ETH Upgrade, Bankruptcy, Bitzlato and the Market D

Hey everyone, welcome back to another episode of the Traders Chat. I'm here joined with Lou, our senior trader, and a visit in the community. Thanks for joining Lou. Thanks for this for the very nice introduction. Always a pleasure. Always a pleasure. Yeah, good mate. How are you? Yeah, good, good. It's good to be in some long trades again. I think we said this last week, but

they've continued to go. Yeah, yeah, yeah. It's been, it's been an awesome start to the year. Yeah, some good trends, some good trends and some good runners as well, which hopefully we'll go through, we'll go through in this podcast. Yeah, we've got a, got a few things to cover. So we will cover the market conditions and while we're watching. But first we'll, we'll cover some, some

recent news articles, which may affect the markets, but we'll see. But before we do kick things off, here's Craig with a quick word from our sponsor, BigGat. Just a quick word from our sponsor's, BigGat, you know, to keep the lights on and all. Trade a carbon, BigGat. We've got a full tutorial on how to raise orders and how to get access to your trading account, as

well as a 10% trading fee discount. If you click and sign up with the link below. With great liquidity and great order systems, this is the premier platform for us going forward. Join up with the link in the description to get 10% off your trading fee. Yeah, let's jump into some news articles. So the first one that I want to cover is the first one that

I want to cover. The last week, Genesis did end up filing for bankruptcy. We sort of saw this coming. It's been drawn out for quite some time since the collapse of FTX. But it's not really affected the market. Has it? No, it's just kind of one of the things we're talking about in live trading floor. Like looking out for negative the shift in market. Involvents in

market sentiment going from the bad news to good news phenomenon or super bad news. Just not me anything and the market. Our rallies like it is now. Yeah, it's crazy. I do feel bad for anyone that's caught up in the Genesis collapse and anyone that does have funds stuck on there. It is. It's painful to see and we don't wish that on anyone. But on a

positive note, it is good to see that something like this can happen. A big lending platform files bankruptcy, which does affect a lot of other subsidiary companies. And the market just doesn't care. The market just kicks on and Bitcoin. And so, you know, across the top 10, they're still up in double digit percentage wise, which is really good to see. So the next news article that

I wanted to talk about was the Shanghai upgrade for ETH, which is due to to happen around March. The reason we're talking about this is because we're talking about the market. We're talking about this is because since Ethereum swapped over to a proof of state network, it requires people to state their ETH for the network to work and to process the transactions. Now, the it's quite

a substantial amount of ETH that doesn't need to be state by a validator. Right. I think that's it's around 32 weeks. So each validator needs to stake around 32. ETH. To get the rewards of being a validator. And recently, we've ticked over to 500,000 validators on the network at the moment. So 500,000 times 32. ETH. It's a lot of validators. Right. And then you add in

the price of ETH. It's around 16, I think it was $16 billion worth of ETH that is currently locked up on the network with the validators. So this up comes up. So this coming Shanghai upgrade will allow people that are staking ETH as validators to unlock some of that ETH. Okay. So some of these stakers have had it staked for for quite some time. Sorry, some

of these validators have had their ETH staked for quite some time. And around March, if this all goes well, they'll have the opportunity to un-stake a lot of their ETH. So I do think this is important to to discuss. If you hold ETH long term, we may see some price fluctuations around that time of people just unstaking their ETH and maybe caching some profits. But again,

this isn't financial advice. I think it's just a point to note. So if you do hold ETH, just keep an eye out for the market and maybe just keep up to date with the Shanghai upgrade. Do you have anything to add there, Lou? Not really. Lou is fine. The names of these upgrades really funny. Shanghai upgrade, the Frankfurt Accord. The Los Angeles block. I've seen a

few of these things happen since I was involved in the space. I've been involved that long compared to a lot of other people. But, you know, 2017 saw forks and upgrades on a lot of the major networks. And I've seen quite a few things happen since then. So yeah, I guess it'll be interesting to see what happens. It is quite interesting, isn't it? So the next

one, I think we should talk about. Now, this isn't a big news event. This is an interesting one, say the least. So the Department of Justice in the US, there was some leaked information around an exchange that they were chasing, you know, a joint operation with the FBI and a few international authorities. And they said, that they were targeting a crypto exchange that started with B.

Right. So that's just about any crypto exchange, isn't it? Like most of them start with a B, except for FTX. And, you know, that didn't end well. But yeah, they released some information to say that they were chasing a crypto exchange that started with B. Now, this should have scared a lot of the crypto market. And we should have seen that affect the markets. It didn't

again. We saw Bitcoin and the top 10 just charge on. And continue to hit positive growth over the last week. But it turned out that the exchange that they were chasing was one called Bitslato. Have you ever heard of that? No. That's not a big deal. It's not a big deal. So, also, there was a whole huge, not a whole, but a huge amount of speculation,

even through last year that it was Binance. Like, Binance was doing a move against FTX because they were under investigation by the Department of Justice. That was a huge rumor last year. Don't they like this? Well, I think you know what this does. So sorry to anyone that has funds on Bitlite. Bitlite. Bitlite. That's right. That means the same to me. But look, honestly, just quickly,

what this highlights is that whatever is shown in the news, it is, it's got to be 75% false most of the time, at least in relation to the markets. There is no way that anyone, even Elon Musk, like even someone even drone power has market information that can be found in the market. And that's the reason why I'm pretty, like, I can, I know, all these

rooms are false. All the rooms, they're just always. So it sells like, fierce sells, it sells. And especially in the correct market environment, like if you're already in a bear market and everything's down trending, why not through through a full few, um, fearful rumors in the same football market. It's up trending. And you four years really high. Yeah. One of one of the most recent rumors

that Google's using Bitcoin is payment or. Yeah, or pay for whatever. Pay now. Yeah. That was good. That's a good one. Yeah. All. Bitcoin's going to 100,000. It's. We just see time and time again. Big news articles and news companies just spreading. Fear and then, yeah, like you said, in bull markets, spreading good news and trying to suck people in. It's, it's ridiculous. How much power

that I have. I don't know if they realize it. But yeah, bits, Lado. It was a Russian founder that was apparently affiliated with some Chinese back door. I shouldn't say scamming, but money laundering. So, yeah, that was their big takeaway. That was their big takedown. Well done to the. The department of justice and all the joint operations and, you know, using tax payers money to take

down a minor, a very, very small crypto exchange. Yeah, seriously, well done to the DOJ for for protecting for protecting us. Thank you. Just out of control. The next one is around coin desk. So coin desk is apparently up for sale. So after Genesis filed for bankruptcy, it's parent company. DCG looks like it's now selling coin desk. So DCG own coin desk. And what I think

is funny about coin desk being sold by DCG is that coin desk, whether ones that spread the news about the insolvency of FTX. Right. So they spread the news about the insolvency of FTX. CZ tweeted about this. And it just went around in this big vicious circle of FTX collapsing. And then I think Genesis and DCG held FTT tokens. And then it ended up collapsing Genesis

and DCG had been hit pretty hard. And now they're looking to sell coin desk. Right. So coin desk spread the news. And it's come right around on a full circle knocked all these dominoes down. And now they're being sold and potentially collapsing. I was though I was pretty funny. Yeah, yeah. And also kind of highlights like any trader, any active experience market participant will say this.

The market takes no, it takes, it's the ultimate humbler. It's the ultimate humbler. And like, because like everything always comes full circle and the market is the ultimate humbler. It's the ultimate decider. Like, for example, in this example, Genesis over leveraged, even even, you know, even though they lost funds at FTX, whatever cause it, I don't know. But they over leveraged somewhere. And now they're being

cleaned out. And yeah, just all comes full circle. Yeah. I'm just so excited for all this bad news to just be over with. And we can move on and start doing podcasts on some good news that's entering the crypto space. And not just focusing on, you know, just bad news and companies collapsing. It will come to an end very, very soon. I hope. Yeah. And everyone

will forget about the bad news, just like it was a thing yesterday, it's what always happens. Well, it hasn't been long since FTX collapsed. You know, it hasn't been long. And just I hope you can see it. And for this and for and for full disclosure, like, Reese and I lost a lot of money on FTX. We lost a lot of our counts. And we're hurting

as much as anyone else that has lost money on FTX. In the same respect. It seems like everyone's forgotten about FTX. It seems like it was in November. Actually, you say that. I read somewhere again. This is just Twitter. So it's probably about 10% true. I think the guys from three arrows capital were looking to raise funds to start a new exchange called GTX. And reason

behind the name is because G comes after F. Okay. So I do want to do some digging around that. There's. Like you'd be silly to invest in that. Wouldn't you after three hour. I could all just went down and, you know, although. You know, they could potentially learn from their mistakes and create a really, really good. Yeah. I'd rather focus on companies that have survived. Like

I'll back CZ. CZ is every company I'll back that. And pick it up. You just try. Yeah. Big get a thrive as well. Any of the companies that's that thrive through the bear markets. I think like if you think you're investing like they deserve investment. Except survived. And they're. They've managed their risk properly. They've responsibly managed customers funds. They haven't over leveraged themselves. Like so many

things like all these companies that have failed. It's because they've over leveraged their poor risk management. They don't respect the customers funds. That's the way I see it. It's harsh, but it's true. If you can't, if you can't survival market environments should be in game. No, that's right. And if we can buy. Make it past Q one and Q two of this year. And you know,

the interest rates stop rising or they, you know, they really slow down to to zero percent increases every month. I think. Yeah, any company that can get through this will flourish when the time comes. 100% All right, so that's it for news. Kind of a boring week in the news department. Unfortunately, I couldn't dig around and find any good news. But yeah, we'll move on to

charts. Our favorite part of the podcast. Talk to you. We're about the market conditions and talking about our plan of attack. Moving forward. So what have you got there, Lou? This is the Bitcoin dominance chart. Look, I've really been using the dominance chart that much, but I'll just pop a monthly level in here anyway. Just to follow. So monthly levels. I use this color here. Sorry,

this color here. And so I just be looking at Bitcoin approaching that month level. Just like I look at it on a normal chart. No, it's a long way away. Oh, look at that daily level through that. And this is color I use. Yeah, the other level. So look, some overhead resistance coming if it blasts through that, I guess, Bitcoin's dominance is high. We've found some

rough correlation with this light in the market in the ball market where when Bitcoin's dominance was higher, the alt coins were not trending. And when Bitcoin's dominance was low, the alt coins were trending. I think it's kind of buck that trend because the whole markets rising at the moment. So. If it interesting to see how this chart matures, and if we can maybe use it for

some type of rough correlation, but more importantly, let's have a look at the top 10. Just on that, like we have historically seen Bitcoin lead into a ball market. And we see the Bitcoin dominance chart. In a nice trend, the upside, like we are now. And then, yeah, hit historical sort of resistance levels. And then we see more money flow into the alt markets. Now, it's

not drastic. You know, you don't see it. You know, old coins don't just take off because Bitcoin's dropping. We generally see them all go up in the same direction. But we may start to see Bitcoin slowing down a little bit. It has had a good run. A lot of money has flowed into Bitcoin. So yeah, is it time for the old to to step up? Yeah.

And the alt have been switched. And the alt have been stepping up, haven't they? Like the alt markets been having a great run. We can kind of have a look here in the market cap. How much money has actually come into the market since the beginning of January. So if the past two weeks. We've hit over it. I'm not over it. Trillion. Oh, just tapping it.

Trillion. So just tapping it. We're just, just tapping it. We're trying to look for levels through here. What was the peak? Three trillion. So 1.01 on the high of the pool. Yeah, let's say three trillion. So we're just almost crossing over that $1 trillion market cap. That $1 trillion market. I remember back in 2017. Because I read about the dot com bubble, the dot com bubble

burst when that hit one trillion. I was like, oh, when Bitcoin hits one trillion, I'm going to get out. He'd like 600, he'd like 600 billion or something or 300 billion or something and then just crashed. Yeah. Oh, that's a crypto total market cap. So. And then here in the day, they're just looking at some levels. Clever, really nice trend that look, there's, there's a rough

level kind of coming through here. So around the numbers on these levels for any. Oh, sorry. So around 1.03 to trillion dollar mark. There's like a daily, there's quite a strong daily level. There's a rough day level. We have such a strong trend through there. Like if we busted through that level, like we have historically, that'll be a very nice uptrend and showing like strength, strength.

Like a lot of strength coming into the market. So a lot of money flowing in, which is a, that would be a bullish sign, of course. So next, let's have a look at Bitcoin. All right, Bitcoin. So in our discord group, we've, I actually shared this in the public community chat and discord. So. Have three, had different levels here. Have a monthly level at 30, at

28,897, a weekly level drawn in at 26,797. And then we're just at the moment we're in this. Daily range between 22,410 and 23,171. Excuse me. If we break out of this range, you know, if we break out of this range, like we have broken out of all the previous ranges for, you know, since the beginning of the year, even last year when we were trading predominantly

sure, and when we're trading well, whenever Bitcoin starts trading your range and it breaks out like any asset. This monthly level drawn in near is very rough at 1685.12. And then if we go to the daily, he just see that monthly level say since the fifth of November, it's just tapped it, tapped it again on the, on the 21st of January. So about 1685.12. I'm actually,

look, I'll be keeping it pretty close on that level and just seeing if price does go through it. If some type of break out sets up under that level, I, I want to know about it. Because that's a bit, it's, it's quite a, you know, it's a pretty well established monthly level. And, um, if a few of you decided to break that, you know, could just

add to that, uh, add to that long side kind of thing. And we see, you know, we saw with Bitcoin, I mean, finance. Sorry, guys. I was, I did the podcast. Yeah. I did the podcast. I was like, I'm going to raise orders for then. Well, we got on OP, which was a nice trade so far. Yeah. Just wearing the list. Anyway, but, um, anyway, look,

what have we been saying to the community this week? There's always another trade. There's always another trade. Yeah. And, and look, here with Binance, it's a really good example of how price just breaks out of those ranges. Like we have this rough range here on the daily, sorry, this is two day on the daily hit. You know, a few tests up there and then all. You

just see price break out of that range with, with power, you know, very, very blue sign, you know, very, um, or doesn't matter. If you're short, if you're trading short, it's a really good cell signal. If you're trading long, it's really good. So, well, um, that why we see such power break through these levels to the upside. Maybe there's a lot of short order sitting there,

you know, waiting to, to short off key resistance levels. And we're just seeing the buyers. Push and push and push and, you know, come out on top and then we're, you know, the short sellers, they've been entered in and they're stuck in a losing trade. So they're market selling market selling to get out of that position. And the price is creeps higher and higher and higher.

Sorry. Yeah. For sure. Yeah. For sure. Reese. Yeah. And their stocks are just above that level. Hmm. So you kind of, they kind of get stuck hunted. Like you have a really, that's why trading these really well established levels for breakouts, like looking for breakouts or trading. Offer them going well, I really, um, they're really good. Good indicators to use, I guess. So next is XRP.

Same thing. In this tight range that boom, broken out. So, could definitely be looking for some type of maybe even a cradle off of that level. Um, or playing the, or playing the lower time frame break out. Next, doge. Another nice look. So, you know, the level just trying to break out. So we talked about this in life trading for today as well, um, about price

grinding. It's like grinding, grinding, grinding. And then it just pops and grinds again and pops. That's where breakouts are really awesome to use. Um, in this type of market environment. Because you don't get like the free flowing trends, what, where we do is in trade a code like the cradle strategy. Um, we need like that dipping in and dipping out momentum. When the markets grinding like

this, it's really awesome. To use breakouts like you see. Um, add up, have a few strategies to attack in different market conditions. 100% yeah, that's right. That's right. 100%. And you don't know when the market conditions are going to turn on and turn off. So it's good to have tools for different conditions, like you said. Um, here and add up. Yeah, same thing. Um, just stuck

in this strong range. Are we? There's a nice. There's a very nice level there as well. So even going down to the lot of time frames here. The, um, be willing to keep on that. If we see the buyers come to the party. Oh, if we see the buyers come to the party. Look, look, yeah, yeah, we'll see. We don't try to take. Let's take. We've

got, we've got some good trades on now anyway. So. Yeah. A few very good trades. Yeah. We're going to be able to get that. We'll share one with you guys. See, which is kind of just popping at the moment. You kind of just want to get them all though. But you have to be greedy in these situations though. Um, so, by not being. Um, so, so

just talking about Maddie here quickly. Still stuck in this range. Looks like ceases grinding looks like it's about to pop. I'm not off that level to the upside. I definitely want to know about. So it's just grinding. The mucks is grinding grinding higher. Like when we're very well established level there. Same thing. And then ship. Wow, ship in the top 10 now. There you go. Um,

so, yeah, a lot of tokens just testing those upper levels. So anyone is just listening into the podcast. Yeah. We do have the chat. The, the charts open. So I would encourage you just to, if you do have time, jump on YouTube and, um, and watch the recording and just, you know, plot some levels and see what we're talking about. Yeah. 100% plotting levels is really

good because when you put your levels in, um, even if it's just on the daily, it just lets you a day. And then you can identify everything so easily. It makes a very efficient scanning and, um, and, um, identifications and trades like this one with OP. So, OP could take it over 12 or the eight. You just have price pulling to this level. Pop. And then.

So, yeah, levels are good. And you can even, if you got, if you got rid of all indicate like what's the most important indicator was a price. So, um, if I had to have two indicators to trade with, it would be the candles or price action. Yeah. And levels. Yeah. 100% yeah. Same. So just remember what, like, what you're looking at when you look at the

markets and the importance of, um, what you're looking at and what you're reading. But there's some nice levels there. And I'll be, yeah, like, we've been trading long since the first of January, more or less, maybe have one or two shorts here and there, like more scalpy trades to. To lower targets that, um, now it's all locked. That, um, GAL, Gal trade from, uh, I think

it was just about two weeks ago. Still in that. Um, oh yeah. It's a bit better 45 to one right now. Wow. It's just taken off. There's a lot of trades. You know, you've done an amazing job with posting trades in the community. Um, we do also have the big get side of community, which, uh, you know, they're getting trade updates as well. So if you

are listening in and you do have a bit get account, or you don't, you can create one using the link in the description and join us on discord in the bit get community. But also if you don't have the courses or you don't have a current subscription, and you're wanting to join the private community, we do have a sale running from tomorrow until Sunday for 23%

off everything just use the code. Osday 23 or AUS D.A.Y. 23 and you receive 23% off, uh, which is really good. Uh, perfect timing, I think. Yeah, perfect timing. Perfect timing for Australia. Yeah, for Australia and, um, so the year and all that stuff. Yeah, we're just seeing the market start to pick up and I feel bad for the people that did walk away from crypto.

Um, I know they did it because of FTX collapsing or there was a lot of fear around and they just wanted to protect their capital and that's fine. But it really did pay for those who did stick around and and take the trades because now we started to see those people come back. And people in our community, myself, you, you know, we're sitting on double digit

percentage of gains this month already. So it does pay to stick around. Yeah, yeah. And and and it does hurt like FTX hurt a lot. Um, we were lucky to not get completely cleaned out. We got pretty well cleaned out. But not completely. I'm just happy we can laugh about it now. There's, yeah, so, so still crying. Yeah, so still, still crying inside. Yeah. Um, but

yeah. So yeah, like I said, if you're looking to join the community, then feel free to do so. Uh, but yeah, let's wrap it up there. Thanks for joining Lou and running through the charts and having a chat. It's always a pleasure. Yeah, no worries. Thanks. Always a, always a, always a good thing. Yeah. Um, but I know Craig, I don't like the chances. I think

it'll be the weekend of the week after. So, um, yeah. Thanks for listening guys and we'll chat to you guys next week.