₦airaland Forum

chigo4u:
CBN can’t do anything to dorm accounts. I’ve said this repeatedly, people are just trying to cause panic. The elites of Nigeria all run dorm accounts and cbn can never go against them by making any policy against dorm accounts. If possible buy inflows instead of cash deposit to be on the safer side

I wouldn't say never on that.... If that happens just like in Lebanon, banks will connive with the very rich to move their forex out before it takes effect... It's the not so very connected that'd be trapped.

All the policies CBN brought out to tackle devaluation has so far failed.... There are little tricks left... These tricks are not new... they've been used in other climes...

Looking back, First thing CBN did was to blame rice and certain imports, then FG locked the border.
Next desperation started to set in and they blocked all parallel forex tranfer into the country insisting it must go via a specific route (thst failed),
then they banned crypt0 (as they thought incoming transfers were now through that route),
next was to start giving folks sending in forex extra naira to appease them to use the CBN medium- this was the height of desperation which of course has failed....

Now, that folks are no more buying the rice card and are asking questions, Theres are 3 possibilities I'm seeing.. First is a proper rise in oil price to bring some succour and allow them continue their rigmarole, next is to ban dom accounts under the patriotism narrative, last would be for the cbn to set up their portal to handle incoming diaspora remittance and pay out at the market rate...

Ibime:
Boss, we are approaching a death cross within couple of weeks. How you see am and what are your thoughts?

With the way it's being talked about, I'm not as keen on it... Moreso, it's quite a lagging indicator and would usually show what is known... Obviously, things have changed

I'm taking things step by step and playing stuff in range until something PA shows otherwise... Range is quite clear
One thing to remember is that the 50-60k distribution range lasted about 3 months.... If it's going to be breached, consolidation to breach it should also take sometime...

OgogoroFreak:
Don't be surprised that even after your 50% loss in USD investment, what you have left in $ might still have more purchasing power than your ₦1m 90k you cashed out from tbills - No thanks to Naira devaluation. Money is all about purchasing power, not numbers.

Not even loss.... What naira denominated investment has been able to keep up with the rate of devaluation over the past 4 and 10 years.

By simply holding the dollar, you're very likely to come out better off than folks investing in the naira if this trend continues...

wwwtortoise:
Animal farm (by George Orwell) comes to mind.

Power intoxicates.
The bourgeoisie are having a field day in this economic crisis.

The northern political heavyweights control 90% BDC operations in Nigeria. They source dollar at sweet rates then resell at cut-throat rates (parallel market).

A one time CBN governor (Sanusi Lamido) once brought this to limelight but trust Nigerians not to take it as something to worry about.

Religion has blinded us as a nation.

We need to push it aside and start asking questions. We deserve a good life here on earth 1st.

My only concern now is how to successfully convert 80% of my naira to USD by monday.

The annoying thing is that the two main issues affecting our economy today (fuel and dollar subsidy) are based on same pattern.

About 5-6 years back, Sanusi said he could manufacture millions of naira just by making a phone call and getting cheap dollars... Of course, alot of people have been doing that hence the persistent pressure on the naira....

I'd say with good confidence that over 50% of dollars got at the official rate is round-triped back to sell at over 20% instant profit and that cycle keeps repeating.... Folks are wondering why the Naira continues to slide.......

Folks at CBN are fully perpetuating this but yet they keep coming to convince us that dangote refinery will solve this...
These same folks would come and preach patriotism to the masses they impoverished after stashing stashing sums in foriegn currencies and tell us that it's rice causing the naira to slide

Lazyyouth4u:
The common man is the average Nigerian. The point I’m making is that the average Nigerian cannot just wake up and leave the country and certainly cannot open an offshore account.

To be honest, those that I know that keep screaming ‘save your money in USD in offshore accounts’ are usually people living outside of Nigeria or have remote jobs outside the country that pays them in USD and helps them open offshore accounts.

The average Nigerian living in Nigeria and earning in Naira that wants to save in USD has to play by the CBN’s rules with respect to dom accounts or use mallam and then keep his life savings at home. I pity them when Omila pays them a visit. That’s if they don’t die of HBP b4 Omila even show

It's not that way... It's about survival...
Look at countries who had galloping inflation and see how it went.... Just like the Titanic wreck, it's those last at the door that suffer... Far back it became known that Osibanjo had a good chunk of his savings in hard currency... A while back, Dangote did thesame... If nothing sensible is done by the CBN, soon enough most average folks would start looking for an exit... It's always at that point that failed currencies start spiralling down...

I remember asking someone here who felt devaluation didn't affect him.... The question was to point one one item in the market devaluation hasn't affected?
I'm involved in a building project over the last 24 months, I'm now paying double for some items that I bought initially... I don't even know who's trying to fleece me and who's being genuine....
Most of the populace are losing their purchasing power without knowing.

Fuhrerfran6:
Please, what can the CBN possibly do to domiciliary accounts? I want to know please so I can take caution.

They can freeze all outgoing transfers dom accounts and only pay out the naira equivalent based on tge CBN rate... That's similar to what CBN did

What is really interesting about this naira quagmire is how folks who benefit from it were able to convince those who bear the brunt that they're the ones who are the cause of the falling naira.....

Look at those who could access the naira at the cbn rate... Those travelling abroad or going for pilgrimage, those going for medical treatment, those schooling abroad and certain connected 'manufacturers'.... These are not everyday folks... How does the average Nigerian benefit from that list that he's been forced to pay double for everyday items..

Yet, the government was able to convince the masses that its the akara lady who buys okrika clothes for her child (simply because she cannot afford boutique prices) that's the cause... Or that its those buying foriegn rice or importing phones e.t.c.. but then our

It's a sad tale of how the rich takes from the poor and makes the poor blame other poor folks for their problems

Tobex4realTobex234:
And I'm sure they will all come to tell you that USD investment don't give high returns. We have already talked about this several times. There are decent instruments that will give you 6-10% annually on USD.

You have no business investing in naira denominated instruments that give you less than 35% annually. Inflation is already 18%.

It's not even about looking for USD denominated investments...
I always look at trends for over a long period before choosing where to invest...

Someone who kept 1000 usd at 120,000 naira 11 years ago would today have 500,000 naira. What other naira denominated investment can match that?Which local and 'safe' investment has kept up with the dollar over the past 4 years?..

Although this may not sound patriotic, fact is that by simply holding the dollar, you are very likely to outperform those invested in a local asset be it bonds, TB's, stocks e.t.c.... Whenever, Emiefele decides to stop his majic, one can convert back and look for where to invest.

At the early days of the devaluation, most foreign investors were rushing to leave at black market rates... I initially thought they were panicking unnecessarily.... They must have seen the endless quagmire the CBN was plunging itself into.......

They've been trying every trick left (e.g closing borders, dashing folks naira, banning crypt0 e.t.c) to no avail without addressing the main issue... Their next target should be domiciliary accounts

Tobex4realTobex234:
Forget old men telling you that naira is safe. They have lesser number of years to live so even if dollar hits 1200 naira, they are not necessarily affected.

But if you're in your 20's, you have more capital projects to run in the course of your lifetime. Also you would probably witness more devaluations than these old men. I used to day 60-40 before. But now convert 80% of your money to USD. It may be stressful but it would be worth it.

A country that relies only on oil, disrespects the rule of law, unattractive to investors, has security/kidnapping problems, governed by clueless mofos, has a growing unemployment population can never have a strong currency in the next years to come.

So the risk is on naira, mark this tweet and check it by 2050.

So far, Nigeria has followed the currency crises in Lebanon toe to toe with CBN copying every step they made. Earlier this year, we had our 3rd devaluation when CBN started giving folks extra naira for every dollar sent back. That was a red flag abd the point when I knew the devaluation might get really worse down the road. Now, we have the 4th devaluation already... CBN has been waiting for dangote refinery which I don't think will help as he has dollar denominated loans to offset. Next step by CBN would be to ban domiciliary accounts or force withdrawals at their rate...

Sometimes, when I look at the issues playing out in Nigeria, I begin to ask myself, what is wrong with us...
Same issue playing out with petrol subsidy and dollar subsidy which are the biggest problems with our economy now. With petrol subsidy, we're enriching a few and supplying the whole of West Africa subsidized petrol in the name of subsidy... With dollar subsidy, we're also enriching a few and perpetuating the continued devaluation of the naira....

Whoever knows Emiefele should explain to him basic maths- since the origin of the naira, nothing has guaranteed the continued devaluation of the naira as having two exchange rates..... This time will not be different

sconp:
Too many head and shoulders, one played out last week I think.

Yeah... This one isn't as clean as that of last week... Also, the 4hr close has was a strong one making me lean towards it not playing out...
Betece just seems to be ranging and doing its thing

A head and shoulder on betece 4hrly? I hope not....

Stops in place but if it confirms, it should run the liquidity between 33-34k... Should take a while as it's 4hr chart

Maycher:
Guys, I think I need a little help.

I've been trying to sell off some BNB via P2P, but the payment methods keeps showing unsupported. I've been using P2P for some months now but I don't seem to know what's happening.

Why not save yourself the whole stress, convert to a stable coyn nd sell that

MasterPDON:
@jedisco

How relevant is support and resistance on the 15-minute chart?

Depends on what you're trading...
Larger time frames supercede lower ones but its the PA on lower timeframes that morph into larger ones....

Any reversal or selloff would always start from the LTF but most times, would have been obvious on the HTF... LTFs contain lots of noise and fakeouts

Hamzashaf99:
Will you advice day trading or swing trading for someone who wants to learn, especially with the present market situation?

I've learnt from some people that it's easier to start learning using lower time frames, but those time frames are more volatile too.

Also, how can one know areas of liquidity on a chart and how to avoid/make use of them?

Another one, I know you've tried to explain why you prefer trading against Bitc0in or with, but can you explain in a layman's terms for us noobs?

I will not advise anyone starting out in this market to day trade... It's too much of a hassle and you're likely to leave with nothing.... Don't be carried away by the seeming profits they make.... it's not always as ut seems... In most markets, investors usually make more than traders at the end a d are more likely to leave with profits made

Lower time frames contain alot of noise which one could get sucked into. Also, LTF are Trading the higher gives a perspective of where the market is headed...e.g if one focused on the weekly chart, it would have been obvious that 60k had been acting as resistance since January and such person would have sold or taken caution.

Liquidity zones are areas where leverage traders are likely to place their stops... Usually in placing such stops, they do that at a level that they know once breached, price is likely to continue downwards/upwards... Funny enough, price seeks such liquidity... It's not something you need to bother yourself with that much if trading HTF. With time, such areas will become obvious...

You don't have to rush to start trading against Bitc0in... Start with what pair works for you, and with time, you can proceed further

One mistake most spot traders make is trying to micromanage their positions and catch every dip and rally...

The earlier one knows it's impossible, the earlier your portfolio is saved... I trade better when I hold few positions, look at the charts once or twice a day and just set alerts at strategic positions... I don't see tge sense in babysitting positions as a spot trader.... If youve been doing it for a while, ask yourself how successful has it been...

I'd use yesterday as an example.... When I woke, betece was dumping and I'd been stopped out on some alyt positions.... It was around 36.5k then but I knew it'd likely get down to 35k ish to take out the liquidity I talked about yesterday.. Eitherway, it was the first rejection off 40k and with 33k having held for so long, I expected the top to at least be tested more than once...
Eitherway, my ada then was at 1.7, I could have sold and targetred 1.6 but I let it be and went about my day.... By evening, it was still at 1.7.... my point is simple...to me, not every trade is worth taking...

Most folks who try to catch every move end up outdoing themselves... Look at the bigger picture, select your trades and avoid the noise... Crypt0 is a 24/7 volatile market... Always be at peace that you cant catch every move and trying to do that will only ruin your portfolio

Ruben225571:
I totally agree with you but you as well believe that a twits from Elon or Barry Can shake the entire Crypt0 Market?

Let me Sight you a little bit... Elon Started this every week market Manipulation on the day he was having show concerning doge coin and Barry Twits welcome to crypto doge peeps” but is now time to switch your doge coin to bitcoin... On the start of Elon show. Doge was 72 cents going to 1$ but Barry twit reverse and send doge to less than 35 cents... which doge army and other investors troll Elon a lot and some even reports him on Twitter and some block and unfollowed him till date, doge has not gotten to 50cent!

Crypt0(BeTC) would always be manipulated by Elon because he’s the biggest share or holder of Bitc0in!!! Another example, today predictors and btc was going to 39-40k$ before Elon drop that heartbreak emoji.. and reverse was the result..
All in All , trade wisely!! Stop lose very important. DYOR

And you tell me they don’t have power over BeTC. I disagree with you.

The thing is that it's difficult to explain certain concepts to those still new in the market...

Take doge for example, Elon started hyping it as far back as last year when it was still less than 1 cent.... But I can tell you that the number of times he hyped doge and it pumped are far less than the times he hyped it and it did nothing or dumped...
The event you mentioned was a clear buy the rumour, sell the news one even though I played it wrongly at the time. Of recent, I was in doge when the news of coinbaz listing broke.... I shared my trade here- it rallied to resistance where I sold... Of course, a few minutes after it was listed, it dumped.... Now its back to support where I got in again....

Elon is not close to the biggest holder of bitc0in snd bitc0in does not have shares....
Why not take an experiment... Open an account... And anytime Elon or whoever tweets anything bullish about a coyn, rush to buy and do the opposite if bearish... Continue that pattern for 6 months and see whats left of your account... There are lots of new folks in crypt0 who would unfortunately be rinsed out on the basis of such.... After that, the market will look for another

No need arguing over certain things, wouldn't be surprised in the next 6 months, there would be another narrative...

Ruben225571:
Guys watch out. Dips to enter and Stop Loss is very important here!!

Just come across this post on Twitter now..

Some narratives I see are quite interesting.... This is a market that's valued well above 1 trillion usd... If it moves, it moves not because the rumour that some unknown folks are holding a party elsewhere...

Also, anyone holding bitc0in volumes large enough to move the market, should be selling to accomplish a purpose and not because they are 'partying'

The longer one stays in crypt0, the more you appreciate the market for what it is

Talking about tracking certain alyts in a pullback to increase one's betece stash.

Let me give an example with tfuel/betece
Yesterday, my alerts went off when tfuel crossed the 0.01 level against betece which was a historical resistance on the weekly chart (1st pic).... I didn't get in as it was at resistance in usdt (400)...

On the hourly chart (2nd pic) It rallied yesterday to 0.11 (10%) and during the dump today, came down nicely to retest that level.... I waited for some response and swapped sone of my betece into it at that level.... Its rallied to 0.12 which is a 20% move and I've taken sone profits back to betece targeting a retest of 0.11...

To put things in perspective, if I made that trade with 1 betece, I'd have 1.2 betece now...... It's also worth being weary of knive catching...
When market is in a range, identifying trades to maximize your betece value may be helpful
3 betece charts I'm watching are ada/betece, doge/betece and mkr/betece

Betece rejected harshly off 39.5k... came down to clear liquidity at 36k with a nice bounce off it....

Most times, when betece starts dumping in a range, I look for the recent liquidity or nearest 4hr support... If it takes out a liquidity zone and doesn't show strength, it'd likely go for the next....

For now, there's some liquidity around 34k which is something to watch in the future....

I use such dips to see what alyts to get into... Usually select alyts that have held structure against betece... They tend to recover quicker abd increase one's betece stash...

I see alot of folks eagerly waiting for sub 30k and I smile.... Betece can do whatever it wants, but don't underestimate how long betece can respect a structure/support moreso after a capitulation.. The increasing calls for sub 30k with every dip makes me think 30k would hold for a while... Folks should go back and look at the 6.4k or 8.2k level (on a daily/weekly chart) from 2017 to 2020 and see how price played around it.... Betece can remain in it's range much longer than most expect and then dump/pump when folks finally get comfortable...
Another thing I'm quite certain of is that most eagerly waiting for sub-30k betece will pull their bids and not buy if it dips below to 25 or 20k.... bottoms are only obvious in retrospect.....

P.s, I'm not saying 30k is the bottom, and frankly not concerned where it is...

Ltc and link have had a distinct weekly patte5for a while now... Which is usually 2-3 weeks gree and 2-3 weeks red...

The 2 previous weeks have been red for alyts... And with this week looking to end green, I'd lean towards next week also being green for alyts...

A good number seemed to have had some mini consolidating over the past week and are primed for some rally... Ada, bnb, LTC, bch, aave, yfi, xrp/xlm, dash, eos are those I'm in/looking at......
Obviously, the market is still cautiously recovering if not already in position, jumping in on a green day aint usually the best...

Not happy I'm missing the pump on ICP....

It reminds me of some majors e.g dot, aave when they listed...
A good major which listed on multiple exchanges... Usually, there's the first selloff, ten an impulse pump from support (yellow arrow), then another continued selloff into support before a breakout...and afterwards, a more sustained consolidation


The impulse pump caught my attention which coincidentally happened when betece sold off...
Had set my alert at 100 but it bounced off 101... I'd look for a re-entry when things cool down

jedisco:
On ada...



Who else remembers this...
On the ada/betece chart (1st pic), Two important weekly levels are labelled 1 (0.3) and 2 (0.37
While I had thought it'd selloff to 0.3, which was the previous high, it seems to be flipping the 0.37 level...

Whats more interesting is ada/eith (2nd pic) I mentioned before... It's now completely flipped the 0.6 weekly level even with this selloff which is quite impressive. All that's left is a bounce.... Funny thing is that I thought eith held up better until I looked at the charts... I'd be keeping an eye on this

Flipping levels on both eith and betece is bullish.
Even in the midst of chaos, there seems to be some pattern...

Most folks know my rule in trading alyts is simple... If it's not performing better than betece or eith, then no need...

Alot of old folks traded eith on after this dip... I rather stuck with ada

Of recent, I've been heavy in ADA...
Against eith (1st chart), It's held the 0.06 level beautifully... Good chance it rallies if it continues to hold this.

Against betece (2nd) it's at resistance, a flip of this resistance should bring significant room to the upside...

On this, I'm still in position and watching

Another example why I'm trading more into betece of recent...

Looking at the doge/betece daily chart, on this last rally, I sold my doge yesterday into betece at 0.011 and 0.012 resistance which it had a clean rejection from...
I'm targeting 0.0093-0.001 for a reentry which are tge daily and 4hrly support zones...

Doing that, helped me partake in both the doge rally yesterday and betece rally today...
Generally, betece charts are cleaner and easier to trade.

jedisco:
Converted my link into betece at 0.088... which is resistance..

LTC/btc on the other hand, looks like it has more room to expand

Of recent, I've been using the Betece pair more often to know what alyts to enter and also when to take profits on alyts as it's usually cleaner....

Since betece is largely ranging, my focus is to increase my usdt but also betece value. If an alyt isn't going to outperform betece, then I'm better off in betece

With bnb, I got in at 350, target is previous high against betece at 0.012 which is around 20% away... Most times, that'd correspond to a significant resistance area in usdt...

jedisco:
Been trading less as market has been choppy.... Focusing more on betece

Obviously, betece has got into a bearish trend...
No need denying it. Questionn is do we have a reaccumulation period before continuing the rally later on this year?

Obviously, tight now, thee market is divided... some are underwater praying for an exit pump while some are praying for lower prices...
This chart has been my way of keeping things simple and identifying entry and exit points mainly on betece or select alyts....

Betece has been in a symmetric triangle since the selloff and bouncing off 30k... Many times (not always), these are continuation patterns and usually continue the previous trend which was down..... As with such patterns, it's best to play them is on confirmation of a breakout or breakdown (though I've been playing within)

Certain things here are
1. With a breakdown below, and confirmation, then likely it may get to below 30k... Wouldn't be bidding 31k if it breaks down.....

2. A breakout above and confirmation, then likely a retest of the previous breakdown region around 50k in the coming weeks...

3. Within the triangle, I use the 4hr ema as a guide (purple line)... Targeting the top or bottom depending on if price is able to flip it...

4. Worth noting that such patterns, the longer price remains in the triangle, the weaker the price action after a breakout... Also, there can be fakeouts in either direction which is why I wait for a confirmation...

Finally, betece will usually respect structure... Just like 40k was resistance, 30k is support... So even though the trend is bearish, does not mean price will go down in a straight line just like it didn't rally in a straight line either.. In essence, betece can chop around 30k longer than most think and when people start getting comfortable, it makes its move...

P.s if price dips below 30k, I'd be more focused on longer-term accumulation than trading or timing the bottom.

On this.... Nice flip of the 4hrly ema...
Got into some alyts early on and targeting the top of the traingle...which currently is around 38.5k...

At this stage, I'd say there's a good chance this breaks to the upside causing a relief rally... Taking things step at a time

obi4eze:
Thanks sir. But the long term bearish trend will only be confirmed once we have the 'death cross'. It's not happened yet but once it happens, beeteecee would have slidden further. There are definitely bids around the 30k support which has held firmly for few weeks. Short term, I think is bearish but the big picture is still bullish. I expect some range between 35k ish and 41k for a while to build up market confidence before the bull run restarts. I have bids at 33k in anticipation of that.

The death cross is too much of a lagging indicator with lots of fakeouts. It's nice to be used retrospectively but in the real-time, waiting for it can deal one enough havoc...

Of course, the big picture is ultra bullish... I also don't think the bullrun is done in the macro sense..... Just a consolidatory phase and that bitc0in may not be putting in highs asap...

At 30k, betece is >50% from the top. If the market is going to consolidate, then further downside on it (if it comes) would not be that much.... For example, if I sold at 60k, I will be laddering in bids from low 30k

VillageHead:
This man is just wasting his time and money.


He hasn't been educated that the game in Anambra isn't for the best fit but the most crooked.

I still do not understand the rationale behind leaving his highly proclaimed profession and achievements to come swim in a dirty river of politics.

How many years as he lived in Nigeria recently?
Has he passed through the tutelage of Nigerian politics?

Everything about politics isn't about money, achievement and likability, but strong heart, I mean a heart that is depraved and evil.

Has he the mind to twist and break hands?


I pity him!

Even Soludo too will be disappointed.

Is it the river that swallowed an elephant that a mere tortoise is gearing up forcefully in a wrapper to wade through?

I pity him honestly.

If candidates like him don't come out, which other candidates should run? The typical career politicians in Nigeria?

Also, before Obiano won the election, he was based in the U.S...

That candidates like him and Soludo are frontrunners in the race is a good thing for Anambra

Been trading less as market has been choppy.... Focusing more on betece

Obviously, betece has got into a bearish trend...
No need denying it. Questionn is do we have a reaccumulation period before continuing the rally later on this year?

Obviously, tight now, thee market is divided... some are underwater praying for an exit pump while some are praying for lower prices...
This chart has been my way of keeping things simple and identifying entry and exit points mainly on betece or select alyts....

Betece has been in a symmetric triangle since the selloff and bouncing off 30k... Many times (not always), these are continuation patterns and usually continue the previous trend which was down..... As with such patterns, it's best to play them is on confirmation of a breakout or breakdown (though I've been playing within)

Certain things here are
1. With a breakdown below, and confirmation, then likely it may get to below 30k... Wouldn't be bidding 31k if it breaks down.....

2. A breakout above and confirmation, then likely a retest of the previous breakdown region around 50k in the coming weeks...

3. Within the triangle, I use the 4hr ema as a guide (purple line)... Targeting the top or bottom depending on if price is able to flip it...

4. Worth noting that such patterns, the longer price remains in the triangle, the weaker the price action after a breakout... Also, there can be fakeouts in either direction which is why I wait for a confirmation...

Finally, betece will usually respect structure... Just like 40k was resistance, 30k is support... So even though the trend is bearish, does not mean price will go down in a straight line just like it didn't rally in a straight line either.. In essence, betece can chop around 30k longer than most think and when people start getting comfortable, it makes its move...

P.s if price dips below 30k, I'd be more focused on longer-term accumulation than trading or timing the bottom.

janga:
it’s been a while am into the game so nothing like unrealised profits to me. well am a leverage day to day trader and mostly trading on future. spot trader is like nothing to me

Ok then...

I don't trade leverage... To me, crypt0 is volatile enough to make money trading spot

mike8804:
well I understand, but I had the same belief until I tried my hands on phoneum, mined 20k PCs and sold it on probit

Toh... No wahala...
I got no interest in pi just yet