 What is going on everybody today is what day is it today Tuesday? The 6th of June, it's 1 p.m. Eastern Standard Time great way to start off the show And and today today well this week has been a pretty crazy week. We're gonna get into it a bit I'm joined here today by my co-host the Bitcoin Queen. How are you doing? Hey, it's a party over here Yeah, we're doing great doing great. We over here just watching the price right now price of Bitcoin is currently Moving back up after a couple rough days Yesterday we had the price dropped to 5% yesterday and we hit a low a new low new recent low of 25,368 and Currently today we're up to about two and a half percent. So Things might be looking a little bit up. I don't know. We're gonna talk about it today We're gonna get into it today. We're gonna get into all this Let's start off before we get into The craziness that that has happened Over the last two days yesterday and today because if you guys don't know the sec has been Going after everybody Yesterday they started with a binary early everybody. Yeah, yesterday they sued Binance Not only did they sue Binance yesterday. They also sued CZ and And then today they filed a lawsuit. They announced their their lawsuit against Coinbase So we'll be diving a little bit deeper into that in a few Really quick. Let's first start off with the prices See what's going on around the markets and then we're gonna jump into The economic calendar for this month for the next week And then we'll jump into into the news. So let's let's go ahead and jump into the prices first here So as you guys can obviously see we're currently sitting at $26,300 So we're up about 2% on the day Ethereum Ethereum actually like barely moved While Bitcoin dumped so Bitcoin had had dropped down to a low of 25 3 4 5 So actually today is set a new low and during that Ethereum didn't really it didn't really care. It was like nah, bro I'm gonna do me, you know, and it basically stayed around $1,800 and right now it's up to 1,058 currently right now So you see it hit a low of 1797 today yesterday was actually worse. It hit a low of 1777 So that's that was interesting when I was watching the prices drop The the one that's been affected the most is madic here. You can see madic Currently down about two and a half percent on a day So it was down over four percent on a day it hit a low of 78 cents and it's currently sitting at 81 cents and I mean I think it's that that's just a great opportunity right there at this current price at these current prices here at 81 cents So let's take a look at the rest of the market see see exactly what's going on it's refresh prices here and You can see that overall in the last 24 hours We're pretty much in the green for the most part. There's a few projects, of course like polygon madic And What else Leo, but pretty much everything else seems to be in the green here So for the most part the the market's been kind of coming back today and Over the last seven days, you'll see a kind of a different story though We are down over the last seven days bitcoins down almost five percent over the last seven days. So Yeah, it's been it's been an interesting Last seven days right an interesting week if we look at the top gainers and losers here let's go over to The top 100 cryptos here And we'll see that the biggest winner right now is Tommy Tommy net. I don't even know what that is. It's literally the 100th market cap coin up 58% today And then the followed is a Lido down Lido down Terra Luna classic up seven point eight percent And a few others other than that those are the major ones that are up The ones that are down the biggest losers so far over the last seven days conflux down 25% Sui down 18% Gate down 14% and Pepe Continues to be a top loser a week after week for the last few weeks now down 13% So we've definitely seen a big pullback in Pepe which was expected, you know We spoke about it for a couple weeks. It was only a matter of time We didn't know when it was gonna come we knew eventually it would come It was only a matter of time and and we can see that we've hit that now at this point so Let's go ahead and take a look at the economic Calendar here to see what we have coming up this week This week not really much the only thing left This week that's kind of popping up here the balance of trade that is tomorrow that shouldn't really affect The markets too much the the main thing that we're gonna be really focusing on is and the biggest thing that we're gonna have This month is gonna be next week and next next week is going to be packed So on Tuesday June 13th, we have the inflation data coming out that's at 8 30 a.m. Eastern Standard Time and The day after that we have the Fed interest rate decision So that's the 14th of June next Wednesday And the of course the Fed the press conference. So That is gonna be a Wild two days of volatility. I imagine You know in both directions, I can only imagine, you know, what that's gonna look like We're gonna get inflation data Last month when we got the inflation data, we had a loss for the first time this year on the week of inflation data So bitcoin pulled back 5% during that week That was the first time this year On the week of inflation data that bitcoin went down versus up Before that, you know, we had like an average bitcoin was was averaging a move of like Almost 20% I think those are right around 16 17% on the week of inflation data So that was the first week the first time the first month That it went down during inflation data and inflation still went down But it went down a little bit only And you know, I guess that's probably why Now the other big thing that now we're going to be looking at is the Fed interest rate decision because we still Are not sure which way the Fed is leaning with this Maybe when the inflation rate and inflation data comes out on Tuesday, it'll I don't know if that'll you know Help them make a decision But we have we've heard them speaking in both directions Two weeks ago They were speaking about that, you know, they still needed to cool down inflation It wasn't what we're needed to be and they needed to continue to raise interest rates And then last week we heard them on the other side of it saying that, you know They might need to pause a few times for a couple for a couple months or whatever To let, you know, things cool down with the banks. So the banks are the ones that are being Basically stress test, right stress tested right now With the ongoing interest rates Rising, right? So, uh, if we look at the probabilities, right? So this is pretty much what the market is expecting what what they think is going to happen Right now, um, the probability is that there will be a pause next week. Um, that's it's almost 79.4 A probability that there will be a pause next week. Uh, when we get that Fed interest rate decision So, um, if we get a pause, I imagine markets will go up. Uh, prices will go up, especially on, uh, risk assets like cryptocurrencies Um, but it's already kind of being baked into prices. So I don't know how much of a move up that's going to be um, if we get a Hike next week, then we can expect mark markets to go down. Remember markets do not like to be wrong They don't like to get there. They they always want to front and run the decisions They always want to front and run expectations and front run news But they don't want they don't like being wrong. So when they're wrong Um, things tend to move down. So, uh, that's pretty much the main thing that we're going to be looking at So first, of course on Wednesday on Tuesday, we're going to have the inflation data We're going to see how that comes out if that continues going down. We can, uh, Potentially see prices move up and then if we get a pause on the next day, um, we might see prices continue to go up So, um, but it could also work the other way if inflation doesn't change much if it gets worse You know prices are probably going to go down and then if we get an interest rate hike Then prices are going to go down lower. So, um, Yeah, it's it's going to be a packed week. Um, there's a lot going on next week and and This week was supposed to be a boring week, but as you guys can see already It's only Tuesday and there's a lot going on and uh, I'm gonna hand it over to the bitcoin queen to fill us in In exactly what is going on in the market this week Oh Man, it's quite the day here. So let's start with the top of the hour Hot news off the press. Um, what woke us up this morning is coinbase gets a formal lawsuit serve complained by the sec for selling And participating and taking unregistered securities operating as an unregistered exchange, etc um, so let's break this one down because there is a lot going on and for those of you who May know coinbase actually has been Filing petitions since Mid last year. It's already it's actually almost been a full year since the first time that they filed something with the sec asking for clarity. So, um, Very very uh contradicting things. Uh, we've been seeing news. We'll analyze things from both ends Both from coinbase's end and from the sec chair. Mr. Ginzler and his teams and so pretty much, um The sec exchange, uh filed this, uh I guess complaint against coinbase. Um, basically saying that they've been operating as an exchange broker clearing house Um, and as well as offering staked assets to customers, uh, which we've seen I think in a lawsuit with gemini. Um, and I think cracking as well The sec calling them out by offering staked assets So late last year in, uh, 2022 coinbase, um filed a, uh I guess a, um Petition asking for the sec to provide guidance and guidelines to exchanges Since they filed that narrow, uh action pretty much 1700 Entities companies have requested Comments back from the sec to help them keep uh and stay compliant now um, basically in this petition it lays out Uh, the differences between cryptocurrencies and traditional exchanges. Um, why lawyers many lawyers on their legal team, um see, uh compliance, um and being, uh Treated as a traditional exchange differently and why they need, uh clarity and guidelines things created specifically for the cryptocurrency space Um, because there are we're inconsistencies of certain players that had identical products Um, getting in trouble and being sued meanwhile, uh other players who had the same exact things also, um, Didn't didn't face the same jeopardy. So, uh, this has been an ongoing, um complaint for the past Pretty much a year. Um, so recently about a month ago, uh, they had Not about a month ago or I guess still yeah, it's it's it's been about a month April 24th, so yeah, it's been about a month. They asked for the sec to say yes or no You know very simple. Yes or no. Can we get guidelines? Can we get some clarity? Can you create something that is straightforward for us to understand what is going on? Um There is an allotted amount of time for the sec to answer They have to answer though whenever you do, um file these petitions Um, and it doesn't seem as they have yet instead they served them this lawsuit They're supposed to they're supposed to answer within a reasonable amount of time Which could be a month. It could be two, uh, but overall We never got that answer and they filed this lawsuit this morning so it's seeming that they are trying to Uh, get in on a different angle. Um, to me, this is their way of responding to the question Um, which is you know, just going after them now from the sec's end and, uh, Mr. Ginzer supposedly right after this a lot or I guess this complaint was filed Um, mr. Ginzer said that we do not need any more digital currencies We already have digital currencies, which would be The u.s. Dollar the euro and the yen. They're already digital. We already have them uh, so very very clear upfront, uh, he's pretty much saying that He wants nothing to do with these crypto currencies um, even though he doesn't It's it's more like he's saying like before saying like, hey, you know, these are Securities, these are things that should be registered registered as securities He's saying like no, these are these are things that we actually don't want within the economy because um, they're seen as competition, right? So Uh, I I found that positioning to be interesting, uh furthermore So here he had said that uh, he additionally pointed out that They have approached companies like finance and coinbase, uh, about ten entities in total um, regarding them Potentially operating, uh, as a security and violating securities laws um, however Again, I want to reference back to this ongoing petition that coinbase has had for over a year now Almost almost over a year. Um, 11 months to be exact In addition to the one that was filed, uh over a month ago um, that has not been answered so it seems that The sec has a very clear tunnel vision when it comes to we need to get rid of these cryptocurrencies They need to leave our society. Um, they're unregistered securities harming investors and therefore blah blah blah However, when these companies seek guidance There is no answer there hasn't been an answer and I want to and I want to point that out. Um Because it's it's kind of crazy what's going on here. Uh, and it's it's very very confusing Um, so let's move on a little bit to finance which they got their lawsuit or I guess their complaint yesterday um for similar reasons However, interestingly enough in their suit the sec named a number of digital currencies which are considered to be securities so um pretty much the same idea of a coinbase or I'm sorry finance operating as an exchange broker and clearing clearing house There was also the allegation that finance us uh was operating under a Third party which was actually within The entity kind of like what we saw with ftx and alameda um and Through through their uh holdings company, which it was called bam trading services They were basically inflating price wash trading uh and Seeming to believe that there was more action happening on the platform than there actually was Uh is what the sec is alleging. There's a total of 13 charges presented against finance finance holdings bam and cz himself So A little interesting because it's a little different from what we saw happen with I guess coinbase but also very very similar and even more alerting because some of the cryptocurrencies that they listed Uh are things kind of like we heard in the past such as algo. Um, bmb, which is their native You know trading currency within their platform But other ones such as things like cardano were listed. There is now a total of 61 digital currencies that the sec has named as a security Uh part of those currencies are um mirrored assets. So there's 48 actual cryptocurrencies and there is um 13 mirrored assets which are things that are Pretty much mirrored stark stocks and commodities that are operating as cryptocurrencies But some of the cryptocurrencies listed again a sandbox uh dissentraland axi infinity filecoin Library as we we saw that uh that lawsuit play out Dash algarand Just just a number of tokens that we've seen throughout time, which is Kind of crazy to see As this plans out, you know, solana polygon cosmos very very large chains that Are operating and um, it's kind of kind of puts puts into a scary position. The sec continues to To decline comment on ethereum interestingly enough Uh You know according to ginsler the only thing that is considered not a security is in fact bitcoin But ethereum is very very up in the air and to see things that fall right behind it such as cardano and Solana and mattock and all these other things It's it's kind of crazy things built within the ethereum ecosystem polygon layer two, you know Yeah, interesting interesting to see what's going to play out here because it kind of suggests that This task force that the sec has put together, uh, which Is set to double in size over the next year Is probably going to go after some of these listed cryptocurrencies Uh, which is not looking too hot So, uh, that's pretty much a lot of what's happening, um With these countersuits, uh, as we've seen finance has been picked on but finance is not surprising to me Because they've been picked on a lot recently and we've seen them a lot in the news What does surprise me is some of these currencies that they have listed and deemed as security What also surprises me is the lack of response received from People within the industry asking for clear concise guidelines and regulations and despite all that Almost a year later. We are now being hit with lawsuits left in right Jay, did you have any feedback on? Uh, the current status and situation of what we're seeing. Yeah, it is it is literally like It's it's insane, right? Um It's an obvious an obvious attack on crypto Where where the sec is trying it looks like they're trying to set up for, you know, their agenda, right? And and their agenda is obviously Uh, the the cbd ceds So they're trying to anybody that might be a competitor They're trying to first of all take them out, right? um And then at the same time they're trying to build this narrative around crypto to to one scare people and to Create create a narrative that crypto is chaotic And that crypto is not safe and that crypto is all these things right to to scare people away to continue to Feed into that fear that uncertainty that doubt Um, and they just want to continue to build that narrative around crypto That then they can just kind of swoop in with with what they're going to sell as oh, this is safe Here you go. You know, here's some cbd ceds. These are safe and then they're gonna have Basically all control of your life, right? Um Because right now they can do it through through central banks. They can see everything you do with your money Um If you have your money in crypto, they can't see it. They don't know what you're doing They don't know what's going on with that money So they they need a way to to to take control of that and we've seen it in I think it's in China where they have like the digital Yuan or whatever it's called and and In in that in the digital in that digital currency They can put like an expiration date on on the funds that you have in in your account So you have to spend your money by this date or you lose the funds type of things So, I mean imagine it gets to that point where where, you know, not saying that that's what they're gonna do But that's something that they can do if we if we Give up that control of our of our finances to the government in that way. So, um This is clearly, um, you know, the sec has an agenda and they're pushing that agenda Um on us. They're they're trying to to control everything They want to know everything that you do with your money everything everywhere you go Everything you spend it on whatever you buy whatever you sell Um, they they want access to all of it All the information information is power and they want all as much information as they can over everybody so, um, that's kind of the the what I've been This perspective I've been looking at it from. Um, it feels like it's just clear as day that that's what they're trying to do It's not a coincidence that they're they've attacked firstly attacked Binance and the very next morning they attacked Coinbase like the two biggest crypto exchanges in the world, right? And and it's it the Coinbase one is is a lot sillier to me. Um, and I I really don't think they have really a case against it because this is a case that um That is public. It's a publicly traded company, right the IPO in order for a company to go public um, the sec needs to review it And approve it in order for it to go public. That means that the sec has to do its due diligence Over that company and they they said in their report That uh, that they believe that Coinbase has been, you know, um trading Securities or whatever it is since 2019 as early as 2019 Coinbase IPOed and went public in 2021 So This doesn't make sense. All right, so many consistencies. It doesn't so many inconsistencies It doesn't make sense. So I I I don't know. I don't I I don't think they have I don't think there's any case against Coinbase I think that that's just they're trying to to like you said, that's their way of responding Um, and their work around instead of just responding directly. They don't want to give a direct response Um, because they don't want to give clarity on crypto. So instead of responding Um, they they just sue them, right? Um, that's that's that's it's funny because they keep saying, you know Clarity is there. Clarity is there. These are the rules. This is how the sec does this. This is how exchanges do that This is how securities operate. They're just they're just saying like hey, this is the security This is the security. This is the security and they're coming out periodically Um naming different protocols and different things as securities But they're not they they provided zero Guidelines at all they provided zero clarity at all there's people asking left and right and it's and they just say Oh, it's there. It's written. Right. Um, but when they're asked about it, there is there's no response. It's uh Quite atrocious actually and I think I think the reason why is because they're they're still In a battle against xrp and if they put out anything that xrp can use against them They lose that case if they lose that case They they can probably never go after any other crypto again Because any any other crypto that they try to go after They're just going to go back and use that xrp case as a reference and There's there's no way that that the sec can probably ever win a case again versus crypto because then there will be clarity And then that's it. Like they can't go after cryptocurrencies anymore Um, and that's obviously not in their best interests They want to be able to have the ability to continue to to to go after these uh, Cryptocurrencies after these exchanges and the less clarity that there is and the more Uh gray space that there is for them to go after them and be like, oh, well, it's a security And you know, you can't prove you can't prove yourself in court Um, they can't prove it, but they know that the other people can't prove it either So then it comes down to all right who's gonna spend the most money Right to to continue these court cases xrp. How long has xrp already been in this battle? It's been what like two years three years Yeah, they they spent I think it was like upwards of two billion dollars on court battles, uh, I think we talked about that the last stream, uh, total Lawsuit, yeah, it's and yeah, it was something it was an insane number. Um, it just really didn't make make sense Uh, yeah 1.3 billion as of december of 2022. So yeah, we're upwards of, um uh, is that Conducting. Oh, no, never mind. I'm sorry. That's that's earnings 200 million is what the number is to what they spent upwards of 200 million dollars on the lawsuit That's insane the last Yeah, and and xrp's has I think they've been around long enough and they have enough funds to to be able to to bankroll that but Yeah, but how many I mean who does right for how first of all for how long can they continue to keep that up? Right and and second and secondly like not every project is able to do that Right, so, um xrp's been around long enough. They what when did they come out 2012 2013 right something like that? So, yeah, I think this is the idea of some people are saying like, um Yes, he's he's gonna obviously they're gonna hand out fines and fees for You know each whatever and some people are just gonna pay it because it would be much cheaper to just Pay it then it would be to fight The problem with just paying it is you're basically succumbing to The narrative that's being given and you're basically like you're saying you're guilty, which is the the You know, like let's stay away from that. Um, I'm actually happy that they are going after these larger companies um that could potentially like fund these things and Um as they're you know funding these things It's very easy for you know, these companies to seek damages, right? Not only to the brand that's been made by these allegations if they do end up winning But also for all the court fees and all that all that stuff So it's it's not necessarily a dead end. Um, they're suing people who can afford it I I actually would be more concerned if they went after Some of these other things that they've listed as register security Such as near protocol nexo cosmos polygon because those people probably don't have BMO spank roll couple million sure Two three hundred four hundred probably not that's where it gets really tricky. So for it to be these larger entities I'm actually much happier by them pursuing The larger entities versus going after some of these smaller crypto projects up front. So Let's see. Let's see what comes out of it because it's it's definitely one of those things where it's Like like you said, they're trying to scare people But the truth is bitcoin right now is actually less volatile than meta and amazon shares According to recent analytics And I think bitcoin's volatility in the past year has been around 32 percent versus 44 percent for meta and amazon shares respectively So although there are better performing assets right now compared to bitcoin such as gold and apple stock Bitcoin has shown to be less volatile than some assets on the stock market. So by You know, I guess this logic bitcoin is actually a little safer than some of the things you can get on the stock market I mean, we've seen Especially the banks bank stocks that have been, you know, with this recent bank run just I mean stocks plummet go to zero um, it just not not good things that have came out of I guess covid um with things like zoom and a lot of the more at home Uh at home programs a lot of uh things like alt space vr. Um, we've seen shipped from Virtual reality to now apple trying to push augmented reality Um, and just different trends within the market. So I actually found that statistic to be very interesting Um, and it's kind of like a you know uncommon way to to look at this But uh, that's just you know, the reality was happening right now. And uh, I guess when bitcoin goes parabolic, which You know, I don't think stability matters at that rate because you know, we're all Going on an upward trend I think that's where you know, it kind of um Has a better light and and volatility doesn't matter too much because you know upward upward volatility is good Yeah, but uh, yeah, I thought that one was interesting. Um, the only thing that I saw in the news that was probably noteworthy to kind of talk about is there was a huge atomic wallet hack Um, so for those of you guys who are familiar with atomic swaps Uh, atomic swaps, uh, is something that um, you could actually do within the atomic wallet Um, amms for short and pretty much there seems to have been In exploit the theory right now as to why this was going on is that there was some kind of update that the Wallet pushed out Um with some malicious code In its, um pretty much there is about 35 million dollars reported that have been Stolen from wallet users the largest one being on the tron network for over seven million dollars in usct um, but there is an upwards of About 50 million dollars that is suspected to be stolen and all this started about um, I always started on june 2nd That was the first transaction that was reported stolen from the atomic wallet um, the team has then removed the download option for the wallet to make sure that there is uh, no exploits in the software and that um Things are pretty much operating as they should in the back end Um, because what happens is it seems that the update basically transfers users private keys Um to this predator once they open the app. So it was very targeted. Um, there was also I think about 17 wallets that have been specifically targeted and people have noticed Things have moved from them and it's most of the wallets that had the highest amounts of cryptocurrency So that's about one percent of their actual monthly users according to atomic wallet But it's still a lot of money that has been seized. Um, they have put some efforts to Track down the incidents and to prevent these assets from being sold on an exchange In efforts to try to retain some of these assets, but uh, yeah, it's it's kind of nuts. I'm sorry. I said it was um Oh, no that that's right. Yeah, so so 17 million Dollars just from the top five and then like I said over over seven million dollars for the for the one wallet on the trunk blockchain So interestingly enough, um, this kind of shows you some of the dangers from Hot wallets. Um hot wallets they they have like perks. Some of them have perks. Um, some of them Can be a con, right? So hot wallets for the most part, you know, if it's on in A device and you know team does not store Keys and they don't try to give keys to third parties kind of like we what we saw I think it was with trust while it was it that they had some keys exploited It's different things, but there's a lot of like, uh ways that things can kind of end up very sloppy if We're not very if companies and entities aren't very careful The best way in my opinion is for teams not to interfere with Any of this kind of stuff at all, uh, it would actually be really cool to see Hot wallets that can give people the ability to Auto generate their own keys and once they're auto generated, it's deleted from You know database access, etc Uh, if it was in fact something that was software related and it was a malicious update quote on quote um This is kind of where I guess it gets very tricky because how do you How do you prevent, um, you know a malicious update? How did that malicious update get there? Right? Like is this was this something that came from the inside? Was this an inside source per se because because first if it was a software exploit, um, then the code was bad or something got pushed that, um this attacker knew of and then went after them which Couldn't mean that this attacker was on the inside of the company which, um, then that you know, it's crazy you're you're The the issues are you're either trusting that somebody has, you know a good wallet or Hoping that they don't keep the keys Um, that's that's pretty much the I guess the downfall when it comes to some of these hot wallets Because I mean it's just kind of wilds that This is even you know possible Not that it's possible, but it's happening right right like like If if they if it was like sloppiness and you know, they were doing stuff with the keys and handing it over And they had it on like a you know database, you know, that's Malpractice, but this where it's like this was potentially a software Update like that. Um, that's crazy. You know, uh, like I like this is all code and You know, this is it's crypto, but at the same time this is this is Be important when it comes to How How assets I guess Are protected from these kinds of incidents Can they be protected and how do we avoid? You know just basic software updates from You know letting people just steal things out of wallets. Um I don't know self custody is always the way to go I know in recent light with the whole ledger situation It's been a little wonky, but um, it looks like more people have been taking Self custody more seriously because um, you just you just never know. Yeah, definitely and I think they they ended up Put kind of pumping the brakes on that update for ledger That everybody was complaining about and I think they were gonna reevaluate or something like that So we'll see what happens with that, but still regardless Yeah, self custody still the best play at the end of the day Not only self custody but you hear that they're that they pump the brakes a little bit because it's um Definitely a lot of bad feedback and I think the reason that they were doing mostly is to bring in new business, right? Like they're the idea of having Uh self custody services or a custodial services not self custody custodial services Yeah, those those things I think are They're cool products, but you know to offer them Um embedded into something that you said didn't work a certain way. Just like weird Right Yeah, definitely um, so let's let's go on uh, let's go on to the analysis for this week Um, so we'll we'll we'll be looking at the prices here kind of taking a look at uh, where things are Right now and you know where what we might see so we'll look at some supportive resistances And we'll also be looking for um, you know, what possible what potential trades we could be making here Potentially this week. So let me pull up the chart here. There we go All right, so, um, let's let's start off. I always like to start from the top down. So let's go ahead and Start at the monthly see what that looks like as you guys know We are in a new month. We closed out may we ended up closing out may down about seven percent And we just opened up the new month here. We're currently down less than two percent now With this bounce back as you guys can see right now crypto, uh, bitcoin's price is at 26,700. So It's bouncing back nicely today after setting up that new low there. Um, and remember guys, uh If you are here and you have any questions for us drop it in the comments and at the end of this We're going to go back and answer some of those for you guys After I do this analysis here, I forgot to mention that before so I want to make sure to get that in there Um, if you're watching this live right now. So, uh, right now Looking at the monthly here. We can see the the big and obvious supporting resistance areas This box right here. This is right at that 25 to 24 thousand dollar range Which is exactly what we've been testing over the last Uh, a couple days here Um, and you can see that is a support area there. So You know, uh, it makes sense that we've gotten this big bounce here at this current level Uh, and the resistance above that is of course this red box up here and that's between 29 to 30 31 thousand dollars. So that's going to be a big resistance area there to break through Okay, if we do fall lower than 25 24 thousand, then next big support is going to be sitting at 20 thousand dollars So, um, that's the other thing that we need to to be watching for if we lose that 25 thousand dollar range there. So, um, let's let's go into, uh, let's zoom out a bit. Let's go We'll zoom in a bit. Let's go into the weekly to see, you know, what what it's to look like over the last few weeks As you guys can see, we still have this nice, um, higher highs Higher low higher high higher low setup in play. Okay. So that's still intact. Um That that that as long as we do not set up a lower low Then we're still good there. Um in order to set up a lower low, we need to drop below Uh 19,500 so so far so good Another thing in the weekly here if we go, I think I set it up on let me see I think it's on this one. Um, we can see this clear cup and handle pattern here on the weekly time frame So you can see the cup here. You can see the handle And usually with this pattern what this means is a breakout eventually we get a continuation up, right? So we have this basically this drawdown All the way down here. We have a consolidation period. So it's all this area right here And then we have, you know, a reversal where the trend starts going back to the upside And uh, we get to the neckline here, right? Which is the neckline currently sits around 30 30 to 31 thousand dollars Um and then a breakout so the breakout is measured from the bottom of this cup and handle to the neckline and that gives us a Target a price target of about 56 thousand dollars if we can get a breakout above this neckline here So, um now we are looking at the weekly time frame and notice how long this cup and handle has been forming for right This goes all the way back to may of last year So what does that mean? That means that if we do get a breakout? It doesn't mean that we're going directly to 56 thousand dollars This target could be hit next year, right? It doesn't mean we're gonna hit that target this year So I know a lot of people are probably, you know, looking at this saying 56,000 like there's no way we're gonna hit 56,000 We're not gonna hit 56,000 this this week or this month But this is a weekly time frame. So remember this this uh pattern started back in may of 2022 So that's over a year ago. Um in order for this to play out could still take another year So, um, can you see bitcoin at 56,000 by june of next year? I definitely can Um, so so that's pretty much what that pattern there is for is a long term pattern. Um, it's a Basically a reversal pattern And it's showing us that if we get this continuation to the upside That price target there is 56,000 dollars. So, um, that that's another thing. We're looking at there and, um If we zoom out a bit now now, let's let's continue. Well, let's continue to zoom in actually into the daily time frame And we can see here. Um, what what else is going on, right? What's going on day to day? So we obviously we had the really boring Couple weeks here, you know, basically throughout the majority of may Um, or we were just consolidating for a pretty long time. We had some move move up We have moved moves down and then, um, recently of course over the last while yesterday We had a big move down. Uh, that's the biggest move. We've probably seen in like a month or more Um, and that was due to of course to the sec Sewing Binance and sewing CZ and then today we had more of the same But I think that the market and you know, the public was just over it I think they're like, okay, like we I see what you're trying to do now I see what you're trying to get at and they're like, you know what? um Mr. Gary Gensler, um, we don't believe you and we're going to just pump the price up Because we don't believe you so That's basically what we've seen today and bitcoin's price reacted at that support that $25,000 area and we've moved right back up to that $26,700 area Which is there's a lot going on here, right? So remember that was a support before so could this be a resistance now We're gonna have to wait and see what happens there You can see that we're entering into that that area that point of interest area Where we've seen a lot of buying a lot of selling. We've seen this as a support We've seen it as a resistance. So we got to see what happens here. Could this be um, maybe just a relief rally today here after a big drop yesterday That could be the case, you know where we retest this support and then we continue down lower Uh, potentially sub $25,000 levels So those are all things that we need to watch over the next, uh, few days You know, basically over the next further for the rest of the week going into, um Into that Tuesday and Thursday next week. Remember Tuesday and Thursday next week. We have two two huge volatility events. We have first, um, the cpi data coming out on Tuesday Then we have the Fed interest rate decision coming out on Wednesday Now, um, depending how all of that comes out is probably how this is gonna play out here if If everything is good next week, you know, we could potentially break back above this and maybe retest this the red box up here Once again, um, it's been a while since we've been able to retest that Since it's been over a month at this point. It's been since early may Last time that we saw those levels, which was uh, you know, 29,000 and beyond um If things are not so good next week, uh, throughout those two events, then we we could potentially see lower levels here um, you know, starting with this, uh, support here at 25,000 um, and possibly retesting $20,000 if things, you know, um, next week are not too too good for the market overall And of course, um, based on any news it could swing things, right? So regardless of any technical patterns any technical analysis that we go over News can swing the price in one direction or the other, you know, and technicals go out the window So that's something that you always got to be prepared for we saw that yesterday. We've seen we're seeing that today So, um, now how i'm gonna be looking to play it. So, um, one thing that I did do Uh earlier today, so i'm gonna tell you guys about two trades that I took one was a loss one was a winner Um, and I want to always be transparent, you know, I take losses just like everybody else There's no way that you'll ever be that you'll ever be a successful trader without losing. This is just impossible There's nobody that's right 100 of the time, right? So, um, the first thing here is yesterday when we got this pullback At 26 000 I took along there. Um, I thought that was a good area to to take along And I set my stop loss basically below the previous the previous recent low here Um, so I thought it was a great risk reward trade there. Um, and we ended up, um, You know dropping below that of course, so my of course my stop loss triggered Um, and I I basically took two entries as the price was falling. I didn't know how far the price was going to fall So I took an entry around 26,600 level that was my first entry and then I averaged down around 26,100 Um, so it gave me an average entry of about 26.3 Um, and then uh, I did get stopped out on that one. Um, however today I took another entry, uh Once again at 26,000 once I saw we were breaking above that level. I saw that we pushed down lower We cleared yesterday's low and the price immediately began to spike back up So I took a trade at 26,000 once again Um, and I was able to to grab some profits here today. So, um, We we set again risking very small amounts of money at 1% risk on my trading account And uh with with the targets of 26 to 50 26,500 and 26 750 we've hit all those targets already. So, uh, you know, we lost one yesterday. We won one today So we're pretty much break even on the last on the week right now, right? Um So what what I'm looking for next here. I'm either looking for a pullback um, if we get back to that 26k area or um, and I see that price Holds is holding then I might Look to get back in but but I'm not sure because Again, we could this could be a retest of the support before continuation down So I'm not going to take a trade there as soon as it gets there I want to see how can how the candle closes at that point How price reacts at that point? And uh, if we break below 26 26,000, you know, I I don't want to be in that trade again. So, um, That's that's something I'm only I'm gonna be watching on any pullbacks Because if we break below 25,000 then I might be looking for a short entry at that point So that's one thing that I'm looking for there if we continue going to the downside below 25k Might be a good area for a short Um, but again, I I want to see that that initial reaction first I probably don't want to take it right away Now if we move up if I see that we continue moving up, um I might look for something above 27,000 dollars But if we if we do move all the way up to 28,000 that's when I'll probably stop Trying to take any trades. I'll probably take all profits by then 28,000 is going to be another small resistance Um and 29,000 of course we have that resistance 30,000 So if we get into this red box, I'm looking for shorts As long as we're we're out of this red box, uh, I'm open to longs So right like I said yesterday, I took one at 26 again today at 26 For now, I'm probably staying out for the moment. I'm going to just kind of watch how price reacts here I want to see how we close The the rest of the day here. So, uh, the market the the the traditional market closes at 4 p.m I want to see how that plays out with the price action here So I'll be watching that and and potentially take look to take a trade there Now if you want to know exactly what trades I'm taking, um, you can't you can join my discord Uh where I share everything I'm doing because as you guys can hear like things change, right? I need to see a reaction. I need to see a price reacts And then I kind of reevaluate and build my planner on that So right now, um, I'd be looking to potentially take a a a long Above 27,000 if we break above this level Um, but again, I have to evaluate at that point once we get to that level depending how price is reacting How that's going if I see that there might be some weakness there at that 27,000 level Then I might look for a short trade right there. So, um, that that's kind of the things I'm looking for Going forward this week I will be out of town On thursday to sunday So I probably won't be trading throughout that time. Um, but but you know, any anyways the weekends are very slow There's usually not much movement as you guys can see here Saturday friday saturday sunday. They really wasn't much movement. So the only day I'll really be missing is probably friday Um, and I will be interested in seeing how that acts So I will be trying to get some internet, but I will be out of the country. So we'll see how that plays out Um, and yes, that's pretty much the the main things I'm looking for that's the support and resistance levels I'm watching and some of the patterns that I'm watching this week. Um, and going forward So, uh, the main thing is going to be seeing how, you know, looking out for any other news I don't know if they're going to follow another lawsuit. Uh, next week I mean, they're going to follow another lawsuit tomorrow morning against somebody else Uh, maybe gemini is is is the next one on their on their, uh, list um, but, uh Yeah, I think gemini's already been sued. They were sued. They were getting sued for their, uh, for the urn program Um, yes, right. So ironically somebody I was talking to somebody earlier and they're like, oh I have a bad feeling that kraken's gonna be on the list even though kraken also, uh, I'm pretty sure they also were served Um by the sec for I think similar staking If I'm not mistaken Let me double check Holds guys hold Um, yeah, there was a settlement to discontinue Sale of cryptocurrency assets. Yeah, so it was it was around The what there was a 30 million dollar settlement Wow, I didn't uh, see that they so they ended up settling and again, this is this is why I say, um Some people might might pay these these settlement fees because 30 million dollars is still a lot of money, but it's not 200. Right and These are these are the issues. Yeah, so kraken it was for their staking programs. Um, Then that was back in february Yeah, so Yeah, they've been slowly slowly going after everybody basically Um, all right, so, um, if we had if you guys have any questions about anything that we've covered today um Anything that we that's just kind of out there that's going on right now Drop it in the comments right now. I did also ask on um on uh on ig on instagram So i'm uh, i'm gonna take a look there to see if we have any questions that we we can cover And then we'll wrap things up here. Uh, we're getting to our one hour threshold here. Um So let me see one question that I see here. Let's see Uh How will the sec lawsuit affect the staking rewards on coinbase? What do you what do you think about that? so Staking was always a gray area and I think that most of us can agree on those aspects. Um When it comes to This is why verbiage is very important and why a lot of like the pos protocols Kind of start to get tricky Uh, especially if they are offering rewards to Stakers and nothing to non-stakers because that has like an incentive mechanism and blah blah blah Under securities law that is seen as guaranteed returns Which Then kind of like hints the idea like these things are in fact securities. Um Um When I saw the thing come out with um crack in earlier in the year I I I had a feeling that this was pretty much prone to happen Uh across the board Coinbase coinbase is a unique case because they've actually been again filing things Towards the sec and asking them for clarity and asking them for this and asking them for that Supposedly the sec claims they've you know provided whatever but it doesn't make any sense that you've been providing clear and concise information Um, you you never actually answered back directly to the petition after 11 months and a additional uh motion sent Um and instead you counter suit. So I mean it just it's very Suspicious. Yeah, and their only response is oh You know these we're doing the hard work. These things take time. We're doing our due diligence. Blah blah blah Um, so I think that they kind of have a little bit of an upper You know similar to xrp who was also supposedly working very close to the sec and very close to You know these people, um, they might have the upper hand in this situation and um, if they can avoid settling great um I think I think out of all this, uh, we will get Some good guidelines. Um, I think it's gonna definitely affect a lot of the u.s. Um industry a lot with a lot of people who are You know interested in trading and investing and and doing all these kind of things with cryptocurrency because there's a lot of good products that have come out Um, you know different like baskets and things that are you know just offered Um, and especially, you know, you know pointed out point base has um, you know had an ipo They have they have they're on the new york stock exchange, you know, these this is a publicly traded company So for them to just not even be Compliant, you know out of nowhere. It's just it's um, it doesn't look good Um on the sec's behalf And it just it just sounds crazy how You supposedly have these people You know trading in actual security on the actual stock exchange. Um, you didn't give them any clarity and They're kind of just like You know, they're not I don't think you're just gonna take it. I there's just no way it just doesn't make any sense. Um Yeah, uh Again very very clear ginsle's just trying to get rid of crypto Yeah, he said it. He said it. Um, he's not sure I you know, my thing is he's not sure how to attack ethereum Because it's just way too big. Um, and I think that's what Most people are waiting for to see how You will attack The silver of crypto and I you know Very very interested in seeing how this is gonna pan out. Um very interested in seeing how stable coins will be affected coming up because the idea of So stable coins they have followed a lot of rules and regulations Especially when it comes to getting like licenses and operating things in the united states last I've heard, you know, it's circle and um, you know, them having certain deposits in fact deposits and blah blah blah So there's a lot of things that have been followed by the book there But at the same time, you know, if everything but bitcoin is considered a security, what are stable coins? And what? What what is the intention behind these stable coins and and what will Be replacing them if something does like those those are questions that are coming are coming to my mind. Um, because That's that's interesting to me Um, especially since circle is the one that operates within the u.s. And by the way has launched a petition in the past Uh asking for all stable coins except for their own to be recognized as Uh a u.s comparable like dollar backed asset, so So, uh, yeah, I don't know. We'll we'll see. I don't think I don't think anybody should do anything drastic As of right now, we already saw what happened with ripple ripple got sued. They dumped hard they came back strong though and um, it's looking very optimistic for their case and I think this is probably going to be a similar thing Um with coinbase especially since they've had a lot of due diligence that they pushed Really really hope they don't settle really hope that they uh go through with Um a lawsuit and fight for the sake of the industry. Brian Armstrong has always been a very notable character within the space to help push And fight for the industry. So I think uh, I think overall and Yeah, let's let's wait and see I wouldn't I wouldn't do anything drastic. Obviously, don't keep your money on an exchange Put it somewhere else. Um, I don't I'm I'm also interested in seeing how banks Treat these exchanges Um as on and off ramps moving forward. Uh, oh, I guess something I didn't mention is in the wake of uh Let me see if I can go back to this but pretty much in the wake of um coinbase getting that suit there was a Additional Motion that was pushed Oh man, I want to it was a I saw it was a tweet Here I saw it for a minute. So but basically there's 10 states that are asking are giving 28 days to coinbase to um, basically Prove to them or show them why Um coinbase shouldn't be allowed to function within their states. Um because now it's been You know listed as violating securities law by the sec And you know, basically they they they gave them a cease and desist in 28 days unless they can prove You know certain things otherwise. Um, and that was Alabama and a few others that I don't remember off the top of my head, but You know crazy things here So look out for Season desist filed by your state. Um, again, there is a total of, uh, 10 states, um Base I'll see if I can find it real quick. But yeah, those those are pretty much my thoughts. I wouldn't be too too Alarmed so what was your answer to the question? My answer, um, uh I would say wait it out. Okay. So the 10 states, california, illinois, kentucky, maryland, new jersey, south carolina, vermont, washington and wisconsin To be exact. Okay Uh, in addition to now. Yeah, it's good to know. So, all right. Yeah, so florida. We're good So so basically my answer to my question to the question is hang tight Again, we saw what happened with ripple. Uh ripple got sued. They dumped hard. They came back very strong You know, they have their community of bag holders that you know, follow them through and through um Yeah, I wouldn't I wouldn't Panic to do anything immediately Coinbase has been very diligent with collecting, you know, k y c information and reporting it to the sec and all that kind of stuff They've been very transparent with all that information Um, some of the things that they are, you know, suing them for don't really have a lot of basis in my opinion especially when it comes to Uh, the clearing house and all this stuff a lot of the stuff that they're again They're comparing it to the a very traditional Stock market and the stock market having, you know, people who do clearing houses and they do this and they do that Meanwhile, they're seeing a crypto exchange as doing everything under one roof when Things are settled on the blockchain. There is no real clearing people don't, you know The validation of transactions happens by validators who are either staking or or running nodes It's just it's just a very very very different terrain and some of the things that they're suing them for They don't actually even touch Right, like coinbase doesn't actually have to manually press the button Sell and buy for customers because everything Happens on chain. Um, it is a central entity So it holds assets and verifies that those assets like are there But in terms of actually like, you know, even like finalized these swaps they have nothing to do with it So I think a lot of this stuff doesn't have a lot of Standing and Yeah, I Also very interested in seeing what's going to happen with dexes Um, because dexes and defi has been another thing that people have talked about that fall under these regulatory confinements and um, even then like where where do those people fall? So yeah, yeah, um I guess that's my answer That was a great 10 minute answer Um, yeah, it's wild. I I forgot what the question was already, but um now the question the question was Uh, how does how does uh, the lawsuit, um, affect staking on coinbase, um, you know, like like she said, um I don't think anything's gonna happen right now. And if they in when it, you know, they're gonna go to court and that's gonna be They might pause it temporarily. They might pause it temporarily. It's gonna be it's gonna be a while if anything Worst case scenario, they'll just stop They'll stop the staking program and you'll just have to like withdraw your money Um, and you know, I don't think there's any there should be a an event or a scenario where you will lose Where you will lose that money. So, um, I think you should be good. Um, and then real quick I'll do I'll do like two more questions because already past two or past the hour mark um Is crypto dead? My answer is crypto will never be dead And now is the time that you want to be buying not when it's mainstream, right? Not when it's on the news not when you know It's at all time highs not when we're in the bull market. You want to be buying Right now When prices are down when prices are depressed when sentiment is down Now is the time if you want to get and I don't like saying get rich in crypto, right? Not get rich, but if you want to make some money if you want the best chance at making money You have to buy during these times, right when it's boring right now. It's boring That's when you buy. So, um, yeah, crypto is definitely not dead far from it As you can see sec is doing everything in their power that they can to try to affect it and Look at the price bitcoin is up today almost four percent bitcoin doesn't care bitcoin is not dead It will never be dead Um, I agree. Yeah, um, and then the last one I'll do is, um Solana prediction For me, uh, Solana prediction, I think it's it's gonna remain, you know Within that that top 10 top 25 coin I think, you know, once the bull market comes back It has a real shot at getting back to prices where where it was before right now It's at a crazy discount from its all-time highs if you think that it's gonna get back to its all-time highs It's down like 92 93 percent from there. Um It's a great opportunity, you know, uh, like I always say diversify Um, I think this is this is a good Uh project to to put some funds into and that can potentially do good in the future. What do you think? Yeah, Solana, I haven't really, uh They got wrecked man that poor community. Um Yeah, I'm optimistic about uh, where you know, it's still thriving. I see it on twitter and this There's still so much so many projects. There's so many people that still they still have a really big community Yeah, of course, I don't think that's you know, they're they're they're they're gonna go anywhere. I hope them the best. Um My my opinions on Solana. I I personally don't never Care to get involved really I've fought so in the past. Um, mostly for step in but Yeah, very far removed from Solana. So I don't really have any valid opinions there. Yep. Um, and then, uh Let me see is there anything else? Uh, there's nothing in there. Hurry up. My computer's gonna die Yeah, well, so we'll wrap we'll wrap things up here. Um, thank you guys, uh, so much for tuning in today You know, if you tuned in live or if you tuned in after the fact I appreciate you guys tuning in especially if you tuned in all the way to the end You're a champion. You deserve lots of success and more bitcoin. Hopefully in your wallet Maybe someone will send you one by mistake or something. Um, but uh But uh, yeah, that's pretty much it guys We're doing this every well today we today we did it on the Tuesday because uh, I had a uh, I had a haircut appointment Yesterday, so I couldn't do it yesterday Um, but so so we're trying to do this at least once a week though And I also want to start uploading these onto as a podcast I think that'll be pretty cool. Uh, maybe up up on, you know, spotify apple podcast all those things I think this will this will be something cool to upload on there So, you know, even if you're not able to watch it live on youtube You can listen to it while you're at the gym or you're at work while you're in the car Whatever the case may be so uh, something I've been looking into As a next step for the for the evolution of let's talk crypto So, uh, thank you guys again for tuning in. We'll be live again next week. Hopefully on monday at 1 p.m. Eastern standard time Um, let's see what happens this week. Thank you again bitcoin queen for tuning in and uh co-hosting with me here today And providing all the valuable information that you did for us today. So appreciate you And uh, that's it. Thank you guys. I'll see you on the next one as always peace and love And we're out