₦airaland Forum

Sysdatek:
Buying big coins is a game of huge capital
If someone comes to crypto with 2kusd and your advising the person to buy btc
Small funds. Should chase low cap cheap coins with potential

And that's how most end up losing in the long-term....

Ask your self why low cap coins are low cap

Smithwilliams826:
Purchasing betc will only give you from ×2-×4 of your investment. Theirs are other coins that can give you more than that.

Interesting you call an x2-x4 only......
What other investment vehicle does that....

Even if one is trading smaller sums but wants to make money, part of that is looking at how those with size in the market trade....

I'm not pro betece or pro alyts, I tend to benefit from both but I avoid fighting the market

Ibime:
Meaning say you still dey stables. We are in the same boat and hoping for the same thing. I dey your back boss

Hehe.... We no dey dsame boat ooo....

You no ready to buy.... Even if betece dipped to 20k, you for no buy...

DieRich5:
I tire, I just buy small incase but I'm still waiting Sha for 280

Not so keen on alyts yet.... They look weak and I think a better opportunity will come when betece dips....

Alyts don't do well when betece starts approaching resistance

edward2018:
..

Nice thread... Can you share updates?

For those still on the sidelines being tempted to FOMO....
The market runs 24/7, there'd always be another trade....

Betece may have pumped, but whether bull or bear, buying betece on a day it's pumped 12% is not usually a good idea....

I'm hoping betece settles, and hopefully gives alyts some room to rally in the next few days.... before draining them again....... That and a betece dip is what I'm waiting for...

DieRich5:
I just added some BNB ......Been waiting for BNB at 280

Hehehe....
From waiting to FOMO

fusionchimera:
some divergence playing out there

Very strong divergence.... Which as usual tricked majority....

Interesting how people (incl me) are now hoping for betece to dip so they can add.... This market no easy...

OpenHeaven2019:
How do think this week would go?

I think we are due to break 40k.

Fibonacci time sequence below looks scary for the coming week. I say we see more upsides.

On the mid term looking at below images, 60k would not be the top.

30k - 34k has held strong for 4 weeks in a row, some upside to test resistance is expected....

Also, the daily close yesterday broke out of a downtrend PA has been on since the selloff.... I'd be targeting the retest of this trendline to scale in... Also, this area (37.5k ish) coincides with previous resistance... A successful flip of this area should take price above 40k...

What's interesting, is that after the initial selloff, the daily RSI has continued to make higher highs with price making lower/equal lows... Clear bullish divergence which is now playing out.

60k is unlikely to be the top of this cycle... But I think calls for 60k now are too premature.... The cycle can extend well into next year before it tops...but the then, price may not get above 60k for several months and I'm not worried about that...


What I think would determine how quickly this cycle moves is what happens after a rejection on this rally.... If price rallies to say 50k, rejects and can still maintain 34k support, then a healthy upside consolidation will ensue.... If it rejects and makes a lower low below 30k, then it'd be a slow one...

Since the selloff, yesterday's close was the first above the 21day ema.....

The level to flip is 37.5k-38k which was the previous resistance

Still mainly on the sidelines.... Had bids set at 33-34k.... But the coin bounced at 35k at rallied quickly... I'd look for bids on betece or alyts when things cool down

Over the past 4 weeks, it's interesting how many times betece bounced between low 30 and 40k... Most of those moves would are at least 20%...

The funny thing is the number of people waiting for 20k....... it'd be interesting if they finally buy above 40k

Bottoms are usually obvious in retrospect....

Neverlosemoney:
I find everything Hateful a long time ago. Mostly, the moment people begins to think, they have a chance of making millions using peanut by going after Shitcoins!!!! Those were the moment the qualities of what is been posted here, completely changed!!!!

Hehe... Sometimes, the market has a way of regulating certain things.... If betece goes into a prolonged consolidation, then, with time, most of the posts will reduce.... By the time there's no crazy pump for a few weeks and some coyns go illiquid, people will generally rethink...

Afterall, posts asking for coyns to hold for the long-term have almost disappeared after the selloff...

Ibime:
Never had a problem with being patient. I don't trade all the time, although the last two weeks of inaction has been a bit frustrating.

I am personally waiting to see how people react to a death cross I think should be due within the next 8-10 days before I do anything. If BeeTee escapes the death cross range, then I'd buy the breakout, otherwise I'm happy to see if further bottoms are coming if the death cross scenario plays out.

Stables are on the sidelines waiting. No rush.

The death cross is as good as locked in already... It'd take an extraordinary pump to 60k or above for it to be escaped (which I don't see happening soon)... It's quite a laggy indicator and would usually tell what's already known.... Also, sometimes the market does the opposite of what the cross portentds in the short-term.

One can still make money even when the market is ranging or even trending downwards... Esp with bitc0in which usually respects structure....

One thing I think alot are mistaken is expecting bottoms to feel like tops... Market is always euphoric at the top and bearish at the bottom.... And bottoms only make sense in retrospect as there'd be a bunch calling for lower prices at the time... If 30k felt difficult to buy, 20k will feel much more difficult. Fact is very few will buy a 20k betece if it dips there....

I'm largely in fiat and wouldn't mind sub-30k betece to load up for the long-term, but also, it wouldn't surprise me see bitc0in holding 30k and rallying from to the 45-50k level before further rejection..

Is it just me... Or do folks sometimes find the quality of stuff on this thread a bit annoying with all the scammy aitdrops being pushed at every corner

Codebite:
My biggest mistake was not knowing when to quit this crypt0 of a thing...

Lost 80% of my entire savings to crypt0 baba God will someday see me through....
Let me face my job and other side hustle, I guess crypto was never for me.

From TCT to burger to klv, ksm, btt doge and some shitcoins I'm officially rekt.
I'm fervently observing Musk and all those pushing FUDs up and down, they've rendered people mentally insane. By now I suppose done get myself a nice ride but instead I poured everything into crypto cos naira was unstable


Kudos to everyone doing great in this business. Paytience pays but I guess I've been too patient and refused to take profit. I'll have to delete all my apps so that I can move on with my life... Maybe I'll check back next year, hopefully all my money will come back

We all make mistakes... The good thing is to learn from them and see what could be differently done...

Not to blame you, buy looking at the coyns you mentioned, most had gone parabolic... I'm quite sure you rushed in after they had pumped crazzy......



I still believe the safest bet for anyone entering this market is still betece, eith and some majors... Yet alot think that those coyns are expensive or too slow...
I don't fight the market cos it's not my money that'd change the trend of the market....

You might want to take some break from the market and return wgen your head is clear... More importantly, when returning, don't chase green candles

A quick one....
The Betece dominance chart.... This is simply the percentage of the total crypt0 market that is due to betece...



It's a weekly chart... Since Jan, betece had been slowly bleeding against alyts.... Hence the alyts party...

It's now bounced off the 40 level which is a significant one dating back to 2018... The last time betece dominance was that low was also in 2018 when it dipped to 36.. that was also the peak of the alyt season...
Looking at the chart, there's ample room to the upside, i.e there's lots of room for bitc0in to crush alyts

The point is simple..... This market moves in cycles... No need fighting it.
Alyts had about 6 months of an immense rally, perhaps it's time for betece.... We've enjoyed trading alyts going parabolic while betece was stuck between 50-60k. Now the risk of trading random alyts is not worth it.... Even if I would, I'd stick to 1 or 2 majors with good structure and get in at strategic times when they're at support.

Ibime:
Confidence is draining slowly from alts

Abeg jedisco, please come and advise us what we should be looking to do

Market has been slow and I've been caught up with oda stuff...
Still in stables like I mentioned last time.... Nothing much has changed.....

Last dip on betece was a 3rd test of the 30k level.... If it dips again, I don't like bidding the 4th retest of a support.... What I'm looking at is the 33-34k level for a possible bounce... Below that, I'd just let the market develop.

pizapato:
The only idea coming to my head is getting a debit card for the domiciliary account, then use the debit card to buy stable crypto on exchange. Sell off the crypto some time and withdraw the dollar to Dom account as inflow.

This should also work for platforms like Bamboo and trove. In this case one will buy US stocks after crediting Trove/Bamboo account with the debit card

Two things I'm am unsure of about this is
1. If it is possible to use debit card linked to Dom account to buy crypt0 in Nigeria, considering most transaction is priced in dollar but transacted in naira.
2. If it is possible to withdraw dollar directly to Dom account from an exchange like binance.

Let the crypt experts please help us clarify

Eventhough stable crypt0 coins are equivalent to the dollar, you can't switch withdraw or deposit them into usual domiciliary account...
So it's either you choose one route or tge other...
One is the traditional route of converting to dollars or seeking dollar denominated funds...

If going via the crypt0 route, you'd have to register on a crypt0 exchange. Exchanges are like the banks/marketplace of crypt0.. You can then buy stable coyns via P2P (person to person).. This is like an escrow service organised by the exchange to ensure safety...
After buying stable coins, you can do two things... One is to withdraw it to a private wallet and whenever you want to convert it, you send it back to the exchange to sell into naira.
The second is to save or stake it on the exchange. This is similar to fixed deposits in a traditional banking system... Rates here could vary from 2-3% apr for flexible savings to 6-8% apr for fixed term savings (which usually don't exceed 3 months).

Worth noting that stable coyns are transacted based on market rates not the cbn rate

Ibime:
Same reason you did 4x on Doge without believing in it

Na liquidity we dey find.

Crypto is a pyramid we can possibly play for 10 years. We don't need to believe in it fundamentally, we just need others to believe in it and jack the price up.

I believe in the price action, not the fundamentals. Same as GameStop or AMC.

Hehe... Na u sabi....

That time was to maximize profits of a treme6 rally...

Now, it's to stick to why I'm here in the first place

Redcup:
please sir, is "Shiba inu (Erc20)" and "shiba inu ;the dogecoin killer(Bep20)" the same? I bought shiba inu on binance for a friend. Which of them do I send it to on trust wallet?

Hehe... which one be dogecoin killer again

I've never owned shib and haven't used trust wallet that much. Might be better off asking ibeme...

Infact, after being stopped out on my alyts, I've decided to wind up my alyt portfolio... Not worth the stress and no need fighting the trend.... I'd be focusing mainly on betece and only alyts that are performing better than it.......

Kantebets:
I will like to learn from u sir
Which books do u read sir.U get pdf?
I plan to watch those videos later

Those are good resources which will be a good place to start.......

I haven't read much books on trading as I'm not a trader per se... But looking for good resources ain't difficult...

My view of bitc0in is this... It'd usually give 2-3 opportunities every year to make at least 50% profit which is a good ROI if you ask me....

Identifying those opportunities are not as difficult as most think... The news of the market crashing will be everywhere... The weekly RSI will usually bottom about once a year which is usually a good time to buy.... Generally, trading the bigger picture is much less stress

Kantebets:
from which sites or is it YouTube videos

Videos, reading, studying charts, following smart folks e.t.c...

@Ilegend mentioned a good YouTube channel which I look at from time to time... Another is one by Benjamin Cowen and the last by Bitc0in jack... They all have their own ways they approach the market...and with time, you'd see what you resonate with better and focus on what matters

It's worth noting that when watching analysis, the point is not to see who can predict certain moves or not....cos no one can.. But rather to see the thinking behind a certain thought process and interpret it accordingly....that way you can begin to see things for yourself.

CryptoMatic:
I wonder why you didn’t say all these things when crypto market was making ATH few weeks ago

Hehe... When the market is sweet, everyone enjoys the romance....

condomuser:
El Salvador, Argentina all have one thing in common, they are not financial market hubs. Their use of crypto is to get out of mysery with hyper inflation choking them.

It's easy to forget that Nigeria is quickly heading down that path....

As far as fiat exits, it's inevitable that from time to time, a number of countries will have currency crises...

Although still quite early, just as the 2020 bullrun is being fuelled by institutional adoption, I believe the 2024 bullrun will be fuelled by nations adoption of crpt0 (not necessarily bitc0in) and blockchain in a broader term....

Right now, most developing countries have their reserves in the dollar... That gives the US a leverage to print dollars out of thin air..to the extent that over 20% of dollars in circulation was printed in the last 2 years... sooner or later, some would start asking questions

Kantebets:
add me to a training group where I learn the basics on technical analysis
0903464506zero

I don't have a group perse... Most of the stuff I learned online

Elsueno:
Fascinating, so some people don't even believe in crypt0 but still went ahead and invested in it. Some Nigerians are really special set of human beings.

I will never ever invest in something that I have doubts in, especially so if I think it's a ponzi,

That's the part I find interesting.... If I think crypt0 is ponzi and ultimately going to zero, I wouldn't come near it at all... If not anytime bitc0in sells of (which it'd do from time to time) I'd keep asking myself if today is the day it goes to zero.... That's interesting

It's like thinking the internet was useless and still buying Amazon shares in early 2000...
Or thinking electric vehicles wouldn't catch on yet still buying Tesla shares in 2010
Or thinking PCs were useless yet still buying Microsoft shares in the early days.....
Or holding the dollar if I think it'd go to zero.

Also comparing the valuation of bitc0in to shares is not a clear-cut one... as obviously bitc0in doesn't have any underlying company e.t.c...
The value of bitc0in and blockchain comes from the utility it provides... That's why I prefer to compare it to the internet in the early days....

Ibime:
Fundamentally people are prepared to pay a price for shares based on dividends, future cash flows and at the very base level, underpinned by the companies net asset value. In the event of a calamity or we no do again, those assets can be sold and distributed to shareholders.

There is no such thing that underpins Crypt0 except what someone else is willing to pay for it

The technology you say underpins Bitcoin is easily replicable infact.

Even blockchain technology can be issued and we don't need a currency to use it. That's exactly what China is doing, which is why they got Weibo to ban all crypt0 talk and advertising in preparation for them to launch their blockchain. This is Ethereums selling point and easily replicable. No one should need a currency to access a blockchain, simple.

Tomorrow if Google and co release their own blockchain and make it free or subscription based, it's lights out for Ethereum, Solano and co.

What valuation do we place on Governance tokens? Why should the ability to vote on how Uniswap write their code be worth billions. UniSwap only released token because SushiSwap did. They said they might as well make money from something completely not linked to the use of their platform.

Let's be frank, Crypt0 is a pyramid, but we are loving it.

In the real world, when companies go bust, shareholders go with little or nothing... Most Nigerians who bought shares during the 2008 NSE rave are yet to recoup their capital 12 years after.

The increasing price with bitc0in doesn't just come from what people are willing to pay but from the value of the tech that underpins it... If it was all about what folks are willing to pay, bitc0in would have been long dead..

With crypt0, the tech is tech is open source and can be easily replicated (as many have done).. Which is why we have lots of no use coins... With time, the wheat will seperate from the chaff.

But that's not really my view. My POV is asking myself if crypt0 and the blockchain tech has come to stay. I believe it does and has continued to offer an increasing use case around the world...

For example, a good number of people in countries with galloping inflation are turning to stable coyns to escape that.
Also, most remitances to Nigeria now are done via the crypt0 simply because of the bottle necks the cbn introduced.

Thats why I'm heavy on bitc0in and eith because I believe they both would stand the test of time... Most other alyts are I trade are to benefit from the budding sector...

Frankly speaking, if given the choice to choose between holding shares of a company and bitc0in for the next 10 years (without trading), I will struggle with to choose any over bitc0in...

If we look at the internet based dotcom run of 2000... Lots of companies came up which eventually went to dust. But then, that run also helped to birth the internet giants we have today. For the past decade, bitc0in has stood the test of time


But lemme ask, over the next 2-3 years, how likely do you think it is that the price of bitc0in will get to 45k? (Of course, nothing is certain)

plat0:
Too complex. When you take all these things into consideration, at some point you'd be swayed over by the school of thought that Crypt0 is just a glorified Ponzi scheme.

Perhaps.... But then, if you think it is, it'd be advisable not to trade it. I can't convince you it is or not... It's a decision you'd have to come to yourself.

On the other hand, if I'm going to put your money in a market, I wouldn't consider looking into four items complex

Before I started trading crypt0, I did extensive reading on it, watched the market for a long time, and slowly got in when I convinced myself it was worth it. There's been ups and downs, but overall I'm grateful

Before I buy any stock, I like to look at up to 10years of data which is much more cumbersome and usually difficult to find..... Sometimes, I've had to travel or pay to get information/advice on certain investment steps.

That's why the general advice is that if you can't do the work, then get yourself a financial advisor. Cos there's no free lunch anywhere.....

plat0:
What are the metrics you look out for to ascertain if a particular coin is overpriced?

Most times I use bitc0in to guage the valuation of the market...
There are a number of models out there which have proven to be quite accurate.. one is tge stock-to-flow model, another is the logarithmic growth curve... You can find them on the website lookintobitc0in.
Also, moving averages are useful... Especially on the weekly charts...

Movement of alyts will depend largely on what bitc0in does... So with alyts, I prefer to time trading them based on where the market cycle is and what bitc0in is doing at the time

It's a red day and as usual, the emotions are brought to the fore...

Bearish PA's are good in reevaluating why we're in this market in the first place...

But I'd add that if you think that crypt0 is going to zero, then you shouldn't really be in crypt0 in the first place... It'd ve too stressful for you. If I felt a market would ultimately die off or was ponzi, I wouldn't be anywhere near it. It's too much stress to keep asking yourself if bitc0in is going to zero anytime it sells off

Also, it's worth remembering that most coyns have no use case and bitc0in will outperform most in time... No need fighting the trend...just use it to your benefit.

nna777:
I remember last year March when stocks where nose diving globally. GTB, ZENITH & WAPCO fell to #17:80, 10:60 & #9 respectively. While some people were bringing doomsday prophecies others were averaging strategically. Fast forward one year after, GTB, ZENITH & WAPCO reached #38 #26 & #35 respectively before they started correcting. Virtually most listed coys with good fundamentals on NSE returned over 100% while those who held either broke even or had profit of over 40%.

What am I trying to pass across. Same is taking place in the crypto market now. All kinds of doomsday is flying around. As long as you bought into good projects with future potentials, one year from now, the story will be different (bookmark this post). 90% of my holdings are in Ada & Matic. I haven't sold. Still observing but i will strategically average down if Btc drops to $20k to increase my hodlings.
If you have been in this business for a while, you will understand that a year from now, there would be transfer of wealth from the weak to the strong.

Adios Amigos

Thanks for this...

It's easy to forget that Ada even at current price is over 10x from this time last year... That's why I believe that with the volatility in this market, overtrading it can be a potential for disaster... If bitc0in dips to less than 30k now, whatever bitc0in I buy wouldn't be sold for less than 50% profit whether it takes months or not. I wouldn't make such projections for most other assets I own


The raw nature of the crypt0 space makes it bring out the very bare emotions... At the top, it's irrational greed, at the bottom, it's brutal fear... The rallies are glorious, the corrections are bloody...

TotoNaRubber:
By weekend it will dip to $15. There is no magic money in crypt0, it is a pyramid money market, 100 people bring in money, it rises and 20 people take out it falls.

Now more people are taking out than more people bringing in due to life after the lockdown is getting back to normal. It was going to fall like this anyway if not for Elon's endorsement that has helped in pushing it up.
Beware, some that bought at the top have averaged out of the market while the not so smart are still waiting for crypt0s to skyrocket to the moon, it is a make believe, there is no practical technology in crypt0, it is all created with hope for adoption but the aim is being defeated.

Crypt0 is a volatile market and most projects have little use case. But then, there are 2 concepts you are mixing up.

The rise and fall in price can be said of most products out there. The price of an item is what someone on the other end is willing to pay. That's why prices of items vary. Take stocks for example..same narrative you painted can be said of stocks... It's all about what someone on the other end is willing to pay and that's why the prices are not stagnant... With stocks, it's the belief in the company that makes folks value it... With crypt0, it's the technology backing it....

Talking about the technology that backs crypt0... Take bitc0in for example... It's an instrument where folks can store value, transfer that value seamlessly from one point of the globe to another instantly and almost free, carry that value securely in the most minimal ways possible, and can be traded in hundreds of countries around the world. Alot more can be built on that...
I liken crypt0 to the internet of 1998. Reading some of the dooms day narratives against the internet then look funny today.

Take a step back, look at the big picture.. there's a reason why a number central banks around the world are working on issuing a backed crypt0 asset.

That's the only reason why I'm in crypt0... It's because I believe in the usecase of the tech that backs it. I believe that it's bound to grow in adoption with time as it's currently been doing...

Regarding price, it's worth remembering that the crypt0 market cap has put in new highs almost every 4 yrs... That's remarkable in investing. The NSE is currently trading at about half of the high it created in 2008. Yet, even after 14yrs of being in a downtrend, I wouldn't call it a ponzi scheme...

There's always a narrative anytime the market goes up/down do I don't usually bother myself about them. Of recent, there's been very positive news in the space yet a bearish market structure has not responded to them. In the end, price will do what it'd do.