Latest / The Paul Barron Crypto Show / Crypto Carnage📉 Tim Warren Technical Analysis

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Crypto Carnage📉 Tim Warren Technical Analysis · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Cryptocarnage is happening right now in the markets. Of course,
• 0:03
  Speaker 1: this could go into a lot of other things, including
• 0:05
  Speaker 1: the S and P five hundred. Today we're going to
• 0:07
  Speaker 1: break it down with Tim, who is going to help
• 0:10
  Speaker 1: us chart it. But before we get started, a word
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  Speaker 1: few taps. All right, So let's get back into it.
• 1:07
  Speaker 1: I want to bring in Tim Warren. You guys know
• 1:09
  Speaker 1: him from Tim Warren Trades. How are you, Tim?
• 1:12
  Speaker 2: Well? I'm doing good myself, Paul. My portfolio, the long
• 1:16
  Speaker 2: term one's not doing so great. But this is the
• 1:19
  Speaker 2: stuff that I was expecting, so overall can't be that
• 1:22
  Speaker 2: much better?
• 1:23
  Speaker 1: All right? So you you signed up for you signed
• 1:26
  Speaker 1: up for this, as they say, yeah, And of course
• 1:29
  Speaker 1: here we roll right now with the fear and greed
• 1:31
  Speaker 1: and it has started to absolutely plummet your setting at
• 1:35
  Speaker 1: around sixteen. Last time we had been in this rain
• 1:38
  Speaker 1: was back in February. What do you think? Do you
• 1:42
  Speaker 1: think we're going to continue to see the sentiment falling
• 1:45
  Speaker 1: through the floor like what we've seen here in the
• 1:47
  Speaker 1: past couple of days?
• 1:48
  Speaker 2: Yeah? I do you know the metric I follow? It
• 1:52
  Speaker 2: has this down to twelve? Yes, or two days ago
• 1:54
  Speaker 2: we were at eleven. The record back in February was
• 1:57
  Speaker 2: at five, so it's not back down to those extreme lows.
• 2:00
  Speaker 2: Of course, today we just officially put in that sub
• 2:03
  Speaker 2: sixty k low or low there. But there's something I'm
• 2:06
  Speaker 2: gonna show you guys in the chart here. I've been
• 2:08
  Speaker 2: bearish for months now. I called the move towards eighty
• 2:14
  Speaker 2: k and then all pullback sub sixty K. But I
• 2:15
  Speaker 2: thought that this next move was going to be the
• 2:17
  Speaker 2: last one. There's something on the charts right now, Paul,
• 2:19
  Speaker 2: that makes me think this isn't the last fall. This
• 2:22
  Speaker 2: is the next fall, and Bitcoin's bear market. Unfortunately, it
• 2:26
  Speaker 2: looks like it's going to be extended a couple more months.
• 2:28
  Speaker 1: So extended a couple more months. You've got right now,
• 2:31
  Speaker 1: just in the past hour or so, we're talking about
• 2:34
  Speaker 1: another half a billion. You've got Bitcoin down to sixty one.
• 2:37
  Speaker 1: It's sub sixty now at time of recording, eighth around
• 2:41
  Speaker 1: fifteen hundred B and B continuing fall, XRP approaching the
• 2:45
  Speaker 1: one dollar mark, and now Soul also taking some heat
• 2:49
  Speaker 1: as well. Let's get into a clip real quick that
• 2:53
  Speaker 1: I want to play for you, and this is Eric
• 2:55
  Speaker 1: Balshchunis talking about bitcoin, and then we'll go to the chart.
• 2:58
  Speaker 1: Take a look.
• 3:00
  Speaker 3: The messaging shouldn't only be hey, the boomers are coming.
• 3:04
  Speaker 3: That makes it seem more ponsious, like we just need
• 3:06
  Speaker 3: more investors. I think the message is that the fundamental
• 3:10
  Speaker 3: purpose and value here is that the government is going
• 3:14
  Speaker 3: to print money like crazy, no matter who's president. And
• 3:16
  Speaker 3: if you want a hedge, something that the government cannot debase,
• 3:20
  Speaker 3: this is a powerful asset for that, similar to gold.
• 3:24
  Speaker 1: All right, So this has been the schematic for crypto
• 3:27
  Speaker 1: for a very long time. Is that debasement of the
• 3:30
  Speaker 1: US currency the hedge against that, whether you look at
• 3:34
  Speaker 1: precious metals in gold, or you look at digital assets
• 3:37
  Speaker 1: from a standpoint of bitcoin, ethereum and others. But now
• 3:42
  Speaker 1: they're talking about trying to rebrand this, and I think
• 3:46
  Speaker 1: this is a very interesting question because I don't know
• 3:50
  Speaker 1: that the culture of especially bitcoin allows for that. I
• 3:54
  Speaker 1: think it is the next man up kind of thing
• 3:57
  Speaker 1: in terms of investment strategies that have kind of hit
• 4:00
  Speaker 1: the market. When you look at the chart right now,
• 4:03
  Speaker 1: you talk about this being the next dip. Where does
• 4:06
  Speaker 1: this stop?
• 4:07
  Speaker 2: So, as I said earlier, Paul, I've been tracking, you know,
• 4:10
  Speaker 2: and predicting a sub sixty k move here, even all
• 4:13
  Speaker 2: the way back in February when we made the move
• 4:15
  Speaker 2: down to sixty k, and I had three targets that
• 4:18
  Speaker 2: I was really watching conservatively around fifty eight thousand more
• 4:22
  Speaker 2: aggressively around fifty three thousand, and then my like extreme
• 4:26
  Speaker 2: situation on this next move could have been all the
• 4:28
  Speaker 2: way down here to forty eight thousand. Right now, what's happening?
• 4:31
  Speaker 2: We just wicked sub sixty k. Even more interestingly, you're
• 4:35
  Speaker 2: gonna see a lot of people talking about this. On
• 4:37
  Speaker 2: the technical analysis side, we just touched the two hundred
• 4:40
  Speaker 2: week excuse me, that's the EMA, the SMA, the twitter
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  Speaker 2: We SMA just got hit today, coming in here around
• 4:45
  Speaker 2: sixty one seven ish, so a lot of people are
• 4:48
  Speaker 2: going to focus on that. You'll also see this green
• 4:50
  Speaker 2: trend line. This is the trend line of the bowl
• 4:54
  Speaker 2: trend for bitcoin, dating all the way back to the
• 4:56
  Speaker 2: bear market lows of twenty eighteen. So a lot of
• 4:59
  Speaker 2: support short was hit today and so I will not
• 5:03
  Speaker 2: be surprised at all if there is a short term
• 5:07
  Speaker 2: bounce here on bitcoin. By the way, we've also for
• 5:09
  Speaker 2: the last three days been wrestling with potential BI signals.
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  Speaker 2: On the four hour chart, you can see money flow.
• 5:16
  Speaker 2: It's gonna sound funny because it's not like there's a
• 5:18
  Speaker 2: bunch of money flowing in, but money flow has actually
• 5:20
  Speaker 2: started to go back positive and you can see on
• 5:22
  Speaker 2: the RSI. We started a trend with higher lows on
• 5:24
  Speaker 2: the RSI here as well, giving us bullish divergence. So
• 5:28
  Speaker 2: Bitcoin is overdue for what I would call a rebound,
• 5:31
  Speaker 2: revenge bounce. Not that this is going to be a bounce,
• 5:34
  Speaker 2: it takes his back above seventy k or anything, but
• 5:36
  Speaker 2: a move at this point, I could easily see getting
• 5:38
  Speaker 2: back up to sixty five sixty six K area. But
• 5:42
  Speaker 2: I told you I warned a second ago in the intro,
• 5:45
  Speaker 2: I said, this is maybe not gonna be the last
• 5:50
  Speaker 2: leg down, it's simply the next leg down. Something I've
• 5:53
  Speaker 2: talked about on your channel is the fact that we
• 5:55
  Speaker 2: had this extremely low RSI level back here in February
• 5:59
  Speaker 2: that can all the way down to fifteen sixteen point something, right,
• 6:05
  Speaker 2: and if you look at our current level, we just
• 6:08
  Speaker 2: dip below. Now. The significance of this is that every
• 6:11
  Speaker 2: single bear market bottom for bitcoin has had bullish divergence
• 6:15
  Speaker 2: where we get lower lows in price action but higher
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  Speaker 2: lows in the RSI. So what we're seeing with this
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  Speaker 2: is not bullish divergence, implying to me that this probably
• 6:26
  Speaker 2: is not going to be the last big move down.
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  Speaker 2: In fact, now what I could very easily see happening
• 6:33
  Speaker 2: as the bi singles are close. I could easily see
• 6:35
  Speaker 2: us coming down here towards fifty eight and starting to
• 6:37
  Speaker 2: get some buys coming back up, in which case people
• 6:39
  Speaker 2: start to get bullish again. They say, oh, that's it,
• 6:41
  Speaker 2: the bottom's in. All the while, we're just doing another
• 6:44
  Speaker 2: one of these sideways, boring lower high levels, and then
• 6:48
  Speaker 2: we dip back down again to fresh lows. At this
• 6:51
  Speaker 2: point now you can call it the four year cycle,
• 6:54
  Speaker 2: you can call whatever you want. I'm now looking at
• 6:56
  Speaker 2: September or October for the realistic timeline for the bounce.
• 7:00
  Speaker 2: Because we're cancer these daily bullsh divergence. They just push
• 7:03
  Speaker 2: back the Clarity Act again into August. It sounds like,
• 7:07
  Speaker 2: according to Loomis, uh, they keep kicking the can down
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  Speaker 2: the road. And unfortunately, I would love to get on
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  Speaker 2: here and tell everybody this is it, the bottom's in.
• 7:14
  Speaker 2: I'm bullish now, but that's not what the charts are
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  Speaker 2: telling me at this time.
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  Speaker 1: Right. So, and I think the point you look at,
• 7:21
  Speaker 1: you know, bitcoin now down twenty percent since the Clarity
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  Speaker 1: Act passed. This is since it passed the Banking Committee.
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  Speaker 3: Uh.
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  Speaker 1: Now we're also seeing the bitcoin ETF. You know outflows absolutely,
• 7:34
  Speaker 1: I think you know astronomical when you compare to this.
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  Speaker 1: I think that's why we you know what you saw
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  Speaker 1: there with Eric balshunis from Bloomberg who covers the ETF
• 7:41
  Speaker 1: side of thing. He understands this is a liquidity event
• 7:44
  Speaker 1: that is quite a bit different because remember those mostly
• 7:47
  Speaker 1: institutional capital that's been playing in on that. Do you
• 7:50
  Speaker 1: think clarity is that important for bitcoin?
• 7:55
  Speaker 2: Well, it's gonna be important for the institutions. It's it's
• 7:57
  Speaker 2: not important necessarily. Bitcoin can make it with out ETFs
• 8:01
  Speaker 2: and it can be successful without institutions. But but we're
• 8:06
  Speaker 2: not going to talk about rivaling goal without institutional adoption. Right.
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  Speaker 2: If the thought process is Bitcoin is the money of
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  Speaker 2: the people, institutions don't want to touch with a ten foot poll,
• 8:15
  Speaker 2: I know a lot of people who want that to
• 8:16
  Speaker 2: be the situation for bitcoin, and that's fine. You can
• 8:19
  Speaker 2: think that way. Bitcoin at that place, it's going to
• 8:23
  Speaker 2: be a long time to get over a million dollars
• 8:25
  Speaker 2: per coin. There's people talking about getting thirteen fifteen million
• 8:28
  Speaker 2: dollars per coin, which I still think is possible in
• 8:30
  Speaker 2: the long term future. That's not happening without institutions, they
• 8:33
  Speaker 2: still control a massive amount of wealth. We clearly know
• 8:37
  Speaker 2: that the institution see bitcoin as a threat, right, So
• 8:40
  Speaker 2: what do you do with a threat? You either a
• 8:42
  Speaker 2: do everything within your power to kill it, which is
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  Speaker 2: what they tried doing back in twenty twenty one, and
• 8:47
  Speaker 2: people are going to try to argue they've done it
• 8:48
  Speaker 2: throughout the last couple of years as well. Or number two,
• 8:51
  Speaker 2: you realize something is so threatening to you, but it's
• 8:53
  Speaker 2: it's too big to beat, so you join in with it.
• 8:56
  Speaker 2: If this new coin, this new currency is going to
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  Speaker 2: take over by store, you got to fight it and
• 9:01
  Speaker 2: try to kill it, or you have to join side
• 9:03
  Speaker 2: with it. I think it's the alternative. I think institution
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  Speaker 2: see the riding on the wall. I think they know
• 9:07
  Speaker 2: fiat currency is on its way out. It was a
• 9:10
  Speaker 2: trial and error run for the last one hundred and
• 9:12
  Speaker 2: some odd years that has failed the world's economy. It's
• 9:15
  Speaker 2: time for solid, hard money again, and bitcoin's the best solution.
• 9:20
  Speaker 1: Well, and I think if you look at just the comparison,
• 9:23
  Speaker 1: I'm looking gold price right now in the daily and
• 9:25
  Speaker 1: it's starting to dip down to it's low again at
• 9:28
  Speaker 1: around forty three hundred. Do you think gold dips below
• 9:31
  Speaker 1: four thousand, I'm kind of curious.
• 9:33
  Speaker 2: That's a good question. I actually haven't spent a lot
• 9:36
  Speaker 2: of time here recently studying the gold charts, but I
• 9:38
  Speaker 2: can take a quick look at it here with you.
• 9:42
  Speaker 2: If you look at the chart here, we're actually kind
• 9:44
  Speaker 2: of riding a level of resistance here. So if this
• 9:47
  Speaker 2: is true and these cell scenals come in, the support
• 9:49
  Speaker 2: trend line actually has gold potentially as low as thirty
• 9:53
  Speaker 2: seven hundred, So the answer would be yes, south of
• 9:56
  Speaker 2: four thousand and short though everything's falling today. I don't
• 10:00
  Speaker 2: know if this is part of the show, So if
• 10:01
  Speaker 2: it is, you can interrupt me or get rid of
• 10:03
  Speaker 2: this part of the show. But of course we had
• 10:05
  Speaker 2: those job numbers come out that unemployment levels have stayed
• 10:08
  Speaker 2: the same. If you look at any market now, polymarket, CAWSHI,
• 10:13
  Speaker 2: even the semi futures, we're now seeing heavy predictions that
• 10:18
  Speaker 2: we're going to get rate hikes later this year. So
• 10:20
  Speaker 2: oil is down, stocks are down, but so is gold,
• 10:24
  Speaker 2: and of course crypto is bleeding here pretty profusely today
• 10:28
  Speaker 2: for sure.
• 10:28
  Speaker 1: Well, and I think the challenge right now is cash
• 10:32
  Speaker 1: seems to be moving to the sidelines very quickly, especially
• 10:34
  Speaker 1: when you look at the S and P, because even
• 10:36
  Speaker 1: the S and P I think I had a tweet
• 10:37
  Speaker 1: on this. Yeah, here it is six hundred and fifty
• 10:39
  Speaker 1: billion wiped off of the U S stock market. That's
• 10:42
  Speaker 1: today on the S and P.
• 10:43
  Speaker 2: Five that's been updated now it's over one trillion now.
• 10:46
  Speaker 1: Yeah, So we are talking about absolute, you know, carnage
• 10:51
  Speaker 1: in the market. And I think when you consider what's
• 10:55
  Speaker 1: going on with the major IPOs at least impending question,
• 11:00
  Speaker 1: do you think people are selling off at this top
• 11:03
  Speaker 1: right now in the S and P in preparation for
• 11:07
  Speaker 1: potentially going into something like a SpaceX or an anthropic
• 11:11
  Speaker 1: rollover in terms of an investment, what do you think?
• 11:15
  Speaker 2: Yeah, I think it's a little too early to try
• 11:17
  Speaker 2: to pinpoint and say that people are taking massive profits.
• 11:21
  Speaker 2: Yet clearly people are taking profits. The stock market's coming down,
• 11:24
  Speaker 2: the spy is down, but we're talking about one point
• 11:26
  Speaker 2: five or one point six percent, so not really that
• 11:29
  Speaker 2: much as far as what they're going to go into next.
• 11:31
  Speaker 2: At some point, I do think cash will roll over
• 11:33
  Speaker 2: into cryptocurrency because again it's still the emerging technology that
• 11:36
  Speaker 2: has not had this massive run just yet. And I'm
• 11:40
  Speaker 2: talking I say crypto. Let's be very specific. Real world
• 11:43
  Speaker 2: asset tokenization is the next big technology that has not
• 11:48
  Speaker 2: had a massive investment and massive run up just yet.
• 11:51
  Speaker 2: So I do expect that to come at some point.
• 11:54
  Speaker 2: But is that yet? I don't know. Are we going
• 11:56
  Speaker 2: into IPOs potentially? But I'm not going to say here
• 12:00
  Speaker 2: and pretend like I know information I don't know.
• 12:02
  Speaker 1: And you look at ethereum in general, let's kind of
• 12:05
  Speaker 1: jump to that chart because this is one that gets
• 12:08
  Speaker 1: a little bit more antsy, and you know, listen, there's
• 12:11
  Speaker 1: been some big proponents here recently that have jumped out
• 12:14
  Speaker 1: of the ethereum bandwagon for quite they and they've been
• 12:18
  Speaker 1: on it for quite some time. I mean, banklet is
• 12:20
  Speaker 1: a good example. I'll talk to you about that in
• 12:22
  Speaker 1: the in the you know, in the lightning round to
• 12:24
  Speaker 1: get your opinion on something. But when you look at
• 12:25
  Speaker 1: the eighth chart, where does this thing stop?
• 12:30
  Speaker 2: Yeah, when it comes to the eighth chart, you know,
• 12:32
  Speaker 2: I had a target of conservatively sixteen hundred dollars. Of course,
• 12:37
  Speaker 2: I think I said sixteen fifty. To be specific, there
• 12:39
  Speaker 2: was a trend of support for etherorum, which is kind
• 12:41
  Speaker 2: of where that was coming from. That's been lost here today.
• 12:45
  Speaker 2: I told people to the downside. That also was part
• 12:47
  Speaker 2: of the wedge pattern. I told people to the downside.
• 12:49
  Speaker 2: You all of a sudden now have the potential for
• 12:53
  Speaker 2: a bare flag situation all the way down to twelve hundred.
• 12:57
  Speaker 2: I think there's some interesting support around fourteen to fifteen
• 13:01
  Speaker 2: hundred in the short term, so kind of similar to
• 13:03
  Speaker 2: like a bitcoin fifty eight thousand dollars support level. That's
• 13:07
  Speaker 2: an interesting level here in the beginning, but I think
• 13:10
  Speaker 2: bitcoin to fifty three would probably equal at this point
• 13:13
  Speaker 2: ethereum to twelve hundred dollars or twelve twenty six.
• 13:16
  Speaker 1: All right, so fifty three on bitcoin, twelve hundred on ethereum.
• 13:21
  Speaker 1: And you look at this right now. If we get
• 13:24
  Speaker 1: a macro relief, let's say, for instance, that we get
• 13:26
  Speaker 1: a real deal coming out of Iran, Yeah, and you
• 13:30
  Speaker 1: see energy correcting, it's likely that you would see money
• 13:34
  Speaker 1: moving back into the S and P maybe, or it
• 13:38
  Speaker 1: could also be rotation time, you know, from dollars center
• 13:41
  Speaker 1: on the sidelines. Is that enough to move the crypto
• 13:46
  Speaker 1: markets or do you feel like we still need the
• 13:48
  Speaker 1: Clarity Act this summer In addition to the macro pressure
• 13:52
  Speaker 1: to move the market.
• 13:54
  Speaker 2: It could be enough to get the ball rolling, It
• 13:56
  Speaker 2: could be enough to start finding that bottom position. But
• 13:59
  Speaker 2: I've said even at the Clarity Act were to have
• 14:01
  Speaker 2: passed in July, but the Iran war continues and economic
• 14:04
  Speaker 2: uncertainty continues, that also would be stifling for crypto. Maybe
• 14:08
  Speaker 2: maybe you could find the bottom. But until we have
• 14:10
  Speaker 2: both clarity for regulation and economic it doesn't even need
• 14:15
  Speaker 2: to be prosperity, just economic certainty, like what do we
• 14:18
  Speaker 2: what are we actually dealing with? Is inflation actually a problem?
• 14:21
  Speaker 2: Are we gonna raise rates? Are we gonna cut rates?
• 14:23
  Speaker 2: Once we start answering those types of questions, now all
• 14:27
  Speaker 2: of a sudden is when the emergence of crypto's bull
• 14:30
  Speaker 2: market could get can get going. And that's again part
• 14:33
  Speaker 2: of the reasons why I've now updated as of today
• 14:37
  Speaker 2: my expectation of saying, hey, I think we could bottom
• 14:39
  Speaker 2: here in the next week or so to now saying
• 14:41
  Speaker 2: is probably gonna be I mean August at the earliest,
• 14:44
  Speaker 2: but realistically September or October is because as you get
• 14:48
  Speaker 2: closer into the mid terms, you get more questions, not
• 14:52
  Speaker 2: less questions. So we already know the clarity act at
• 14:54
  Speaker 2: this point. Realistically, in the words of Senator Loomis, isn't
• 14:58
  Speaker 2: gonna happen till August, extremely close to heavy campaigning time
• 15:02
  Speaker 2: during mid terms, And you go back to twenty twenty four,
• 15:05
  Speaker 2: and that's the most recent election period. We had a
• 15:07
  Speaker 2: very sideways and downward summer of twenty four with all
• 15:11
  Speaker 2: of the uncertainty. It wasn't until Trump started pulling away
• 15:15
  Speaker 2: in the polls and it started to feel more certain
• 15:17
  Speaker 2: that Republicans were going to win and everyone perceed the
• 15:19
  Speaker 2: Republican Party as being the right party for the markets
• 15:22
  Speaker 2: that that's finally when we bottomed out and market started
• 15:24
  Speaker 2: moving back towards the upside. I think it's gonna be
• 15:27
  Speaker 2: a very similar thing here, where as long as you
• 15:29
  Speaker 2: have uncertainty on the regulation or uncertainty on the economy
• 15:34
  Speaker 2: and where it's going to be, it's gonna be hard
• 15:36
  Speaker 2: to get any real bullish momentum for risk assets like crypto.
• 15:41
  Speaker 1: Well, you know, and it's interesting because Trump keeps touting
• 15:44
  Speaker 1: that he's not going to let crypto down. Yeah, but
• 15:47
  Speaker 1: at the same time, we continue to see hit after
• 15:50
  Speaker 1: hit after hit on this market, and it doesn't seem
• 15:55
  Speaker 1: like it's stopping right now in terms of the kind
• 15:57
  Speaker 1: of pressure we're seeing on clarity, what we're seeing obviously
• 15:59
  Speaker 1: with the maid and now you add that on to
• 16:02
  Speaker 1: the potential fed change that we have underway with Warsh,
• 16:06
  Speaker 1: this starts to change the dynamics very quickly, almost on
• 16:09
  Speaker 1: every asset class, including crypto. I want to go to
• 16:12
  Speaker 1: a clip here because this is getting into whether or
• 16:14
  Speaker 1: not we might get a rate hike. Take a look.
• 16:17
  Speaker 4: I think there actually could be one this year, and
• 16:20
  Speaker 4: for good reason. Inflations to the sticky the debate had
• 16:24
  Speaker 4: been is a labor market weakening or stabilizing. Now the
• 16:27
  Speaker 4: debate is definitely going from is the labor market stabilizing
• 16:30
  Speaker 4: to not overheating but sort of moving in a strong
• 16:34
  Speaker 4: and positive direction. So I think, you know, it would
• 16:37
  Speaker 4: be unwise to take the constructor of a height off
• 16:40
  Speaker 4: this year, and it wouldn't surprise me at all to
• 16:41
  Speaker 4: see one at the end of the year. And yes,
• 16:42
  Speaker 4: I'd probably be more likely than not that they'll be
• 16:45
  Speaker 4: a hike at the end this year, because I think
• 16:47
  Speaker 4: that's the numbers called all right, So.
• 16:49
  Speaker 1: There you have a tim a hike at the end
• 16:51
  Speaker 1: of the year. If that were to happen if a
• 16:53
  Speaker 1: hike comes and Clarity doesn't go through and we're still
• 16:57
  Speaker 1: stuck in this war, is that the ultimate triple threat
• 17:02
  Speaker 1: to crypto in terms of just exceeding this bear market
• 17:05
  Speaker 1: into twenty twenty seven.
• 17:08
  Speaker 2: Well, you know, there's this phrase a lot of people
• 17:10
  Speaker 2: and by the way, myself included, So I'm not gonna
• 17:11
  Speaker 2: take myself out of the boat. I thought back in
• 17:13
  Speaker 2: twenty way five we could potentially be heading for a supercycle. Now,
• 17:17
  Speaker 2: when the phrase supercycle gets utilized, everyone just assumes it's
• 17:20
  Speaker 2: on the bullish side. The scenario you just painted, Paul
• 17:23
  Speaker 2: could bring a supercycle just the opposite of what everyone wanted.
• 17:26
  Speaker 2: It'd be a super bearer cycle. Yeah, I don't think
• 17:29
  Speaker 2: we bought them out. If there's no Clarity and the
• 17:31
  Speaker 2: war is still going on and there's chaos with the
• 17:34
  Speaker 2: elections and everything else, yeah, I think very well we
• 17:37
  Speaker 2: could be looking at it. Sorry righthikes as well. We
• 17:39
  Speaker 2: could be looking at an extended bear market into early
• 17:41
  Speaker 2: twenty seven, and there's our supercycle.
• 17:45
  Speaker 1: Listen, you and I have talked about Solana a lot.
• 17:50
  Speaker 1: We were we were on a call just like this
• 17:52
  Speaker 1: at about eight dollars once. Yeah, we were, and you know,
• 17:56
  Speaker 1: here we are again looking at Solana taking another hit.
• 18:01
  Speaker 1: So when you look at Solana and where its position
• 18:05
  Speaker 1: is now, the last time Solana really took a hit
• 18:08
  Speaker 1: was during FTX, you know that's the under the bridge.
• 18:12
  Speaker 1: We've seen an unbelievable amount of advancements in the tech
• 18:15
  Speaker 1: and the team and what they've been able to do
• 18:17
  Speaker 1: with the Salana Foundation and so on. Where do you
• 18:19
  Speaker 1: think Solana stands by end of year? Where would you
• 18:22
  Speaker 1: put this one?
• 18:25
  Speaker 2: I mean, it depends on a lot of those situations
• 18:27
  Speaker 2: and scenarios we just talked through.
• 18:29
  Speaker 1: Let's paint it into the fifty three k and twelve hundred.
• 18:32
  Speaker 2: Eighth yes, yeah, If you go to my screen here,
• 18:35
  Speaker 2: there's some interesting things happening on the Solana chart at
• 18:37
  Speaker 2: the moment. You know, I was ridiculed by a lot
• 18:40
  Speaker 2: of people on the internet talking about sixty to fifty
• 18:42
  Speaker 2: dollars on Solana. You know, of course, at that time,
• 18:45
  Speaker 2: as I'm saying it, the price is hovering between ninety
• 18:48
  Speaker 2: closer to one hundred dollars, and people think I'm crazy
• 18:50
  Speaker 2: for talking about these types of pullbacks. Today, it doesn't
• 18:52
  Speaker 2: seem so crazy at the moment, as you're looking. Solana
• 18:55
  Speaker 2: today got all the way down to sixty three dollars
• 18:58
  Speaker 2: per coin, and like I said, with Bitcoin and Ethereum,
• 19:01
  Speaker 2: I don't think that we are done with this move.
• 19:03
  Speaker 2: So all of a sudden, that sixty dollars mark looks
• 19:06
  Speaker 2: extremely good, and because of where we are, I kind
• 19:09
  Speaker 2: of again I see that sixty dollars move as like
• 19:11
  Speaker 2: the Bitcoin fifty eight or the Ethereum fifteen hundred dollars call. Now,
• 19:17
  Speaker 2: all of a sudden, the situation is kind of coming
• 19:20
  Speaker 2: to fruition here. I think the fifty dollars call that
• 19:22
  Speaker 2: I've made again months ago as a possibility that becomes
• 19:26
  Speaker 2: my if Bitcoin hits fifty three, and if Ethereum drops
• 19:28
  Speaker 2: all the way to twelve hundred, more than likely Solana
• 19:31
  Speaker 2: also drops towards fifty dollars. And interestingly, as you're looking
• 19:34
  Speaker 2: at trend lines developing here, obviously a long term support
• 19:37
  Speaker 2: trend line. Now we're watching here for Solana long term
• 19:41
  Speaker 2: resistance trend line from these highs back in September. We're
• 19:44
  Speaker 2: on a following wedge pattern. So this follow which pattern.
• 19:46
  Speaker 2: If we lose the support level, okay, then we'll have
• 19:48
  Speaker 2: to address what the next low could be, it's probably
• 19:50
  Speaker 2: gonna be in the world of thirty dollars. But this
• 19:53
  Speaker 2: is actually a good case right here. To my point,
• 19:56
  Speaker 2: Solana could probably get down here to sixty, have a
• 19:58
  Speaker 2: nice little bounce, maybe even bounce way back up towards
• 20:00
  Speaker 2: seventy five, and then not actually hit that fifty dollars
• 20:04
  Speaker 2: call until much later guess when September October area, and
• 20:08
  Speaker 2: then have our bullish breakout later on.
• 20:10
  Speaker 1: Interesting. Okay, all right, so fifty possibly a sixty supplement there.
• 20:15
  Speaker 1: When I was looking at Solana, of course, we've seen
• 20:18
  Speaker 1: probably the most barish volume sentiment we've seen in a
• 20:21
  Speaker 1: very long time on our own indicator at about eleven percent.
• 20:24
  Speaker 1: So that and that's after five days of pretty significant
• 20:27
  Speaker 1: falling in terms of Solana.
• 20:29
  Speaker 2: You know what's also interesting here, Paul, I think that
• 20:31
  Speaker 2: this actually a very I'm gonna make a really this
• 20:34
  Speaker 2: is like you know, in politics, you have the spin cycle, right,
• 20:36
  Speaker 2: how you spin something really negative to sound positive. But
• 20:39
  Speaker 2: I don't think I'm spinning. I'm coging. Realistically. Have you
• 20:42
  Speaker 2: seen a headline in the last month that someone says, yeah,
• 20:45
  Speaker 2: Solana's dead. Solana doesn't work. It's gonna fall out. I
• 20:50
  Speaker 2: haven't seen a single one. There's no news on Solana.
• 20:53
  Speaker 2: Here's my theory as to why Solon is bleeding so badly,
• 20:55
  Speaker 2: because it's also not performing well. When everything is built
• 20:59
  Speaker 2: being built on a certain platform in an ecosystem, and
• 21:03
  Speaker 2: that ecosystem is not performing well, why wouldn't the thing
• 21:06
  Speaker 2: that everyone built it on be suffering as well. Everybody
• 21:09
  Speaker 2: wants to use Solana to build their coins and build
• 21:11
  Speaker 2: their cryptocurrency, and reeled assets are being funneled through there
• 21:14
  Speaker 2: as well, So we're in a system that's not performing well.
• 21:17
  Speaker 2: Everything was built there. Of course Solon is going to drop,
• 21:20
  Speaker 2: but when everything starts to flow back, everyone built on Solana,
• 21:25
  Speaker 2: it's also going to be one of the next high
• 21:26
  Speaker 2: flyers when bullshmentum comes.
• 21:30
  Speaker 1: Yeah, I think you're exactly right, and I think the
• 21:33
  Speaker 1: in reference to high flyers, I think they're the opportunity
• 21:36
  Speaker 1: here on the upside is pretty significant. Okay. One other
• 21:40
  Speaker 1: token I want to get into in terms of a
• 21:42
  Speaker 1: chart is ze cash. Big hit on them on the
• 21:45
  Speaker 1: privacy token. When you look at at what's going on.
• 21:48
  Speaker 1: They had a security researcher basically using Claude Opus four
• 21:51
  Speaker 1: point a. This is available term pretty much anyone that
• 21:55
  Speaker 1: would enable you to essentially almost meant unlimited. Yeah, and
• 22:01
  Speaker 1: this of course gets into a problem where we're going
• 22:03
  Speaker 1: to see a lot of blockchains facing AI analysis for
• 22:07
  Speaker 1: a lot of these essentially loopholes and these you know,
• 22:11
  Speaker 1: these back doors. In essence, when you look at something
• 22:14
  Speaker 1: like z cash, I mean, would this be would you
• 22:16
  Speaker 1: stay or look at any privacy tokens right now with
• 22:20
  Speaker 1: based on what happened with z cash.
• 22:23
  Speaker 2: Well, I wouldn't throw the baby out with the bathwater
• 22:27
  Speaker 2: and say every privacy token is at problems. I think
• 22:29
  Speaker 2: this problem was specifically a z cash problem, and z
• 22:32
  Speaker 2: Cash's team you're gonna have to work very hard to
• 22:35
  Speaker 2: answer some questions and make sure that they fix the
• 22:38
  Speaker 2: problems here. Interestingly, you know this is something I did
• 22:42
  Speaker 2: not think we would make money on it this fast,
• 22:45
  Speaker 2: but we literally two days ago, right before this whole
• 22:48
  Speaker 2: thing crashed, told our community. Then if you go to
• 22:51
  Speaker 2: our chart, you can take a look here at what
• 22:52
  Speaker 2: we were looking at. These are our indicators here we
• 22:54
  Speaker 2: identified let me turn this off for just a second.
• 22:56
  Speaker 2: We identified a head and shoulders pattern. Okay, head and
• 22:59
  Speaker 2: shoulders pattern For those who don't know what that is.
• 23:01
  Speaker 2: That's simply a lower left shoulder, a middle high peak
• 23:05
  Speaker 2: called the head, and then a lower right shoulder. Okay,
• 23:07
  Speaker 2: head and shoulders pattern. We have a trend line right here,
• 23:09
  Speaker 2: and I told the audience that had okay, this should
• 23:12
  Speaker 2: probably put us safely down to three ninety two, but
• 23:15
  Speaker 2: there's a massive order block. When I turn on my
• 23:17
  Speaker 2: indicators down here, there's a massive order block somewhere being
• 23:20
  Speaker 2: two seventy five to two twenty eight middle point here
• 23:24
  Speaker 2: around or two hitty two. I told our community to
• 23:27
  Speaker 2: look for a trade down to these levels with a
• 23:29
  Speaker 2: confirmed breakout. Sure enough, this trade, Paul, this trade. It
• 23:32
  Speaker 2: should have taken like a week and a half to
• 23:34
  Speaker 2: two weeks, like I was expecting a pullback on z cash,
• 23:37
  Speaker 2: just not over a matter of less than forty eight hours.
• 23:40
  Speaker 2: And sure enough, both those signals we called for got
• 23:43
  Speaker 2: hit here.
• 23:44
  Speaker 1: Well, this is I mean, this is obviously sentiment reaction
• 23:47
  Speaker 1: to all of this. So that's not something you can
• 23:49
  Speaker 1: call on our chart. So it's not like a SNAI speed.
• 23:53
  Speaker 2: The speed of it was crazy. The numbers were solid,
• 23:56
  Speaker 2: and that's why I don't I'm not ready to give
• 23:58
  Speaker 2: up on z cash. Fundamentally all the way around, because
• 24:02
  Speaker 2: yes it fell very quickly, yes it was aggressive, but
• 24:05
  Speaker 2: you pull up the charts and these were two easily
• 24:08
  Speaker 2: identifiable levels of support, not only down where we went
• 24:11
  Speaker 2: to but right now we're camping out like where we're
• 24:14
  Speaker 2: coming back up to and bouncing. We identify these levels
• 24:17
  Speaker 2: two days ago on our live show as interesting level
• 24:20
  Speaker 2: to keep an eye on for downward movements. So that
• 24:23
  Speaker 2: to me tells me, okay, ze cash had a problem
• 24:25
  Speaker 2: and people freaked out, but fundamentally, guess where people had
• 24:29
  Speaker 2: their bi singles ready to execute on traditional technical analysis,
• 24:33
  Speaker 2: meaning people aren't just panic selling and running away. There's
• 24:36
  Speaker 2: still some reasoning happening here.
• 24:38
  Speaker 1: Yeah, yeah, Well, and that will be the question is
• 24:40
  Speaker 1: how does this one land up? All right, man, let's
• 24:43
  Speaker 1: get into the lightning round real quick. I'm gonna start
• 24:48
  Speaker 1: off with this one right here, which is who deserves
• 24:51
  Speaker 1: more blame for crypto's crash right now? Trump failing clarity
• 24:54
  Speaker 1: or Sailor dumping Bitcoin. What do you think?
• 24:58
  Speaker 2: Yeah? No, I think you got to go Trump feeling
• 25:00
  Speaker 2: clarity because Sailor dumps bitcoin is probably more of a
• 25:05
  Speaker 2: side effect of clarity not coming.
• 25:08
  Speaker 1: Yeah, yeah, I think Trump has completely lost the script here.
• 25:13
  Speaker 1: When it comes to you, it does not look good.
• 25:17
  Speaker 1: Congress has secretly been shorting the market, knowing that Clarity
• 25:21
  Speaker 1: has no chance. Do you think that's happening.
• 25:23
  Speaker 3: Oh?
• 25:23
  Speaker 2: I think that's false. Now. Could you say that they
• 25:25
  Speaker 2: might be secretly short in the market, That would be true.
• 25:28
  Speaker 2: But the reasoning they think that Clarity has no chance,
• 25:30
  Speaker 2: I don't think so. I think it's still going to
• 25:32
  Speaker 2: pass at some point the questions win.
• 25:35
  Speaker 1: Yeah, I'm going to go on the other side. I
• 25:38
  Speaker 1: think it's all right.
• 25:39
  Speaker 2: Conspiracy. You need listen, where's your team?
• 25:42
  Speaker 1: You need to my Tim Foyle hat here. That's right, Yeah, okay,
• 25:46
  Speaker 1: we'll call it the I don't know what we'll call.
• 25:49
  Speaker 1: There's no good news coming in the next thirty gree
• 25:52
  Speaker 1: thirty days. Agree or disagree?
• 25:54
  Speaker 2: Disagree, And my reason for disagreeing is that that's how
• 25:58
  Speaker 2: manipulation works, is play with your emotions at all times,
• 26:02
  Speaker 2: back and forth and back and forth. We just got
• 26:04
  Speaker 2: a massive drop. They're gonna play with our emotions giving
• 26:08
  Speaker 2: us a ray of hope here in the next thirty days. Yeah,
• 26:10
  Speaker 2: I agree, But will that will it? Will it lead
• 26:12
  Speaker 2: us back to bubb eighty k highly unlikely.
• 26:15
  Speaker 1: Yeah, I agree in the sense that we disagree on
• 26:18
  Speaker 1: no good news coming. We're gonna get some, all right.
• 26:21
  Speaker 1: I'm not worried about strategy at all, and we're talking
• 26:24
  Speaker 1: about micro strategy.
• 26:26
  Speaker 2: I'd say put me in the middle on that one.
• 26:28
  Speaker 2: I'm not ready to say. Uh, I am really worried,
• 26:31
  Speaker 2: but I think it's foolish to not be worried at all.
• 26:34
  Speaker 2: I mean, at a certain point, the numbers do work
• 26:37
  Speaker 2: out that he has to pay back things. So if
• 26:39
  Speaker 2: we dropped to a certain level, he's gonna have to
• 26:41
  Speaker 2: pay back.
• 26:42
  Speaker 1: Yeah. Yeah, I don't know if I'm in the middle
• 26:48
  Speaker 1: or if I agree. I'm not. I'm not worried about now.
• 26:50
  Speaker 1: I disagree. I am worried about it. I am worried
• 26:53
  Speaker 1: about it. Magic wand you could only fix one. Clarity
• 26:57
  Speaker 1: passes are an Iranian piece deal.
• 27:06
  Speaker 2: That's a hard one because I do I do think
• 27:09
  Speaker 2: is running out of hard power. I do think that
• 27:12
  Speaker 2: there's a level, there's a there's a point where Iron
• 27:14
  Speaker 2: just can't do anything by themselves. But I think there's
• 27:17
  Speaker 2: a world in which you still see successful crypto without clarity.
• 27:21
  Speaker 2: We need peace, though, I think economic uncertainty is the
• 27:23
  Speaker 2: bigger problem.
• 27:24
  Speaker 1: You and I are on the same right right, No
• 27:26
  Speaker 1: more peace, no wars. Uh conspiracy theory. Here we go.
• 27:30
  Speaker 1: Charles Hoskinson is secretly shorting ATA, knowing his video would
• 27:36
  Speaker 1: crash the joke, and of course we saw.
• 27:39
  Speaker 2: Yeah.
• 27:40
  Speaker 1: I mean, I can play the rant if you want
• 27:41
  Speaker 1: to hear it.
• 27:42
  Speaker 2: I've listened to it. I don't know if people want
• 27:44
  Speaker 2: to hear it again, but I've heard it. It was intense.
• 27:48
  Speaker 2: I'm not ready to say that he was shorting it.
• 27:52
  Speaker 2: I would, you know what, I would pay big money
• 27:54
  Speaker 2: to see Paul and there's no way this will ever happen.
• 27:56
  Speaker 2: So maybe someone can use AI and just make it
• 27:58
  Speaker 2: for us. I would love to see Charles Hoskinson on
• 28:01
  Speaker 2: your show and you ask him that question your show.
• 28:05
  Speaker 1: He's been on my show.
• 28:06
  Speaker 2: Would he come on your show after it? Just after now?
• 28:09
  Speaker 1: I don't think So we'll put a We'll put an
• 28:11
  Speaker 1: invite out to Charles. If you're listening, you're more than
• 28:13
  Speaker 1: welcome to come on answer to prove me wrong that
• 28:16
  Speaker 1: you weren't shorting the token, or you know, we'll see. Hey,
• 28:21
  Speaker 1: which civil war breaks out first? Do you think bitcoin
• 28:24
  Speaker 1: below thirty K? Civil war? Or XRP below fifty k
• 28:27
  Speaker 1: fifty cents.
• 28:30
  Speaker 2: First, oh, man, First, when you say civil war used
• 28:34
  Speaker 2: like people like arguing about.
• 28:36
  Speaker 1: You know, core core holders, devs, you know, just literally
• 28:40
  Speaker 1: starting to.
• 28:41
  Speaker 2: Oh, you're saying civil war would break out because the
• 28:44
  Speaker 2: price goes below these levels.
• 28:45
  Speaker 1: Not not a literal civil war like physical I'm talking
• 28:49
  Speaker 1: about within the communities. Yeah, civil war within the communities.
• 28:53
  Speaker 1: Do you think you think it would be a Bitcoin
• 28:54
  Speaker 1: under thirty or or an XRP under fifty.
• 28:59
  Speaker 2: So I'm with I'm gonna go with XRP below fifty cents.
• 29:03
  Speaker 2: And the reason why is because even though I don't
• 29:04
  Speaker 2: think Bitcoin needs go blow thirty k, in theory, if
• 29:07
  Speaker 2: Bitcoin matched a previous bear market, thirty k would be
• 29:09
  Speaker 2: about the right level.
• 29:10
  Speaker 1: Yeah, I would agree. I think there'd be big problems
• 29:12
  Speaker 1: in the XRP army if fifty cents is brought back. Uh.
• 29:16
  Speaker 1: If SpaceX ipo stays above three trillion tax the billionaire's
• 29:22
  Speaker 1: narrative starts to skyrocket, do you think that would happen?
• 29:26
  Speaker 2: Absolutely, because it's already I'd feel like, when we say
• 29:29
  Speaker 2: it starts to skyrocket, that's already a pretty big.
• 29:33
  Speaker 1: One point two trillion possibly more. I agree, we're going
• 29:36
  Speaker 1: to see this just more and more.
• 29:38
  Speaker 2: We we got politicians out here wanting to tax AI
• 29:40
  Speaker 2: fifty percent.
• 29:41
  Speaker 1: So yeah, yeah, yeah, Tron flipped Solana.
• 29:47
  Speaker 2: Oh I don't even know. I don't pay attention to
• 29:48
  Speaker 2: tront as much. Do you think Solana is not done yet?
• 29:56
  Speaker 2: I'm I'm gonna be wrong, probably, but let me just
• 29:59
  Speaker 2: say no, I think Solana stays above it.
• 30:02
  Speaker 1: All right. I'm in the no camp as well. First,
• 30:04
  Speaker 1: I don't think they flip Solana sailor selling bitcoin to
• 30:08
  Speaker 1: maximize shareholder value proves anything else is possible and on
• 30:14
  Speaker 1: the table.
• 30:17
  Speaker 2: It's an interesting question. I think I understand what it's asking,
• 30:20
  Speaker 2: but meaning we're not done with crazy things breaking, Yeah,
• 30:24
  Speaker 2: we're not done.
• 30:24
  Speaker 1: Yeah, agreed, Yeah, okay, that's all right, We're on the
• 30:27
  Speaker 1: same Yeah, I.
• 30:27
  Speaker 2: Think yeah pretty much. That just says we're another crazy
• 30:30
  Speaker 2: story out of left field could happen. Yeah, yeah, you agree?
• 30:35
  Speaker 1: All right, So I'm in agreeing with that. I don't think.
• 30:37
  Speaker 1: I don't think this will do anything to he will
• 30:40
  Speaker 1: do anything to maximize What do you think about this?
• 30:43
  Speaker 1: You think the coin bess app will freeze in the
• 30:45
  Speaker 1: next twenty four hours? With the current market falling.
• 30:48
  Speaker 2: If if we crash more and start heading towards fifty
• 30:52
  Speaker 2: three tonight, yes, but at a current level and current rate,
• 30:57
  Speaker 2: I don't think so. But it depends on how low
• 30:59
  Speaker 2: he gets, say sub fifty three thousand, yes, as long
• 31:02
  Speaker 2: as they above it. No, all right, I would put
• 31:06
  Speaker 2: me in.
• 31:06
  Speaker 1: I would okay, so no, yes, I would be in
• 31:10
  Speaker 1: the middle. I think I think a sub Yeah, I
• 31:14
  Speaker 1: think you're right. I think if we get into a
• 31:15
  Speaker 1: fifty three range, we will see a crash potentially because
• 31:20
  Speaker 1: the amount of trading that's going to happen around fifty
• 31:22
  Speaker 1: three is going to be crazy. Bankless was right on
• 31:26
  Speaker 1: exiting eight a week and a half ago.
• 31:29
  Speaker 2: Yeah, I think they're I think they're gonna well, I mean,
• 31:31
  Speaker 2: depends what they get into. But let's say no, they
• 31:33
  Speaker 2: were not right to do those so because I think
• 31:35
  Speaker 2: there will be a bounce back up. But if they
• 31:37
  Speaker 2: go in and say, well, now we're all in on Salona,
• 31:39
  Speaker 2: then I might have an argument to say they were right.
• 31:40
  Speaker 2: But let's see what their next move is.
• 31:42
  Speaker 1: Yeah, I don't know on that one. I'm not going
• 31:44
  Speaker 1: to answer because I just don't know if they were
• 31:45
  Speaker 1: right or wrong. Two x price prediction from Arthur Hayes
• 31:50
  Speaker 1: means and this is listen, guys, this should be a
• 31:55
  Speaker 1: learning point for everybody, is that when you hear a
• 31:59
  Speaker 1: major influencer say we're going to see something go two
• 32:02
  Speaker 1: x figure, you're going to be considerably lower that before
• 32:06
  Speaker 1: an exit. So just always keep that in mind. Two
• 32:10
  Speaker 1: x means really you know percent? What do you think?
• 32:14
  Speaker 2: Yes, no, I talked about Arthur and my show yesterday.
• 32:17
  Speaker 2: I like that Arthur is constantly changing his mind on
• 32:19
  Speaker 2: things when new information came.
• 32:20
  Speaker 1: Now changed his mind, but he.
• 32:22
  Speaker 2: Changed his mind a lot. So let's say for the
• 32:24
  Speaker 2: sake of the joke, yes, I do think Arthur hay
• 32:27
  Speaker 2: is rarely like he called for a bitcoin like two
• 32:29
  Speaker 2: hundred thousand by the end of twenty five.
• 32:31
  Speaker 1: Oh yeah, to end of the year.
• 32:34
  Speaker 2: He changes his calls all the time. Yeah.
• 32:36
  Speaker 1: Yeah, it's all over the place. Which is really the
• 32:38
  Speaker 1: point is that you just need to follow the news,
• 32:42
  Speaker 1: stay fundamental, and look at long term narratives and make
• 32:45
  Speaker 1: sure they match up with your investment thesis. You know,
• 32:48
  Speaker 1: if you're attack investor, if you're a next generation investor
• 32:52
  Speaker 1: looking for long term gains, or if you're somebody that's
• 32:54
  Speaker 1: trading voluntility, you know, trading voluntility right now. You're going
• 32:58
  Speaker 1: to be making a lot of money in this market
• 33:01
  Speaker 1: today as it is, so whether you're shorting or you're
• 33:04
  Speaker 1: in a position to buy these dips and look for
• 33:06
  Speaker 1: market moves. So definitely a good one. Tim, great having
• 33:10
  Speaker 1: you on the show today, Thanks so much for coming in.
• 33:12
  Speaker 2: Absolutely thanks for having me again, Paul.
• 33:21
  Speaker 1: If you like this video, like and subscribe, drop a
• 33:23
  Speaker 1: comment down below, and also join our free private member group.
• 33:27
  Speaker 1: The link is in the description.