₦airaland Forum

Biafran4life:
Ok sir,I watched sanusi on TV on this matter.Ask sanusi why didn't he do that during his tenure.Or was the present different from his time.The only difference we had more reserve and crude price was better

You're getting me wrong. It isn't about comparing the past and the present. But then, when Sanusi was there, we has a pretty much even rate.


I'm not necessarily against CBN fixing an exchange rate. I believe every central bank (more so of developing nations) should have good control over their currency. This can be achieved via multiple means. CBN can say 1 naira to a dollar... No problem...but they should defend it. They should not use the commonwealth of the whole nation to subsidize forex for a few people. The effects of devaluation are felt by all Nigerians so I don't see why a select group of people have access to subsidized forex.

My point is that all Nigerians should access forex at same rate (whether 1 or 1000) because we all bear the effect of devaluation. If the government wants to support a group, there are multiple ways to achieve that.

afroxyz:
Metals. As in CFDs, Futures?

I usually don't trade derivatives.
My bank allows me purchase spot in app (not physical) and given my knowledge of market structure, I find that easier to use.

That said, it's not something I do regularly as I find the market slow moving and more of a hedge than an investment. Picked up some after the covid crash and sold after a while.

Biafran4life:
They should allow the naira to float in an economy that is dependently on consumption.And you think it will solve the problem with no feasible production.Pls tell me why our professor of economics soludo and the great Ngozi in ministry of finance didn't trade that line then.Oga for what you suggested to make meaningful impact we have to revamp production.And since that is not achievable in a short time.I believe the government is banking on the refinery since about 50 percent of dollars consumption goes into that sector.As they are working on power to improve which has multiplier effect on the economy.We just cross our hands and hope it works.Don't forget we have economic team made up of sound minds equally making imputs.We all are the cause of Nigeria problem directly or indirectly.Our greediness/selfishness has no part two.

What people don't understand that fixing an exchange rate is easy. Defending it is the hard part. If it was all about the CBN deciding what the exchange rate would be, every country will fix their exchange rate and go to sleep. Those folks you mentioned were able to sustain the rate they fixed by deploying foriegn reserves and earnings and made whatever rate they fixed largely available for all. Not allow a way to create billions out of thin air. Personally, I don't believe using scarce forex to continuously defend a currency is ideal, but you can do that when you have the reserves or inflow. You could read Sanusi's interview with the Financial times on this matter.

Hope you know that most of our imported petrol is based on crude oil swaps and not bought outrightly?
We're not the first to introduce some of these measures. . Lebanon did exactly same thing. Their central bank even created an exchange portal and promised huge interests for those who sent forex in.. We know how that ended

Talking about sound minds in our economic team...lol... Look around you and see the result. If not that IMF insisted, Our 'sound minds' were ready to take a dollar loan that would have been wasted on subsidizing thesame dollar.

No need going back and forth... They should keep giving folks 20% discount on the dollar. Indigenous companies that struggled to make profit are now guaranteed 20% in days if they know who to bribe. More and more people are learning ways around it and some are already making a killing. Soon enough, we'd see where it leads

Theyoungmatron:
Please, i need to withdraw my profit. It seem i skipped the part on how to sell it.

You can convert or sell to usdt. You can then use p2p to convert into naira and cash out.

If confused, search for videos on YouTube

Nimrod81:
No he is factual. You can't go to Rome and demand the Holy Father serve you communion in a different way from how others are served. The British Royal house will never change it's ways for anybody. It didn't do so for Diana so this is not a matter of racism. I remember many people claiming Meagan would change the royal family even before she got married. Now reality has dawned on her. All she can do is trend on Twitter. If she wants the perks, she should accept the responsibility.

It's funny how some people here revere some white folks called 'royals' who don't even care if they exist or not.

Let me ask you, what do you mean by changing it's ways? What ways exactly has she asked them to change? Or does that mean not accepting someone of colour in?

shadrach77:
This woman is tremendously heartless. A big schemer and social climber who I see dumping Harry later on, say like in 5 years time and then use the kids as leverage to settle herself financially. Only then will Harry return to his senses.

Though the Royal family may be racist and all that but she knew what she was getting into before going in.

The truth of the matter is that she and Harry know that they can never be the star couple or the centre of attraction cause as far as the British royal family is concerned William and his children will always be above them by virtue of birth and this realisation is the cause of the tantrum they are throwing now

They wanted to leave the royal family and they've achieved their aim so they should just keep quiet and move on with their lives

It's disgraceful hearing this coming from a black man.
You really think she didn't know the succession line before getting married?

anomaly20:
An institution of hundreds of years should bend the knee because of a black woman? or rather a woman who will have not add anything significant to the future of the British royalty.

You are a disgrace to your skin colour

shadrach77:
This woman is tremendously heartless. A big schemer and social climber who I see dumping Harry later on, say like in 5 years time and then use the kids as leverage to settle herself financially. Only then will Harry return to his senses.

Though the Royal family may be racist and all that but she knew what she was getting into before going in.

The truth of the matter is that she and Harry know that they can never be the star couple or the centre of attraction cause as far as the British royal family is concerned William and his children will always be above them by virtue of birth and this realisation is the cause of the tantrum they are throwing now

They wanted to leave the royal family and they've achieved their aim so they should just keep quiet and move on with their lives

It's disgraceful hearing this coming from a black man.
You really think she didn't know the succession line before getting married?

nihilistjnr:
Right at the top bruh
$299

Hehe... You managed to snipe the top cos everyone we're saying it was destined to go to the moon.
Ideally, that's the time to sell not buy

You're lucky betece is still behaving. If betece had corrected more, you'd look at yourself in 3 months when it's maybe 40 dollars and ask what made you buy at that level.

When a coyn runs like that, it's not unusual to range for a while... Also, if it starts rising, be rest assured that range traders who bought at 200 and 250 would dump at 300 or 320 further compounding your wait. They're ready to keep doing that with leverage over and over again until one side breaks.

nihilistjnr:
BNB still being a laggard though...

How much was your bnb entry?

jedisco:
I noticed since last yr, there's usually a doge pump at the beginning of any major alyt rally. Traditionally, that's what doge does. It's pump signifies alyts will rally soon.

Not saying its must happen now as betece has been giving mixed signals. But it's a trade I was willing to take. I loaded between 0.48-0.5... Good enough entry for me... One I can easily set a stop on

Glad I loaded up on doge at the lows.... It's began to creep up... A typical doge pump will change my portfolio.

Yesterday was a good one. Profits taken off VET, enj, uni and eith.

I'm looking out for a dip today or tomorrow so I can loadup for the week.

Targets I'm looking to snipe
VET- between 0.50 and 0.54 or a flip of 0.6
Ksm.. Close to 220
One.. 0.32-0.34
Uni.. a flip of the 30-32 level
Aave... 360-390
Doge... If it wicks to around 0.53, I might add up...

It's been a rainy few weeks.... The sunshine is coming out...
Let's make this week a great one....

Ladies ang gentle men, the stars are aligning...
Seems an alt season is upon us.
Lessons have been learnt over the past weeks... I personally have waited for this for a while....

To me, this is not the time to start jumping haphazardly. Levels are clearly marked out.
Remember to take profits on the way up and pay yourself too

Notyamate:
CH.Z and EN.J doing wonder.

Nice one on ENJ... Was an early call

Waited and took an entry at 1.22. Just offloaded it at 1.48... 21% locked in...

The reason I use TA on higher time frames to guide my trade is that it can be a saviour and look magical at times when timed properly

This is an update on the ada/eith trade I shared here. Before and after screenshot.
I use eith as my benchmark to trade other altys. In a bullrun, I prefer to track alyts I believe will outperform eith.
I converted most of my eith to ada around 0.055.. That helped my portfolio as eith was my biggest stash. I converted from Ada back to eith at 0.95 resistance. Now we see ada retracing.
Guess where I'd be looking for a reaction?? Same 0.055 level which was a previous resistance and should be an area of support.
This is about an almost 70% move either direction. You play that long enough, you make yourself happy.

With timed trades like this, you can really increase your
cash, betecee or eith holdings (or know when to move from one coyn to the other) banking on the movement of other coins

These past week has been quite nice... Most of the coyns I track have taken their turns to hit ATH.

Sushi sold at ATH
Dot was annoyingly frontran and couldn't all sell my stash
Uni.... Also hit ATH.. sold
Vet... Just sold off my last stash at 0.595... This would be its 3rd attempt at 0.6... let's see what happens...but I'm guessing there'd be a 4th attempt. I'd be looking to reload lower between 0.48 and 0.54 or on a flip of 0.6 if it breaks through

On theta, still in it as it's taken ATH.. though I had bids between 3.5-3.8 to addup... Annoyingly, it bounced b4 hitting my bids.

Sold my ONE at 0.39 for good profits... Will be looking to reload between 0.3-0.32 if we get it.

Coyns still lagging are ksm, zil, aave, srm, grt.. been scalping LINK and ATOM

jedisco:
Yesterday's finish was a nice one. A wick down below the 21ema at 48k (yellow line) with buying pressure pushing it up for a nice finish. I like to see that response at support.

Another good thing is that the 50 EMA (maroon line) is slowly creeping up. Almost at 44k now. This should provide a bounce area at least in the event of a push down.

Needless to say, I got into some alyts and happy with movement.. Looking to play this range (44k-54k) as stated before...

ONE and CELR have done well already. Theta is looking to retest its previous ATH which should be a good entry for it and tfuel.
Got my sell orders placed on VET. Will reenter on a flip of 0.6...

Not advisable to be in too many alyts. You don't need it to make money... Just identify those with good structure and range you want to play... Max of 5 for most

Yesterday's close was even a nicer candle... It was the 5th day in a row betece held the 21 EMA as support. Buyers have stepped in whenever betece falls below 48k

Looking at the big picture, alot of things are aligning....
First betece has pumped
Secondly, it's correted and seems to have found a base
Thirdly, eith is pumping....
There are trends I recognize which I like to trade... Things are slowly getting in line for an alyt season.

On eith, it's got alot of flak recently as it underperformed.
But then, we've seen such narratives with every run.
An eith pump usually has alot of significance in the market. It may mean the start of an alyt season or that a bigger correction is in the offing.

People say one coyn or another will replace eith and at the end of the day it does not happen. It's during a correction we know what coyns will last. That said, it's still not out of the woods against betece. On the weekly chart against betece (2nd pic) it's bounced off the 0.3 level. Lets see how far up it goes as that'd drive an alyt season It's been in an uptrend over the past year (higher highs and higher lows). I'm glad I transferred most of my ada back to eith when ada was 1.45 and eith 1400.

purleesh:
Please apart from crypt0s, which other instruments do you keep your money in to preserve the value?

I do stocks and metals (gold)... I've started pulling out slowly from stocks cos the space is becoming more uncertain and it's not my forte. I do metals not for profit per se but cos it's traditionally been a hedge against inflation (over time).

But then at this rate, one doesn't necessarily need any foreign investment. Just keeping your savings in dollars guarantees almost 20% yearly appreciation against the naira which very few investment instruments in the country can meet.

Also, with the way things are going, the rates may get worse before they get any better. CBN it trying to bring down the market exchange rate so they can merge the two rates. But so far, all they've done has backfired.

My investment in crypt0 (bitc0in) was to hedge against the devaluation of hard currencies and get profit untop. It's estimated that about 20% of dollars in circulation was printed in 2020 (out of thin air). So the dollar is also being devalued. But the US can do that cos they know that poorly managed nations like Nigeria will come cap in hand and create a demand for their currency.

Tobex4realTobex234:
There's never a better time to do this IMO. Imagine gaining 20% without doing anything. If you invest your USD even in moderate instruments, that's an extra 6%. Nothing sweet like to they spend naira from USD income

It's sweet initially but with time, you start asking yourself where the country is headed. The nation has to progress for you to enjoy your spend.

CBN has become increasingly desperate of late. That shows there's problem underneath. Imagine now giving folks 5 naira for every dollar remitted. Which serious nation does that? That is similar to what Lebanon did before things went out of hand.

There's so much pressure on the Naira which I'd say is largely artificial.
Take Dangote (not saying its what he does) who has had unlimited access to subsided forex. All he has to do is to call his Indian suppliers and tell them to increase their bill. Say they ask for 150 million dolls instead of 100. CBN will supply him that at a discounted price. Of course, the guys will take their commission and pass him back say 45 million. He sells that at market rate and approaches CBN again for round two..and on and on. There are hundreds of foriegn companies ready to facilitate such. Do we really think people have not been taking advantage?

With this new play by CBN, the funny thing is that very few folks in diaspora send money that way (i.e Western Union e.t.c). Most diaporeans have Nigerian bank accounts and they expect whatever money they send to quickly appear in thier accounts (based on market rate) just as is obtainable everywhere....not looking for someone to go and collect the dollars and sell.

Biafran4life:
Great economist.They just Marge the black market price and government price .let assume they pick#490 black market price and boom they have solved the problem.What happens if the black market moves to #650.They Marge again till infinity.Bros make owner they fear God because you have dollar account.What percent of Nigerians are using dollars

It's not about having a dollar account or not. It's about the CBN doing something it and other failing nations have tried repeatedly without success and expecting a different result. We have tried this before with fuel subsidy. We always knew subsidizing fuel was unsustainable yet for over a decade we continued. Yes, we made billionaires out of it and ended up supplying neighbouring countries cheap petrol. How exactly did the average Nigerian benefit from that?
We've had this dual rate for some years now, what exactly has it solved?

As far back as 2016, Sanusi said that this dual rate was subject to abuse and would continuously lead to a widened gap. He said then that he could make a phone call, get dollars at CBN rate, round-trip it and make millions. Do you really think people have not been doing it? Even on nairaland, I've increasingly come across folks who round-trip but of course with pursued lips.

The question is how much demand for the dollar is real?

It's not about picking a given rate. Ideally, things should be let to float and CBN can manipulate the currency using other means. If however, CBN decides to fix a rate and defend it, that rate should be accessible to all.

There's no place in the world where a dual exchange rate hasn't brought chaos

skydiver01:
CNB's two Month Naira for Dollar Initiative announced today/yesterday is below.

We're just in March and this will essentially be the second devaluation of the naira. I expect the parallel market to adjust for this once it comes into effect.

It's obvious CBN is banking on the Dangote refinery and foriegn remitances to save the naira. I wonder how they think subsidizing the dollar will save the naira.

This policy is obviously aimed at diaspora remitances hoping extra dollars in the market will reduce the exchange but I doubt it'd have any effect. Very few people abroad (if at all) are interested in sending money back to be exchanged at the bank rate or picked up in dollars to be sold and deposited back in the bank. Does not make sense. People are interested in sending money and seeing the naira equivalent (converted at market rate) deposited in their bank accounts immediately all with clicks of a finger. That's how it's done

They keep making basic financial blunders and wondering why things are going bad.
First they distributed dollars at subsidized rates to privileged folks despite every sensible group telling them the pitfalls in it. Few years down, it's not just special folks that have access... More and more people are now roundtripping and creating billions of naira out of thin air. Yet they wonder how the naira continues to slide. Just like fuel subsidy, there's been lots of sensible advice they didn't adhere to.

People here have mentioned smugglers. But I'd say they have little effect (if at all) on devaluation. Nothing guarantees the continued devaluation of the naira as having 2 exchange rates with almost 20% difference between them. Several months ago, I stopped keeping any tangible amount in naira and so far, it has been a sensible decision. I'd only change that when both rates merge. As far as this continues, we're guaranteed at least 20% devaluation on the naira every year (and that's being conservative).


We're getting to a stage where the average Nigerian will lose faith in the naira and rather keep savings in foriegn currency. Just like Venezuela and Lebanon, if we get to the tipping point, there'd be no return. The earlier CBN merges both rates and stops subsidizing the dollar, the earlier we start repairing our damaged economy. Even Dangote refinery wouldn't save the Naira if this continues

IMAliyu:
Anyone else seeing the head and shoulders formation on BeTC

Saw same... More pronounced on the 4hr chart... Also, it's within what looks to be a forming inverse head and shoulder with the neck line at 45k...

The market sentiment is quite split and seems betece is more interested in ranging when everyone is expecting a big move... Not a bad thing.. It should just remain calm at the right level to give alyts a breather.

BTW, it's March...hehehe

KrazyDave16:
$theta and $tfuel looks promising, added $tfuel when it hit -5% to my portfolio after seeing its 2k21 roadmap and I'm not even done with the white paper (busy atm).


Haven't checked $theta but will make a decision once I dig into em.
Hopefully it'll dip to $3 before I make a decision

They've pumped of late and held well against betece. Not sure how much upside is left. But a play of previous ATH to current ATH should be a good one.

They both move together but tfuel moves more and is also more volatile.... I usually trade coins that move together as one so as to manage risk

hmm

prince57:
Use referral lin k to get $10k as seen in the image below. Its tradable. https://spexchange.io/page/register?referral=43357

The kind of stuff you scam folks write make me wonder if some of you ever finished primary school.

So if I register with your link, I'd get 10k usd... Lol...

That you get 1 or 2 dollars as referral bonus is not the reason to write such stories. Most folks would keep off and see you as a joke

jedisco:
Just to chip in....

Looking at the Betece daily chart (first pic), we're still holding the 21ema at 48k for support. Main resistance above is the point of breakdown at 54k and ATH at 58k.

If the 48k support keeps holds today and perhaps next, then we should test the highs at 54k at least

As far as betece ranges between 48k-54k, then alyts should run.
We've seen before that once betece starts approaching support or resistance, alyts start bleeding as folks pullout because of uncertainty. I.e, it may not be a good idea holding alyts if betece starts approaching 58k as a selloff will kill alyts. I expect the 48k (21 daily ema) to be tested again before we exit this range (if we are to continue)

On an even higher timeframe (weekly chart- 2nd pic) we see last weeks candle wasn't a nice one.. So even though 58k seems close, exiting this range may not be as easy as it seems... Also a bearish divergence has formed.... In normal market times, such divergences can lead to a selloff to tge 21 weekly ema which is in the low 30k's but such divergences may not always play out in a bullrun. But it's one to keep an eye on.
A retest of the 21weekly ema (in a bull market) is usually where I deploy new fiat into the market.

The way I'm playing this is simple
If betece keeps the range, alyts should keep trending... It's relatively easy to play alyts now as levels are clearly marked out.
Look for coyns with good structure in usd and against betece. No need aiming for the moon without first breaking the highs. Also don't chase stuff that's done pumping.
Target significant daily/weekly or ATH resistance to take profits. If it breaks and holds ATH, you could reenter and ride for larger profits. The market is getting volatile and a move either way can wipe your profits so be smart.. having firepower to buy dips will boost your portfolio in such markets

Already, some of my tracked alyts hit resistance/ATH and I took profits (e.g Sushi) to re-enter on dips or breakouts.

Theta broke thru and held so I'm riding it and tfuel.
Some like Uni, vet are approaching significant resistance and I have sells placed..

Playing it level to level and always having firepower at the side. This is the time of the market to only buy support and have stops in place.

Still sticking largely to my earlier list and monitoring the trend. Finally, at the start of every alyt run we've had for the past year something happened... I'm waiting to see if that'd happen this tym.

Yesterday's finish was a nice one. A wick down below the 21ema at 48k (yellow line) with buying pressure pushing it up for a nice finish. I like to see that response at support.

Another good thing is that the 50 EMA (maroon line) is slowly creeping up. Almost at 44k now. This should provide a bounce area at least in the event of a push down.

Needless to say, I got into some alyts and happy with movement.. Looking to play this range (44k-54k) as stated before...

ONE and CELR have done well already. Theta is looking to retest its previous ATH which should be a good entry for it and tfuel.
Got my sell orders placed on VET. Will reenter on a flip of 0.6...

Not advisable to be in too many alyts. You don't need it to make money... Just identify those with good structure and range you want to play... Max of 5 for most

Hafyz23:
Could you share what that is sir? What happened?

I noticed since last yr, there's usually a doge pump at the beginning of any major alyt rally. Traditionally, that's what doge does. It's pump signifies alyts will rally soon.

Not saying its must happen now as betece has been giving mixed signals. But it's a trade I was willing to take. I loaded between 0.48-0.5... Good enough entry for me... One I can easily set a stop on

Just to chip in....

Looking at the Betece daily chart (first pic), we're still holding the 21ema at 48k for support. Main resistance above is the point of breakdown at 54k and ATH at 58k.

If the 48k support keeps holds today and perhaps next, then we should test the highs at 54k at least

As far as betece ranges between 48k-54k, then alyts should run.
We've seen before that once betece starts approaching support or resistance, alyts start bleeding as folks pullout because of uncertainty. I.e, it may not be a good idea holding alyts if betece starts approaching 58k as a selloff will kill alyts. I expect the 48k (21 daily ema) to be tested again before we exit this range (if we are to continue)

On an even higher timeframe (weekly chart- 2nd pic) we see last weeks candle wasn't a nice one.. So even though 58k seems close, exiting this range may not be as easy as it seems... Also a bearish divergence has formed.... In normal market times, such divergences can lead to a selloff to tge 21 weekly ema which is in the low 30k's but such divergences may not always play out in a bullrun. But it's one to keep an eye on.
A retest of the 21weekly ema (in a bull market) is usually where I deploy new fiat into the market.

The way I'm playing this is simple
If betece keeps the range, alyts should keep trending... It's relatively easy to play alyts now as levels are clearly marked out.
Look for coyns with good structure in usd and against betece. No need aiming for the moon without first breaking the highs. Also don't chase stuff that's done pumping.
Target significant daily/weekly or ATH resistance to take profits. If it breaks and holds ATH, you could reenter and ride for larger profits. The market is getting volatile and a move either way can wipe your profits so be smart.. having firepower to buy dips will boost your portfolio in such markets

Already, some of my tracked alyts hit resistance/ATH and I took profits (e.g Sushi) to re-enter on dips or breakouts.

Theta broke thru and held so I'm riding it and tfuel.
Some like Uni, vet are approaching significant resistance and I have sells placed..

Playing it level to level and always having firepower at the side. This is the time of the market to only buy support and have stops in place.

Still sticking largely to my earlier list and monitoring the trend. Finally, at the start of every alyt run we've had for the past year something happened... I'm waiting to see if that'd happen this tym.

@mods ,@seun, @lalasticlala @mynd44

This thread is on front-page is just a post by someone random. No links to substantiate the allegation. Just random pictures.
Rather than being closed, it's taken to front-page
This is against rule 8 of nairaland

This country is slowly getting to a point of no return...

With the way these terrorists are spreading and the lackadaisical way the northern elites are handling it, seems it's only a matter of time before something gives...

This is a direct result of decades of keeping kids from education and rather brainwashing them with religious fanaticism. Most of the terrorists today were used to forment religious riots when they were kids. Now they're done fighting minorities who have moved together, they have turned against themselves.
I doubt Nigeria has the capacity to de-radicalise these guys when there are millions of kids roaming the streets waiting to join their ranks.
Back then, the elites said the almajiri does not want to go to a formal school and a grazing route should be provided for them across the nation yo graze their cows. Same elites had thrir kids studying in Europe. Now the grown terrorists (former almajiri) are saying they have no skill hence they resorted to violence. Same elites cannot return to their states in peace.

The chicken has finally come home to roost.....

I wonder why folks are sweating over bnb and ada... Looking at their charts, they've both been on a run for about 4 weeks... A bit of ranging before any further upside (or even downside) is ideal... Of course they wouldn't continue running to the moon. Folks who bought much lower would take profits. That's why I'm usually skeptical on buying a coyn that has gone on such a run.

For such coyns, the best is to trade them within the range. Going it at support (with a stoploss incase of a breakdown) and selling at resistance.. Whenever it breaks out, you can take a new position and ride it to the moon.

For bnb, the levels are clear on the chart... 200 as support for now, 250 as weekly resistance and wicks to 300 if well timed

For ADA, I was in it since 0.27 and sold off my position at 1.45. Took a new position at 1.2 which I plan to dispose at 1.4 again.... I intend to keep playing this range until one side or the other gives way.
For longer-term holds, I see better opportunities elsewhere

Sailor1:
It's a possibility but one I wouldn't sweat on. Betece has been giving mixed signals so far...

I'd explain what I'm seeing

On the daily chart, there are 4 close support zones where we can expect a bounce or the bottom of the dip.

1. The 21 EMA (yellow line) which is at 48k... We've lost this level.
2. The 50 EMA (maroon line) at 41k.... We bounced from this in the January dip. Initially, I expected a dump down to this level once we lost the the 21 ema... But 44k no gree
3. The horizontal support at 44-45k (dotted line)... This level has refused to budge despite continued selling.

There's a diagonal support at 37k which I didn't include and lastly the 30k level

Usually, with betece when a support holds well despite continued selling, it's expected there'd be a bounce to the upside at least in the short-term before any continued downside. I believe this is what we're experiencing but it needs to claim 48k for alyts to rally.

On when to buy, we've seen betece pullbacks are always too shallow or deep for the majority and usually leaves them chasing. If I were you, rather than waiting for a sweet spot, I'd go about it this way depending on my risk tolerance. I'd scatter bids from current support down. E.g 44k, 41k, 39k, 37k.... If you're lucky and all are hit, you'd have an average of 40k as entry... If unlucky, one or none may be hit... Already, 44k is a 24% dip which can be a bottom. Alot of folks are calling for 41k.... It's very possible.... but we know betece hardly satisfies the majority. Just like people calling for 27k when it bottomed at 30k.

Update on this


Nice daily close from betece yesterday
After losing the 21 daily moving average at 47.6k earlier (yellow line), it was destined for the 50 ema (red line) which was at 42k. We saw that was frontran as it bounced off 43k.

Now back over the 21ema (which is generally a bullish sign) and flipped it yesterday.
Already, alyts are running and should continue to run if betece ranges above this level as there is more confidence in the market...
If betece can hold the 21ema on a retest in the coming days/weeks, then the bottom may be in. Majority of folks didn't buy this dip as they were waiting for 42k or lower which further makes me believe the bottom may be in for now as that's what betece likes to do. That said, there are still heavy resistance zones at 52k, 54k and 58k and reaction at these levels will be important.

Either way, betece is above 48k. As far as it remains between 48k and 58k, alyts should rally... I'm looking at those also bouncing off their 21ema as they should be the first runners. Looking now at theta, aave, ksm, uni, dot, sushi, vet, link...alot of stuff look ripe... Let's see if betece behaves.

Seems another alt rally is upon us....
This time around, I would be guarding profits jealousy... Already micros are poppin...
Can doge as usual please declare the alt rally open