Digital currencies in Montenegro, Account security

Hey guys, welcome back to another episode of Traders Chat. I'm here joined with Lou again, our senior trader and mentor in the trading community. How you going Lou? Good mate. It's good. Going good. How are you doing? Another week in the markets down, another week towards our long term goals as you like to say. Yeah, another week down, another week, another week towards our short medium

and long long-term goals trading. And so, yeah, sorry. So this week, we have a few topics to cover. Nothing major in the crypto space. I think the main point that we want to talk about is the interest rate announcement, which is due tomorrow. So we'll see how that affects us in the coming weeks and how that's affected us in the past. But first, before we get

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we have an interest rate announcement coming up as we have done for the past 12 months. Last year was pretty, pretty hard with some interest rate increases. It came on pretty heavy. And they've started to ease off and it looks like we could be in for a 25 basis point increase. This week or tomorrow, I should say. And this comes based on our inflation data. We

spoke about last week. So that will put our interest rates at about, I think it's 4.5, 4.75 or something, which is, you know, pretty high. Yeah, 4.75. It is. Which is pretty high. And we've seen that affect the markets over the past. Oh, last year, past 12 months. The S&P has been in a heavy downtrend, same as the crypto markets. But, you know, we've got a

lot of money. Yeah, what do you have to say about this? Lou, do you think it will affect the markets? I've noticed something change. I've noticed a few things. So first of all, obviously, as a trader, and solely a price action trader, I only look at the chart. I don't take any account news or anything. I just look at patterns of the chart and profit from

that. I have noticed a few, like, and I also don't trade correlations, but I've noticed a few things shift in the market. When you look at the market every day, you can see things change. And signals, really good signals are normally really, really clear. And I'd be interested to see what the announcement is tomorrow. Is it tomorrow? So it's tomorrow for the US, but very early

Thursday morning for us. Okay, okay, cool. So very early Thursday morning, Australia time. Just because the US dollar is in a very strong downtrend. And equities and crypto are in a strong uptrend. And so what that suggests is that the US dollar is normally safe haven. And so all last year, when there were successive interest rate hikes, the US dollar, you know, went to a whatever

high, like it just kept going up. And there are equities and crypto kept going down and down. And that's kind of shifting. And also, feel a bit of shift, like a shift of sentiment in the market, I guess. It's like everyone's completely forgotten about FDX, completely forgotten about the bear market. And you're seeing stuff like right now on Twitter, like crypto trading, day trading, trending. So

maybe there's some type of shift of sentiment there as well. So this is what the announcement is. So I think that's what's going to happen. But I'm not sure about it in the share market, but definitely in Bitcoin, like talking about Bitcoin specifically is that the intraday rallies in Bitcoin during a bear market are higher than the intraday rallies during a bull market. So they're way

more likely to be in the market. They're way more vicious. It's not just one bull out of the paddock. It's like, it's a herd of 50 wild bulls just out of the paddock wrecking havoc. We don't want that. But we should prepare for it, Justin Case. But we'll jump into that. We'll look at the charts in a minute. But first, we just want to talk about

a news event that caught my eye just before was the prime minister of a small European country called Montenegro is meeting with the CEO from Ripple, so the XRP, about the possibility of a digital currency in the country. So I haven't read too much into this. I'm very interested to see what does happen. But we're starting to see, I shouldn't say we're starting to, we're continuing

to see countries look seriously into digital currencies as a form of payment within the country and their potential. So the main form of payment. So the most recent one was El Salvador. I believe is now using Bitcoin as a form of payment. And now Montenegro could potentially be the next one. Have you heard about this? I've been keeping track of read a few news articles. Like

in our discord channel, there was a news article about that about El Salvador paying off its so its loans, which it used to purchase bonds. And all the bonds here in Bitcoin. So I haven't heard about Montenegro. But the CDBC, like the central CBDC, sorry, the central bank digital currency for individual countries is like, that's the thing now. It's like, it's going, it's going to. Yeah.

Yeah, it's very interesting. Like imagine if we get a few more countries come on board and say, look, we're done with fair money. Everything is digital. Well, what's, you know, look at banks now. How, how much do we use as a, as a consumer? Like, how much physical money do you have in your wallet? I have zero zero physical dollars, maybe five, a five dollar. No,

like nothing, everything is digital anyway. Yeah. I've got like 50 bucks. Yeah. Yeah. 50 bucks. Yeah. You're right. I think. Yeah. Yeah. Yeah. For, for, for develop, first of all, country's 100%. There's no, there's no space for, uh, for your currency, but then comes the issue of privacy. Like with the central, uh, with a digitally issued issue currency by the government, you, you, you have no

control. That's right. Yeah. Well, they can see. You're, you're like zero. Yeah. I think, I think, um, I was a Kanye West actually, uh, came out and spoke about how, after he's running with, uh, Adidas, he's bank accounts got seized and he couldn't withdraw or deposit funds into his bank account. And he's like, if this is the power that banks have with me, how much power

do they have with other people? Well, yeah. What happens if it's something you've been less, sure. And, but what happens if it's something a bit less than that as well? Like what happens if there's like another pandemic and the government says, um, you know, for whatever reason, you know, allowed access to your bank account because you, I don't know, you didn't get vaccinated or you, um,

I don't know, or you, or you, or you broke the law by going into another suburb or, or something like that. So I think there's like a, I, I know, I just see a darker side to it, especially coming, um, out of the times, or have just been through. And like, you know, the government had a lot of power. I don't like my business when I

was still working as geologist was, was really affected. And, um, yeah, just be, just been interesting. But then that's why you got Bitcoin. Exactly. That's why we're being alternative, I guess. That's why we're being the shift to decentralized currencies. Decentralized platforms. That's really exciting. But I think we've got a few little hurdles to get through before that comes mainstream and adopted by everyone. And one thing

is hacking and fishing. We see it and hear about it all the time. Unfortunately, this week, Kevin Rose, the CEO and founder of proof, which have the Moonbirds collection. You had his wallet hacked or he'd been fished, I think. It clicked. Uh, malicious link on a website and approved a transaction. And he ended up losing $1.1 million worth of NFTs. Um, it's sad. It's very sad.

Um, but unfortunately, we hear about it all the time. We hear about people getting hacked or people getting scammed or people getting fish. And it's just this is one thing that the crypto space needs to fix before we can really move on in a safe and effective manner. Uh, he, just reading this article, he ended up losing. Uh, it was one water glyph, which is a

super rare expensive NFT. I think Floor, the, so the floor price of those three hundred and forty five. Eath, it was 25 art blocks, uh, worth around three hundred and thirty two. Eath and some on chain monkeys worth about seven point two. Eath. So, yeah, a collective amount of just over one point one million dollars worth of NFTs gone. I think he did manage to seize

one of them, one of the high profile NFTs before it was hacked. But it's just so unfortunate to hear that this continues to happen. And if you're in any NFT discord channels, it's almost a weekly thing where someone has got hacked or someone has been scanned or someone has collected the wrong link and lost all their own NFT. So I really do believe that this is

something that the crypto space needs to be able to do. So, yeah, we need to fix, um, and we need a very effective, simple solution to, to wallet security. Also, yeah, use, um, cold walls. We use cold wallets for our NFTs and they work really, really well. They have such a clean to face now. Really easy to use. If you have a cold wall that you

can't get hacked. Yeah, exactly. I'm, I'm, I'm trying to talk about how easy ledger is to use. That's, I've got a ledger X. Is that what you're for? Yeah, I've got a ledger X as well. Yeah, they're just so simple to use for, for your NFT collection. It becomes so modernized as well. Like you can see your NFT is displayed on the ledger interface and stuff.

It's great. It's really good. It is, to be honest, it is a bit of a pain to set up and get organized. If you are new to NFTs or new to crypto, you know, you have these things called seed phrases and, and pin codes and stuff to get into them. It can be a little bit daunting, but trust me, it is worth the time to go

through. You get yourself a cold storage wallet, transfer your NFTs onto that and call it say a vault that you don't touch you and you don't connect that to, to any websites or any other wallet regresses. You just keep that for your, the majority of your funds or your NFTs. And then you just transfer in and out of those wallets to say a hot wallets. And

that's where you do your trading or your transfers or you're buying cell out of those wallets. And it just helps limits exposure to your, to your, to your, your vault or your cold storage. Do you find it Offie? Or why do you think it's weird that this guy didn't have his NFTs and, and can. I think it was this cold storage. I think he just Dan.

Oh click the wrong link on some of his transferring off his cold storage, like say to a hot wallet, and then he did it to the wrong address or something. I believe so or hegy. Do you think he didn't know what frog tags like that? And then he NCF is a Lock song foundation from the hungator fw voz 772 base back to mandates are just very

valuable and he ain't always that's he can's that's Daniel slander. We'll switch up in it. I think once the Modins tournament won't get the best time to go and all learning to do that. I want little more. But it's just to get Frank out. Tomatoes, to do that. Well, tre a low club Nick list. I like how I believe so or he visited a website and

there was a malicious link on the website. So when you click a link on a website, and then you approve the transaction. You just have to really make sure that you're approving the right transaction and that's where scammers are getting people off. I think it's called fishing. Yeah, right. I remember this happened a lot. Uh, in two thousand and eighteen a lot of really not a

lot, but a few really big name people in the space in two thousand and eighteen during the bear market got hacked. Like they're a lot and people accused them of like shifting funds to dodged tax and like what would you do that? How could that happen? There are a lot of those claims actually turned out to be true. Yeah. In the end. Yeah. Have you ever

been scammed or hacked? I've been scammed before. I've never been hacked. Scammed through. Yeah. Like when I first got involved in crypto in 2017, I got, I basically, there is this company called DQ. And they were going to buy gold back. They're going to start a gold back crypto. And they went this huge thing where they got the. X CO of unique low or something to

be on their board. And he was this really, really old man. And this other guy kind of took over and they set, they bought a fake office block in Bermuda. And all this stuff. And they just stole it. That was money. And like, I'm going to get a little bit of money. And I'm going to get a little bit of money. So they bought a whole,

there was a whole office block for sale in Bermuda and an investigative journalist went there following the project. And he's like, yeah, it's for sale. They've just bought it. And even the government of Bermuda like welcomed them this off. And they just just vanished. I've made it to everyone's money. I got scam through aluminum. One of those gaming crypto platforms. Oh, yeah. Aluvium were offering us,

you know, they're staking. This is when they're staking. And I was just taking it just started. So I've been part of the Discord group. And I clicked on the staking link and connected my wallet and started staking some tokens. But it turns out it was not the correct aluminum website. It was. Aluvium has two elbows in it. One of the elbows was an eye. So it

looked the same. And the dashboard, everything looked the same. But as soon as you connected your wallet, everything was gone. So yeah. Lost a few. So you offered you the .. on the internet to like just swap your tokens. I just swapped you know, what was a lot of money for me then? It was like 3000 US bucks or something, 4000 US of light coin. And

I just sent it to the wrong wallet address. Some random person just got all this light coin. I was just like, it's so annoying isn't it? And when this is big, I really believe the crypto can take off. But even now it's just a pain transferring funds from one wallet to another wallet. Now you're always double checking and triple checking. And then you've got layers of

security. I took a fail in email codes and phone codes. Yeah. So look the best. I think the best thing is QR QR codes. They're the best thing ever. Yeah. Yeah. The QR where the wallet addresses in the QR code. They're the better. They're relying on having a camera. That's a bit hard to understand. Yeah. 100% is. Yeah. So I wonder if they can. You know,

you and I were not smart enough to come up with some technology to tackle this. But I'm sure there's many smart people that they can fix this. But as soon as we do. And there's a mainstream platform or way of doing things that is more enticing to say the older population. I really think crypto can take off. For sure. Yeah. 100%. Convenient. Yeah. So. It's unfortunate

for Crow. Everyone calls him Crow. Kevin Rose. Unfortunate. But sometimes, you know, we just have to learn from these mistakes. And I hope it never happens to us and take the appropriate steps to make sure it doesn't happen to us. But I think it's time to bring up the charts. Let's talk about the biggest and bearish candle this year on Bitcoin. Right. Just just quickly on

that. Just quickly. Just quickly. One really easy thing to protect your computer. Just always have really up to that. And if I were to cost like any box. It's really good. It's seriously good. Anyway. Okay. Um, the biggest, the biggest bearish candle ever this year. Wow. I think it calls out there. So. Wow. The news is. Yeah. So you know, yesterday's bearish candle on Bitcoin was

3.91%. And it's the most bearish candle we've had this year. Well, let's have a look. Oh, just bring up the charts here. I love how news articles just post this, this crap. News articles. I just wrap. Louis you into these. Especially you market news. Let's face the majority of new articles crap. Like especially market news related. Let's just forget about how the run the Bitcoin's just

heard. Let's just forget about that. And focus on the one red candle. You're I like when FTX when FTX went down. The news didn't focus on FTX at all. They focused on like. Something totally random. Yeah. See these tweet about it. I'm not. I actually doing all this. But let's focus on see these tweets. Yeah. So the biggest bearish candle. Wow. What a load of. Just

what a load of crap. Bullocks. Look at this. They'll just find anything to write about as well. Right. Like. Biggest bearish candle. I read something. Um. I. I read something the other day. It was big. Bitcoin's biggest run ever on a 25 day basis since 2010. You can make anything. You can make anything. Yeah. Anything else. And whatever this. Whatever this announcement comes. Um, like our

time or on Wednesday on Wednesday. American time. Um, it's going to be like. Jerome Powell was dovish. And then he was hawkish. But then he was dovish again because. Because Sadie rabid. Sadie decided to start trading all over Russia. It was only like that. And the markets rallied. Yeah. Yeah. They get some clicks through. Yeah. It's funny. So what is actually happening? So you could do

something like this. Explain this in terms. So people that are listening to the podcast can understand. We do have the chart. Do you have the chart up here? We're just looking at the chart. And what's happened since we last. The podcast basically. So since last Tuesday. Funny. It's we're in the same pattern on the chart. Then we were last Tuesday. Then we are. Now we're in

a consolidating pattern. And we're in a consolidating pattern. Um, and we're between both these levels here. And we're in a really solid strong uptrend. And what. So the bottom level. I've put in it. 22,432. And the upper level. I've put in it 23,858. Maybe that upper level could. The upper level has changed a lot. Like you could even take that upper level out. And have a

level above that. Maybe at the 25 K max. Yeah. Or 24,443 or something like that. Um, that's quite a quite a big range. Um, yeah. So go on. Go on. Oh, so we expected this right. We just had a really, really strong river. We've got. Big announcements coming up later this week. And the crypto market is just. It's just crabboard sideways, which is fair. You know,

it's done. Well, ironically, it's done it this month. This month. We saw that here in mid January. And then we saw a big consolidation through here. Like from November to December. So it's pretty. One thing we can say with turn tees is that. Whenever there's a period of lower whenever we enter a period of low volatility, like, like what happened here and like what happened down

here is always followed by a period of high volatility. To the upside to the downside. We don't. That's a week who level there in pink at 26,543. And then interesting. What I find interesting about this chart as well. If you go. Build the buying scenario out. The next like really well respected like we have a month level at 28,000. So that's a while off. And then

we sort of got another monthly level round here at. That monthly. Yeah. So 24,500 to 25,000. That's actually coincides with the monthly and a daily level. So if we do break that. 3000 is really the next stop. But if we don't, you know, let's see. Let's see how. Let's see how low we go kind of. You really solid bear market rally. That's right. So we guess

we'll say out of a tap Bitcoin in the next few days. Until the next podcast plan of attack for Bitcoin for me is so we've caught the meat of this trend. And I'm not interested in trading. I'm not interested in going long or short. Because if I if I trade within this range with Bitcoin specifically. It's just not good for. Trading. You know, like you're up

down, up, down, up, down. What I will do is. If we get a break of this low level here. And we get a daily downtrend. I'll start looking for shorts. If we do see price creep up into this monthly level and daily level to the upside. I'm going to be looking for some type of breakout off that upper level. Yeah. So just wait for really verification.

We're trend traders. Right. And at the moment, we just don't have a great trend. You can definitely trade. If it's your style to trade off levels, you know, reversals, bounces off levels. But that's not our style. We just like catching the chunk of the larger moves, which is what we've done the last few weeks. But now it's time to sit back, let the market consolidate and

decide on its next move. And yeah, watch those levels closely. And I think as cross we get some nice breakout setting up. On a higher timeframe. And then catching the majority of the next move. Yeah. And always remember the markets in total to do whatever the market wants to do. Like you can't force your will on the market. It's really made its mind outward direct. It's

going to go. We're just going to wait for it to tell us. Yeah. Do we have the the US dollar? Do you have the US dollar chart there? Now this is a chart we like to talk about in live trading floor. Right. Yeah. Yeah. Look, the US dollar chart. We like talking about in live trading floor just because. Generally in the past. So in the past,

when we've had a week US dollar, it means, you know, like because Bitcoin's traded against US dollar, all these pairs apart from Bitcoin pairs, that is. The perpetual contracts to trade against US dollar. So when the US dollar is down trending, it means we normally have a stronger market. And like to the upside. And when the US dollar is up trending, it means we have a

stronger market to the downside. But what what I was talking, sorry, what we've been talking about is. Is how the US dollar. So let's say through this period here. So from July 21 to October, 2022. So let's say, the majority of last year, the US dollar has been very strong. And that's because it's been used as a safe haven. Now what we've seen is the US

dollar going to this big downtrend. As you can clearly see here. And it's been really good to watch. The reason why we've been watching live trading floor is. It's just been a really good textbook example of of a downtrend month level broken. And then it went to the next month level. Broke this month level now. We're sitting on the next month level here. So it's pretty

cool. Pretty cool to watch. And we're just kind of popping in on this month level here. Hit a little bit of resistance as you'd expect. And you know, we'll see if it does reverse, I guess. Or do we bust that month level go lower and continue this really nice downtrend, which would signal. Risk on environment. So people are going to put their money into equities. Or

into crypto. Or into crypto. That's correct. We're. I like talking about this because we're seeing a solid level there on the US dollar. We're seeing a very solid level. They're on Bitcoin as well. And if we switch to the S&P 500, we can see that it's just confused. You know, on this weekly chart. We're seeing a. Or higher and then a lower low and then a

lower higher and then a higher low. And we're just sort of bouncing in this range between sort of 41,000 38,000. I was fine. The US 500 chart. Yeah. So yeah. So again, pink levels. Also white levels monthly. And these purple levels are what day levels I could descend from the chart. So. Yeah. Like you're right. And we're kind of just in this big monthly range. And

we're trading to the upper end of this monthly range. And. If we suddenly min on the daily chart, just a bit like this, you just say like there's not much. You. Kind of there, but you can't really. You can't pencil anything. You can't pencil any precise levels or anything like that. It's just a lower place. We just don't know which direction that movie is. But if

you did, if you wanted to really look closely, you could make a case that that move is pinned to an upside. So we. If we do see that level break on the US dollar, you know, we have also seen in the past price be factored into upcoming interest rate announcements. And then on the day we see some fluctuations in price. But then. On that day, they

generally happen in the lead up. So. Maybe that's what we're seeing now. Maybe we're just seeing a bit of a sell off across the board to factor in an interest rate announcement. But you know, who knows when I did try and predict the future. I hear to talk about the markets and what levels and what the price action is doing on the charts. And at the

moment, yes, we're in a consolidation period and feels like we're winding up for a big move. 100% that's something we can save us. We're winding up for a big move. We are 100% all right. Is there anything else you want us to talk about on charts? Well, before we wrap this up. No, not really. Just want to remind everyone to. Focus on what matters, which is

price. Yeah, I'll just bring up the. Bitcoin chart here. So. Focus on. Focus on what matters, which is price and levels. And then. This is what we treated. Teach trade a cop. We overlay the indicators afterwards. And so. Just focus on that. Filter out all the noise. And. Something that I was reminded of that I reminded myself and my trade journal this week is. Man, you

risk. If your risk is managed, you can beam positions and not you can always trade from a place of confidence and no place of fear. So always. If you want to hear more of lose wise words of wisdom, jump into the trade a cop discord community. If you aren't already. We have to have you reach out to myself. Blue. More than happy to have a chat

and talk everything trading but I think that's it for this week. Thanks for. Thanks for joining us. Yeah, thanks. Thanks. Thanks. Thanks for joining us. And yeah, jump into discord. It's popping. If you're. If you're trading. If you're interested in trading, it is going off. If you're in that paid community. The last two weeks. And you took the trades that we'll be taking. That's a pretty

good gains there. Yeah, yeah. Yeah. In the. In the paid communities. It's been good. I'm going to have a few calls with people from the paid community tomorrow. Yeah. Just. Just do a bit of trade mentoring and stuff like that. So that would be good. Perfect. And Craig is back as well this week. So keep an eye out. I think Craig will be back on the

podcast. But I'm looking forward to doing some more with you. And with Craig. I think it's crossed. Same risk. Thanks guys. Thanks guys. Have a great day. We'll chat again soon.