Trading Crypto's Weekend Meltdown
Episode publishedPodcast: 1000X1000X
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When the market refuses to go up on good news, it's close to over. If you remember, there was news that XRP and Sol were getting CME futures listed, and they didn't go up. That's like a very bad sign for the market. It means that everyone's max deployed. And then the other, point was after the, you know, reserve came out, Bitcoin didn't really go much higher. Like, when things like that happen, you gotta you gotta say, okay, let me take a step back and reassess my portfolio and raise a little bit of cash because cash is more important right now than it was before.
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Alright, guys. Welcome back to another 1000x podcast. We are currently in the situation room reviewing the carnage. We have noticed that, basically, everything seems to have died except for Bitcoin. Literally, I think this is the worst carnage I've seen in the markets, you know, I mean, since FTX when it comes to alts, because Bitcoin is completely fine. And then if you held anything besides Bitcoin, you've retraced every candle since the election, if not more. Like, ETH actually made a new low today versus, like, a new 2 year low, which is insane. It traded 21100 with with the last time it tr
I mean, just just looking at my board here as you're talking, Bitcoin is down 3 a half percent. You know, obviously, if you've been living under a rock, that's because Trump has just started a trade war with Canada and Mexico, and people are wondering just how bad it can get. Mhmm. S and P futures are down 2%. You know, they they basically just opened. So that tells you how worried the actual market of companies that build stuff is. So I would I would call that not so worried. Bitcoin's kind of in line, you know, 2 a half 2% s and p, 3a half percent Bitcoin. You know? That that's the market ki
Yeah. I I I didn't explicitly tweet that I was short WIF, but I sent out a bunch of angry tweets about with because it was just so so insane to me that it look. The moment that the fed and I talked about this on Twitter. I think we talked about this a little bit on the last podcast. But the moment the fed paused, that was just bad for alts. Yep. Like, the the hawkishness from the Fed was not bad for Bitcoin, but it was really, really, really bad for Alts. And I think we both articulated that. And what I was hoping for is I was hoping for some better strength from specific subsectors. That does
like, a Since
since since it was the leader in DeFi summer, it literally has not done anything good. So that's why everyone is using it as a short leg. Now I think that in times like these, what everyone needs to hear is that, don't worry. There's still opportunity. Right? I was short you know, we we talked about shorting SUI once it broke the 50 day moving average. I gave that entire spiel about how once it breaks the 50 day average, it's basically done. Like, once an asset breaks the trend that in this market, an altcoin breaks the trend that it's been holding, it's completely done. And guess what? So we
For the record, we're recording this around 11 PM EST on Sunday night. Yeah. Okay. You had a really nice call on SUI and how to short that one. You know what's interesting, Avi? The market is handing traders some layups. It's not like crypto to be this easy. And I think what's what's happening here what reason what specifically is easy? I'm getting to it. So
Okay.
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