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Transcript: Alright stocks might be stuck crypto has been moving plenty of volatility and today to the upside both for Ethereum and Bitcoin Phil Streible joins us for Blue Line futures chief Market Strategist. Right we got a good close to the week here it seems feels a little rough and tumble but risk gone here with an hour with 20 minutes left 10 minutes left.
Yeah, US equities taken off. I mean, I think that there's a lot of short cover and you look at how bad the NASDAQ and the s&p it's kind of been a brutal week unless you got that rotation, right, you know, on attack on AI and into the Dow and into, you know, the Russell 2000 Right at the get go. You know, it just kind of been like kind of a buy and hold type of situation with a lot of people, especially in the NASDAQ wondering how low it can go. Yeah,
the market seems to have kind of gotten its beat down. And now we're resting as we were just looking through the levels kind of just floating into the bell which which works, right better than the alternative of like, in video dropping 7% Out of nowhere.
Yeah, we don't want to see this thing closing the ride. That's for certain, but I mean, you know, 10 minutes, there's a lot of time left in the market for this thing to do anything. And you know, you look at your look at next week, it'd be great if we could close on a positive note. We could string together some, you know, some of the data next week we got a heavy week on we got the Fed meeting, we had that PCE data came out a little bit lower than expected. We're gonna have the jobs number next week. So if we get a little bit weaker data, weaker inflation data pile gives us you know, something he pivots more dovish, we could see a nice recovery next week.
Okay? Hey, crypto pretty strong, kind of pins reset the goalposts. Bitcoin had a rough start to the week but made it all up basically overnight. And two weeks ago, it was like this whole political narrative. So did that break down here? Because the numbers for Trump have come down while bitcoin is going up? Now.
It's still a political narrative. Trump's speaking at the bitcoin cash $1 million in cryptocurrencies and it was like all over the place, you know, people are probably just sending them all their worthless coins. Next thing, you know, he's gonna get the, you know, the NF DS and everything else. So it's really interesting. I think there was a lot of rotation, you know, the theory of ETF Yeah, it's working on everything, but we're down about 11% on the week and a theory um, so I think people are just kind of rotating to see, you know, how much interest there is in that ETF and they're going into Bitcoin.
Okay. Yeah, the ETF action for threemile. Disappointing. What do you think? I mean, it seems like these inflows, we saw
we saw this type of development when the Bitcoin ETF came out, initially, there was a sell off, and then it gained a ton of momentum going forward. It's tough. Like as an advisor, you got to figure out what kind of allocations are you're sending to this and a lot of people own, you know, an irresponsible amount of these cryptocurrencies in our high beta, high, you know, volatile assets. And all of a sudden, if you're going to shift from being a cowboy to being responsible, you got to think like, how much are you allocating in something like Bitcoin? Is it like one and a half percent, you know, is the Aetherium? Because it's less volatile? Would you go higher on it? Or because of the fact that hasn't really proved itself? Would you go a little bit lower because of the fact it could take off?
Yeah, the trade off right now seems to be more generally favorable to BTC, just since the highs from the spring, but 6869 does that impress you, you ready to start buying?
We got to get over that high from a few days back. It was we broke out to the upside. That's what that's where the bull trigger really came in. We had the gap higher. We extended the flagpole, we consolidate a few days, we broke out to the upside since then it was a little bit disappointing. But you know, I think 60 to five on the downside, you definitely don't want to see it below there. It crosses back over 60,000 is probably done again, we're gonna go back into that retest those lows that we saw, but otherwise 68,500 We break out over there? I think we're screaming for 72 Five again, so a lot of time on the year left to if we break out over those highs, we could be seeing six figures on it. Yeah,
that was kind of the natural next question. Where's the Dreamland for the coiner miracle if we get to highs
I think we got to go at 85 and 100,000. I mean, if it gets I think if it gets close to there, I think it'll be gravity and I'll start like, you know, when gold when it hit 2000 For the first time, it seems like in some of these levels when you get like Dow 40,000 Nasdaq 20 you get you get these things where it'll move up there and it will start grabbing headlines again and you'll get the momentum trade back on
them. All right. We'll try and do right now. BTC back at the highs of the day. You mentioned gold there just real quick dip buying opportunity after that pullback.
Gold definitely I think it's a good opportunity unchanged on the week. You got a lot of data coming out next week. I think they're gonna pivot more dovish, the number of interest rate cuts only a 4.7% that they cut in July but if you go out to September 95% chance that they cut 25 basis points, you gotta fit, you know, another expectations for a 50 basis point cuts so there's a lot of good things out there that would act as a tailwind silver a lot of people are going to question it because of the fact gold recovering silver is too connected to copper in China right now it's got some problems but if it goes down to about the 200 day moving average 2650 I think that the buyers are going to come in and droves.
Okay, good. Stop. Fun chat. All right. We will check in one week from now Phil, have a great weekend. YouTube, I'd like levels like the chart work. Thank you. Phil Streible, Chief Market Strategist at Blue Line futures comm

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