Why Bitcoin Still Can’t Catch a Bid?| Trading The Markets w/ Kris Bullock & Bijan Maleki

23:55Bijan Maleki:and it's outpacing a lot of the other assets in the space. And it's in a good category being DeFi. It does accrue some value back to the token, not to the degree that Hyperliquid does, but it's got good fundamentals. It's got good tokenomics. It's got all the stuff. So I'm not surprised to see it doing well. But just in this larger crypto market, it. I still, you know, hesitate to get too into any of these, to invest too heavily into any of these. But nevertheless, Arrow does look good right now, and it is outpacing quite a bit. And then another one that popped up on here that kind of surprised me was Useless.

24:36Bijan Maleki:Yes, granted, it's red. It's been running up, and it did have a breakdown, but it quickly shot back up, broke back up above its track line. And even though the candles flipped red, it's still, it's got green dots, meaning it's, you know, again, on the verge of potentially flipping back green again. So it's a neutral-ish signal, but it too, like, you know, like Arrow is showing relative strength compared to a lot of the rest of the crypto market. So yeah, I mean, it looks good. Those are the handful that kind of took me by surprise. I definitely want to go through the big majors, your Ethereum, your Solana, and SWE, and XRP, and all those, and kind of just show you where those are at too, but there's not a lot that looks good at the moment, honestly.

25:22Bijan Maleki:So, so yeah.

25:24Kris Bullock:Yeah. Yeah. Definitely. Let's take a look at those majors because it kind of leads segues into a question I have for you about them in particular, right? Like, so basically, does it give you like a little confidence reason for optimism when you see things like salon, like when Bitcoin is going up, right, that you see the Solanas and the Suez of the world going up more than Bitcoin? Does that give you a reason for optimism? Or like, how do you kind of think about that? So a quick break in your regular programming. If you're serious about your future, grab my free report called Prepare for 2030.

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26:16Bijan Maleki:Well, I think, I mean, first of all, they're not outpacing Bitcoin, at least in this moment. So to me, it's more just, I think we're going to see all of these majors be pretty anemic for the next three plus months. I really am not expecting anything. If I was going to get into any of them, like I said, I keep saying, be patient. Only DCA. don't think you need to pile into any of these, especially if you see like a big wick down or a big candle down. Don't think that that's like, I got to go all in right now. Like it's just patience remains the name of the game here. So, but let's look at each one of them individually and we'll see if there's some more to talk about there.

26:57Bijan Maleki:I want to start with Bitcoin Cash actually, because it's, the reason it's, I laugh at this, but Bitcoin Cash actually outpaced Bitcoin quite a bit last year. Most people don't even really realize that, but it outpaced Bitcoin for most of last year, just totally under the radar. And then it had a huge drawdown here just in May, but it's kind of rounded back up and we're starting to see signs of a reversal. We had a bottoming candle trigger here, and then we had a reversal candle trigger here, both of which were confirmed by the subsequent candle closing higher than both of these. And now we've kind of got to see the dots went away on the red side and we've got our first green dot on here.

27:41Bijan Maleki:And we can see the RSI has rounded back up over. So this looks like a pretty decent just technical bottoming pattern with Bitcoin cash on the daily. Obviously, it's still pretty ugly, but it was showing some resilience, I guess you could say, and showing some signs of the bottom being in, at least in the short term. I don't know what that means in terms of over the next three to four months, but it was a technical change that caught my eye and I wanted to call it out. Moving on to Ethereum. I mean, Ethereum doesn't look as good, even just as Bitcoin Cash did a second ago. Like Bitcoin Cash, nice, solid rounding up pattern.

28:18Bijan Maleki:We're seeing the red dots disappear, the green dots reappear. If we compare this to ETH now, yeah, it had a bounce, but it's just kind of red, red, red across the board. No real bottoming signals or reversal signals. the only two that showed up were immediately invalidated um just not a lot of strength here like we've had the first candle with with uh the red dot disappearing but still just really steep trajectory on the track line very red kind of very ugly looking with eth honestly uh and then moving on to solana we can see solana's a little bit of a different picture here all all of a sudden quite a bit different in fact solana has managed to poke above its track line track line is now green, three green dots in a row.

29:01Bijan Maleki:We've got our first green candle and we've got a, well, it's funny. This is a reversal signal to the upside that was kind of invalidated immediately by a subsequent higher high. And the RSI looks much, much stronger too. So right now, Solana, of the ones that I've looked at so far of the majors, Solana is showing quite a bit of strength comparatively. You know, back above its track line is pretty significant and three green dots and green candles. So right now it's technically ticking all the boxes, green candle, green dot, green track line. Um, you know, the only thing we need to see next is some, some additional closes above the line.

29:38Bijan Maleki:Uh, and we need to see the line itself, you know, rotate back to the upside, but Solano's looking pretty good. Now, to be fair, it's kind of done this a couple of times here. I mean, we had a poke above it here and it broke back down. We had a poke above it here that broke back down too. So we'll see. We'll see how it plays out. But it's had a habit here of showing decent relative strength compared to the other major. Moving on to SWE. Unfortunately, SWE doesn't look as good. SWE looks a lot like Ethereum in that it's actually very much like Ethereum. In fact, you know, kind of all the signatures, red, red, red, red, red across the board.

30:17Bijan Maleki:We did have a reversal signal here that did not get confirmed. So we've had some noise here in terms of bottoming slash reversal signals, but they're just not really holding up. They're still proving to be just kind of noise thus far. We do have a nice bullish divergence on the RSI. So this tells us at least that the downward pressure is waning some. But that's about all we have to go on here with SWE at the moment. And that's unfortunately not a ton. So, looking at Tron, Tron's kind of had a nasty correction too. We know Tron has been generally stronger than most, but it rolled up and then reversed and kind of ran right back down to its lows again.

31:02Bijan Maleki:So, I'm not sure what's going on there, but Tron's risk off at the moment across the board. And then XRP, XRP continues to look pretty ugly too. Like XRP, it's actually setting lower lows. It actually looks worse than Ethereum and Solana and Sui. It's continuing to set lower lows, and it's almost gaining strength to the downside. So XRP, not a great look, honestly, at the moment. And then the same thing with BNB.

31:35Kris Bullock:I'm sorry, Dan.

31:37Bijan Maleki:Yeah, BNB too. Not as bad as XRP. Like it's largely been holding its sideways range, but it is starting to break down out of it to the downside, which actually is a little bit better than maybe even Ethan and Swee. But and we've got, you know, we've got some exhaustion here. We've got a DMARC9 and a potential bullish, bullish divergence. So we'll see how this goes. But it's still early days as far as that. So, yeah, the majors, like I said, my bigger point, the majors are all looking pretty weak right now. Outside of Solana showing perhaps the most relative strength across the top 10, well, not counting Hype.

32:17Bijan Maleki:Yeah, I think it's really, in terms of the top 10, we're looking at Hype, obviously, as the strongest, and then Solana being a distant second still, I would say, to Hyperliquid. I mean, yes, it looks okay, but it definitely is not showing anywhere near the strength that Hyperliquid is.

32:38Kris Bullock:Yeah, I think we're seeing the Solana look okay because very recently, I think even just as of this week, it's been a little resurgence in meme coins. Because Ansem had a meme coin drop on Solana that just ripped as well. So I think that has a lot to do with what we're seeing there. And then some of the other meme coins got a bump off of that Ansem meme coin pump. Can we go back to the XRP chart really quickly? I just want to see what its current price is and how far we're off of the XRP all-time high.

33:13Bijan Maleki:So current price is$1.05, and then let's zoom out to the weekly. Oops. So all-time high was unless... Actually, hold on. Let me look at an older chart so I can get the whole price history here.

33:34Bijan Maleki:Oh, right. Okay, I kind of remember this now. It's sort of double topped. So it peaked way back here in 2018. It peaked at high 331. And then here last year, 365. Okay, so this was the true all-time high this past year. So yeah, 365. So we're down, let's see exactly how far. At the moment, we're down 72 % off the high.

34:05Kris Bullock:it's not, I mean, it's not great obviously, but, um, right. Okay. Yeah. I wanted to just get on record. My theory that XRP is absolutely going to have a VC pump at some point. I don't know when it is, but I feel like they always do. So yeah, just getting that, just getting that on record and when it happens,

34:27Bijan Maleki:I'm curious. Okay.

34:29Kris Bullock:Sorry. Go ahead.

34:30Bijan Maleki:Hold on. I want to look at something just real quick with XRP. Um,

34:37Bijan Maleki:Okay, it's kind of lost that. So I've spoken quite a bit. Hold on, this is the wrong chart to look at this with real quick.

34:49Bijan Maleki:I've spoken quite a bit how the XRP Bitcoin price would always get up to like this level here, this big red line that I had denoted. And I remember way back when it first did, you know, in kind of the end of November, I kept shouting out saying this has proven to be really strong resistance for the XRP Bitcoin ratio for going back several years. And in the end, that held true. That held to be that ended up being the same and proved out this time around. So. Yeah, when it gets up in this range, you know, it's probably time to to rotate out of XRP and at least back into Bitcoin or back into whatever.

35:31Bijan Maleki:But it has not significantly broken out of this range. I mean, really since 2017, you know, and it blew way up out of it, held above it for a long time. But then ever since it lost that range in the bear market in 2019, it has never materially broken out of this ratio ever since then. So and that held true again this cycle.

35:56Kris Bullock:All right. A question from Jordan on the water.

36:01Bijan Maleki:are we still spx fans um yes spx is uh continuing to be relevant uh they're continuing to make videos they're continuing to have in-person meetups um mirad still talks about it there's lots of regular podcasts about it um i don't know if i want to pull up the chart

36:24Bijan Maleki:He knows what he's doing.

36:26Kris Bullock:He knows what he's trying to get you into.

36:30Bijan Maleki:I'll just say it's showing solid relative strength. It's still in the conversation. If you want to look at a chart, you can look at a chart on your own. But yes, it is relevant. We are still SPX fans. It hasn't lost any of its mojo.

36:48Kris Bullock:Can we take a look at the circle chart? I know it's not... you know, it is technically crypto, but yeah, they had that news come out about what the open USD, a stable coin and basically showing that circle wasn't going to be minting basically the new supply of stable coins and circle has since corrected, but I wanted to get your take on, on the chart.

37:16Bijan Maleki:So here's, here it is on the weekly looking at it through this indicator. We can see, We can see that it isn't going well. It was holding up for a while. We started to get red dots, which, as I keep saying, is a precursor to a larger trend reversal. It was building momentum to the downside. And then finally, just this very week, for the first time in Circle's history in this indicator, we now have a red candle on the weekly. So that's how Circle is going as far as this goes. Let's look at it on the daily. Yeah, I mean, it's broken down. So it set a support level here that it has now broken down through.

38:02Bijan Maleki:It tried to set a bottoming signal. It actually didn't close above it. So it did confirm this bottom signal, but then kind of immediately broke back down just a few days later and broke through it. So now we're firmly entrenched in downtrend territory at this point. It's red track line, red dots, red candles. We do have a reversal flag poking up at the moment, but I don't know. Given the weekly, I don't have a ton of confidence in that. So, yeah, I mean, Circle, not great right now. I, it circles tricky as an investment for me because it really is just so entrenched in, in the whims of, of crypto, you know, it's like, and it's hard because like, I really, as a narrative, I, you know, I wanted a way to invest in stable coins because stable coins are, as we know, one of the few really solid product market fits with blockchain technology that have emerged since its sort of inception.

39:04Bijan Maleki:And I always thought, man, if I could just invest in stable coins, we'd all be rich because that's where there's so much money in there. There's so much revenue in there. And yet you look at the price of Circle and it's just, it's like it's stuck in this sort of meme coin narrative cycle, unfortunately, where it's like it doesn't really matter how much money they're making. It's just the chart's all over the map. And so it's like, as Bitcoin does, so too does Circle. And I don't know that that's actually fair because, again, we know that this is a very viable business model and it's doing well.

39:42So yeah, I don't know.

39:45Bijan Maleki:I don't know what to make of that, unfortunately.

39:48Kris Bullock:Yeah, Jordan had a great question about how this could impact Coinbase's price, right? because Coinbase are famously involved with Circle. But it's interesting because Coinbase, they are one of the major backers of this open USD stablecoin as well. So now I'm thinking, is Coinbase the play for your exposure into stablecoins?

40:17Bijan Maleki:Well, and that's a good point, and it might be. I mean, to be fair, Coin is a better looking chart. Actually, I'm curious. Let's compare the two.

40:31Bijan Maleki:Oops, I don't think that's the right.

40:41Bijan Maleki:Oh, no, that's right. Okay. So, yeah. Well, yeah, I mean, it's kind of been regaining some ground. Coinbase has largely outperformed it. It did go on a dip here, you know, at the beginning of the year. But I think it's kind of recovered that clearly. And it's trending back up again. And the weekly track line has trended back up. So Coinbase has been the better chart, the better stock to hold, the better investment, I guess.

41:09Bijan Maleki:And yeah, I think, like you said, I think that maybe it is the better play in terms of stablecoin exposure. I mean, there's a lot more going on, obviously. Coinbase has a ton of different revenue streams. So it's not a pure stablecoin play like Circle is. And I don't know how much you can factor that into this chart because, I mean, they're making money, like I said, all over the map from all kinds of different things, from institutional holdings, from ETFs, from treasury yields, from Circle, from just trading fees, from retail, from custody, staking. Everything you're saying makes me like it more, honestly.

41:50Bijan Maleki:I know. I mean, they've got loads of revenue streams for sure. And they're very diversified. And they're doing a good job at being diversified. And so props to them for that. And that's probably reflected in the price here. Did you say Aerodrome as well? Aerodrome as well, yeah. And Basechain, I mean, also. So like, you know, all of that stuff. So, yeah, I mean, and what are they off the, how far down are they? sort of 25 off the peak. I mean, well, they peaked actually in July, but let's see how far down they've come. Probably not that far. Well, 66%. Not as bad as Bitcoin. Still not great, but

42:37Bijan Maleki:yeah. So I don't know. Is coin the lower volatility way to have exposure to the crypto market. I don't know if if a 66 percent drawdown is you're fine with that in terms of low volatility, then then sure, I guess go for it. But yeah, I don't know.

42:58Kris Bullock:Obviously, they're so heavily tied to the crypto market, so they are going to experience the same pains as crypto will. But like on the upside, when crypto starts taking up, the fact that they've added so many different revenue streams and now that they're the back now that they're like all they have their hands all over the stablecoin ecosystem between Circle, now OpenUSD, and then just capturing everything that goes on on their platform anyway. I can't help but think they're like corning of the crypto world.

43:28Bijan Maleki:Am I crazy? No, you're not wrong. No, not at all. I think that makes total sense. They're in every sort of aspect of crypto. And pretty soon they're going to be trading perps. You'll be able to trade perps on crypto. They've got prediction markets, too. So they've got their hands in everything. And, you know, like you said, as crypto does, so too does Coinbase. Plus, I mean, of course, too, you know, I'm sure that a large reason why this stock is down at the moment has to do with the fact that there's so much less trading volume going on right now. There's way less retail trading going on right now than there was later last year in all of 2025.

44:11Bijan Maleki:So that's reflected in the price too. Obviously, the revenues are going to move as the crypto cycle moves. So they're a boom and bust stock in that sense. Having their diversified revenue streams will help mute that volatility somewhat. But it's still going to, no matter what, it's going to be subject to the boom and bust cycle of crypto. So, yeah. I don't know where we're going with that.

44:42Kris Bullock:Well, just where we're going now is like me personally after today, I'm adding coin to my watch list in general. Of things that I might look to be adding once I feel a little more confident on the uptick. I really like it, especially with that stable coin exposure, Aerodrome, Base, and all their other revenue streams. It seems pretty attractive to me. Obviously not right now, it's down 60%, and crypto is not doing so good. But yeah. Here is a Coinbase Bitcoin chart, which is, I think, interesting to look at too.

45:19Bijan Maleki:It's largely been sideways with Bitcoin really since 2022. I mean, it started out a little bit higher. It lost some steam. And it's been a higher beta to Bitcoin itself ever since then. It's just kind of oscillated up and down. But it's largely tracked sideways. So I don't know. Are you then better off just holding Bitcoin? I'm not sure. I guess it depends on which sort of world you want to operate in, whether you want to be crypto native or TradFi native. but I don't know. This will be interesting to see what happens when we have a breakout. But to be fair, all of 2023 and 2024, when Bitcoin was making the bulk of its gains in this four-year cycle that we're in, Coin largely held pace with it in terms of its percentage gains.

46:15So I don't know.

46:17Bijan Maleki:It's interesting.

46:20Kris Bullock:But also coin didn't have though they've added additional revenue streams since then so maybe we'll see something you know a little bit better of I'm interested in seeing how this plays out for sure now though I agree with you.

46:34Bijan Maleki:I think that's true I think one thing if you are gonna do this if anyone is gonna do the coin play Make sure you are keeping an eye on the coin Bitcoin chart So that you know if you're actually better off holding coin and not just Bitcoin so

46:49Kris Bullock:Right. Well said. Yeah. Yeah. Don't just go blindly, guys. That's we'll be charting it, though, I think as well, because I'm going to be very curious to see how Bitcoin or coin does going forward. Chris, is there anything else you like or anything else that's interesting you in the in the world of crypto or otherwise?

47:12Bijan Maleki:um i mean no okay let's talk about canton it had an interesting uh breakdown which i wasn't i wasn't kind of expecting because it had been sort of generally trending upwards and doing this sort of very very shallow cup and handle pattern and i thought maybe it was going to come back up and get back up to this sort of 20 cent level where it peaked last time but it actually broke down. It didn't get up there. And in fact, it broke down before it even got to this, this previous, you know, high here. And now we've got a full on trend reversal, basically, on the daily timeframe, we've got, it went from full on green to full on red, you know, with all the all the boxes.

47:53Bijan Maleki:So like, I don't know what happened. I wasn't really paying attention to to the behind the scenes with this. But as I was going through my watch list today, I did notice this because I've been kind of looking for a bit of a breakout here as like a potential entry. and we didn't get that. We got the opposite of that. So now I feel like I need to kind of dig in a little bit and see what actually happened here because this was a pretty big wick down that happened yesterday, in fact. It was, you know, at one point it was down, whatever, several percent. It only finished the day down a little over 2%, but it was down quite a bit.

48:30Bijan Maleki:So something changed here and I don't know what it is.

48:34Kris Bullock:well that's uh stay tuned for next week and uh on next week's episode we'll find out what it is chris uh it's been another great ta show um we have some we have some you know positives to take away from this but uh i think you know just stay the course don't don't go crazy on anything that goes you know super up or super down right um that's kind of what we're saying here uh we'll We'll be back on Monday for our World According to AI show, where we will talk some of the AI trades and we'll look at Corning as well. But until then, Chris, what do you have in the don't fuck this up motto for us?

49:19Bijan Maleki:So I will leave you at this. It's kind of funny. Don't read into it too much. But at the end of my interview with Rekt Capital earlier today, we were making the comment how it's interesting how kind of at the peaks and the bottoms of each bull market and bear market, we got some wild, crazy breakdown event, or like a black swan type event. If you remember in October, we had the breakdown. If you remember at the end of the 2022 bear market, we had FTX collapse. And his comment was just that as we get to these extremes in the markets, whether it's to the high or to the downside, it generally can sometimes serve as a mechanical catalyst for a Black Swan event that produces the final capitulation.

50:06Bijan Maleki:And so he then was like, that said, we haven't had one yet. We may be due for a Black Swan event to happen in the next one to four months that sort of cements the final low of this bear market. And so it would play out. It would be consistent with the previous cycles for that to be the case. Maybe we'll be lucky this time and we don't get that, but it was just an interesting observation that he made. And yeah, maybe we got a black swan to look forward to here for the one final fire sale. Then it'll be time to go all in and load up your bags and get it as cheap as you can. And that's all it's going to be.

50:49Bijan Maleki:If it is, think about it as a buying opportunity, not as a doom and gloom, you know, nuclear event or anything like that. So maybe it's not the end of the world necessarily. Obviously, we don't want some company to implode all a FTX and take a bunch of people's money with it. That would be terrible. I'm not advocating for that. But we'll see. Maybe it's something to do with Michael Saylor. Who knows?

51:15Kris Bullock:Oh, God. There we go.

51:17Bijan Maleki:I'll leave you with that.

51:21Kris Bullock:All right, guys. Before we get anything else that's going to make us nervous, we're going to end here. Have a great week, everyone. Enjoy the World Cup matches. We're starting the round of 32. Don't fuck this up until Monday. Have a great week. You obviously enjoyed the episode because you're here with me at the end. But listen, don't forget to go to realvision.com forward slash join and grab a free membership. It's an incredible community packed with alpha, great investment ideas, and the research that you need to help you unfuck your future. So get started now. Go to realvision.com forward slash join.