Trading the Markets: July 09, 2025 | Kris Bullock and Bijan Maleki

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0:47Happy Wednesday, everyone, and welcome back to another episode of Trading the Markets. I'm Bijan Malecki, and of course, I'm joined by Chris Bullock, a.k.a. Blasto Plast. Guys, this is the episode where we talk about the markets, what trades are on our mind. So if you guys have any questions or any charts you want us to look at live on air, just drop your questions in the live chat on X or on platform and we'll get to as many as we can. Another reminder as well, Andreas Steno is back for his monthly State of the Union where he walks us through his latest pro portfolio updates and how his trades have been doing.

1:29and we've also got another Solana deep dive that dropped on our platform for our pro tier. Ash sits down with the CEO and CTO of Sol Strategies to discuss the Solana ecosystem. So make sure you check those out. And if you're not a pro member, make sure you upgrade because we've got a lot of fantastic content for our pro tier as well as our crypto dashboards from Jamie Coots. So definitely give those a try if you haven't already. And as always, we discuss this all day, every day in our Discord. So if you're not in our Discord, join us so you can continue the conversation. And also note, this is not financial advice.

2:07We're just a DGEN and a technical analyst talking about what interests us. So if you find something that interests you, we implore you to do further research. As one of our members often says, Crispy Dior, do your own research. So without further ado, Chris, how you doing? And what's on your mind as we have this hump day on our hands? Doing really good. It's been a fun week. Kind of the theme for this week appears to be coiling just across the board. Every chart looks like it looks just like it's ready to launch, you know, and we're seeing a lot of meme coins, not meme coins, but alt coins in general, a bit outpacing Bitcoin on the week.

2:47And so I'm seeing some green, seeing some green everywhere. And it's pretty cool. Like if we if we look at just the Bitcoin chart here, the perfect example of this is it's just been riding up along this 10 day moving average and butting up against sort of the initial cycle high that it's set here back on June 9th. And, you know, just pushing up against it. And, you know, there's there's only so many times it's going to do that before it's going to break out. And when you look at a lot of the other assets in the watch list and in the space, they all kind of look like this. They're all in one form or another just pushing up against resistance and looking like they're ready to pop.

3:22And that's combined with a lot of really low volatility, like a lot of just sideways price action for really the last month plus. And so that's where we're getting this sort of coiling effect where, you know, the Bollinger Bands are squeezed really tight and everything is just, again, ready to go. So I wanted to start with Bitcoin by looking at it here, but then I wanted to talk about actually Ethereum because we've been talking about this ETH Bitcoin chart for quite some time. And this is continuing to show strength, a little bit to my surprise even. I know I keep talking about we need to get above this yellow line here and truly set a higher high before it's going to get my attention.

4:01But it's doing all the right things in the meantime. Like it's continuing to hold this 10-week moving average as support. and honestly right now if it can hold the level it's at it will be the highest weekly close that it's had since this this initial you know bottoming pattern started so it's on its way to you know continuing to produce continuing to move in the right direction continuing to outpace bitcoin just slightly but you know outpace bitcoin at least um over the last month plus and so it hasn't broken down and that's good and i know i compare it a lot to like this this other structure this other structure that happened just about a year ago uh you know this very very similar to what we're seeing right now and and as you can see it's done sort of the similar thing a number of times and then just continue to just break down and go on and set lower lows and so i'm still wary of that but um you know the fact that you know we're what is this probably eight plus weeks in now and we're actually continuing to inch slightly higher highs is our already a little bit better than what we've seen previously.

5:06Again, if you go back and look at this previous structure, it never really did that. It had the initial high, but then it already started bleeding pretty much immediately after that. Whereas this, it's managing to hold up. So cautiously optimistic on Ethereum. I think it's pretty interesting. And I think that if Ethereum can continue to hold this strength and actually go on and set a higher high here, that's going to be really, really good sign for the alt space rather. And so I'm excited for that. You know, again, it's still early days, but I think that this is really something to pay attention to.

5:39And I'm enjoying watching it unfold here. So yeah, outside of that, we've got a bunch of just random little stuff I know we can touch on. I want to actually start with another one, XRP though, because XRP actually is showing a lot of surprising strength right now too. I like to use this trading alpha indicator and we're seeing, you know, steady run up, steady green dots and now we've got sort of up with a bullet basically is sort of kind of what this this green arrow means which is showing it's it's a lot of strength it's a thrust indicator and it's i think it's on its way to sort of breaking out of this structure like i said with a lot of these we've been going flat for a while on a lot of these and uh you know we've got a bullet here same thing with um spx also we've got a bullet here and uh i'm excited about that too And keep in mind, this is basically SPX's all-time high right here or within a hair's distance of it.

6:36And so we're like right there with SPX. And yesterday it had this big thrust candle indicator, and we've got a green arrow here with green dots. And this sort of shaded structure here, which I want to highlight, is also basically signifying a coiling effect or a volatility squeeze. So this is all a very good sign with a lot of these assets are showing this. And we're seeing basically, like I said, everything is coiled. Everything is ready to launch and bring it on. SPX looks like it is imminently going to touch that all time high and blow past it. So, yeah, we've been talking about SPX for quite a while now.

7:19And every time we look at that chart, I'm always just I guess I guess I can't be shocked at this point, but I'm just always just kind of in awe. right of how well it just continues to perform uh it's we like we've said before it's beyond a meme coin at this point it's it's a movement token so uh if you're not involved in the movement um well you know i don't know what what else the chart could tell you uh so before we hit it on to maybe some other meme coins or some other you know other other ideas we have in mind i do want to highlight or mention some little bit of breaking news in our space uh pump fun has announced that they are launching an initial coin offering on Saturday, July 12th.

8:04They have an airdrop coming soon. And as they say, our plan is to kill Facebook, TikTok, and Twitch on Solana. So interesting development from an ecosystem or from a project that has not without its controversy, one that we thought was shut down, but clearly is not. And, you know, it's coming off of the back of that bonk announcement as well. So clearly we've got some competition in the space. We'll we'll see what it what it can do. But what do you what your initial thoughts on where you think pump will run out the gate? What do you think about that? I mean, it'll probably blow. I mean, just based on the looks of that video on that announcement alone, it's probably pretty pretty crazy.

8:48But no, I mean, I think that, you know, it's, it's, this space is so weird. And you know, it's gonna, it's gonna run on some level, just because of what it is. And I know it's gonna be interesting how it, how it compares to Bonk, because I know Bonk also introduced sort of a pump.fun platform competitor, you know, this past week, and it too rallied based off of that news. So it'll be interesting to see how those two perform. But obviously, given the fact that pump is a brand new token. Presumably it's going to have a much, much lower market cap than the likes of Bonk. And so sure. I mean, it's probably got a chance to rip pretty good, but of course it's going to be wildly speculative and wildly risky.

9:29So it's just, you know, throw some lunch money at it or whatever and sort of see what happens. But yeah, it's for sure to be a wild time. Yeah. I mean, PumpFun is literally the meme coin casino. That's like the trenches that everyone talks about uh so be uh be wary but i do agree with you chris i do think that one's gonna pump at least initially uh we're gonna see a lot of euphoria and we're gonna see a lot of probably mentions on the timeline about it so uh if you miss out on on that don't don't fomo too much i i guarantee you to probably probably have a dip as well so yeah be wary of that so let's um shall we get into some some of the trades some of the charts yeah yeah i know you have quite a few on your watch list.

10:14So maybe we can kind of touch on those before, you know, I talk about some of the coins that have my interest and you won't be surprised what they are. Sure. So one of the ones that's been kind of catching my eye, we've talked about it maybe on recent shows, is Kida. And initially I thought it looked like it was maybe going to roll over. I was a little wary because, you know, we had seen volume kind of tail off a little bit. We'd seen it, you know, lose this support level that it had set back here, kind of not once but twice. Like it broke down, it tried to get back up and break above and then it broke down again.

10:50But then suddenly, like in the last, say seven days or so, I feel like it's come back on. It's kind of come back to life a little bit. We've seen volume tick back up. Now we're seeing, you know, multiple above average volume days and we're seeing the moving averages start to roll back up to the upside slightly. We're seeing price break above the 20 day moving average again and sort of restore this uptrend structure. and so i think that maybe this was a bit of a bottoming pattern and we're seeing you know it come back to life a little bit and in fact on the day it's up uh it's up almost 10 percent uh it was up more than 10 percent it's kind of leading my watch list here that i'm looking at at the moment so i think kita actually looks good for it's a decent entry right now it's kind of a breakout above the support level so i like what i'm seeing with kita um i think it's probably a good a good play uh yeah i don't know if it's necessarily like a core position type play but i think that it's worth a punt probably it just has a good good looking chart structure i think it held the support and uh you know it looks like it's rounding back up so i like it very nice uh so we do have a question that came in from uh stewart zimbal on the platform stewart we already touched on xrp but um he wants us to take a look at sweet and deep as well so maybe we can dive into some of those before we kind of get into some more coins that are further along the risk curve?

12:12Yeah. So looking at SWE, it still doesn't look as good as most other things. It is in the process of running back up, kind of just like the Keta chart we looked at. It did bottom and it is forming higher highs, but it's still like on this indicator here, it's got kind of an ugly red track line. It's kind of starting to, you know, this green dot signifies that it is starting to reverse back to the upside a bit, but it's just not showing as much strength, I think, as say, even, well, like even Ethereum, for example, looking at it, here's a perfect contrast, you know, Ethereum, it's broken above its track line, it's got multiple green dots in a row, the track line itself is yellow, meaning it's working its way past the neutral stage and into like more of a green uptrend phase.

12:58Whereas if we go back to SWE again, we can see that actually SWE hasn't really even made it back above its track line and the line is still red and it's just it's not terrible but it it could be better like it is constructive you could argue like if we look at it here just on this other set of indicators briefly um it is holding this trend line which i do like this is sort of the positive for me that kind of keeps me coming back to sweet is the fact that it's been in this longer upward trend line. It did touch it here. It came back, you know, it, it, it sort of, um, expanded out and then reverted back.

13:35And it is sort of held this trend line basically ever since it came back to it and touched it. And it's touched it multiple times and it's just riding along it. And it has sort of reversed the daily trend to the upside. So I do like what I'm seeing. Let me kind of get rid of the Bollinger Bands here for a second to clean up this chart. I do like what I'm seeing. I do like that. It's sort of worked its way back up into this bull market support band structure area here so again it's constructive it's good it's just not as good as some of the other assets that were that were tracking in the space but but um it's also like don't pull the plug i wouldn't say sell it or run away or that it's going to bleed out and it's going away and nothing like that at all like ultimately i think it'll end up where it needs to be uh i think it's just sort of lagging behind in the moment yeah and honestly yeah i was going to say that too.

14:23No, not a cause for alarm just yet. I think if we're holding onto Sui as a, you know, an, a core position within your portfolio, you know, stay, stay the course. I think the fact that ETH is showing signs of a, of a breakout and really showing signs of strengths is kind of brings me back to something that we've talked about pretty often on our show here is that ETH breaking out just means kind of game on for all season. So I think that ETH breakout would actually make me you know as pretty bullish on my solana position as well because i have a feeling that when he breaks out you know these these other stronger altcoins are going to follow like the suiz the solanas so on so forth so i think so too i think so too uh and let's take it let's just take a quick look at uh deep as well to steward's question yep yep let's see deep

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16:16Deep actually, I think, looks a little bit better. You can see it's a similar structure here where it's kind of got this, a bit of this trend line going down from the bottom, and it's sort of riding right along the same line, which is not surprising because it's essentially a SWE ecosystem token. But very, very similar structure to the SWE chart, only you can see it's arguably a little bit better because it's already above its bull market support band and it's you know flipped this trend this daily trend upwards and it's sort of holding support on its 10-day moving average so deep actually can uh structurally looks better than sweet does and again no reason to get rid of deep either for the same reason i think if you're if you're holding sweet and you're holding deep um they both look good you know and they're both um again maybe lagging behind some other stuff yeah sure they're not spx or whatever they're not syrup right now but that doesn't mean that they're they're done or they're cooked at all by any stretch and so i think that um they're continuing to track with the rest of the market and and honestly look fine fantastic thank you for the question uh stewart uh okay so you mentioned syrup uh was that one of the ones on your on your watch list that we were gonna touch on um it's not but we can let's look at syrup actually i do want to well let's touch on it because um what i talked about on monday on our Monday show with syrup is I think that syrup actually is due for a bit of a correction.

17:38I think that syrup got a little bit overheated. I think that the initial fundamental sort of influx of capital that drove this major rally in syrup hasn't continued. We haven't seen continuation of that money coming into the ecosystem. And so I think that this rally is starting to lose steam. And we can see it even in the moving averages, plain as day, like, sure, it was in this really strong upward trajectory till about here, till about this initial first peak and then um the the the moving averages have basically started to roll over ever since then and now finally they're crossing over the day the daily i'm sorry the 10 day is crossing over the 20 down below we're starting to see volume uh kind of level off i think if you kick on like some of these momentum indicators like the um the rsi we can see a bearish divergence on the rsi basically what we're looking at by that is you can see initial highs here and then it's basically just set lower highs.

18:32So as price has continued to move upwards, we're seeing momentum continue to move downwards, basically. And the moving average on the RSI is moving down. So this is also telling us that basically this rally effectively peaked back here on like May 24th. And yes, price has gone higher, but the momentum died at that point. And you're seeing it too with this MACD indicator here too. So I don't know. We need to see another sort of narrative shift, I think with syrup for it to be able to sustain this price action. And we're not seeing that yet. So I would say don't get into syrup right now until you, until you, you know, start to see more money coming in to that ecosystem to continue to drive that price basically.

19:12But yeah, I'm not liking syrup. One of the ones I did want to touch on that was useless because it's sort of funny. It's this meme coin that everybody's been talking about and everybody's like, oh, I can't get in. I'm waiting for a dip. I'm waiting for a dip. I can't, you know, and I think we got our dip here Basically, we got two daily red candles. We got, if you look here, an essentially a perfect touch on the 20-day moving average, which I often say in our Monday shows, if you're ever looking for an entry on a chart like this, just wait for a 20-day moving average touch. And it's funny, we got that perfectly.

19:44So this was the buying opportunity right here. And I think if you missed it, you missed it. And the reason I still think it's a strong buying opportunity is if you look at this volume, highest volume yet today out of this whole run. so clearly the momentum hasn't waned at all and uh it was like blink and you miss it basically in terms of the buy level it's like if you didn't already have an order on the books at this 20 day moving average then then you missed your entry and uh it's right back up to the all-time highs basically and so funny chart um but but one that's that's really just got you know got the legs behind it at the moment yeah speaking of momentum that chart is like almost the the volume chart is almost the opposite of syrup.

20:26You know, the trending up, just like in a beautiful crescendo. The other syrup was just trending down, just the exact opposite way. So love that volume. Right, right. Definitely going to take a look at Useless myself, actually, after this. This is the buying opportunity, but, you know, I'm a DJ and I buy high and I sell low. It's just whatever. But so I wanted to talk about some tokens myself, because one narrative that's just like I've been getting increasingly bullish on are just the community tokens that have been coming out from some of these great ecosystems that we've seen. So first one I want to touch on is Pengu.

21:10I'm going to go down like in order from market cap. So Pengu has over a$900 million market cap right now. They have a 19B4 filing. They rang the bell on Wall Street. The Penguin rang the bell on Wall Street. They have partnerships with big brands. They just have an incredible social presence as well. I think they get like 500 million views on their social from whether that's on Instagram, Twitter. And then they have a very expansive GIF ecosystem as well that people are using. uh so another thing i saw a tweet from somebody as well i can't remember who it was that popped up on my timeline so i'm sorry if i can't give you credit for it but they were basically talking about the 19b4 filing uh that pengu had and said to compare that pengu's market cap to the market caps of the other coins that have that have the 19b4 filing and uh basically was just saying much higher for pengu uh so yeah pengu was the only one that was under a billion market cap And the others were like six, seven,$15 billion market caps with those filings.

22:16So definitely one to keep on your radar. I noticed you brought up the chart as well. So what can we see from that? Well, one of the big things is the bull market support band. Both of the moving averages are pointed to the upside. And I know it's a bit of a newer chart. So it's not going to have a huge band with a lot of price history. but the fact that both bands are moving to the upside and the price itself is well above it is really strong. Also, this is the Binance chart, and I really love the volume I'm seeing on here. I mean, it's stayed steady and it had a big peak in this recent run-up here.

22:51So like you said, it's got tons of attention. It's got massive, massive trading volume, huge amount of holders. I mean, in part because they did a big airdrop, but still just lots of attention with this token right now. And I'm actually quite intrigued personally on this one. Like I'm leaning towards getting a position here personally because it's got legs for sure. Like I said, tons of trading volume, easy access on all the major tier one exchanges. And, you know, it's got this whole world going on with the NFTs, like you said, with all the merchandise. And it's very popular outside of even just like the crypto space.

23:25It's well beyond just a meme token at this point. And it's definitely worth paying attention to for sure. Yeah, Pengu just continues to just really just defy expectations for what an NFT community is. So, yeah, definitely wanted to give a shout out to that coin. And it's still under a billion market cap, right? So definitely still a nice entry as well. So next one I want to mention is Rekt. We've talked about it quite a few times. This one is at 150 million market cap or just above that. So obviously Rekt has a lot going on as well. uh they have obviously the wrecked guys they have the wrecked drinks uh mando and osf are kind of staples of our of our space right uh even though the drink space is competitive if you do like even have mild success you can break out you can just just have an incredible uh you know trajectory within that space so uh one thing nico was actually we were talking in a meeting yesterday nico mentioned how poppy the soda the prebiotic soda company they sold to pepsi for nearly two billion dollars uh so that's kind of like where you can go poppy's not like super i mean obviously they're you know pretty popular but they're only 10 years old uh and they just had wild success and ended up selling off to pepsi co um but one thing i like about wrecked is kind of the way they do things right i think they stand out uh they have pretty unique flavors right they have like some apple sour apple flavor involved with it they uh they use agave sweeteners in there that's not something that's usually typically used in uh seltzers that aren't like hard seltzers or like spiked seltzers so that's an interesting little product tweak if you will that they offer a little spit of a i've never tried it so i can't really speak to it but uh i do love agave syrup and things and a very natural sweetener um trying not chilling wreck drinks right but i do think uh the way they do their sales with like these limited edition drops is a really cool way to do their sales and drum up FOMO kind of for their next drop and next drop.

25:26So they're kind of like creating an event around their drops that they then sell out in record time. And then obviously they use that to go back into their RECT ecosystem. So for all those reasons, I'm just really bullish on RECT. And I see, Chris, you've also brought up the RECT chart as well. So what do we see here? Yeah, the chart looks great. I mean, it's inches away from price discovery, basically. And, uh, you know, it, nothing bad to say about this chart at all. It's probably outpacing most of the things that, that, you know, I could find, uh, sure it's down on the day a little bit, but you know, it's had a nice week it's up.

26:00I mean, just over the last, uh, since the weekend, what are we looking at here? You know, 38, 38%. So I'll take that. Um, I've actually got a little tiny chunk of this. I took a punt on it, you know, a couple of weeks ago. So, So yeah, I think it's a great looking chart, great product. We love the REC guys, of course. And so I'm rooting for them, honestly. Yeah, absolutely. And with Pengu, obviously, I don't want to compare them like for like, but they are NFT communities that have created a community coin and do have some utility behind those coins. But Pengu's market cap, just under a billion here, whereas REC is kind of a little bit over 100 million market cap.

26:42So, you know, kind of I use that kind of as a barometer of where Rekt could go. Right. It still kind of feels like it still has like a, you know, eight to nine X in it to just hit Pengu's market cap. So, you know. Yeah, absolutely. I love really low cap ones like these because obviously it takes so much less to sort of move the needle, you know, and so they can just really rip a lot easier than than some of those other ones can. And so, yeah, it's worth it. Again, then the last one I will shout out briefly here is Grind, which is Abstract's premier meme coin. It's currently sitting under 3 million market cap, so definitely very low market cap.

27:21Really, you're going down the risk curve on this, but it's a new community token. It's a diamond handed community. They did a lot of collaborative airdrops with it, with strategically selecting other communities as well that have kind of proven that they can hold on to their assets. and they dropped them coins as well. I think if you give it some time, you'll start to see this one grow a little more organically. Like I said, it's the premier coin on Abstract. And, you know, kind of everything that I said about the penguins, right, is true for Abstract as well, right? So if you think penguins or the pudgy penguins are going to get bigger, you think pengu is going to rise, then so will Abstract.

28:00And I think grind as the premier token on meme coin, at least on abstract will grow will just benefit from the growth of abstract and the pudgy penguins in general uh a few other things they do is they have they partner with the swing slingshot wallet uh which will use fees uh that are fees that are generated from buying grind on slingshot will then be used to buy back grind token as well and then they have a very cool info fi concept going on with grind uh to boost awareness and reward the community that kind of interacts with the ecosystem So definitely some interesting stuff. And Chris, you've got the chart up.

28:36What can we tell there? Well, the only thing I want to say about this chart is it's a brand new token, or relatively new. And so this is actually just the hourly chart, because there's not enough price history to even show it daily. So don't put too much weight into what you're seeing here. It looks like it could be potentially an ugly downtrend. But really, this is fine for such a new token, honestly. And so in a sense, you can't really even glean a whole lot of insight from it from a technical standpoint because it's so new. But I like the fact that even just in the last 24 hours, it's only down, you know, 4.8%.

29:08It's got, you know, decent volume. And yeah, I think, I mean, honestly, I think it looks fine. So, yeah. Awesome. We have a question coming in about an ecosystem, Chris, that you're pretty familiar with. So Andy from Twitter wants to know, interested to know your thoughts on Tau. Is this coming back and ready? let's take a look at tau yeah i um i haven't looked at it in a minute so let's in fact i want to kind of zoom out on tau a little bit and look at the weekly chart and see what we got here um it's funny tau effectively is just coiling sideways for for quite some time really i mean it's been going it's been stuck in the sideways range all the way back to the beginning of 2024 even.