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Hey everyone I’m charting man Dam with the chart guys as many of you know I have been trading these crypto stocks a lot more than crypto this past year in 2023 mostly to do with fees the amount of capital that I use for my day trading

Back and forth if I were to do that in crypto I would be paying five figures in fees this year very easily whereas with stocks here in the US we don’t have any fees so I would much rather capitalize on the volatility with crypto stocks than crypto itself so we’re going to

Look at some of the minor some of the crypto stocks here in terms of what we’re looking for in the short term I’ve been trading them in both directions and I’ve been choosing the stronger name like M for my bull trades and then a weaker name like Riot for my bare trades

Because again we know there’s ex massive volatility in these names and massive volatility in both directions so talk a bit about it from a longer term perspective as well as a shorter term perspective but let’s get to the charts so as I mentioned I’ve pretty much exclusively been day trading these names

Over the last few weeks and it’s nice as a day trader to not have to head into the morning and look for things to trade I know there’s going to be significant volatility in these names for the foreseeable future and so I’m just watching four things I’ve got the NASDAQ

Up Bitcoin up Riot and M and then I just watch for relative strength and weakness we see M relative strength compared to bitcoin for a few weeks on Friday it was very clear relative weakness and then again watching how the individual names trade compared to each other there’s

Many times M would break the high of the previous day and rise would reject and so that led me to believe that the relative weakness we’re seeing in Riot is because big money is choosing M as The Bull and hedging by shorting Riot and I was doing that to a certain degree

There were many times where I would have a long M position and then I would position to try and get risk free with my stop loss and I would do the same thing but short Riot and that way you know regardless of the way that that we

Go on the day I will have one position that works out and the other one will stop out but where we stand in the short term is the temporary tops are in for now we can say that after Friday there was a massive volume selloff in m and

You should be viewing M as the sector leader because that’s clearly what has been shown to us the last two months that it is in terms of the the dollar volume that’s being traded the market cap clearly big money is focusing on M more than any other name obviously the

Other names benefit but when we’re trying to determine relative strength and weakness this should be our Benchmark comparison so you can use trading View and go to Riot divided M and it will show us that we have seen Riot outperform M no M outperform Riot for months and

Then we could say Friday that’s the first convincing shift in you know a month plus so does that mean Riot went up more than M on Friday no that also means that it just dropped less it can be either if if Riot’s going up more

Than M this chart’s going to go up if Riot is dropping less than M this chart’s going to go up so there’s a little bit of a shift going on but just zoom out to the weekly chart and clearly we can see that M has been outperforming

Riot very significantly for a few months at this point and so one thing that we’re watching for as we know in cryptocurrency when the market is extremely strong Bitcoin leads the way up and then starts trading within a range and while it trades within a range the altcoins often get their turn and

Act as lagard so one thing I’m going to be watching is once we find a range which is what I’m anticipating is the most likely scenario in the short term as far as you know we’ll find a temporary bottom here and so we’ve got our high and I think our high you know

Our tops are in for the foreseeable short-term future just because of the amount of massive pullback you know to get back to this recent High m needs what 35% which granted isn’t a lot for M but uh this is this this is the kind of move where you’re just going straight up

Every single day where this is like okay now top in for now question is how long is for now so when we do find a new short-term support level which we’re going to be looking for in the first few days this coming week the question will be if we trade in

A sideways range do we then get the other names starting to gain a bit comparative to M and drop less significantly and bounce a bit more significantly that’s one thing that I’m looking for to see if the profits are rotating around into other names and we get lagered action and things like that

So that’s one thing that I’m looking for of course we got to be watching Bitcoin Bitcoin right now and you can watch our our cryptocurrency videos that we put out a few times a week but it’s a tightening two-day range and it’s entirely possible that we tighten within

This range for another week plus we know everybody’s watching for the ETF decision potentially tomorrow potentially January 10th but uh we’re watching this tightening range to break and this is obviously going to have major implications on the miners and crypto stocks in the short term if we

Break bare and if Bitcoin finally SE sees the start of weekly consolidation for the first time in almost 3 months then that tells us weekly consolidation for the miners is extremely likely as well and of course if Bitcoin breaks bull over 45,000 then we can definitely

See these miners head back up to test their recent highs and so again I’m always factoring in what’s Bitcoin doing what’s the broader stock market doing because those are the two most important forces that are pulling these individual stocks these stocks move there most significantly when Bitcoin and the

Broader stock market are moving in the same direction if they’re both going up which has happened a lot recently these stocks accelerate to the upside if they’re both going down like Friday they accelerate to the downside there are times where they’re doing different things Bitcoin will be dropping and the

Broader Market will be going up and then it’s more of a tug-of war going on and it’s a little bit more difficult to pick up these little nuances in terms of relative strength and weakness but just some insight as to how I’m trading these

Names on a daily basis but as far as the short term right now one thing that stands out to us is hourly oversold did not lead to a bounce on Friday and we know that’s a red flag for Bulls why is that a red flag because the strongest

Bull markets are when hourly oversold marks a daily high or low into continuation and that’s what happened back here in early December we see hourly oversold it marks the higher low and we get continuation and then a massive breakout and so there was a lot of bare volume and uh I attempted a

Bounce on Friday M I had a really good morning short that I definitely sold a bit too early but that was you know a nice solid win I then attempted the bounce and I had to do a lot of flipping you know selling partial into a little

Bounce and then reloading lower and then trying again and I ended up pretty much uneventful trade on the bounce I positioned myself to benefit if that hourly bounce got going and it never did and so uh ended up a wash on the bounce attempt but my mind going into this

Coming week is looking for an hourly bounce in these crypto stocks and then looking for an hourly low or high to be the most likely scenario right now M you know we could bounce at 27 and it’s just an hourly lower high so anticipating an hourly lower high and the way that I

Approach this is it depends on how we shape up on Monday if we open higher on Monday I’m going to patiently be waiting for an hourly low or high to look short if Riot is still showing me relative weakness versus m I’m going to choose

Riot as a short and if we see a gap down open on Monday or Tuesday I should say with the holiday I’m going to be looking for a bounce into an hourly lower high and I’ll look to scale out and take some profit anticipating the hourly low or

High is the most likely scenario we’re still in a daily uptrend meaning what the Bulls want to see is a bounce retracement as significant as possible 50% plus knowing we must confirm an hourly uptrend for the daily higher low to be set once we set the daily higher low wherever that

Happens we’re then going to scout a daily low or high again the most likely scenario after significant volatility in both directions is a tightening range which is exactly what Bitcoin is doing Bitcoin went 38 to 45 45 to 40 that’s a significant amount of volatility in both

Directions and now for weeks it’s just trading sideways so again I’m anticipating that when we find the daily support of M that we’re going to tighten up a bit and then of course if the ETF headline comes out that can Spike volatility across Bitcoin and these

Stocks as well but in the absence of an ETF headline that’s what the the most likely scenario would be in terms of what to look for for Price action if you’re looking long in this sector determine number one do you want to be patient or aggressive if you’re looking

Aggressive you’re looking for an entry in the near term for that daily high or low if you’re patient you’re waiting for weekly consolidation M just ran plus 350% essentially with no weekly consolidation and so we know weekly consolidation is inevitable for the S&P 500 for Bitcoin and for these crypto

Stocks it’s just a question of when’s it coming and so it might be shaping up now if we see a little bit of red to start the week weekly consolidation is underway so again if you’re a patient bull you’re looking for a weekly high or low in these names if you’re an

Aggressive bull you’re looking for a daily higher low in these names if you’re an aggressive bear you’re looking for an hourly lower high next bounce if you’re a patient bear you’re waiting for a daily lower high I always break down whether I’m aggressive or conservative and that helps determine what time frame

I’m focusing on and you can also hedge too if you’re holding these names long term look into hedging because obviously with this amount of volatility uh you want to be positioning a bit because of it’s you know the ability to capitalize on this massive volatility even just the stair step

Pattern a high or low every single day that pattern breaks it 28 for M maybe that means grabbing a little bit of a hedge position then we drop massively 20% from there so many different ways to trade the sector as a Trader I’m open to both directions I know people have you

Know a lot of grandos price targets that are too grandos for me talking about going 10 times from here okay maybe but I’m not counting on it so M short-term support 2305 extended hour support is 2280 next level after that I’m looking down at 2204 and again hourly lower high the

Most likely result of the next bounce clsk is the other name that has broken the summer highs a lot of the names that we’re going to look at here have not broken the summer highs M blew over it that summer high of $20 50% plus from

There clsk 760 you know 70% plus from there but again we’ve got a bearish weekly candle we have the daily closing under daily ema2 support for the first time in a month again Friday is just telling us okay Easy Street for the Bulls is done for the time being and we

Need to find some price Acceptance Now the scales between supply and demand have been tilted for demand for a long time and now those scales have flipped back for the first time in a long time so there’s a Bas of support on clsk the Bulls really want to hold 10

Psychological you can see the back test here first it was resistance and then still struggled a bit but held held and so that’s coming into play the next major thing I mean I’ll do some update videos and I do the daily Market we have the the market videos and

We check in on these names every now and again but uh the next major thing is once we set the daily high or low do bears confirm the daily downtrend into weekly consolidation and in my opinion that’s going to depend on bitcoin and 40,000 support but anyway clsk $10 key

Short-term support after the low of Friday 1063 and again hourly time frame tons of space for an hourly lower high to be the result of the next bounce bears are waiting and looking for that hourly lower high on Monday Tuesday the holidays throwing me off Riot has not

Broken the summer High 2065 is resistance if we pull back within that unable to break that level it’s entirely possible that we just trade within this tightening range for a while daily chart was a bit of a rising wedge just where you had bull break straight into consolidation bull break straight into

The consolidation and So that obviously rolled over and again just you know two red day giving back 2 weeks of bullish work so the most important level from here is 1353 after the low of Friday of 1503 there’s tons of space for an hourly lower high to be the result of the next

Bounce and again it’s worth scouting for a daily support to be established but we need an hourly bounce to be significant enough to create the space for an hourly uptrend to confirm if we just hourly Bear Flag and that means we’re not done heading down yet Hut again another name not close to

Breaking the summer highs so still trading sideways on the longer term time frames and tried to act as a lagard but again another name where you know it just started getting its lagered legs going Friday Tuesday Wednesday but very quickly giving that back so another name base of support

1189 after the low of Friday of 1284 lots of space for an hourly lower high lots of space for a daily lower high this name can bounce 20% from here and set a daily lower high so again that’s why I can say that our tops are set for

Now unless an ETF sends Bitcoin 46,000 plus we’re anticipating daily lower highs as the result of the next bounce wolf another small cap name again well under the summer highs of 404 big upper Wick of profit taking this past week Gap fill at 2 26 Still a daily

Uptrend but space for an hourly lower high space for a daily lower high if you’re in aggressive you’re looking long early this week I already said I don’t want to keep repeating myself you get the idea there there are many different ways to trade this sector someone could

Tell me I’m looking long on these stocks heading into this week and I say okay and someone tells me I’m looking short and I say okay both absolutely make sense you can justify both it depends on the time frame and what you’re looking for MS so not a minor here but obviously

Benefiting significantly over the last couple of months daily consolidation still strong simple statement if daily EMA 12 is support is red line if that support nothing changes the Bulls keep complete control because that has been support for months if we lose it we say things are shifting we’re going to look

For longer term consolidation because things are shifting for the first time in a couple of months so we’re looking at previous resistance now support 600 psychological Bulls want to hold that level same thing lot of space for an hourly lower high to be the result of the next bounce but daily chart didn’t

Run up quite as hard didn’t sell off quite as hard coin bearish reveral Candle on the weekly again no weekly consolidation in months after running 100% so weekly consolidation will not surprise us patient Bulls are going to wait for a weekly higher low aggressive Bulls are

Going to go for a daily higher low same statement if daily EMA 12 is support as it has been for months nothing changes coin has bounced from hourly oversold conditions multiple times on this move up and we did see a bit of a bounce certainly a better bounce uh than some

Of the names into the afternoon of Friday but again if if we break 171 on Tuesday that’s an hourly bare flag confirming telling us nope the daily higher low is not being set just yet that said there’s tons of space for it anything above 144 is a daily higher low

And Hood another name the summer High 1323 technically we broke it I like the the possibility of this name to see there’s a lack of resistance here this is what coin did coin had a monthly inverse head and shoulders and once we broke the double top at 116 114 things

Really opened up and so you look at hood on the long-term monthly time frame and you draw a resistance line here at the recent highs and after 1323 it’s 16 49 and then nothing so there’s a lot of space that the Bulls can work with but

It’s just a question of do we need the weekly consolidation first Bulls would love to see healthy weekly consolidation less than 382 retracement watch our Fibonacci video if you don’t know what the retracements means but if we hold 382 retracement it’s potential bull flag and it would be best case for the Bulls

To see a weekly higher low and then continuation to explore some of this space with a lack of resistance so m is going to be my gauge for the sector I’m G to trade I’m going to every single day is going to differ with who I’m Trading

Long or who I’m trading short based on the relationship of how they’re trading together I’m definitely interested in Hood longer term for the possibility that you know we head up to the upper teens at some point later in the year if the broader Market Bulls keep their complete control we’re watching the

Headlines regarding the ETF the direction that Bitcoin breaks this two-day tightening range will have significant implications for what we’re looking for in January in these stocks so we’ll continue to cover them in our chat room Community every day as we have been massively I almost feel like I’m

Talking about them too much over the last month but I know a lot of other people are trading them as actively as I am and again massive opportunity in both directions we just got to remain protective stop out when we’re wrong let the winners run a bit that’s one thing

You know my hindsight is I didn’t let my M long positions run run nearly enough on this move up I was locking in gains but uh you know not anticipating that after being up 100% we’re still going to see a plus 15% day like back on Wednesday so leaving runners in both

Directions same thing with the downside on Friday definitely dropped an extra you know 5 to 8% than I thought would have been possible in one day so leave those Runners once you get a comfortable position we’ll continue to cover things hope you have a great New Year and we’ll see you soon yeah