, 40% retracements that make everybody panic and think we're going back to 5,000. I obviously don't think that's going to happen, but I can't wait to hear everybody screaming about it when those retracements happen. I'm going to go ahead and bring on today's guest, Ram Aluwalia. How are you today, buddy? I'm doing well, Scott. Good to see you again. How are you? I'm great. So maybe give the broad strokes where you think we stand in the market. We don't really do like hyperbolic price targets and things like that. Just sort of generally how you're viewing it

and how you're starting to position. Yeah. So overall, yes, it's a bull market. The fact that people are questioning whether it's a so overall, yes, it's a bull market. The fact that people are questioning whether it's a bull market or not means it's a bull market. The bottom happened in November 16th last year when Genesis closes doors and when there were other issues around FX. That created a crisis of confidence in crypto. So anyone that lost conviction sold, they're out of the market.

And low liquidity, as well as a risk on rally this year, which I expect will continue, is what has driven the rise of Bitcoin and other digital assets, as well as the prospect of a BlackRock ETF. So yes, this is a bull market. And a lot of people are off sides, and they're under positioned. By the way, that phenomenon exists not just in crypto, but in TratFi as well. It's the reason why QQQ and S&P have double digit returns, because people started the year expecting a recession, they loaded up on cash, markets zagged when people were zigging. Right.

And all those people are still sitting on the sidelines waiting for that magical dip to come that they're going to buy. And when that dip comes, they're going to wait for another 10% dip that's not going to come and they're going to refuse to buy. It's amazing how human behavior repeats regardless of the market, regardless of the time of the cycle, regardless how many hundreds of years of precedent we have. They just do the same thing. Yeah. I think we are in a new phase of the market. So phase one was non-consensus, hated rally. Why would you want to own risk assets? And phase two is here because we see sentiment thawing. We see this across markets. People are starting to wake up. Early adopters are committing to risk capital.

In the Bitcoin market, you can see there's contango in the futures market. We had backwardation last year. Now you're being compensated to sell spot forward and you can lock in an annualized return. That is interesting. So that's a sign that bullishness is coming back. I think hyper-tactically, short-term, we're probably overbought, but I wouldn't focus on the squiggles. Don't focus on the squiggle and make the mistake of missing the broader trends.

And there's more room to go. And I agree with your point, Scott, and people are waiting for the entry at a price that won't come. Headline here is I think this is a buy the dip kind of market. There will be liquidations, people will make mistakes. Those are opportunities to lean in. I don't like chasing. I like attractive prices. I like red candles. And I like it when sentiment is dour and washed out. We had a lot of that in September and October. Those are excellent times to accumulate. And I think there are some additional themes to focus on in the year ahead.

Yeah. I want to dig into that for one second. I just happened to pull this up, not the best version of it, but we all know the Wall Street cheat sheet everybody's looking at. I kind of thought that we were at depression, but I think you might be right. Somebody actually circled it for me in advance. I think we might be between disbelief and hope because we are having conversations now about when will it re-reach the all-time high or is the S&P going to make an all-time high and make suckers out of these bears? And to be fully transparent, I do a Monday stream every week with three guys and they're very bearish, right? You sound not so bearish, not necessarily on crypto, but they're very, very, very bearish on a great depression incoming i can't tell you how bearish people are i was on a podcast twitter space in september with coin bearers me and three other people and everyone everyone is very smart sophisticated professional i follow them i like them too right but smarts isn't the same thing as making good decisions this is like one of the fallacies around investing it's not

about uh getting the analysis right it's about what does position and sentiment look like that's a key consideration right people are off sides uh then that can create the conditions for a rally and that's the condition overall that we've lived in for most of this past year. Yeah, I tend to agree. It's funny you talk about the market being overbought. I was taking a look yesterday at Coinbase here, trading 119, I think it closed pre-market up to 121, but yeah, RSI is now on the daily at like 85. This is a new high for 18,

this is a new 18 month high actually. Last time we traded here was in May of 2022. I'm a huge Coinbase bull, to be fully transparent. I'm not necessarily looking to sell, but I can see someone who is tactical, as you say, sort of saying, hey, I'm going to take some profit here and maybe try to buy a dip if it comes in. I'm not doing that. I'll just keep adding.

We're looking at the same chart, Scott. I agree. That's a good chart to look at regularly. The other metric I'd point out is the open interest on Bitcoin, the peak on the CME futures market, and that started to come back in. And usually when you see a peak in open interest, it's a sign of excessive near-term enthusiasm. Yeah. And the CME is crushing Binance right now, which I find really, really to be an interesting narrative here. You can see that it's number one at 112,000 Bitcoin, Binance 104,000 Bitcoin. Binance used to dominate that market. There are so many people that are, quote unquote, smart that are just wrong and off-sides.

I can't express that enough. I had a phone call from a successful global macro fund manager he was up over 100 in 2022 starting the market you know and that bearish view is very simply this it's a rates are high lagged effects quantitative tightening is here liquidity is leaving the system and risk assets will reprice here's the thing we had the most telegraphed recession and the most panicked induced selling around october of 2022 that we haven't seen in a long time right vix broke 30. so that's created bottom conditions so this is you know markets public markets are challenging it's not about doing the math equation right. That works in private markets. I talk about this often on X. Private market investors aren't really good at public market investments because they think they're solving a math equation, and that's not

how markets work. Yeah, I absolutely agree with that. I hadn't even looked at VIX. I've just pulled up literally 12.88. I mean, this is low, right? So this is a day at these lows. Yeah. I mean, it's a crazy lack of volatility. Right. Indication of somewhat increased complacency. Look, I wouldn't be surprised if VIX drops to 11, by the way. Right. So we could still have more to go, you know, on this. But it is a sign of, you know, increased complacency. If you look at it, people are wondering what's a signal that we have extreme volatility and bearishness, and it's legitimate. Here's the great recession over here, October 2008, you got up to 89. And

COVID, we got up to about 85. We're at 12. Right, right. you know, this was in the, in the twenties, that was an indication of pessimism. You had record call ratios, particularly among retail traders. And then in July, the VIX was also around 12. And that of course opened into a correction, August, September. So, you know, my style is more contrarian oriented and I'm looking for where non-consensus opportunities live well we are starting to see some consensus i think among the uh among the community that we are in a bull market for for crypto so to me that doesn't mean it's time necessarily to be become bearish but like i said here in the title these narratives will drive the next bull market you're actively deploying capital i know that you are accumulating can't tell us specifically what you're buying. There's laws against that maybe, but you can, I think,

give us some broad strokes and themes of how you're looking at it. I mean, people ask me every single day, what will be the tokens that will perform the best in the next bull market? I say, I have no idea. Probably something you've never even heard of yet, but maybe, you know, they'll say what areas would you like to be deploying in real world assets, DeFi, NFTs, metaverse, gaming, right? So where are you looking specifically? Yeah, look, I'll share themes here. And look, to be candid, we're accumulating and that's why I don't want to disclose too concretely

because we're working against our own clients' interests, right? I did this post on Render Togo back when I interviewed Kyle Sommati. Tokens up 300%. Whether you measure six months or three months. So we're patiently accumulating, right? And I think towards year end, we can be more specific. Let me give you some headline themes. So one is I do think Bitcoin

dominance continues. I think the BlockRock news is significant. It's not fully priced in. And part of it is because the BlockRock story has two components. One is the inflows, which are people rightly focused on. But the other component is blockrock is conferring a broader legitimacy to this at the class that's invaluable that goes beyond the influence that block rocks gonna drive into the category so that's that's why i think that team will take however i think all coins quality off coins now we're going to see all sorts of nonsense rally next year i mean nonsense is going to go up as one of my headline messages here, but I wouldn't focus on that because you're not going to have the conviction

to hold that when there's an inevitable drawdown of 30 to 40%. So I would focus on real world use cases. Where do you have real world tracking? Stablecoins work. Stablecoins are the bedrock of DeFi. I think DeFi will be back. I think other use cases around decentralized compute, decentralized storage, decentralized AI, those will work. You're seeing a lot more talk around D-Pen. That's a new buzzword. By the way, you want to invest before the buzzword comes. The buzzword is here here so we're in phase two we'll continue but to the early discussion you know that pendulum is starting to get momentum around that i think deep in though it's hard to tell people what deep in is we are very like discussing here yeah decentralized physical infrastructure i think like remember like helium token how they uh built out

distribution of all these wireless routers to the Helium token, which Solana not too long ago. Yeah, World Mobile is a good example of one of these. Exactly. Really cool project. Exactly. Now, the hard part is this, can Helium prove out demand generation? They proved out that token economics can help build that supply of these hubs.

So you got to show the customer side. There's a project out there trying to build decentralized Uber. I don't think that'll work. Probably going to go up anyway because of narrative. I'm not going to designate. A successful company and a successful token are two very, very different things. Right. I mean, if Lyft

is struggling and Uber is dominating there and their brand effects, I just don't see that. But overall, that's a new narrative that you're going to hear a lot more of. Enterprise applications on chain, I think, are very interesting. Think about the decentralized version of

Carta. You're going to see a lot of SaaS applications rebuilding on blockchain because blockchain can deliver security and privacy, especially in an AI world where you know hacking risks are increasing people want more control of the data i think one of the ways sas can survive the threat of ai disruption is by re-platforming on chain that's not a thing we're

hearing in the market by the way it's like you know a personal thesis that i have there uh what else airdrops are back. Airdrops are coming. Yeah. I'm starting to get the like random newsletters are like how to farm $10,000 worth of airdrops in five minutes. Yeah. Here's another one.

I think a theme that we haven't heard anywhere else. This is one of our prior to our ideas too, is we're going to see fundamental token economics grow in the cycle. And the reason why is the SEC has so many back-to-back losses that you're going to see new token economic models where the creators are saying, all right, we found a way to deliver in-kind dividends to these token holders. And imagine if, for example, uniswap not the fee switch nothing new swap will do that or not there are a lot of constraints around uniswap and whether they can do that or not of course they're considering that but there are other protocols watching the sidelines

we're looking at the core case and they're saying gee if we designed our token economics in this way then we could deliver in-kind dividends. And that's very attractive because that enables investors that focus on intrinsic value to underwrite those tokens. So we are looking at hedge funds focused on that thesis, for example. I like that a lot. I can underwrite to intrinsic value. Yeah, I love that. Let's talk about some of the bigger known narratives of past cycles and whether they're dead or whether they're coming back. You said that you think DeFi is alive and well. Do we think that the tokens that were the darlings of DeFi in past cycles will be the leaders there? Or do you think that we're going to see some new innovation in DeFi?

Great, great question. It's not a winner-take-all in DeFi. And one of the drivers of DeFi is going to be the onboarding of yield-bearing assets. And that's been one of the blockers to DeFi's potential because in the real world, you get a 5% coupon without taking risk other than inflation risk. But those assets are coming. You have protocols that are financing real-world assets as well, and they're generating coupon and yield. They're refactoring. The thing is, the best time to invest is when the fundamentals are terrible, the

narrative is washed out, people aren't focused, they're not talking about it. These are teams that are re-vectoring. They have projects that they're focused on. And if you can study those, I think they'll do well. So I think classic DeFi will do well for those that are vectoring in the right direction and are motivated to have the right teams, et cetera.

I think new DeFi as well. You know, we saw what Robert Leshner raised at like 100 million valuation, bringing another asset on chain. I think crypto ventures is still overrated, right? If you're seeing those kinds of deals at that kind of pricing, then I think liquid tokens will outperform. I'm starting to see venture. There was this, you know, everything just comes across my desk.

I'm just generally dismissive of all of it. This new meme coin, this new gaming thing, whatever. And we know that they're all pretty much cash grabs, but it was really quiet for a long time. And now all of a sudden, I'm getting the Twitter DMs, excuse me, XDMs and Telegram messages, invest, and can you please shill my non-existent token for me, which I obviously don't do. But anecdotally, I can say that the interest in the VC side or the influencer rounds or private rounds whatever is starting to increase massively. Yeah, I agree.

You know, if there's genuine innovation, you know, staking as a service through a protocol that's coming online, they're solving real world problems and real world use cases. So you just got to do your bottoms up homework to identify them. I think gaming is very hard. Like only Animoca brand seems to know how to make money from gaming. Yeah, that gaming and I can't find a rhyme or reason to predict how people consistently can make money somehow. It seems to do it. So I'm not focused on that will do well.

Yeah, I'll be well, you know, it's gonna be again, I believe headline for next year, you're gonna see a lot of but I'm trying to focus on quality and real world use case. I think metaverse is going to be hard. Although my conviction is low on that. And here's why. And I think it's important to be humble and honest about how you see things like might be wrong. Like you got meta Ray-Ban glasses coming from, from Facebook. You got Apple eye vision pro that's going to drive some metaverse bump at some point. Right. Yeah. I think metaverse is just the vision of, that's going to drive some metaverse bump at some point, right? Yeah, I think metaverse is just the vision of what it's going to be is different. To me,

metaverse will be basically you look through those glasses, you see a few things in the real world, and that's the metaverse. You look at an advertisement and maybe it tells you to click here to go and get your 30% discount, but I don't think we're going to be like bouncing around as cartoons without legs. Yeah, I agree. Like WALL-E on a daily basis. I think it'll be an integration into the real world that sort of just amplifies what you can do with what you see around you. You're driving a car and things are more interactive as you look through your glasses. Yeah, augmented reality.

You know, I agree. I think that's interesting. There's a multi year journey ahead. But first, we need to see people buy these headsets actually incorporate them. I have fear of other people's opinion and judging them when they wear these devices. talked about how you can capture it i have no idea i can tell you that uh this is one of those they're just going crazy this is star atlas one of the darling games of the last cycle this is alluvium one of the darling games of the last cycle 38 bucks all the way up to 123 and very quietly you know these are like five to six week moves that uh seemingly nobody's talking about and i don't i mean i i'm happy it's happening i've held some of these through these entire cycles but it's crazy it's a great call out you know star atlas was one of the og you know games on solana and i think part of this is you have the familiarity effects i think about all the people that washed out in 2022 cycle when they come back they're going to look up their old

names it's like meaning the old flame again they're going to start deploying that them. That's, I think, is what you're seeing with Star Atlas. But gaming is hard. You know, like these will go up. Metaverse will go up too. But identifying winners and losers from a substance perspective is harder. Like narrative is different than substance. So I'm trying to find the alignment of both of those together. Yeah, I agree.

I think gaming still has the same problem i think we're just very early on all these narratives last cycle gaming either needs like a fortnight or a call of duty or some triple-a game to incorporate some sort of blockchain side or needs to build a legitimate triple-a game uh that's blockchain native like atlas or alluvium but that people you know those that those are hundreds of millions of dollars and up to a decade projects. Like I'm bullish on property rights on chain. I love the thesis. I just couldn't tell you which horse to bet on. Yeah. I think, uh, real world assets obviously is one of the huge narratives of this coming cycle. When I was just in Singapore and a few conferences and around,

that's what the booths are talking about, RWA, RWA, RWA. Do you have any idea how that's actually investable for the average person? I think a lot of that's going to happen on JP Morgan Onyx and private blockchains. There was a story, now I'm trying to remember, now I'm blanking, but there was another one of these huge platform, huge institutional stories about private blockchains yesterday or today. You may have mentioned it on your Twitter, actually. So I'm glad you brought up RWA because that's clearly one of the most profound uses of blockchain that drives real world impact. It creates transparency. It creates liquidity.

It reduces counterparty risk. When people talk about showing me a crypto use case, there's no better use case than tokenizing real world assets to let people settle and transact with each other trustlessly on chain. That's the future. The opportunities are in a few buckets. One is creator driven, getting David Bowie bonds, which are securitized, doing that for Taylor Swift and Rihanna on chain. And that drives cultural relevance. Most people don't care about crypto right if you go to thanksgiving they care about spotify and the new movie and this actor

that actor so from a policy perspective it's important that we focus our trade associations on encouraging a revision to securities loss framework to unlock tokenization. So to your point, Scott, I love the thesis around tokenization. However, the regulatory hamstrings are significant to make an investable there are plays around it, like the centrifuge and this and that and a couple things. I'm not terribly excited about the the investable approaches to tokenization. Because those regulatory barriers, I do think there's some interesting venture plays, right? There's syndicated royalties from music. There are

a couple of startups in the Trifire world. Some of them are also in the crypto world. Interesting things going on there. But the unblock on that and for crypto more generally comes when we can change securities laws, frameworks. Yeah, good luck with that. I think we're gonna need a utterly new SEC to have a chance at that. Those are longer term plays. Singapore and Japan are focused on this from a capital markets perspective.

The other angle, the tokenization, they're creating pressure. That's another reason why BlackRock is putting their thumb on the scale and creating additional pressure on the scale and creating additional pressure on the SEC. So I do think that'll happen. It's inevitable, but I don't think it's gonna have any time soon, unfortunately. But it's a it's a it's a very good thesis

to stay focused on but you're right, most of the activity and tokenization are these private subnets. These are permissioned private blockchains from JP Morgan, or a vac subnets. These are permissioned private blockchains from JP Morgan or AVAX subnets or Matic subnets, Avalanche, et cetera. So we want to see these on Ethereum. Ethereum is a beneficiary of tokenization. However, that's not happening because of those regulatory issues.

Yeah, I mean, every once in a while I pull up rwa.xyz, it actually seems somewhat down from my last I checked. Tokenized treasury is currently $784 million, not even at a billion. But what I always point to is that Franklin Templeton is $328 million of that. That's unstellar. All the other ones kind of behind it are Ethereum private credit total tokenized right now, 571 million in active loans, total loan value 4.5 billion. I mean, this is really small, but when you see names like Franklin Templeton doing it, it should be extremely compelling because this is more public, right? I mean, these are accessible to everyone. This isn't BlackRock sending

a tokenized money market to Barclays via JP Morgan. Yeah, no, I agree. Look, Apollo and KKR have initiatives around this. There are a number of- That's what it was. It was Apollo. It was Apollo. Yeah. Yeah. Invenium, Oasis Networks, they're setting up in offshore jurisdictions in Dubai and Singapore to go execute these transactions, build these platforms. So this is a multi-year that there's an opportunity there, but it's not immediately in front of us in terms of liquid tokens. Yeah, this is exactly what the story was.

You just reminded me. JP Morgan, that I was looking for before. JP Morgan and Apollo executives reveal plan for a tokenized enterprise mainnet. I mean, people may not know Apollo in the same way that they do JP Morgan, but I can tell you that they're just as impactful and important, but in a very different way, especially when it comes to private equity. Seeing these names consistently in Forbes and on Bloomberg, it should be, like I said,

I don't know that there's a token you can buy that's going to capture this, but man, this is not like the institutional adoption of previous uh yeah it's not like the closest to that is like you know coinbase to your point which with base and their hybrid approach with their l2 and the token economic and the rules go back to coinbase equity that's one of the closest ways we can think about these two worlds coming together but you're right look i've talked to folks at these large banks, PE firms, it's not that they don't want to engage with

Ethereum. It's not that they're not the enemy. It's the regulatory constraints. And I would say the tide is shifting the battle of ideas is shifting, like Michael Su, who's the chief banking regulator, he gave a speech to the American Banker Association talking about the value of tokenization. So he's who's the chief banking regulator, he gave a speech to the American Banker Association talking about the value of tokenization. So he's seen that. He cited Vitalik Buterin in his prepared remarks four or five times in the footnotes, but he doesn't yet get decentralization, the virtue of decentralization. So that's where the policy groups need to focus

on the trade associations. The trade associations are fighting last year's battle. They're focused on ensuring protocols don't get the smackdown from the SEC. Yes, there's value in that. But the prize of tomorrow is unlocking tokenization. Then you get mainstream cultural relevance, not just the big money and Wall Street and the banks, but also the bottoms of creators that influence people. Imagine, Scott, if you had a token linked to your work product, you've got a bunch of followers. And imagine if your fans were compensated for promoting your show and could share in the upside of the ad revenue from YouTube. That seems like a great

idea. And we're not permitted to do that today. Absolutely. Listen, I know it's time to go. Can you give me two or three more minutes? Sure, go for it. So I want to ask you about China. I know it's a complete pivot, but man, you had this amazing thread and it was a very capitulatory talk and you kind of laid it out here and i was actually looking for your thread while we were discussing it yesterday so really just the broad strokes i mean here you say the precision in president ji jinping's transcript is extraordinary if i didn't know any better it would read like a deep fake i mean it really does i mean look at the verbatim quotes around this. We have no desire to exert a sphere of influence. Really?

Could you imagine China saying that? I can't imagine China saying that. We value partnerships, not alliances. So here's what happened. The US over the course of the past two administrations, this is one of the rare bipartisan success stories, waged a successful pressure campaign on china and refactored a substantial component of china out of the u.s supply chain the supply chain shifted to vietnam and eastern europe

and restoring and french shoring so you know what are the consequences of china so their foreign direct investment is down to 1998 levels okay China was a much smaller economy back then. There we have semiconductor export controls which are throttling their group, you know, China imports more semiconductors than oil, and they've been ramping up their orders from Nvidia and other competitors to video because they see that is going to drive national greatness, right? Defense is going to refactor around AI as well. So their tech can't get their hands on semiconductors. Their birth rate isn't declining. Their replacement rate is 2.2.

If you want just flat population, steady, their birth rate is 1.1. They're shrinking. It's funny because in our younger years, Ram, you know, we used to talk about how China restricted their citizens to only having one child. And sometimes they threw the girls out. That's right. All that's come back to haunt them in such a severe way. You know, it's an indictment of top-down central planning and, you know, trying to control people and this and that.

But look, this happens every decade or so. In the 80s was the fear of the rise of Russia. And back then in the 80s and in the 70s, people really thought Russia had a superior or competitive economy. It wasn't even close. When the currents came down, we looked on the other side, and it wasn't working. And people in East Germany moved over to West Germany

for a higher quality of life and living. In the 90s, you had the threat of the rise of Japan. That didn't go anywhere. And now it's China and American institutions, rule of law, property rights, court systems. It's not all perfect. There are issues, there are challenges. Yes, debt to GDP is too high. Yes, debt to spending is too high, but it's still the best system system in the world i'll never forget that movie rising sun from the early 90s it was a crichton book or something i'd read the book but with sean connery and wesley snipes and that was like the peak of uh japan fear right remember red dawn i think that was the 80s and you had like that was peak that was peak that was peak ussr fear right yeah

oh no red dawn uh patrick swayze yeah yeah yeah wolverines yeah we did the first red dot x right That was peak USSR fear, right? Oh, no, Red Dawn with Patrick Swayze. Correct. Yeah, Wolverines. Yeah, of course, Red Dawn. FedEx, right? I thought Red October when you said Red Dawn, but Red Dawn is one of the greatest movies of all time. Red October is the Russia in decline phase, right?

They lost the submarine to the Americans. Yeah, Red Dawn, man. That was one of the greatest movies of my childhood for you guys who don't know uh russia basically parachutes into the backwoods of the united states and a bunch of high school kids take up arms as the wolverines and fight back against the russians amazing god man we we grew up in a hell of a time one time we're going to come back rom and i privately always talk about uh all the nonsense we see in parenting and participation trophies and stuff. We're going to get into that one time for sure.

We think you should let your kids fail, by the way. Yeah, totally agree. You learn through suffering and having an attitude of gratefulness and learning how to solve problems. And that doesn't mean don't comfort your kids in suffering and the pain, which they'll inevitably experience, but that's how you let them grow, right? The strong flowers grow through the concrete and they break through, they get the light. If you oversaturate the fertilizer, you get a lot of weeds. See, man, he's a philosopher too. The truth of where you want your kids upbringing is somewhere between participation trophies in 2023, where you don't get grades in college anymore because you might be triggered,

and your kids having to fight the Russians in Red Dawn. There's some happy medium on that spectrum that we should, I think, aspire to. I agree. Well said. Well, thank you so much, Ram. I would love to have you back, man. You're welcome anytime. Really great insight. Maybe we'll dig into macro uh more uh

on a future stream guys i two scotts terrific i enjoy it awesome thank you and i i put uh rom's uh twitter uh x account in the description i i really highly highly highly encourage you guys to follow him one of my favorite follows and he can tell you because i you know we dm each other when i see interesting insights and stuff very very, very, very compelling. And we'll have you on Spaces again too, I'm sure. Perfect. Thanks, Rob. Have a good one. All right, guys.

So usually, as you know, on Tuesdays, we have Wick on the back end here sharing some charts from Trading Alpha, but he's not here, which means... Let's have an old school chartapalooza here, man. Let's do it. I've got about 20 minutes. I can take your requests. Nobody knew man. Let's do it. I've got about 20 minutes. I can take your requests. Nobody knew we were going to do it. So it's only my faithfuls and loyals over here in the chat. What do you guys want to chart? Start throwing out requests. I obviously cannot take them all,

but I'm happy to take a look at what you got. Just wait for it. Okay. First, I could have told you, like if you said, hey, for a million dollars, Scott, what will be the first request that comes in? I would have said it will be Drucified asking for Algo. By the way, guys, I got in a hell of a lot of trouble with anonymous people that I don't care about on the internet over my streams about Algo in the past few weeks. Oh my i had james uh invest answers on obviously he said i think that it was a dead chain that's primarily for cbdc's then as you know stacy dm me and said what the fuck are you guys talking about you asshole have some journalistic integrity i brought her on she refuted it And then everyone attacked James, causing him to go and make full streams about how he was right, how they had removed their CBDC language from the website, which by the way, it seemingly they did. So I got in trouble with literally everyone

because I'm just out here trying to have streams. James and I are cool. People think we have like a fight we were talking about the entire time, but oh my God. Oh my God. All right. Algo. Let's take a look here. Okay. Some of these I haven't charted in a long time. Some of them I've charted recently. So for me, the trigger on Algo was very clearly right here, 0.1077. That was something that I shared. You had one, two, three, four retests. Now we're going to see this on a lot of altcoins right now is that we have this kind of weird consolidation. Some would say that they look like diamond tops, kind of like these, which usually, by the way, break down. I don't know that that's what it looks like, but very, very unclear patterns on the consolidation right now. You don't really have a wedge. You don't really have a pennant. You don't really

have something descending. You don't really have something ascending. You just have a whole lot of chop. But what I'll tell you is on a lot of these coins is we have real volume that's come back in since really mid-October, late October, which I think is the most compelling thing here. But this looks like it should at least get to 15 cents before we figure it out. That was the lows back here. If you're zooming out, that was the lows of 21, 22, excuse me. And if we continue to draw this line out, you can see we also at that exact same point where it broke that 107, which you'll see on a lot of these charts. We also had the break of that downtrending resistance. So these altcoins, including ALGO, have broken out of their downtrend definitively.

That's a downtrend since this, you know, you can listen, there's much bigger downtrends. If you come all the way up, you pull the lines, but you can see that these major downtrend since, uh, this is, you know, you can listen, there's much bigger downtrends. If you come all the way up, you pull the lines, but you can see that these major downtrends that started sort of, uh, the end of last year, we've broken out, but now it's just this kind of really weird, awkward consolidation that we're getting,

uh, RVN Raven. Let me take a look. One second. Like I said, guys, that's not like I prepared this. It's not like we plan this. It's not like we planned this.

It's not like I have any idea what we're about to look at. Not as breaking out as others. Okay. So we had the major pennant breakdown. This is ages ago. There's a weekly chart. Let's just start at the weekly. We're going to start fresh here. This one, I would say, has not probably broken out here on the weekly yet. If you were going to be honest about the line, it's going to come way out here. But I think that we can, you know, if you want to get deeper into it, that's not what I wanted. That was bad. Okay.

Trendline. Maybe this local trend right here is broken out of. We can pull something up here. It'll obviously be broken out of because it's going to be tighter. Maybe we go more closely for some levels here. What do we got? Okay. So your major weekly demand is going to be like 0.02. This coming off this candle right here, we can draw it as a parallel channel to do something like this. All right. There's your key kind of area of resistance, but I think we should zoom into the daily and get a better look at what's happening here. Wow. I just noticed the volume yesterday.

Completely rejected, but that might be the biggest volume candle since 22 and one of the biggest that we have on the chart. That's interesting because this has not seen that same sort of increase in volume that you saw in Algo. It's bigger, but not like, I mean, algo, you know, you saw it's like this big kind of bigger cluster. These took a lot longer and not as compelling. So this is a tough one, man. I would say that you have a clear area here, right? So I would say your target right now is that, but I don't like that it just broke this high and got rejected. We want to see follow through and try to understand what that volume was. But that was mostly a huge buy that pushed up. It just tells you that someone's really trying

to sell into that. Again, this is confusing consolidation, kind of have a range from 0.015 up to 0.019. So I think the trade you're probably already in, but the trade you're looking for at this point is to close above and get that. I mean, it's not the most beautiful chart, to be honest. Of all these ones, you do have kind of a rounding bottom, but maybe that just means it's trailing, but it doesn't look as good as a lot of these other coins that have had these bigger narratives that I think we've kind of been looking at. Oh my God, you guys have a million. Now I accidentally went all the way down to the bottom. Let me see. Coty. Okay. Let's take a look. Coty had some, I saw Coty was in the news. I don't like the crypto news yesterday. So there was some sort of narrative. Well, I mean, shit. Yeah, this looks

amazing. I'll tell you outright that we could take that off auto outright. This looks amazing, right? You have this descending resistance. Let's zoom in. Pretty much. Let me make sure that these are actually lined up before we do this. I think that's a little high. Want to be as precise as possible here. Right? Yeah, the attempts here, you're above the 150 and 250 is aiming up, you're going to get a golden cross. Not that that is so compelling. You know, I'm not a big guy on the crosses. But yeah, I mean, this is a clear breakout on majorly increased volume right there uh and now coming back for you know inches to a retest i think this looks really really good what i don't like is you have clear bearish divergence here but on these alt coins that hasn't mattered as much as of late you clearly have a

lower high on rsi and a higher high here on price this i mean it's really good let me uh try to find some levels there's not that many clear levels you got one here right this is the really your kind of first blast off level i think because you're above all of this uh consolidation down here this sort of rounded bottom someone called a cup and handle cup and handle is a continuation pattern not a reverse pattern so not you can't really have a cup and handle at the bottom although i guess in principle it's kind of the same thing i mean i'd be looking for a trade above 0.06 and maybe our target is this kind of these are old levels let's pull all this off for confusion they're accurate but uh i think you're around here 0.13 would be kind of your target area.

Let's see. Something like that. There's a lot still here, but you're above all the key areas here. This never really pushed so hard into oversold like a lot of these coins have. But I would wait. I want to be above 0.06 before I start really giving that a serious look. Where's Wick? He's at the doctor. He's at the doctor's office. We can, but I mean, honestly, man, the best way to kind of look at this is probably through Trading Alpha. Let's see what

Trading Alpha says about Cote. By the way, I think, shit. I know you guys will see in the description we have, we've been working with them, Trading Alpha. He's been offering a lot of these free setups in the newsletter, but there's a code. 25 off. 25OFF gets you 25% off your subscription to Trading Alpha. 25 off. 25 off.

Anyways, but yeah, Cody, so look. Looking pretty good, right? You have a break above the track line here on the daily a retest the green dots are back after the red dot i think uh nothing bad to see here i'm curious now what it says about algo going back yeah i mean above the track line here you know we saw like the links of the world and stuff were blasted off i think there's an opportunity here but right now yeah see it's saying the same thing I did. You got a red dot, a green dot indecision. You are above the track line, so nothing looks bad, but it's

not giving a clear entry right now with a green dots or a green arrow or anything like that. Let's do just for full review here. I love this thing, by the way, guys, I I'm not shilling it, really. I just am actually using it a lot now. And so I find it, yeah, Raven's not really giving a clear signal. Even with all that volume you have, you don't really have green dots.

You know, this was the time was when you're breaking the track line on all of these. So it's hard to go back and find one that's very clear. Let me see. I guess we will take a look at, oh, we can take a look at MicroStrategy. MicroStrategy looks great. And this, you'll see right here, guys,

I mean, if you're not using this thing, I'm sorry, but it showed you that there was a volatility squeeze and a green arrow triggering you to go long right at the track line you would have gotten in at 353 it's currently trading at 509 still green dots no reason to exit but i think you know i think this is kind of your key support here which you can see uh it's brought in white right there. $475, I think, is the key area you got to keep. Look, flipped it perfectly, tested it. Still looking good. I think if you think Bitcoin is looking good,

then this is probably looking good. What do we have? Solana, someone asked for. Let's see what Solana looks like now. Crypto, Binance. I mean, it's losing the green dots kind of looks the same right this sort of i don't know consolidation track lines coming up nicely a lot of these look like they could use a drop now you can see oh man got some new commands on my keyboard it's a lot of to me i already have

an alarm set on this descending line if that, I'll think maybe it's going back up. For right now, it looks a little bit actually like a descending triangle. By the way, those break up more than 50% of the time. So not as concerning as you think when it's in an uptrend. But it's kind of a bouncing ball. You don't want it to break now below 51.23. 51.28. I think a break below 51.28 is your short trigger.

A break above this descending line is probably your longer trigger right there. It's just fun, guys. It's good. You're enjoying it. Injective. Let's take a look first on here. This is one of my bigger positions, as you guys know. We need like background music.

It's boring. I think injective, same thing. So you just have this sort of like consolidation, but it's not really clearly bullish or clearly bearish no real uh pennant forming no real flag forming really hard to i think uh determine that one palantir sure palantir i got a little cold guys so pardon me takes a minute to load sometimes uh i'm waiting for the uh for us to get some dots sort of the blue dot the green dots have kind of slowed so i would uh be cautious here maybe down here around 1847 something like that not jumping out as me is a huge opportunity. ETH has trailed, man, which I love, but a lot of people getting really, really impatient with ETH.

ETH versus USD here, still got a lot of green dots. I think looking generally pretty good. I've been looking at ETH Bitcoin. As you know, it's only been oversold four times in history on the weekly chart eth versus bitcoin i still think we're gonna blast off um but not much happening like if you kind of zoom in here though this is this is probably if you go in like on a daily this is starting to form a little pennant i think i mean, all like charts aside, ETH is my pick for the next like major to run big time. Big time. Yeah. That's just what I think.

Scott said they could all use a good drop. Yeah, I think some of these coins that have run, they could use a little shakeout. I think they could use a little shakeout for sure. What do we got here? Rand selling all his E that's fine i know ran did his stream yesterday i think it's really important by the way that we uh attach bias to time frame right i know he did his like selling all my alt coins like things are pulling 100x uh but he also says we're in a bull market so if if you're selling all your altcoins, that means you're looking to buy them back on a dip. That's a trader thing, not an investor thing.

So if you believe you're in a bull market, for most people, it just means hold. Don't get cute. STX for Fib. What do you got, man? Why you don't need my charts?'re fibo swanee i'm legend uh same thing i mean i think you're ranging right it's weird looking for me though it is we i will say it's weird looking at charts that are not uh my colors i mean i think you just got like this. You can't see it, right? But this range right here kind of thing, really hard to see because I don't, you know, that kind of idea. Hard to do anything where you're floating right in the middle of that range, in my humble opinion. So I don't know.

I did not say that. I did not say what the hell does he know. I said that, yeah, whatever. What the hell do I know? Maybe Rose. Well, i don't know what that is oh yeah that's uh from the last cycle i remember that is that a metaverse something or other wow okay well we're gonna all know what it is soon because holy blast off yeah i mean that's i don't see how you buy that now necessarily

because blast off. Let's see. My computer is moving a little slowly. Those are some stupid old lines. Yeah, this is like at. I mean, this is, I'm going to assume massively overbought, but this is like as at resistance as you get. Doesn't mean it won't break through, by the way, because it could.

But all of these, by the way, serious bearish divergence. Look at the higher high on price and the lower highs on RSI. I don't love that. I think that this is, I'm not, no financial advice, but if you were trading, this is where you're taking profit, not buying. Right? I mean, that is as big a resistance as you're going to pretty much find on the chart. Looking for a big dip. Maybe you push through it, but odds are you're overheated with bearish divergence.

You're overbought. I see a lot of overbought bearish divergence, guys. So, you know, I don't know. DXY for Dez and Christopher. Back to back. Let's close a couple of these because I'm going to just have a messy screen. DXY is what you asked for. I mean, the dollar has looked relatively weak.

We all know that. TLT, you're still in? Yes, of course. Long- know that. TLT is still in. Yes, of course. Long-term play. Yeah, I mean, the dollar looks dead. I'm imagining yields are down with it, but it broke the 200. This is the 200 MA on the daily gone. I think that means the 50 MA on the daily.

50 MA on the weekly, excuse me, broken down and retested as resistance. The dollar looks like it's finally going to make this big move down maybe even to 100 maybe even lower but losing the 50 ma on the weekly 100 200 ma on the daily all right this looks like it wants to run down to the lows i think it's going to keep going maybe some bounces but i'd be very surprised especially this weekly retest, breakdown and retest. You see that? I mean, that is pretty savage.

I think this is coming down to back to these lows, kind of in the 100 area, and then we're going to see. Yeah. Tia. Oh, God, man. So this one, I just saw everyone talking about it on Twitter, and I went to FOMO in, which I don't really do, but it was just launched, and it was like here or something.

No, it had to be here in this area, and it broke here, and I bid $290, and it just never came back. So I completely missed it. I could have just bought in on the break. Hard not to like this. It's at resistance again here, I would say. This is only on a four-hour chart, by the way, guys, because not much history.

There's levels of support. And you've got your highs. So I think you're running to 740 if you break 635. Pretty easy. But lots of interest in this brand new token. Actually came down and almost tapped oversold. So maybe now we run back to overbought. It would make a lot of sense.

Oh, guys, I'm out of time. I got to go do important things with my life, like Twitter spaces. Anyways, guys, I hope you had fun. That was fun. I enjoyed that. We should do that more often. We should do that more often. I hope that was helpful. That is all I've got. I will be back tomorrow with Mike Alfred, still working on Thursday. I'm actually interviewing Yatsu from Animoca on Thursday for the podcast on Sunday. We got a loss going on. We miss our chart slave. Yeah, I know. I clicked the wrong comment. We miss our chart slave. Yeah. I'll take great stuff as always too. Guys, once again, that trading alpha, if you are actively trading this market and you're looking for something,

even if you have your own strategy, I still go to my own strategy. Just a quick filter that shows you exactly what's happening and the bias. I think it's really incredible. I might make like $17 if you buy one. I don't really know what the deal is. We just did it because it was free content for the newsletter. And obviously, if I'm passionate about it, I'd like you guys to have access to it. And so trying to push you guys so that he can also be compensated back for all the free content that he's been doing and coming on the streams, but really, really awesome stuff.

That's all I have for you today. I will see you guys tomorrow. Peace. Let's go.