Guys, there's not new people coming to crypto.
We had the peak of users in crypto at the top of the market.
Goes down after that.
Chris, what's going on?
There we go. Get the volume going here.
What's going on, man?
Not much, man. Trying to make it happen.
You have came very highly recommended on our list of TA experts.
And we've never met before.
Hello. My name is Ben.
Welcome. Welcome to the show.
I guess, what are your overall--
well, let's do this first.
Tell me about who you are and kind of what you do.
Alright. My name is Christopher Inks.
I run a company called TexasWest Capital.
And we do market forecasting and trader education.
And I just, you know.
That's my thing.
I'm just one of those guys that, as a teenager, knew
I didn't want to work for anybody,
had to figure out how to do that,
and so it was trading and entrepreneurship.
- Yeah. Love it. - I just couldn't--
I don't know, man.
That idea of working for somebody and, you know, having to respect them
because they're above you even though they're an idiot
just never worked for me.
Yeah. Well, just don't tell the people that work for me that.
Thanks.
I need them. I need all of them.
Okay.
So, in all seriousness though,
yeah, so let's go into it.
Like, you're a charts guy.
Like, what are you seeing with the markets?
And, you know, what should people be expecting?
I mean, this is a big famous question now.
Like, what are we going to see first?
$25K or $35K?
I'd love to get your thoughts on that, too.
Yeah. Alright.
You want to pull up my--
- pull up a chart here? - Yeah. Sure.
Let me see if I can--
first time to use this software here.
- Yeah. - Just one second.
Yeah. I was using some buggy software myself a minute ago, apparently,
called the internet.
You see here, I think that's what I'm looking for right there.
Alright. You can see that alright?
Yes, I can see it.
Okay. Great. Yeah.
So, this is basically my idea.
I was talking back in June of last year, when we hit that third capitulation,
that that was the start of accumulation.
And then, of course, you know, I--
the bread and butter of what I do is actually
price action and volume relationships through Wyckoff.
And so that's a big understanding of accumulation and distribution
and how the big players actually move in the markets.
And so what you get, a lot of people look at this, they say,
well, accumulation was down here at that November low.
Actually, it started back here in June.
This November low is what we call terminal shakeout.
And then everybody's freaking out of this pullback over the last few months.
And that's what we just--
terminology is Backup to the Edge of the Creek.
You see the decreasing volume, the overlapping price action,
and then, of course, you know, we kind of cleared that seven days,
we cleared that two months of decline.
So,
you know, when you look at it this way, you know, as far as I'm concerned,
the bottom's been in.
You know, we've rallied for seven months over 100%.
I just, you know.
Pretty much any metric you look at,
you know, whether moving averages or, you know, market structure,
or anything else,
is that the bottom's in.
And so, of course, you know,
Bitcoin's bottom's in.
Rising tide lifts all ships.
And, you know, pretty much all alts, for the most part, should rally with that.
There's always some stragglers out there that don't necessarily follow through,
but, you know, I think that's what we do.
And I've got, you know,
I've got this movement here.
A lot of people don't like this.
I've been talking about this
since way down here
about February, March.
This upper 40s, lower 50s kind of target to get us five waves up here.
- So, - Yeah.
that's kind of what I'm looking at at the moment.
So, if that's getting us five waves,
right now, we're on the second wave still?
- Which wave are we at right now? - Okay. So what we've got here
is we've actually got--
what we got is this 1, 2,
1, 2,
- so this right here is wave 3 of the larger wave 3. - Yeah.
- Yeah. - So this is--
what you should expect is some harder, faster, stronger movement through here,
- kind of like similar to this third wave right here, - Okay.
or this third wave right here,
coming up through this.
And that makes sense because you got a lot of open room over here
until you're kind of getting up into that 40s area.
- Yeah. - So,
yeah, I mean, these are smaller interior counts here,
but, yeah, looking at that 3 of 3 up here at around $43.4K
and then 3 up there around $47,580.
- Now, real quick here, - Okay.
there's always a chance this could be a leading diagonal,
so this could actually be a 1, 2, 3, 4 and finishing a 5 here,
in which case we'll get a rejection and we'll pull back here at about $25,000 again.
But until that happens,
we kind of default to the idea of a 1, 2, 1, 2.
Yeah.
You're definitely of the opinion, I would assume,
that the overall bottom for this market has been in for a while?
Yeah. Yeah, exactly.
Like I said, I was talking about it back around that June low
- in the beginning of accumulation. - Yeah.
And then we had this. I talked about this terminal shakeout.
- This was the FTX stuff, man. - Yeah, I believe.
- This was huge! - Yeah.
- And all we got was a small drop here. - My guy, guys.
A lot of volume coming in,
- a lot of catching in that volume, - Yeah.
creates a small break,
and then just heads on out.
And so looks good overall, really.
Yeah.
I was very confident
when--
in November,
when we hit that dip that that was it.
So, because we've been looking for November to be the bottom the entire year.
And, you know.
Interesting the way that the news, you know, seems to line up
with what you're already seeing from the technicals a lot of time, so.
What about anything else?
Do you have any other charts that you brought to show us today?
Yeah, yeah.
- Let me jump over here real quick. - Okay. Sure.
I've got--
let's see here.
I've got a few here that I've kind of caught.
I mean, you know, all these alts, guys,
I'm going to be honest with you,
almost all these alts are just kind of bottomed out
and really going to, you know, head up.
And so I've got ETCUSDT here,
you know, Ethereum Classic, the original Ethereum.
And, you know, again, we've got another great accumulation structure here.
You can see that volume drops off real nice as we're kind of going through this.
You get this kind of low down this major area of support here.
This red line.
This support/resistance flip right here.
Prints a higher low, we're off.
I mean, I think this thing, you know, continues and breaks out, you know.
So I'm looking for impulsive breakout above the--
this is the weekly timeframe.
So the weekly pivoted around $26, $27.
That should easily run us into the top of the range here at 46.
We break out through that,
we should at least be running up here probably at about 145 or so.
And then, of course, you know,
if the market's running,
we should see new, you know, new all-time highs with that.
Yeah. Well, super excited.
Now, what about time range for you?
What do you generally think about time range?
I don't tend to worry a whole lot about time.
Because time is a really difficult thing to get correctly
because, you know, anything can happen.
Corrections can take longer forms.
But if I'm looking at this,
if I--
my general idea is that Bitcoin rallies potentially up to that $50,000 target.
By the end of the year.
It pulls back for about three, four months or whatever into the halving next year.
And then from that, we get the new all-time high coming on that wave 3 there.
You know, in--
- so what's that? 2024? - Yeah.
And so, you know, I think alts just kind of follow along with it more or less.
Yeah.
Well, I definitely believe that, you know, that we will see another big altcoin season
this next bull run for sure.
I think XRP-- or, excuse me,
I think FTX cut it short last time with a lot of the shorting that they were doing.
Now, the question is, will somebody just replace them?
Be somebody else? I don't know.
But I think the really interesting thing here to look at for me is going to be
what happens around New Year's this year.
Because if you go back to the last cycle and you look at, you know, what was going on,
well, in March of 2020, we got the pandemic crash wick, right?
Which was on March 12,
which took all the momentum from Bitcoin,
that was actually moving up positively at the time until February
when people started whispering about this COVID thing, right?
So the really interesting to me will be,
will we have something similar in Quarter 4 this year
or maybe January of next year which could cause like a black swan
which could cause the price to drop dramatically?
Because if not,
are we going to see Bitcoin kind of go through this cycle
the way it did before, in the cycles before?
Or will we get another one that's kind of like a double bottom?
And I don't know.
It's very interesting to watch 'cause, you know, we do have that CME gaps in there at $20,300.
Yeah, yeah.
But that particular CME gap is what we call a breakaway gap.
- And, you know, - Yeah.
there's like four types of gaps.
- And, you know, - This is interesting.
- breakaway gaps-- - I didn't know this. You teach me something.
I've never heard this before.
- This is good. Teach me. - Yeah, yeah.
So you've got four different types of gaps.
You got your breakaway gaps
- and you have just regular gaps - Yeah.
that occur because in weekends, you know, when it's closed and everything, stuff like that.
But your breakaway gap is--
usually, it's a reversal change.
It's going through resistance.
And often it's not actually filled in.
Now, you know, whether it does or not,
you know, we'll see what happens,
but I don't see, you know,
what happened in 2020 there, we had the whole BitMEX--
I think it was driven by that BitMEX Liquidation Engine kept going.
- They had to finally turn it off there. - Yeah.
And, you know, that's one of those things that that's more the--
that's not what we usually get.
That's the thing that kind of happens, you know, every once in a while.
- Like you said, kind of like a black swan kind of thing. - Yeah.
And so I wouldn't expect that we would have that same kind of movement coming up again.
I would expect to be more like it normally is.
My big thing is that, on Bitcoin, for instance, we are above that weekly pivot now,
and we've pulled back and tested as support,
- and so another big thing of what I do is pivots. - Yeah.
And usually what happens is if you get that strong push,
impulsive breakout above just the pivot itself,
and you pull back and you retest that support successfully,
then usually that's it.
It just continues going up.
It runs through the pivots all the way up to the R4, R5 pivot.
- And so that's what I'm looking at on the weekly. - Yeah.
And so if that's the case, then the idea that it, you know,
that it hits the $21,000,
you can't guarantee that anything's going to happen.
It's trading.
There are no guarantees in trading
other than you're going to lose money at some point, right?
Yeah.
But the odds are likely that now that we've kind of done this with the pivot here,
that we kind of stay above it.
And as long as that happened, you know,
as long as that pivots there,
I don't see a reason why we popped down to 21, really.
I tend to agree with you.
I think, you know, the longer we sit away from that,
when we went down--
I can't remember if we went slightly into the 23s or right about to 24,
wherever it was we bottomed recently,
to me, that was the last hurrah.
Like, if we weren't able to plunge through and get down and lick that $20,300 level,
we probably weren't going to be able to.
So I tend to agree with you.
- This is going to be another one. - Yeah.
I think there's still one at $9,000.
- I think. Somewhere around that. - Yeah.
And that's a similar one, you know.
It got, you know,
it came up and then it came pretty close to filling that thing
- and then it broke way back in 2020. - Right.
So could be something similar that we're looking at.
So, well, TexasWest Capital, Chris, thank you so much for joining us today.
- Been really phenomenal. - Appreciate it.
Definitely want to get you back on the show.
That was good stuff.
- Alright. Thank you, sir. - Okay.
Guys, link in the live chat and in the description.
See you, Chris. Bye.