₦airaland Forum

After the hype... PSG is approaching an area where I'd be interested again...

First is the weekly chart... After the arrowed ugly candle, I'm not in a hurry to get in without some confirmation... A dip to weekly support at 26 would be an entry I'd snipe...

On the daily, its currently holding unto support... If it holds this long enough, then it can rally from here... But then, I'd wait for some strength first

As people keep expecting a huge move, I wouldn't rule out betece ranging a bit...

Over the next few weeks, I think money will flow into micros... Alot of their charts look ready... So far so good, movement hasn't been bad

jedisco:
Nkn on its weekly close.... Expecting something close to the arrowed region

This wasn't a bad call... My targets still remain...
Played it with some of my betece stash.... Would likely take profits into betece than usd

It's been a while I visited Crypt0 Twitter as I find it too distracting... But its a good place to guage market sentiment....

Two things I noticed...

A lot of posts from influencers advising folks to book profits so they can buy the huge dip... While this isn't financial advise, we know sooner or later there'd be a significant dip...
That said, bitc0in has a way of doing it's thing... I wouldn't be surprised it pullsback to say 48k, regains 50k and holds it for a while and alyts rally.... When folks are then convinced that 50k has held and bitc0in is due to take 60k, it then nukes to clear folks out.. Except I'm guaging the market sentiment wrongly, but bitc0in rarely nukes when majority have booked profits and waiting to buy the dip... I'd be waiting for a daily close.
One thing I'm watching is that this rally hasn't really flowed into micros... Usually, they start picking up after majors are done....and this market has a way of completing its cycles...


The second thing is that too many posts expecting a doge rally.... While I have a doge pag nd also waiting... Doge doesn't go on it's ridiculous rallies when everyone is expecting it to.

Ruben225571:
E sweet no doubt for some of you” But we don’t necessarily need future trading to make money” that’s my point!!! My message is directly to the newbie!!! Tell them the advantage and high disadvantage too!!!

I never trade futures and I won’t “ still am making cool cash!!!

Can't echo this enough... I smiled the day someone here daring me to trade futures... Likely, the chap must still be new to future trading...

The best future traders I know wouldn't advise anyone to trade it.
Fact is most people do it outta greed and addiction and well over 90% lose in the lomg term.
I might understand trading it in slow moving assets like gold. Crypt0 is volatile enough to make huge sums if one goes about it sensibly...why add further risk

ositadima1:
The buying power of Naira will keep reducing as long as there is export deficit. Nigeria spends more dollars than it earns.

Be careful with crypt0s, most professional investors put only a small portion of their investments in crypt0.

One secrete, If u had entered the stock market when most stocks hit their lowest early last year, u would have beat the current devaluation. The NSE is know to do such bonanza every once in a while.

Cutting the deficit would sure help. But having such arbitrage between both rates would make cutting that deficit impossible... Both rates have to be merged before any progress can be made...

The crypt0 space is a rapidly evolving one with lots of offerings that rival usual banking systems... Most of the forex remittance into the country today is done via crypt0. When CBN introduced certain bottlenecks, it backfired and they ended up making more folks in diaspora resort to using crypt0 backed means to send back forex as it's easier, safer, and cheaper.
That said, holding stable coins is very different from trading volatile coyns... My concern with stable coyns would be more of protecting my account against breach and not volatility...


Regarding the NSE, while there are a few bright stars, it's not a market that interests me at present... Its all share index is currently a little above half of what it was 14 years ago. I'd struggle to find a weaker market worldwide. Before I invest in a market, I want to be sure it's one that has been trending up with time... My focus would then be on finding the bright stars in that market... It's like comparing property investment in Lagos/Abuja and Borno because one or two spots in Borno are appreciating in value

Chuky7:
Please could you share again.

Like I said I'm new here. would value your opinion.

In summary, these were my views...

Few years back, I liquidated most cash based naira investments into the usd.

My reasons were...There has been no time in history (over 40yrs) that there were 2 different exchange rates with a significant gap between them that the naira did not continue to devalue. A 25% difference between the two rates as we've had recently effectively means that by simply holding the dollar, one is likely to outperform most naira based cash investments... This has remained true for the majority of the last decade...
As I don't have access to cheap forex or a business to actively transfer the cost to customers, I was left with two options... One is watching the buying power of my naira reduce while I bear the brunt of subsidizing forex for the few rich... The second option was to keep some of my savings in forex pending when CBN merged both rates

How...
The hassles of a dom account or holding hard forex is too much. I opted to convert into crypt0 stable coins. These are crypt0 coins whose value is pegged to a known currency (mainly usd) and their price is effectively non volatile... When I did this, one could directly buy such coyns on exchanges with the naira. Now the way to do that is using the peer to peer (similar to an escrow) scheme run my most exchanges which is safe if you know what you're doing. The good thing is that both buying and selling is done at the prevailing market rate. After getting such coyns, I can decide what to do... I can decide to stake them (similar to fixed deposit) with interest rates of about 7% apr or transfer them out and keep in a wallet pending when I want to sell back into naira


Finally, while I hope the naira regains stability so this inflation can abate... What I wouldn't do is impoverish myself so that a few rich can feed fat. The CBN has actively introduced alot of measures last week trying to combat the forex disparity. Though I believe they're completely missing the point, but lets see how the market responds to these measures...

Ibime:
Matic provides a scaling solution for Eth and the Indian founders work hand in hand with Vitallik on scaling solutions. Na why Vitallik gave $1.5bln to India Covid crisis sef. It's been pumping after ETH consistently for 6 months, and it's said it may solve the gas fee issue for ETH.

ETC pumps with ETH by association but ETC biggest push comes from the ADA guys. If you recall, Charles Hoskinson and the ADA guys are co-founders of ETH (now ETC) and they refused to fork it into ETH when it got hacked, stating that code is law and the code shouldn't be changed because of the hack. Charles Hoskinson is the biggest holder of ETC as things stand and his company IOHK is like the custodial company for driving ETC developments including their treasury systems

Good stuff...
Hope eith breaksout so the rest of the market can respond

Ibime:
Man I can't get rid of that bag before main net launch regardless. Two pumps in 2 days each of 40% and 70% in the lead up to test nets have taught me to hold ADA before an upcoming event. I will sell it the day before the launch.

What day is the launch?

For now, it seems like ada is pulling the market up... A selloff on ada would cause a market wide selloff

Ibime:
lol. That's my top holding. Thank God I got back in at 2.43 few days ago.

Hoping for my Matic bag to pump also. Institutions altcoin of choice is ETH and some capital allocation goes to ETH when there is institutional FOMO as ETH gives them more ROI but fits their risk profile. Matic has had strong correlation to ETH for the last 6 months, except MATIC pump is much stronger. I expect any increase in ETH to lead to a pump for MATIC and MATIC is still almost 70% from ATH. It has been as bullish as ADA and SOL in recent times as a retail favourite with great narrative so given ADA and SOL smashing ATH, there is a lot of potential upside for Matic

Matic is a good one... Grabbed some though currently at resistance. But it rallies well... Haven't noted it's association with eith yet... Usually, etc also rallies after eith... Generally, an eith rally means alot for the market...

On sol, 80 is acting as a significant resistance... Though still in it, my annoyance is that I should have eased upto 50% into bnb at the highs

BTW, ada is approaching ATH against eith.... I'd expect it to stall there as folks might cycle profits into eith

Ibime:
I'm with you boss

Ada has been doing you well... annoyingly, didn't benefit as much from it

Consolidated some bit into ICP... Hoping it can push to 100 and perhaps 120-150 soonish

Not keen on adding too many micros....
But these are the remaining 2 I've got my eyes on... Not taken any position yet

Bch... Not a coyn I trade often....

But as betece has rallied, bch hardly moved... Usually, bch moves quickly.... Expecting 1k from this

Nkn on its weekly close.... Expecting something close to the arrowed region

Got some new-ish positions and did some reshuffling...

1. Zec- as dash is pumping, I expect it to follow suit and... Expecting 200 at the first instance... We see what follows

One micro I'm watching is for... Seems it got a usdt listing hence the rally....
Usually, such moves are following by a similar retest in a short time which is sold into...

Against both the Betece and busd chart, I'd be waiting for it at the areas marked... Aiming to pocket some profit on a bounce

Ibeme:
Please let us know your findings boss.

Kava you mentioned has been doing well.. I'd look for an entry if it pullsback...

Also, a number of micros are flipping their daily and weekly ema at the lows... Stuff like nkn, pnt, mbl, mana, cocos, wrx, ckb...
Of interest to me are nkn, ckb and wrx... I'm looking more at 2-4 weeks for them to begin to move

jedisco:
I've noticed some relatively new micros are going ballistic... By this I mean most coyns listed less than a tear nd mostly during the last bull rum. Just scanning theu some micros I track

On this, there are two variables in trying to trade umpumped micros at this point... One is trying to descern if they're good projects that are lagging... Or if they're lagging cos they're sh*tty...

Most times it's better to stick to strong projects than carrying a sh*t load of stuff that wouldn't move until bitc0in corrects

I've noticed some relatively new micros are going ballistic... By this I mean most coyns listed less than a tear nd mostly during the last bull rum. Just scanning theu some micros I track

Betece/bnb... Shared this here b4... This is a weekly chart.. also very clear on the daily....

jedisco:
Started taking profits on this.... Not saying this is the top but I prefer to take profits on the way up....

25% in bnb.... Will look to take another off around 0.215 ... Most of the rest would go into usd and chanelled into ksm

The solana rally seems is starting to look like its nearing an end against usd.... Against bnb, it looks weaker

Good decision to cycle some into bnb on the last rally.... Ideally, I should have cycyled more...

Wasn't able to swap the remaining profits into ksm...and cant do that now as ksm has rallied...

All-in-all, as it's still bouncing off the 4hr ema, I'm holding out for one more push up and planning to sell at close to 100... For now, it looks like I'd be sending profits into doge and icp

jedisco:
Betece failed to takeout 48 yesterday... Came down to clear the liquidity cluster at 45.5 k (arrowed).. ideally, this should give a bounce on a flip of the zone which seems to be in play
Two other scenarios I'm looking at..

a. One more dip to about 45k to take out that wick and then a good bounce.
b. A dip below 45k without a good bounce- on this, I'd start looking at the daily and weekly ema support.... At close to 40k......

All said, I'm leaning towards a bounce from this level

In retrospect, betece did bounce off the 21d ema... Personally, I was expecting a wick below to take out liquidity zones closeby... Hence my bids were not hit....

Ibime:
Set some low bids. At this point I don't care if market goes up or down unlike yesterday, as my capital allocation is better. If it goes up, my HODL positions go up. If it goes down, my low bids clock in.

I'm in a similar position...
Infact, I deployed some fresh fiat into my exchange wallets yesterday looking to snipe ada and certain majors but the dip wasn't deep enough.

Betece is giving me vibes it'd go down to look for liquidity but certain majors are flipping daily support levels... Will just watch and see... either way, I should benefit

Simplyaduke:
Good day everyone
I must admit that this thread has really helped newbies like me.
I would want the gurus in the house to at least teach us how to take profit. For example,
if I buy 5Sol at $35/sol....= $175 and it rise to $70/sol= $350.
Does taking profit mean I would have to sell 50% of my sol which is 2.5sol and leave the other 2.5sol

Thank you
@ibime,jedisco,openheaven2019

Some questions dey tire... The reason I made the post about having a target was cos of questions like this.... The funny thing is that's becoming more common... Such questions make me think alot of people just put money in crypt0 without knowing what it truly is

The general idea with crypt0 is buying low and selling high... How and where you do this is really upto you.

Tobex4realTobex234:
The government of the ban, the block and the freeze.

Zero innovation. Zero capacity. Zero ideas. Just be blocking and freezing and banning and expect miracles to open.

Rice. Banned yet rice price no come down
Borders. Closed yet no notable improvement
Crypt0. Banned yet Nigeria still has the highest P2P transactions, and FX still no gree improve
Twitter. blocked yet people are still tweeting steady.
FX to BDC blocked yet naira rate no gree improve

So freezing account of fintechs is just another futile attempt by empty heads leading a collapsing zoo.

You didn't even add giving free naira to those sending in forex and telling us is those importing pizza that are depreciating the naira...

Like I said on another thread, it's like someone setting your house on fire and then telling you the reason your house is burning is because your neighbor uses a heater....
No need arguing over this....just like others, lets give it some months and see the effect

Like I keep saying, as far as some people have access to a cheaper forex rate for whatever reason, the naira is guaranteed to continue in decline. This has been the case for the past 40 years and will continue to be the case.

The reason I keep repeating this cos it seems there's been a trend of issues discussed on NL popping up on mainstream media...

Nigerialabalaba:
FG may not be popular with some decisions but on this one, CBN just caught the errand boys for the real economic bandits and saboteurs. Ds platforms are not only involved in illicit forex trade , they are conduits for money laundering & just hide under trading in foreign stocks. Some of d people backing these platforms are even former top CBN officials!
Be careful if anyone is selling you products to help you "edge against inflation " by buying US stocks. It's all a front!
CBN will expose more in coming days. CBN is on top of dia mata. Another set are d agroinvest 'fintech', dos ones are doing crypt0! Dey have no farm anywia! Era of free & dirty money to dey use pepper hardworking upright folks don end o, my pple, NSE is the koko.

Hehe....Misery loves company...

All this back and forth isn't ideal...

It's like someone setting your house on fire and telling you the reason your house is on fire is because your neighbor is using a heater... In the past, we were told depreciating naira is due to rice and those buying pizza abroad..... 98% of the reason why the naira keeps depreciating is due to the fact that the likes of Emefiele have unrestricted access to cheap forex to travel abroad for healthcare or can send their children to school abroad with cheap forex...and also Nigeria subsidizing petrol for all surrounding countries... Yet, CBN keeps running around like a dog chasing its tail.


Tell me, how that is of use to our economy...Why should the whole country suffer because of a few?

Before those fintechs and crypt0 came into existence, leaders have been stealing from the nation.. stopping fintechs would not stop leaders from looting as we've already seen

luvlyoracle:
which coin can we buy during this dip?

Not yet deploying new fiat yet...

I tend to look for coyns that look strong e.g ada...and buy at support

DieRich5:
Abeg Make una take profits from SOL mk E dip small my bid I set no enter at 67.3 ND E drop to 67.4

I just entered AXS @69 and I'm still waiting for PSG at $31

No need chasing extended pumps... After such a rally, a prolonged phase of consolidation is expected...

This rally on sol was a result of a 3 month consolidation between 20 and 50...
Are you ready to be stuck with it for another period? Why not look for stuff yet yo breakout

jedisco:
Alota comments about sol for the last 2 pages, those who have been here for a while know thats a marker for when to start easing out... I've done over 100% on sol which was my largest stash and continued to grow.... Now, I'm looking at easing out on the way up...
Profits will go into usd, bnb and large caps linked to it (looking at ksm)..

Against bnb, I'm hoping to ease some into bnb between 0.18 and 0.2....

jedisco:
On sol.. was stopped out at 66 in usd but re-entered at 60 wich was the 4hr ema support... So far, it's being respected well...

Given I want to cycle most of my sol profits into bnb and ksm, I feel better with the sol/bnb chart... Nice flip on the 4hrly... Hopefully, it can rally to my targets

Started taking profits on this.... Not saying this is the top but I prefer to take profits on the way up....

25% in bnb.... Will look to take another off around 0.215 ... Most of the rest would go into usd and chanelled into ksm

sconp:
You intend to swap sol to bnb when it gets to 0.2 region on the sol/bnb chart right?

Yep .. will be taking profits into bnb and usdt on the way up

Taystee:
I entered at 66,now at 68

Enjoi