 Hello, friends. It is 12 o'clock on a Tuesday and welcome back and thanks for hanging out with us today here on the Marker Report on Cointelegraph. I'm your host Benton and we are joined by a few guests today and a resident experts Marcel Peckman, Yashu Gola and Ray Sam and Yashu Gola is a financial analyst who has been covering the crypto industry since 2014. Marcel applies his 17 years of experience trading derivatives options and futures to crypto derivatives markets and Ray is the head of markets at Cointelegraph in an occasional trader of BTC and certain altcoins fellas. We're done with the bloodbath for now. But is it done? How are we feeling? I'm going to kick this off with Ray. Welcome, guys. Glad to have everyone here. How are we feeling this week, Ray? I feel good personally. I mean, last week came as a shock. I think we all had that feeling of numbness as the price dropped to 20, which was not expected. And then below 20, which certainly wasn't expected. But you know, to be honest, I feel like run it back turbo. This is Groundhog Day 3.0. We've seen this dream before we've been here before. You know how this plays out, right? You know, price goes to new lows. Price goes parabolic and makes new highs. Smart money sells the top and we retrace back to the bottom. So I've been telling all my friends, family, you know, it's not financial advice. I'm not encouraging anyone to buy or pressuring them. Thank God I never did that in the past because I'd be eating foot or crow right now. But my personal point of view is I feel like it's another opportunity. I thought I would never see Bitcoin below 40k again. And that's a bit too pricey for me to, you know, buy in bulk or even think about dollar cost averaging from that level. So where we stand now, it's just another opportunity to do it even better than I did the last two times. A lot of opportunity after I feel high. Awesome. And Yashu, how are we feeling this week about overall market sentiment and where things are at currently? Oh, well, as an investor, it was a very skinny week for me as well. So I think all of us has this story to share. And I think we have the same story. And we get calls from all our relatives or friends who have been invested and they just want to know that is it the right time to sell? I'm totally panicking and I'm telling them, yeah, it's gonna fall further. But you know, just hold only when you don't need the money. So all this week I am because I'm particularly scared about one thing that this is Bitcoin's first beer market leading to a decision. We have never seen that. So all this time, in the last week, while looking at all these companies failing at liquidity, getting insolvent or so called insolvent. I'm just looking at further opportunities like Ray. That's okay. Let it fall. It's time to save money and buy when it's the right time. So optimistic down the road, but scary for now. And then you're going to be giving us some technical analysis today on Ethereum. And I think you have some very, very interesting insights as to what's to come. But Marcel, I'm curious to hear how are you feeling man? What's going on? Are you are you still taking it easy? Are you kind of looking at in assessing opportunities to get in? What's going on? How are you kind of taking things so far this week? Benton, I'm just happy. I'm finally beating the professional guys like three ac is down, Celsius is down. And I'm still here. I was not liquidated. I'm still trading. So even though I'm down 70% or whatever, I'm happy to be alive. Awesome to have everyone here. And we've seen all the margin that's been in the markets getting kind of cleaned out. Lots of interesting stuff I think ahead for the weeks, months, potentially heading into the end of the year, you're going to hear these experts talk about their takes as what their what could come next. I know we got a super exciting show today. I want to quickly pivot over to the chat and welcome everyone for joining the market report today. I see some of our loyal viewers. We got Vikram, we got Luciana Luis Gomez, Radar BTC is back. Rich new design. I think we're gonna have a little special clip with Rich today. So appreciate everyone coming and tuning into today's show. If you haven't, go ahead and like and subscribe. Cointelegraph on YouTube with the market report is here on Tuesdays 12pm Eastern. We'd love to have you all listening in and watching. Make sure if you have questions during the show, pop them into the chat. Our experts are going to be answering them periodically throughout the show today. So make sure you go ahead and pop those in. Today, first things first, though, we're going to give you the weekly roundup with some of the biggest headlines in the Twitter space and get you those right away. So Danilo, let's go ahead and run it back with a weekly roundup. Lots of headlines in there about some of these C5 lots of nation states talking about crypto, how they want to get into how they want to regulate as well. So I thought that was kind of an interesting takeaway from the weekly roundup. Adrian, do we have do we have memes this week? We got memes coming in hot. What do we got? If we got the memes this week, let's go ahead and get them off there. It's meme time, folks. Alright, what do we got how to deal with bad trades? Close your laptop. What do you guys think? Is that what we're doing right now? It works. That's a good advice. That's the best advice I've ever heard. I mean, crypto winter is coming. Hope it's gonna last as long as my as long as I got my character. Well, I don't know. We can all keep our dignity. I think during this, you know, this crypto winter, hopefully it's not affecting everyone too bad. It's a good meme though. Let's go to the next one. Gasp, this is a 462 inflation. These are these are good memes this week. It's good. Pretty good. I like that one. What's next? Also be ready for the levels. Yeah, lots of for those who have been here for the previous cycle. So longer than four years, we all know what the remedy is and how it tastes. Get ready. I loaded it up on my ramen weeks ago. Alright, very good. Thank you, Adrian for getting our memes loaded up in Danila as well for helping us out with our memes this week. Folks, we're gonna be giving away one month subscription to markets pro. So make sure you pop your Twitter handle in the chat into the show. We're gonna select a winner. And we're also going to talk to you a little bit later in the show about the two coins you should have been watching. And if you would have the markets pro platform, you know, what I've known about them. So first things first, guys, we're going to get into a Bitcoin article. So BTC price recovers to a three day high as new whale supports around 19.2 K. You heard Ray talk about it. You heard Yashu talk about it. These levels, are they sustainable? Is this the short term support? I'm gonna go ahead and get through this one. This article is written by William Suburg. Some quick highlights here that I want to kind of touch on is he said data from coin telegraph markets pro trading view show BTC slash trading pair USD climbed to shy 21,000 the time of writing a three day high. We see the chart here. This thing looks like we dropped almost down to 17.5 K. I thought this was an absolute gift the other day. I was looking right around that 18 K level and we just kind of continued to go steadily back up here. And now we're hovering right around this 20 K mark. What is your your quick opinions? Is this 20 K, you know, support level gonna hold for long? Are we, you know, we're gonna get kind of pushback down below it? Marcel, I'll let you kind of join here with your initial thoughts. Well, I don't believe a single Bitcoin trust that 90 K or 20 K is a strong support. As we've seen it in the past, we thought that 37 would hold and 28 will hold and 20 will hold and they've all been reached. So I think it's going to take a little bit more time for us to get more confidence and say yeah, 17.8 was the final bottom. But right now I'm still don't trust it. I mean, you heard Sam last on last week's show say, you know, Bitcoin has never gone below its previous all time highs and it just did that. So I'm curious to know like, what does that trend actually mean? Yashu, if you want to jump in here and kind of give some of your thoughts as to what you're seeing with Bitcoin in general right now. Well, as they say that past performances are not guaranteeing the future performance. So I think we have to agree that 20 K is not like a God level. It cannot actually protect a market from falling further, given that we are pretty much in the same fundamental scenario that led to this drop. So I don't think that 20 K can hold strong for a longer time because yes, we are in an interest rate hiking environment. And that is a scary as hell. I guess, but like, what does that mean? If we continue to raise interest rates, the Fed is trying to clean up their balance sheet. Is this, is this a five year thing? Are we looking at like a huge, huge potential recession, you know, over a longer period than what was maybe 20 or 2008? Well, we cannot actually like derive this thing in the terms of time frames. We really have to see that at what rate inflation is speaking and how much Fed is willing to, you know, lend itself in to resort that problem. Because let's not forget that there is a war going on. And we just saw a 75 basis rate hike, which was like, I think the first time ever since 1994. So this these are a very unusual time, even for Bitcoin, because it's our first, you know, entry into a real recession market. You're born out of recession, but this is actually the first lesson that was test Bitcoin is having. So I don't think investors psychologically are prepared to get into an asset that moves horrifically in Friday. Excellent insights. And Ray, I'm curious to hear your take. What are your whole thoughts about this kind of 20k level? Does this mean anything to you? How are you looking at it and approaching where we're at kind of in the current timeframe? I agree with Yashu and Marcel, you know, seasoned investors probably think price is attractive around this level. But I doubt those who are not like capital rich are just completely aping in from the standpoint of technical analysis, I think, I think in this instance, you know, it's a bit diminished. The larger factors that play are the macro factors that Yashu outlined, you know, the central bank with the interest rate hikes and, you know, trying to get the balance sheet under control and all that. So while on chain metrics and, you know, technical analysis will say that Bitcoin is a goodbye right now. We're still in a risk off environment, especially with with high volatility assets like cryptocurrencies for Bitcoin. And Yashu is right. This is the first time that Bitcoin has in the crypto market has existed and in such a strong downturn, you know, like equities driven downturn. So I feel like we're in new territory. And it's good to be cautious. Yeah, it's good to think about how much capital do you have divided up into perhaps dollar cost average increments and think about what's your time horizon for investment, break up your investment size into fourths, fifths, or tenths, and make interval based investments rather than trying to catch a falling knife. Excellent. And quickly, Dino, I want to go ahead and pull up this tweet from tech dev, which I thought was pretty interesting since we're on this topic of Bitcoin. Something that he kind of broke down was the previous cycles. And the one thing I want to note is like this little blue arrow here that he has, which is where the 20 week moving average crosses the 100 week moving average. And we see it here. This just happened in the last week. And so if previous historical trends, you know, play out here, it shows us here that this kind of consolidates for a little bit. And then over time, zooms, it's run. And same thing here back, it looks like the 20, 2015, 2017 run. And so I thought that was kind of interesting. When when I'm in doubt, I always kind of look at tech dev and see what is he what is how is he looking at this? So he's always got these kind of like trends that they put together. Now, I yeah, the other big add a quick word. Yeah, go ahead. Yeah. So currently, the price is under the 20 ma and like a momentum indicator of strength in my opinion for like intraday trading or even for like a swing trade, is to see the price begin to close above that 20 day moving average, which we have not yet on the daily timeframe. But another thing I wanted to mention was, yeah, we're in a downtrend market wise, you know, all markets are in a downtrend right now. But we do have the next Bitcoin halving coming up in 650 days. And usually one year out from that halving, we begin to rally. So, you know, 325 days of consolidation, we could look for in this current range of what maybe 25k to 40k, maybe we'll bounce around in that same box that we've been stuck in for the last year, for 350 days. And then after that, we began that pre halving rally leading into the Bitcoin halving. So maybe that's the thing that's going to save Bitcoin and the rest of the markets this time. Definitely. And you start to see that the price in action like like Ray said, a little bit lead into that. So all eyes on the next Bitcoin halving. But the other big headline that I want to touch on this week, which I'm really curious to hear what you're all take on this is, is the Soland thing. I don't know if you guys saw this, but Soland invalidates Solana whale wallet takeover plan. With second governance vote, there was a vote to actually take over this wallets whale in fear of liquidation and causing this huge disruption inside the Solana ecosystem. They voted, I think it was under like a six hour window, but then they went back and retracted it. And so this kind of like outlines some of what happened. Now, we're seeing defi space kind of really take the strongest, I think, brunt of what's been happening in the market. And Marcel, I'll start this off with you. What are your thoughts with decentralized protocols being able to access users funds and then control them? Is this true defi? Is this what the future holds? Is this is this what this means to have regulations potentially in the future? What are your thoughts and takes as as to what this means for defi in general? But I don't think regulation could limit or change anything in that sense. I think that most of the defi and the governance governance tokens hasn't been really well thought because most of us would never find a vote more, even if it takes like six days instead of six hours. We simply don't care. We just want the protocol the system to work. So most of us are regular users. We're not experienced or versed enough to check the code if there's flaws to understand how the Oracle interacts with the smart contracts. So there are just too many unknown unknowns, uncertainties for the average user to benefit from the defi. So that's when these problems arises. It's not that this wasn't a risk that everyone knew is that just that everyone ignored because of the 20 30% or 40% API. You deposited some coin on a defi and you got an yield and return and you don't want to understand what happens below the surface or what the risks are. And that's what caused the whole issue. So the problem has been there forever. Just that people didn't care. It reminds me of this meeting that says if you don't know where the yield comes from, you are the yield. Very true, right? Very true. Oh, well, Yash, what is your take on this whole? So the Solend fallout? Is this true to defi? Is this what defi is all about? Nope, never. I mean, what they have done actually reminded me of what Ethereum founders did, you know, after their DOW got hacked. And it's basically sacrificing that code tenant of decentralization. And there is a reason Satoshi Nakamoto sacrifice mode metrics and as a Bitcoin designed to achieve an automated system that can transfer money without a third party. But these people, they are just simply taking over the network like a bank would do, right? So what is what is the innovation here? That is my question. Okay, just create an SQL device if you want to host apps. Why would you need Solana? If they can control up to a point, they can actually invade your wallet and, you know, bar you from liquidating. That shocked me, to be honest. Does it say maybe, maybe Solana should just shut down the network so the whale couldn't liquidate? They seem to be pretty good at that. Well, they are the community that yeah, they should. I mean, they simply invalidated the word. That is that is just did that. South Sus shut down the network. It just happened. To be honest, I imagine all the time in crypto, especially decentralized finance, it's a commonplace thing. But didn't Arthur need to shut down Bitmex to save us from going to zero in March 2020. So maybe sometimes shutdowns are good. It's like hitting the pause on the markets, I guess. But like, right? So what is your take away from this? Traditional markets have them. Very true. But what is your take away from this? Is this ultimately like a learning lesson for the DeFi space? Are there big takeaways that that you're seeing what could potentially formalize here from this situation? Are you asking me? Yes, right. Yeah. DeFi had a problem. DeFi had a problem since DeFi summer 2.0 ended. And the problem was synthetics upon synthetics upon synthetics upon synthetics. So, you know, first, the issue was mercenary capital and whales jumping in and out of different protocols, pumping up the TVL, which at that time was a metric of protocol strength, and then basically dumping dumping on the late commerce, right? And unless you're entering those pools with size, you're not deriving significant yield anyway, you're paying a lot of, especially if it's like a ETH based chain, you're paying a lot of fees at the time, you know, now ETH fees are cheap. So we had the issue of mercenary capital. How do we combat that? Let's do targeted liquidity or directed liquidity, like Olympus Dow and Tokmak and all the Olympus Dow forks and let's create a Dow with a treasury that invest in and, you know, other assets and then the treasury is invested and generates yield, which is supposedly kicked back to liquidity providers and, you know, there's a whole bonding system. So after that, then we have liquid staking. Liquid staking is meant to keep liquidity locked within the protocol to combat mercenary protocol. So you lock your tokens, I give you an IOU, which has utility within our ecosystem or even cross chain utility where you could take like polka dot or link and stake it to get X link or X sushi and then deposit it into different pools and cross protocols. That's meant to like keep the TVL up and you get double dipped fee return, right? Or fee sharing. That didn't really work. So all this synthetics upon synthetics upon synthetics just created a lot of leverage debt within the entire crypto ecosystem. Now that we know Celsius and 3AC and possibly like BlockFi and at least not Nexo and they'll come after me if I say they did, as they did last week. But we know that these big VCs were also double dipping and in gaming DeFi, right? And then they dumped on us and froze our wallets at the end. So DeFi has had a problem now going back to Solana really quickly. It's a beleaguered chain. I question the strength of its fundamentals, which supposedly made it a good investment in 2020 and 2021. It suffers from frequent DDS attacks. The network goes down at odd times, which leads those who are leveraged or borrowing within those decentralized exchange protocols to get liquidated. Most recently, like Magic Eden, which is the largest NFT marketplace within Solana, those developers were begging to not have their contract address blocked and a discord because the network kept going down and they're like, Oh, we're just going to pause all the contract. So you can't do that on the NFT marketplace. So in a way, to me, the network seems subject to centralization. And Solana is just another good example of that. And Solana raises why I question like its fundamentals is there's a lot of VC backing of the projects that are on the Solana blockchain. FTX backs a lot of those projects also. So we all know what the future of VC backed crypto projects and DeFi projects are because they vest. And when they invest, they dump on us little people, right? And that's why so many of those Solana tokens go pump and dump from hero to zero, basically. So, you know, technical analysis might show Solana looking attractive as an investment, maybe if you're a momentum or swing trader, but the fundamentals for it right now, I'm less than convinced. I think all the venture capital backing those projects is a threat. Very interesting take. I know that's what a lot of people talk about is when they talk about Solana is oh, it's so well back. There's so many VCs in there. But when you actually peel back the layers and realize like what's actually going on may not be to your benefit as a retail end user. So yeah, don't think we lay. I was gonna say there's always there's always a an ulterior motive. So good good insights from Ray and the rest of the panel is there from our two big headlines from Cointelegraph this week. Don't forget to like and subscribe Cointelegraph here on YouTube. We have the mark report every Tuesday at 12 p.m. and drop your Twitter handle in the chat. We're going to be looking at the chat today answering questions as we go through each of our segments. But up next, we are going to go ahead and jump into our quick crypto tips. This week, we're going to talk about don't buy when the price is low or when to buy. Once again, not financial advice. These are the expressed personal opinions of each panelist, not the overall views of Cointelegraph. So Danila, let's go ahead and get into our crypto tips this week. All right. Don't just buy because the price is low. Often you hear people say buy the dip once cryptocurrency prices begin to decline. There's nothing wrong with the dip as long as you are in it for the long term and understand some of the risk. However, you could end up hating yourself if you place a buy in a short-term trade in a falling market without carrying out proper technical analysis. In fact, in an extremely volatile situation, you should stay off the crypto market because of the downward trend can persist for weeks or even months before finding strong support. Figuring out where the bottom of the dip will come is often difficult and it can be like catching falling knives. So you don't buy just because the price is low. Rather, you buy it because you project the price could rise in the long term. Quick little crypto tip for you this week. You hear people say buy the dip all the time. Make sure you understand what it means to actually buy the dip and that you have conviction, conviction in the long term. That's a big key to everything when it buys when you buy the dip. Up next, though, I know we have a huge segment from Marcel this week. But first, I want to get into we had a user generated content video. I want to play this real quick. Shout out to Rich New Design. He made a short clip about his winnings from a previous show from the Cointelegraph gift shop. So Danila, let's go ahead and play that short clip from one of our loyal viewers, Rich New Design. Big shout out. Hey, it's a package from Cointelegraph. Have any crypto coins left, but I got this coffee mug from Cointelegraph. That's great. Rich New Design. I love that. Good job. Thank you for, thank you for participating in the show and week in week out. We love having you here and thank you for making that video. That was awesome. One of our loyal fans, Rich New Design, we need to get you on the show sometime. So we appreciate you tuning in weekend and week out. And again, we're going to be giving away markets pro subscription for one month. So make sure you drop your Twitter handle in the chat today. But next, we want to get Marcel. Marcel, I need to know what's going on with Ethereum this week, man. What should I be doing? We need we need to know what the professional traders are doing. All right. So let's go ahead and let Marcel take this away because he's got some excellent insights about what's happening with theorem and where things get head next. Okay, Benton. So most people don't realize but excluding Bitcoin, Ethereum market cap had previously picked at 45 percent market share earlier in 2021. But more importantly, Ethereum has been gaining momentum versus its competitors over the past four years. So Danilo, can you share my screen please? So this is the Ethereum market share against the altcoin, so excluding Bitcoin. Right now, it stands at 27.7 percent, but it picked at 45 percent earlier in 2021. So right now, we're in the middle of a brutal price correction and uncertainty due to three arrows, capital, Celsius, bubble finance, and that's precisely in those moments that rationality gets thrown out of the window and golden opportunities arise. And I will show you why Ethereum is undervalued right now. Thank you, Danilo. So the first question is, is there a reason for Ethereum to break this four-year cycle that has been driving the altcoin market share up? And to answer that, we should remember who Ethereum is competing against with. So number one, B&B Chain. It's a $36 billion market cap token. But it's TVL that deposits on smart contracts. It's only $5 billion. Remember, Tehaluna, which recently imploded, had a $31 billion market cap just two months ago. And with Algo backwards tableclone that imploded with a $20 billion TVL, it doesn't exist anymore. It's down 99 percent. And lastly, Solana, important competitor with $13 billion market cap. Do you know what's the TVL, the deposits on smart contracts on Solana? $2 billion. That's a mere 6 percent of Ethereum's $35 billion. So Danilo, I want to share another screen, please. So here at DeFiLama, I'm going to make it bigger. So Ethereum holds a 59 percent market share on the TVL deposits. And two months ago, Ethereum had a 51 percent market share of the deposits of the TVL. So it's increasing versus competitors. Ethereum holds 350,000 monthly active users on OpenSea and Uniswap Exchange. So it has a huge user base. It has nearly 60 percent of the TVL and its market share excluding Bitcoin. It's a mere 27 percent. So for me, in comparison to the remaining outcoins, Ethereum looks like a bargain right now. So I'll send you guys to Yashu and he will talk a little bit more about Bitcoin. Thanks, Manit. So actually before Bitcoin, I'll just start with Ethereum because I would like to just keep the continuity live. So guys, I am really not much of a fan right now of Ethereum, just because of the same reason I quoted earlier. Soaring prices are hurting everyone and unfortunately its cure is going to hurt as well. We really have to focus on how Ethereum and Bitcoin is utterly failed as a safe haven during the global market meltdown. And I mean, because they both are positively correlated and they all are simply tailing the stock market moves. So there is one little glitch in the rebound scenario, which I think is going to hurt us in the long term. And so I'm just going to share chart. Hang on. And I'm going to add this. Hang on. Sorry, guys, I found it. Yeah. So I'm sharing this chart with you guys. Just yeah, where we are, if you are able to see you can see that we are making this very imperfect head and shoulder pattern right now. I'm not just relying on this technical indicator. I'm also meaning to say that the fundamentals kind of like support this technical scenario. So we have this little headline here. This is the left shoulder. This is the head and this is the right shoulder as a very common rule of technical analysis. What really happens that after the breakdown, which happened at this level at around $1,800 when the price gets into the breakdown territory, it falls by as much as the height of this head and shoulder, which roughly brings our downside target as far as this head and shoulder is concerned to 703. So this is actually the target I'm actually focusing on in conjugation with all the things happening in the macro sector with interest rate hikes. $700. Oh, yes, $700. That's yeah, that looks like the target and you can actually see that this is actually a historical relevant level. I mean, this was actually a top during a fake beer market rally, which could be the case. I mean, we we have seen this acted acting as a resistance before. So I think this is pretty much a psychological target. I'm still not guaranteeing that this is actually the bottom. No, let's not take it as a clue of bottom, because as I had said, the interest rate hikes will happen. And Fed has the if you see the Fed dot plot, their target is 3.5% by the end of this year. And we are only at 1.25 and 1.5% range. So we still have to double that interest rate hike. So there's going to be a lot of pain ahead. So let's not take it as a bottom, but yet we might say that this could be a this could actually host a minor bounce. But yeah, market can go further. So which is why I have a tax. Yeah, sorry. What it's so like what what would be indicators or signals that would tell you that that we're in a bottom for for Ethereum, especially right now? Unfortunately, there is not except some political factors. To be honest, I am not totally relying on crypto indicators in this market. Like I said earlier, we are heading into a recession orchestrated by the central bank the world's best central bank and they are still adamant to introduce those rate hikes and it's going to hurt us. But but there's going to be a midterm election in November and the early signals are that Joe Biden will going to lose it. So what I'm actually anticipating, you know, politically, basically when he loses the election, he might try to calm down the markets a bit by asking the Fed to slash the interest rate. So we have a Fed meeting in December. I know that December has been the golden month for bottoming out in 2018. We have seen it. It was 19. We have seen it. You can actually trust the astrology if you want. But for me, it's at least more political. So billion losers, he asked to raise interest rate next meeting. They either stabilize it or they like just drop it by 0.25 percent. So that could be the first indication that, yeah, we might have find a bottom. But yes, it's very difficult to predict, to call the bottom that where it's going to be like, which actually, you know, bring me to BTCUSD. Unfortunately, it is not making a very accurate head and shoulder. It looks like one, but it's very uneven. So what I'm really relying on, again, volume profile, just to understand that where the traders were most active during the history of Bitcoin. And this chart actually tells you the industry of Bitcoin. So this red line, this is actually the most active level ever, you know, as long as the history is concerned, which is like 1,500, yeah, around that. And if I just compare it with the previous markets, the most rated level is around $7,500. So I am technically just relying on these previous psychological targets where Bitcoin can bounce, still not bottom bounce. So we have the next target here at, hang on, this is $17,000 and actually we had bounce from there. So you can see that traders are reacting to these previous resistance tops, which also brings me to the next one. That is near $14,000. That was the May 2019 top. So if we see a break below $17,000 in the coming sessions, let's expect the price to fall towards $14,000. And why do I say $14,000? Because there is also one ascending trend line support here. As you can see, this has actually supported levels very well. Again, a psychological target. But this would take us to $14,000 and we can say a minor bounce, still not a bottom because it completely relies on how the Fed plays out. Fed is the one who's calling the action, not anything else in my opinion. So yeah, this is my analysis for now. I'll just stop sharing. Very good. So it sounds like you're taking a macro and geopolitical kind of perspective and pairing that kind of into your technical analysis to kind of see what could potentially come next. True. I mean, to be just to add, because all the economists, Bloomberg, they surveyed it and they said that 74, there's a 74% chance that we're going to hit a recession in 2024, first quarter. So we are approving it anyway. We will see. It sounds like choppy seas ahead and it's never going to be easy for those in crypto. But Ray, I'm going to let you chime in here because I think you have some stuff to add and potentially some other screen shares and then we'll get into our next subject matter for today. So Ray, go ahead and take it away with some of your insights as to what's going on from the TA perspective, the market perspective in your analysis. All right. Well, following up with what Yashu said about Ethereum, I agree and disagree to some extent. I think for Ethereum, the market cycle is complete and the higher timeframe market structure shows either a short-term bump to 1700 or 1800 if Bitcoin consolidates within a sideways predictable range. So if Bitcoin price can consolidate between this 19 to like $24,000 range for a few weeks, that gives day traders confidence that they can play altcoins and altcoins tend to break out when Bitcoin price consolidates in a predictable manner. So I could see a short-term bump to that 1.7K or 1.8K move. If the market continues to crumble or one of the things that pulled down ETH was mass spot selling as 3AC and Celsius and other entities went insolvent or were approaching becoming insolvent and they needed to deploy that capital to top up their loans to avoid liquidation. So I think that put a lot of unexpected heavy sell pressure on ETH last week and the week before. So in the event that more bad news flow comes out, you could probably see Ethereum price dropped to 700 or the $500 range. But like I was saying, if you look at a daily chart or a weekly chart, you can see that the market cycle is complete, right? The market structure is showing that we reached the top and now we've reversed course and the trend is bearish on a macro level. So what I expect is if we do drop to that seven or $500 range, you'll get a lengthy consolidation just like before. If you look at a weekly chart, you'll see that ETH in 2018 corrected from like 1400 all the way down to 80. And then you had a year or if not longer of just pure consolidation. And you can see that in the volume. The volume was steadily rising even as price was trading sideways, which is typically an accumulation sign. So I think we'll just accumulate until the next cycle, especially if the layer one and layer two killer wars debate restarts, which is pretty much guaranteed because regardless about how you feel about ETH, it's proven itself to be a rock solid network against its competitors. Sure, there's high fees, there's network congestion, but it still works, that network always works. It doesn't go down. Let's not forget the merge is also coming and there's an array of pre and post and during merge bullish narratives around that. I was buying ETH at 80 bucks and I've learned that like Dogecoin, it's not an asset that you wanna fade really. So think about the fundamentals in the use case, not just the scariness of price. Myself focuses a lot on TVL and new users, new wallet addresses, the rate of DAP growth or DAP use as a sign of network health and I think that's a good on-chain approach to analyzing the network aside from price. There's also game theory with Ethereum. It's supposed to become deflationary as the marriage happened. So there's an argument that wouldn't you wanna get as much as possible. So in these downtrends, you can short it, you can swing trade it to build up your capital. Then when the price flattens out where you start to see a rounding bottom and it looks like accumulation is happening, that might be the point at which you could go spot long or maybe even leverage long. So yeah, I'll just say that as a follow-up to Yashi's assessment of Ethereum. For the other coins, I know that we've got a few other segments so I don't wanna hold us up. So I might inject some asides to that as we get to section three. Unless you want me to keep talking, I'd say a little bit about altcoins if you want me to. Give us your quick take on, I guess some of the altcoins that you're watching right now and why. Okay, so I'm not really like watching any altcoins but I see a lot of opportunity out there because like I was saying earlier, the sell-off seems to have taken a pause. So give one or two more days, you're already seeing it today, a lot of altcoins posting double digit gains. So my strategy would be to just capitalize on that intraday price action. So Adrian, if you wanna throw up any of those charts, any of them will do, it doesn't matter which one. But what I'm seeing in a lot of altcoins is if you look at the four hour chart or a daily chart, you'll notice that a lot of them have gaps in their volume profile, which is an indicator that's yellow and blue on the right side of the chart. Those gaps tend to get filled, especially when BTC or traders feel that BTC is trading in an established range or starting to consolidate. So price usually rises to fill those gaps. And what I do is a quick intraday, 3X, 5X, 10X trades as those structures begin to break out and get filled. So if you wanna throw up some other charts, you're welcome to. You'll notice that on theta, link, RSR, Matic, Ave, Ave, a ton of other assets, they're all showing rounding bottoms, inverse head and shoulders, patterns, W bottoms, all of which are kind of like on a four hour timeframe, short term reversal signals on a daily or a three day or a one week timeframe. They're not showing that yet, but those would be signs of longer term reversals. So when you see those patterns and volume accompanying them and there's a gap in the volume profile, it's a pretty easy trade to make. But I personally think that they have a 24 to 48 hour window. So wait for it to break out. This is not financial advice, this is just my trading strategy. It's what I do, not telling you that you should do this. I set an alarm for the breakout. Once the breakout is hit, I go ahead and jump in with leverage. And then when my target is hit, take profit one, take profit two level, I exit. And a strategy is to leave a portion of your profits in that token. If you wanna be spot long and you think these are like generational buy opportunities, you can do that. Or even just put all your profits into stablecoin, increase your cash position so that you can go in even larger on that support retest or on another token that's breaking out. So that's what I see happening in the market right now. A very important thing, because I've gotten wrecked badly in the past, is don't get swept up into the trend too heavily. All of the altcoin charts are showing the exact same market structure. So a mistake would be to open five or 10 different spot positions or even leverage positions, thinking that you're gonna make a bag and then Bitcoin does something crazy or some bad news comes out and you have insufficient margin in your account and you end up getting fully wrecked, right? So my- I just wanna understand what you said about having a cash position. What is that? So I put my profits into USDC or USDT, but what is cash? No, USDD. Equivalence. No, no, no. Even though I would happily short that one, that one in Tron. So I was hoping to play the breakout and then the breakdown, so. But yeah, I just wanna say that it's important to just identify the asset that's really the strongest of those five altcoins and chase after that trend. Don't spread yourself too thin thinking that you're gonna get a 10X on every single one of those because every time the market will turn against you. So this is what I see for the short term just this week, given Bitcoin prices kind of consolidating, but that can change. It's like a fart, you know, it changes with the wind. So you have to be careful. Yes, that's a great saying. Great, love it. Analysis is greatly appreciated. Hey man. Shalom's in chat here. He's saying most altcoins are held by retail gamblers and food prices are about to go parabolic along with gas, whales buy Bitcoin, stable coins are Ponzi, Shalom, you are very opinionated today. We appreciate you chiming in the chat, as always. All right, Ray, thank you for sharing your thoughts and analysis there. I wanna go ahead and take a second, drop your Twitter handle in the chat. We're giving away one month free Markets Pro. We wanna get into some of the other big headlines. We talked about it earlier, Marcel. You got something to say? No. You good? You're just wagging the finger. All right, Celsius and three arrows capital. These were some of the biggest headlines this week. I wanna know what is going on. So let's go ahead. I'm gonna share my screen real quick with a couple of articles and then I wanna hear your takes. Is this where things start to crumble? Is this the cracks in the armor for the entire crypto industry? This first article we have here was written by Turner right here at Cointelegraph, state securities regulators investigate Celsius over withdrawal, suspension, you all the news. Celsius stopped and paused their withdrawals. They're looking to fix solutions. Looks like they were kind of moving around funds. I wanna start out here with Marcel. What is your take on this whole Celsius thing? Are we gonna come out of this thing unscathed of what's gonna happen in your opinion? But it's really hard to get a sense of what BlockFi and Celsius are really doing with the investors money since they're centralized companies. There's complete lack of transparency. Yeah, we can see that they bought a bunch of GBTC, RailsKO, BTC, ETF, but we don't know for sure how leveraged the position was or what was he shorting to buy the GBTC. We all know they're losing money, both BlockFi and Celsius. But we cannot say, oh, it's certainly a Ponzi scheme. They could be facing a liquidity crisis, meaning their assets are locked. They don't have immediate funds to pay the depositors. But on the other hand, they could have lost money using a leverage bet. So there's no transparency when you're talking about centralized finance. But the Bitcoin and crypto investors should be asking, why should I care about that? You should care because when those things fails, when they get liquidated by the lenders, there are forced sellers in the market. So every time there's a large force sell the market, it calls those cascading liquidations as you see. Because if you buy using leverage, either options or futures or any during the contracts, if the contract goes up 10%, yes, you can double your money. But if the contract goes down 10% and your 10x leverage, you lose 100% of your margin or your collateral. And that's exactly what happened to those guys. So cascading liquidations causes a huge impact on price, whether you like it or not. In Yashu, what do you think is gonna shake out here with Celsius? Are they gonna ever unpause withdrawal's file for bankruptcy, get bought up? What kind of direction do you think this is gonna head? Based on the latest news I'm reading, I think they have been trying their very best to pay back their lenders. Just today I noted that they had paid $10 million worth of dye to compound finance. And so there is no doubt in saying that this company is actually trying its best. Yep, they have screwed up in some way, but they have been trying to really arrange that liquidity for their clients. And when they paused withdrawal, and I'm gonna go by the legal language, they had already told their clients that they can. So sometime we trust the company, we don't read the terms and conditions to give them enough money, but legally they can actually just hold your funds because it's just like my friend said there that it's a centralized firm and they can, banks do that. And so nobody has the banks, why do they have capital control, why they're not letting people withdraw? Because yes, it's a liquidity crisis and they need maybe external backers to come up with something, some liquidity for their immediate clients. And they have been doing it. Unfortunately, I cannot really predict that how it's gonna go from here, but the regulators are also calculating that out this company. But yes, I don't doubt their intentions. That's one thing. And Ray, we saw last week that the certain liquidation levels was around 17 ish K for Bitcoin. Are you gonna have some of those margin call hunters continue to push and have downward pressure on some of these larger firms positions like the Celsius is of the world in the three hours capital? Wouldn't surprise me. I guess it's all about calculated risk versus the return. So, but it wouldn't surprise me to see anyone doing that. Kind of feel like the time to do that was last week though, the markets kind of flattened out and stabilized a little bit right now. So I don't know what it would take to trigger the next cascade or what protocol would need to be exploited. This week, SVF, Sam Bankman Freed also came out and said that he and FTX would do whatever is necessary to try and prop up the market and avoid those mass liquidations from happening again. So we don't know what quote unquote circuit breakers might be in place to stop stop hunters from doing that. But I think that's a little bit conspiratorial. Now, maybe massive market makers like Jump or Citadel or Babel or some of the other names that have been thrown out have the capacity to do that. But is it within their desire or motive to do such a thing? That's all, as Marcel would say, conjecture, speculation, conspiracy thinking. But we know that market makers and smart money are not adverse to taking either side of the trade. Money's money, whether you're a bull or a bear, there's no ethics or morals or emotions attached to making money, excitement when you do it successfully. So I'm not too sure. I will say there's two really valuable lessons I think investors learned very recently. One is risk management, to not put more in than you can afford to lose and to know everything possible about where you're putting your money and the kind of shit hits the fan contingent scenarios and have a contingency for that. Don't get too comfortable and drink the Kool-Aid of decentralization and mass adoption and all that. It's gonna take a long time. The second lesson I think we've learned in this cycle and I definitely learned it myself is to not believe in crypto-messiahs like Doquan or Danieli of Wonderland and Abracadabra or Andrei Krumji who didn't do anything bad, but people literally would ape into contracts that bore his signature and pump up asset prices. So due diligence is much more important than believing the smart people in a room. I never thought 3AC would go down. If I had to think of a fund that would implode on itself, I never would have selected 3AC. They just seemed too smart, too big to fail, too professional. The literature that Suzu puts out through Deribit and his market commentaries were high level. I have to get Marcel to deconstruct that stuff for me and explain to me what it means sometimes when he's talking about derivatives. So I didn't expect for them to mismanage funds and take on so much just to be so reckless with other people's money. And I didn't expect them to cut and run on their creditors either. So yeah, two valuable lessons that we've learned. The space is nowhere near as decentralized as it should be. We do need regulation at least BlockFi and Celsius and whatever other big centralized finance, DeFi, C-Fi platforms are out there. They should at least have the obligation to disclose. We should know where their money's being invested. What does their balance sheet look like? Where are they profitable? Where are they taking losses? We are at least entitled to that information. So I'd like to see regulation at least force them to be more transparent in that way because it's the post mortem still being done but it's clear as day they were gambling with user funds and it's user funds that are gonna be lost. It's not there. They've lost money of course and they go in solvent but the big funeral here, the big catastrophe is that Celsius money that we talk about getting liquidated is mom and pop money. And those people will never see those funds again. There's always that tail end risk, I think that we never really account for. And I think we're starting to see that, the contagion factor which we've talked about on other episodes being started with Luna, now Celsius BlockFi, et cetera, SVF has been stepping in and seeing where he can help out with loans and stuff like that. So very interesting times ahead here for the crypto space in general. So we will see how this all plays out. But next things next, I wanna get you the two tokens you should have been watching this week for our markets pro platform. We got newsquakes, we got vortex scores and we got two tokens we need to talk to you about. So let's go into this Danilo. I got these two tokens I wanna talk to you all about today, the first one, let's go ahead and get this party started with the markets pro two tokens to watch. All right, the first one is Link. You all are very familiar with this one. The newsquake alert went off and newsquake alerts are those automated alerts that instantly notify users when market moving events happen. Danilo, let's go ahead and pull up this chart. This week we saw an overwhelming amount of negative news about the crypto market. However, some assets still benefited from market moving news like Link. On June 14th, gait.io tweeted about Chainlink's introduction of staking to decentralize the network and make it more secure. A newsquake alerted markets pro subscribers to the news that when Link was trading at 621 and just over a day that price climbed to $7.32, that's an almost 18% increase. And if you got that news alert, you see there around the bottom of the chart there that newsquake alert allows you to get notified so that you can action those trades as quickly as possible. And those are actually really useful because I've been using them a lot recently and was able to get in on this Link trade. So really happy with that alert this week. The second token that we have on our radar, had on our radar is Pond, trading on the ticker POND. And this one was a double whammy. This was a newsquake alert and a vortex score. And so the vortex score of 80 or above is considered confidently. Bullish conversely, a lower score of 30 indicates historically bearish conditions. So Pond also performed well this week on June 13th. A newsquake informed markets pro subscribers that the asset would be listed on Coinbase the next day. We love those Coinbase listings. Shortly after the price began to climb, rising 62.5% from the time the newsquake dropped the weekly price peak. Pond also saw a series of strong vortex scores light up throughout the week. These scores noted bullish historical patterns and were consistently followed by positive price movement. The first high score flash, when the asset was trading at just under a cent. And a few days later, that price rose up to 0.013 cents. And that's an increase of 30% and that's why you use markets pro is so that you get in on these trades with the vortex scores and the newsquake alerts. And that's why we're giving away one month subscription today. So if you have not dropped your Twitter handle, this is just free subscriptions. And if you haven't dropped your Twitter handle in there in the chat, what are you doing today? Go ahead and get your one month subscription because I can almost guarantee if you're the first person to drop it in there, you're probably gonna win. Just saying. All right, so folks, that was our markets pro segment. And by the way, if you want swag, go to store.cointelegraph.com. You saw rich do designs with his coffee mugs. If you want the mugs, you gotta go to store.cointelegraph.com. We got all the goodies in there. We got the swags. We got all the shirts. We got all the hats, whatever you want. We got it in there. And guys, I'm gonna give you all just some closing thoughts here. I'm gonna start off with Yashu. I wanna hear your closing thoughts and maybe some good advice to weather the storm here or these unknown times here until the next episode next week. Well, viewers, it's a distressing time. We all have been in a beer market before, but we have to remember that that we have seen 80, 90% correction before. And we have always fought back. We have always jumped the guns and really climbed back over. So this is the real time to really hold your guns. Do not be emotional. If you have enough liquidity with you, keep it. Keep it with yourself. I'm talking about cash because you might gonna need it when the real stock market crash hits. And so I just want, I just want, I just wish that you all treat Bitcoin like any other stock market asset out there which is prone to declines. Do not be emotional with your trades. Just treat them as any other asset. So for this week, yes, my views are the same that yeah, it can decline. You don't have to blend in so much. Just keep it with you. There's gonna be enough time to buy those. Excellent insights, Ray. Closing thoughts for today's show. All right, I'll keep it brief. Don't get down on yourself for losing a little bit of money. That's natural. We all lost money. It happens. You're gonna live and thrive to survive and see another day. When there's a cataclysmic event in the crypto, don't just stick your head in the sand like an ostrich. Take the contrarian point of view and try to look for opportunities in the market because they're out there right now. There are plenty of fundamentally strong assets which are now trading at a discount or undervalued. There are shorting opportunities. There's longing opportunities. You can follow the directionality of the trend and play with that, not against that. Most assets, including Bitcoin are two standard deviations away from their median price or from the mean price. So eventually there's gonna be a snapback. Most on-chain indicators, the top ones, show that the metrics are at extremes on like the sell side, right? So the entire market is oversold. It's not a bad time to start dollar cost averaging into assets that you believe in, probably just Bitcoin maybe at this time. Miners are dirt cheap right now because companies are going bust. So like the Bitmain S19 ProJ is like $5,000 right now. It was 18,000. Some of them were 35,000 a year ago. So they're already 75% down from where they were, what they cost a year ago. So maybe it's a time to look into hosted mining or cloud mining. I personally, right now I'm hype AF. I can't say the full phrase here, but this has been a hard reset in the market. And this is your time to make it, right? So as Matt Damon said in that crypto.com commercial, fortune favors the brave. But don't ape, be very strategic with your funds. Don't deploy more than you can afford to lose. And like Yashu says, dark days might be coming in equities markets and with inflation and with these gas prices and yada, yada, yada. So be strategic with how much cryptocurrency you're buying. If you got a $10,000 portfolio, maybe just deploy 1% or like 5% of that and make some momentum trades with that. If you have a $100,000 portfolio, just put 10,000 into the market. So just be smart with your money. There's no reason to ape, Yashu is right. If you're not an experienced investor in your risk averse, it could be better to wait for the bearish trend to kind of end from markets to flatten out and trade sideways for a few months and then for the emergence of a new trend and then start investing. So, you know, there's different strokes for different folks, but I view this as a gift from God. I'm so happy that we're here again. It just means I can stack more Bitcoin and do it better this time. Excellent. Those are facts. That's straight facts. That's how I feel. I agree with Ray. Don't ape in, don't use leverage. Just stay strong. Yes, we are all being there under 80%, down 80%. If you think it through, even the Federal Reserve is holding $9 trillion worth of useless assets. So it's market-backed secures that are worth nothing. It's a bunch of treasurers that are getting undervalued as the government brings more money away. So even them are losing money. So they are the hostages, not us. So stick with your friends, talk to friends, go outside, meet, go to meetings, talk to people on crypto Twitter. Hang on, don't give up because of the pressure. We're on the right path. The Federal Reserve is broke and it's just about, just give it time so we're gonna see the real value of cryptocurrencies. Amen, brother. Excellent. Great insight today and a pleasure having our special guests, Yashu and Ray today. And as always, Marcel, our resident experts here at Cointelegraph, stay strong, hodl on, buy those dips when you're ready to, don't leverage, and stay in the game. Folks, it's always been a pleasure. Thank you for joining the market report today. I don't see anyone who dropped in their Twitter handle into the chat today because you're missing out that one month subscription is still out there. If you drop it in the next 10 seconds, you'll be our winner. But until next week, we'll be here at 12 o'clock, Tuesday, 12 p.m., go ahead and like and subscribe right down there, Cointelegraph on YouTube. We appreciate you all tuning in until next week. Thank you all. Thank you.