Trading the Markets LIVE (April 30, 2025) | Kris Bullock and Bijan Maleki
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Happy Wednesday, everyone, and welcome back to another episode of Trading the Markets. I'm Bijan Maleki, and I'm joined, of course, by Chris Bullock. Chris, how are you doing on this midweek? Doing good, Bijan. It's a fun day so far.

Our second show in a row. Yeah, right? Yeah, Chris and I were just on Crypto Distillery earlier this morning. If you're a pro-crypto member or All Access member, be sure to check that out. A lot of great charts that Chris went through. And we're going to go through some more charts today. Just a reminder, guys, as always, this is not financial advice. We're just suggesting ideas and trades that we think are interesting to look at for you guys to have on your radar.

And without further ado, let's just dive right into it. Chris, what's what's on your mind today in the market?

Yeah, so I wanted to start by just doing a quick top down zoom out review of just, you know, starting with Bitcoin and then we'll dig into some of the trade ideas and the crypto dashboard and all of the other stuff. But just briefly looking at Bitcoin, I want to follow up on a chart that I talked about last week just to sort of show how it has progressed since then. So last week we touched on the Bitcoin with the Ichimoku chart.

And at that point in time, we had just pierced up above the top of this cloud, which was a really strong signal, which was kind of showing a longer term weekly trend reversal that we've been waiting for. So that was really good. And since then, you can see that we've basically held that top of that cloud as support. And then more importantly, we've had a crossover of these two lines here. This is called a bullish TK crossover. I'm sorry, the

Blue line is called the conversion line. The red line is called the baseline. And the blue line is crossed up over, which is also a bullish signal. However, it's a bit of a muted bull.

bullish signal in that this crossover occurred like below the whole cloud. It would have been a little bit better if it would have occurred within the cloud and even better still if we'd have gotten that signal above the cloud. But nevertheless, it is a step in the right direction. We continue to make baby steps in the right direction, further cementing this longer term weekly trend reversal. This is also...

illustrated here just with the bull market support band, which is this line here that we talk about. It too is now sort of flipped to support, which is really good to see. Prices above it, similar to how it was above the cloud. We can also see the bottom, the 21 week EMA moving average component of this indicator has flipped to the upside and is starting to work its way towards eventually crossing over the red one, which hopefully we'll see

in the coming weeks. Also, I kind of wanted to call out how we saw a ton of assets and we maybe get into some of these other charts in a bit, but we saw a ton of assets with big, big green candles last week. We said, you know, last week's show, it was like huge upside across the board. A number of assets were having, you know,

double digit. Some even had 100% gains in a single day. And so the market got a little bit overcooked, I feel like in that moment. And so I'm not surprised at all to see things just kind of meander sideways since then. And a lot, we'll see a ton of assets basically coming back to their 10 day and some of them even to their 20 day moving averages. We're starting to see just a bit of a mean reversion across the board pretty much with nearly every chart that I've pulled up

And this is normal. And, you know, to be expected, honestly, when you get a big bump up like this. So I do feel like that we'll probably see a bounce off of some of these moving averages, whether it's the 10 or the 20, which is a little further away, we'll see. And, you know, a continued upside from here. So really, I think things look good. You know, if your favorite asset that you're holding is down maybe 10 or 15 percent in the last few days, it's nothing to worry about. You know, after such a big bump up, it's totally normal to see.

and um you know we're kind of back in a little bit of a by the dip you know uh getting ready to bounce i feel like zone for a lot of these and um it'll be you know another leg up hopefully soon so that's that's kind of what i'm looking at for big overview and then you know we'll dig into the littler stuff now as we as we go along here absolutely uh

I mean, definitely bullish signs on the horizon. Crypto ETFs last week recorded their third best week on record of inflows coming in at $3.4 billion. $3.2 of those billion went towards Bitcoin. So definitely some interesting bullish things on the horizon. Hi, Raoul here.

Listen, I think we've got until 2030 before the economic singularity arrives. Now, it might not be the exact date, but it's around then. So we have about six years to figure out how to unfuck our future. I've put together a report to help you called Prepare for 2030. It's going to help you take the first steps in that journey to make sure you're secure past 2030. So just click on the link below and start your journey now.

Reminder, everyone, if you have any questions, if you have a coin or a trade or a chart that you want us to look at directly live on air, just throw it into one of our chats, whether that's on Twitter, on platform, and we'll try and take your questions live. Chris, so what are we thinking in the way of trades this week? I know you've been using Jamie's dashboard to help you identify some nice trades. What have you got for us this week?

Yeah, and once again, it's pulled up some really, really interesting stuff. I wanted to first comment on the dashboard by talking about the top 200 market cap versus top 200 equal weight and note that over the past 30 days and over the past seven days, the equal weight has led the charge somewhat, which is basically telling us that altcoins have outshone the larger market caps. So it's...

not alt season yet necessarily, but we're starting to see stronger signs of strength within the lower market cap sector, which is interesting to me. But if we drill down a little bit, there was a couple that really stood out to me. One, I like to...

First, just look at what's got the highest percentage over the last 30 days. I'll typically start there. And so digital currencies led that pack. And then within that, I start to look and see, well, what's going on within the rest of the stuff? So meme coins is generally high. General is high, which I'll get into in a second. Privacy has been the strongest resource.

really over the last, I mean, honestly, the last year, which is interesting. We talked about this a few weeks ago and really this sector is just made up by Monero and Zcash. And I'm not going to necessarily recommend them because they're just sort of a unique thing. They're a bit of an outlier. So I want to go back to the general and I'll sort this by the 30-day period

just see what's done the best over the 30 days. This was interesting to me to see both BSV and BCH kind of leading the charge over the last 30 days, which again, I'm not going to recommend. There's a lot of sort of noise, if you will, in the upper half of this chunk here. But one of the ones that stood out to me was this Ultima coin. Okay.

And, you know, it's green across the board. I mean, you know, over the last year, it's up almost 400 percent over the last six months up to 222 percent, you know, 42 and so on and so forth. And so I'm like, I don't know if I even know what this is. What is this asset that, you know, is is seriously outperforming everything? It's something I would have never stumbled on had I not been looking at this. And so.

I went and pulled up the chart and I did a little bit of digging on what it was. It's actually, it's a layer one. It's kind of a unique layer one that's sort of building its own ecosystem. And it's got some interesting, I guess, memetic properties, if you will. It's, you know, there's a lot of,

a lot going on socially with it, a lot of sort of gamification, a lot of things to kind of keep the audience interested in what's going on. It's been around a minute. It's not brand new. It's, you know, it's, it's over a year old. So I was like, this is interesting. And if you look at the chart, I mean, back not too long ago at the end of December, it

It was down around $3,800. It's up around almost $20,000, which I'm like, what's up with this token supply? What's up with these high prices? So I looked and it's actually got a really low circulating supply. I think it's only got a max, a cap of $100.

Forgive me, 100,000 tokens, if I'm not mistaken. Let me double check here. Yeah, 100,000 is the max supply. So 100,000 tokens. The market cap is only 746 million. So we're talking, you know, $20,000 tokens, but yet only a market cap of 746 million. So it's currently ranked at number 203 in the market cap ranking. So it's still a ways down there with still quite a bit of upside, despite these...

massively high priced token prices. Very interesting. Also, this big volume breakout caught my eye. As I know, as you know, I'm a kind of a favorite. These are a favorite thing of mine to see. So the big volume breakout was interesting, but we're seeing a bit of a pennant pattern here. You know, like if we look, it's a little bit lower highs kind of across the board and then higher lows, which sort of forms this wedge that we talk about. Oops.

I can use this here, right? That, but anyway, yeah. So you get the idea. So kind of what I'm looking for here to me, this isn't a buy yet. But what I would want to see is a breakout and a higher high, uh,

above this level right here where it kind of bounced off where the previous touch on the top of the wedge here was. So I feel like if price can get back above this around 21, 800, to me, that would be an interesting breakout that would signal that, you know, it's got some upside potential. And then if you look at it on this trading alpha indicator too, it's starting to show signs of a trend reversal here.

you know, breakout as well. Like we had red candles, we had a yellow track line, but now suddenly the track line flipped to green and we don't have green candles yet, but we've got green dots, which signifies a potential trend reversal looming. So all of this is pointing to, you know, a potential breakout. Also, this clouded area signifies a liquidity squeeze, which generally means a

big price move is looming. And it looks like it could be to the upside given the way the trend is going. So again, it's too early to tell. I'm not saying buy in this yet.

But if we do get a breakout, I think above this level where it sets a new high, basically sets a higher high from before, then I think this one has some room to move. Even though the price is really, really high at, you know, 21,000 a token or 20-ish, give or take right now, because the market cap is so low, because the supply is so low, of course, you're going to get high token prices. So this one was interesting to me and I wouldn't have found it without that dashboard. So again, you know, thanks to Jamie Kutz for calling that out.

And then if we go back to the dashboard real quick, virtuals, you know, was another one. If we kind of dig in a little bit more and look at some of these other sections, was it, what was it? DeFi? Was it applications? I think it was. No, I can't find it. Hold on. Smart. No.

Yeah. And then AI, I was digging through AI. Um, AI as a sector has really bounced, uh, quite a bit over the last month as well that we can see. And so I drilled into the AI sector because, because I knew that, and we'd been looking at it in our, on our Monday show. And, um, virtuals is a chart that we've called out before, uh, you know, noticed it bounced really well out of the lows. And, uh, as if any of you have been following my, um, ongoing monthly portfolio, uh,

model portfolio reports. I held virtuals for a long time. I think my timing was just off on that because I got out of it perhaps a little too early after writing it down quite a bit. And I always had faith in it. And now it's proving my, my faith, right. Even though I, you know, sort of capitulated at the lows on that asset and sold it, but nevertheless it's bouncing. Like I thought it would, it's up, you know, 120% over the last month. And if we pull up the chart on that briefly too, yeah,

It's been really, really strong. It's got a nice bounce.

and big volume breakout too, which I've noticed. And it's sort of right back up to its bull market support band. You know, it's moving averages are deviating further apart. It's not even, you know, a lot of the assets that we've seen are coming down and touching their 10-day moving average. Some of them even touching their 20-day moving average. Virtuals is barely just creeping inside the top of the Bollinger Band. So it's showing sort of outsized relative strength. I feel like

right now. And, you know, it's definitely got the wind behind it and it's running pretty good. So, yeah, another one that caught my attention, again, from the dashboard. So, solid chart for sure. Yeah, nice find on both of those. One thing about

Ultima that I noticed while you were talking about it with the volume, I mean, obviously beautiful volume spike on that coin and recently, but also historically it's had pretty consistently nice size volume as well with that nice breakout recently. So,

Definitely something promising and worth putting on your radar. Great use of the dashboard. So we do have a question coming in from Sigma on YouTube. And Sigma, I'm glad you asked this question because that leads me into one of my trade ideas. And then we can actually have a nice little conversation between Chris and I on what we think would be the better. So Sigma's

is what is the better Sui beta play, Deep or Cetus? So actually, I want to highlight Dead Oxide Sui goes by Slayer or formerly known as Slayer in our Discord. So he put in a trade idea for Cetus, which is the number one

Dex on SWE. Really like this. He's been talking about Cetus for a long time. Cetus had a very recent breakout. I think it's up over 100% over the last 14 days. It's still 58% off from its all-time high. So I really do like this as a trade right now because...

Listen, you guys already know I'm a big believer in SWE, but I think ultimately if you think SWE is going to continue to run, this isn't a bad beta play to really capture that upside, especially being that it's 58% off of its all-time high and should run further than that as SWE goes as well. So...

With that being said, Chris, what do you think? What do you think is a better... If we had to take one beta play for Sweet, what are we going to take? Are we taking Deep? Are we taking Cetus? Let's throw Lo-Fi in there as well, because I know you've been interested in that recently also. So what are we taking as a beta on Sweet? Well, let's look at the charts so we can get a little bit of an objective stance first. So

Cetus looks okay. Like it hasn't been as strong as deep has overall deep started stronger out of the gate, which we'll get into in a second. But Cetus has definitely had a nice bounce here for sure. I mean, it really recovered a lot of its, its losses, you know, rapidly over the last week, like, like a lot of stuff has and it's recovered its bull market support band and, and it looks to be sort of reversing its longer term trend. So definitely credit where it's due. I do think Cetus looks good. Yeah.

I got to say, though, I think deep looks better. And we've talked about deep a lot on our show. As you know, it's a very popular topic. Yeah.

And it really had a much stronger breakout. I think this candle here was like a two X in one day, basically. And it broke through its resistance. It's kind of come back down. It's, it's testing at a support right now. It's right at the 10 day moving average also, but it's just stronger overall. It's well above its bull market support band, which you can see kind of hidden in here. I know this chart's drawn up quite a bit more than the last chart because we, we look at this asset a lot. So yeah,

But nevertheless, I do think that deep has it. It just looks better structurally. It's got a better looking chart overall. It's got better relative strength. And to me, I think it's just got more momentum. So yeah,

I would, I would go on that now, uh, between that and lo-fi. Um, I, I mean, that's a good question too. Let's, uh, or actually I got over here. Lo-fi, lo-fi is a little bit different because it's newer. Um, and because it's a, it's just a straight meme, but, um, that doesn't, you know, that, that shouldn't dissuade you necessarily from holding it, it just being a straight me. And there's plenty of, I have a lot of money in memes right now. So, um, I mean, that's, they're entirely valid is my point. Um,

This one's tricky. You could argue that Lo-Fi has a little bit more room on the upside because its market cap is lower than Deep. I think Deep is above a billion already, if I'm not mistaken, whereas Lo-Fi is...

what is it? 28 million. I want to say something like that. Lo-fi is low. So yeah. So lo-fi, obviously it takes far less money to move the needle with lo-fi. So, but also it's, it's that much more risky because it's further out the risk curve because the market cap is lower to begin with. So you have to kind of factor all that in a, a,

safer bet quote unquote would be deep but um that's not to say that you know lo-fi couldn't ultimately outpace it in uh outright percentage gains again because of its lower market cap uh to begin with so i think if lo-fi uh gets a nice bounce here and catches a solid bid and continues this trend upwards then yeah you know i think it's it warrants having some exposure to it i actually got a few percent uh exposure to lo-fi last week off of the

Off of this bounce too. Off of this nice volume breakout as well. So I don't know. And then where does that leave Cetus in the end? It's funny. I struggle with, I don't know, something about DEX tokens for me just don't appeal as much. I don't think they generally...

go as well. I mean, you know, there's exceptions here and there, but even the top-performing DEX tokens, you know, your Uniswaps and stuff like that, over the years, they've never really blown up and gone to the moon and been like this sort of outsized gains beta play that everybody thought that they would be. And so, you know, I...

I kind of want to lump seat us into that category a little bit for better or worse. And so it, to me, it just doesn't appeal based on that. Whereas deep has a unique use case because it's just liquidity across the entire, basically sweet ecosystem. And then of course, lo-fi being just a straight up meme, which is just pure speculation, but that, that can do well too. So of those three, I would say deep and lo-fi. And of those two,

Man, flip a coin. Again, it kind of just depends on your risk profile, I guess, if you will, and sort of how you want to approach that. I would own a little bit more of deep maybe than I would of lo-fi, just given its sort of

longer-term stability. We know it's not going anywhere. We know it's a deeply entrenched, you know, core piece of infrastructure within the SWE ecosystem. And so I think if SWE does well, Deep is automatically going to do well. Whereas Lo-Fi, Lo-Fi just has to kind of keep people's attention, which it very well could, but it's a completely different dynamic going on there. And so Deep is the safer bet. Lo-Fi is more the home run swing of the two, I think. Yeah, very well said. Yeah.

Sigma, I would definitely go with Deep. Between Cetus and Deep, I would go with Deep for sure. Just because I like being the liquidity layer. I like that narrative and just that use case better than an actual DEX use case if I'm choosing between those two. Cetus, though, I do think it's interesting just because...

people are so excited about Sui right now. So I'm just wondering if it could have a similar type of trajectory that like Radium and Orca had on Solana last cycle. But then again, Chris like brings up such a great point about kind of that Dex narrative into this cycle. So I don't necessarily know if Cetus could

break out from that. But, you know, regardless, I do think they can get back to their all time high. So you do have some upside there. Very well said. So one more trade I want to call out as well. This is purely a meme play, guys, is Housecoin. It's been all over the timeline. So I'm sure a lot of you have seen it already.

It's currently, I think right before Chris and I got on air, it was just above 100 million on market cap. When we first talked about this on Monday, it was at about 50 or so million market cap. So it did see a 2X increase.

I think it's just an interesting thing to monitor from a narrative perspective. I wouldn't, it feels tough to say to buy this right now or to kind of put that on there. Cause I myself haven't even bought it yet. I do. There are some people that I really like on Twitter that do see this kind of going the ways of a fart coin and having a nice little rise here on out. But I think it's something to look at. And just also, it's a good one to like study and see cause house coin has been around for a month. And then all of a sudden the last few days, it,

just skyrocketed. So I think watching some of that, seeing how that narrative played out and team, you can apply that to something else with some dry powder down the line could be a good learning lesson. So I definitely wanted to mention that in case it wasn't on your radar. So you guys could, uh, could check that one out. Uh, and then also I want to go back really quickly to, uh, deep and, um,

And lo-fi on the market cap deep is at a 450 million market cap and lo-fi is 28 million market cap. So yeah, definitely a lot of upside on both, uh, still to, to capture. Yeah. I'm, I must've confused it with something. I thought it was around a billion, but maybe definitely let's hope it gets there. Yes. Yes, for sure. Um,

So I wanted to touch on the I brought this up on our Monday show, too. But there's this website I've been using called CryptoRank.

And one of the tools I use to try and find what's hot at any given time is I pull up this list and it basically sorts assets by the amount of time since it last set a new all-time high. And then I filtered it by a market cap of 400 million. So I didn't want to have anything too low because lots of stuff comes out every day that, of course, sets new all-time highs all the time. So I wanted to filter it by 400 million on the low side so that it was really only established

assets, you know, that were showing up on this list. And one of the ones we talked about on the Monday show was this, uh, sole layer or layer token. Since that time, it has gone on to set yet another new all-time high just today. So, um, again, I thought that this list was super handy in, in identifying that. And if we look at the chart actually, which I've got right here, um, it's, it's a really super interesting chart and it continues to, um,

it continues to intrigue me because it's just this sort of super steady grind upwards, you know, with just plodding along poking new all time highs, probably every, you know, week or two. And, uh, you know, it just really steady and it's, it's just really interesting price action to me. And, uh,

you know, it's so far so good. I mean, it hasn't really, I'm wondering what's going to ultimately break this trend or when it's going to close below the 20 day moving average. But in the, you know, almost two months that it's been open, it's just been a real steady climb, but you like to see that with brand new assets, you know, that aren't out very long. Typically you get these really erratic, weird price action with huge candles up and down, very volatile, um,

And you just can't base any insight off of it. Whereas this chart, you've got a clear structure that's in place, a clear trend that's in place, and a very, very sort of clear invalidation level. You know that at some point, if it does break either of the... If it does break this...

this moving average and close below it, that's a very clear signal that something suddenly is different, whereas in a much more erratic, volatile chart, you wouldn't really know. You'd be like, well, it went down 90% last week and it went back up 100% the day after. And it's like, you don't really know if you should get in or get out. But for some reason, this chart is just very, very clear. And so that's kind of what appeals to me about it. So I don't own any of this, to be clear, but

For some reason, you know, again, it caught my eye because it just, you know, just today it's at another new all-time high. So whatever's going on over here is interesting, but it's, you know, I wanted to talk about it because it was an interesting chart. And I wanted to shout out the CryptoRank website because, again, I use that all the time, you know, for not just newer stuff like this layer, but for any asset. Like I want to know the last time, whatever, Bitcoin hit an all-time high or SPX or any of these other tokens that we're following. It's cool to know that.

at a quick glance, how far they are out from their most recent all-time highs. So I like that website and I kind of keep that tab open in the background all the time and check it every week or two because it's useful for that.

Great shout out on that tool. Let's up into the right, you know, love, love. We love that direction. Yeah, exactly. Exactly. Direction. We want to see. So let's take another, let's take this last question from Andy on X. Why he wants us to take a look at another chart and see how H bar is looking these days. Yeah. Yeah. Let's see. Let's look. Yeah.

I would say, okay, first let's zoom out to the weekly timeframe just to kind of get a little bit more perspective on sort of just the general long-term trajectory. What do we got here? It's funny. It's been...

I mean, largely sideways. It spent all of 2023, you know, kind of going up a little, all of 2024 going down and then a big run up at the end of the year. I remember when this pumped, it was kind of when it was part of that dino coin pump as it was, you know, talked about with new government programs and things like that. So it definitely caught a huge bid off.

of that. But we can see really after that initial peak, volume has bled out and prices bled out, honestly, too, for that matter. And this happened to a lot of those that were in that mix, probably more than every one of them. I think XRP maybe has held up the best out of that bunch, but even it sort of has lost its trend as well.

Some of them bled out all the way back and gave all of these gains back. So you could argue this is held up. Okay. I'm kind of curious looking at this. I feel like this is calling for a, a fib retracement indicator real quick, just to see what it came down to. So it came back down to the 0.5 level. That's actually pretty good. I,

I feel like it's holding up relatively well, but not as good as some other stuff. And this volume honestly concerns me. This volume tells me that people are still holding this, but I would like to see... We've seen a ton of stuff come out with big volume spikes leading out of the lows, showing that there's a lot of renewed interest in these, you know, coming out of the sort of the reversal of this downtrend that we've been in. And we're not really seeing above average volume. We're not really seeing higher highs set in volume. So...

You can see each of these big green volume spikes on these big green buy days. Each one is lower than the previous one. So...

I don't have a good, strong sense that this is going to rally and continue to run. This is telling me that the market isn't necessarily into this. And each green pump is basically getting sold off each time. Like, you know, it's sort of exit liquidity and people are selling into these rallies instead of buying into them. Now, granted, price has reversed. I'll give it that credit where it's due there.

but it still really isn't back up above its bull market support band. It's sort of being rejected on the bottom side of it. So structurally, it doesn't look as good as a number of other assets that we've looked at and has some catching up to do. Also, we can see kind of if we draw a trend line right here or

we can see that it hasn't it hasn't really broken this downtrend structure um you know it's sort of right at at its at its resistance i guess if you will sort of on the downtrend structure so it has some work to do it it incurred a lot of structural damage it has some work to do to really show that the market uh that this token is back in favor with the broader crypto market and right now i'm not seeing that both in volume and price uh for that matter so

Yeah. Yeah. That's what I see. That large spike in volume that we saw in that chart just tells me that it was primarily narrative driven. And then we see the proof that on the technical side of things and the fundamental side of things, it is losing its luster, if you will, after that big pump. All right. Well, that will actually, you know, before we end here, I do want to see, though, because

you did mention looks okay. Right. But let's just real quickly before we end, compare this to how a Bitcoin, if we can. Yeah. Like, uh, yeah, exactly. Just so Andy has a better picture of what's going on with his, uh, with his H bar bag. Yeah, no good call. Um,

So a little worse overall. You can see it's a little bit even further still below the bull market support band. So structurally, it's worse off. It's actually lost ground to Bitcoin in this last little bit. I mean, obviously, yes, it outpaced it in that rally at the end of the year. But since then, it's just lost ground to Bitcoin. And if you look at it on a larger trend out

Outside of this rally at the end of the year, it basically peaked against Bitcoin in the previous cycle peak back in September of 2021 and has just continued basically a long, slow downtrend bleed out against Bitcoin ever since then. So you're much, much, much better off just holding Bitcoin in this scenario, honestly. Yeah, I had a feeling. Yeah.

Yeah. Awesome. Well, Andy, thank you for the question. I hope that gives you some insight on your H bar and guys, thank you everyone for the questions that is going to do it for today's session. As always, if you have any questions, always feel free to put them in the live chat. If you thought of something, put it in, maybe we can get back to it next week. And until then, we'll see you guys on Monday for our longer session TA, and we'll see you back again next week on Wednesday. Have a great week, everyone.

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