QUICK LIQUIDATION Finally Happens for Bitcoin Price Chart & Altcoin Market, XRP FINALLY HITS SUPPORT

Blockchain Backer’s Technical Analysis Toolkit for Crypto – http://www.BCBacker.com
Blockchain Backer Newsletter – https://blockchainbacker.substack.com

Blockchain Backer 702 Digital Art NFT Collection on XRP – https://nft.onxrp.com/collection/blockchain-backer/

Hi, I am the Blockchain Backer, bringing you the latest cryptocurrency news and analysis. The content of my channel primarily focuses on crypto news, motivation, and chart analysis on the XRP chart, Bitcoin chart, various Altcoin charts, and market cap charts.

DISCLAIMER: I am not a financial adviser. Investing and trading is risky, and you can lose your money. The information in this video should not be used to make any investment decisions. You should contact a licensed financial adviser prior to making any investment decisions. Any affiliate links in the description of these videos may provide a commission if you decide to purchase their products. I appreciate any and all support of my channel, and without you, I wouldn’t be here. Thank you.

Hey what’s going on everybody this is the blockchain backer bringing you the latest cryptocurrency news and Analysis today we’re going to be talking about the Bitcoin price chart and the altcoin market because as you already know there’s been a massive liquidation that has happened out here in the cryptocurrency market this morning with

Over $600 million being wiped out from Leverage positions 545 million of that people longing the market on Leverage buying Bitcoin up here in the retracement levels at the April of 2022 price levels on margin on Leverage 10x longing ETF only for it to get wiped out this morning but I may sound upbeat

About it because this is something I’ve been waiting for it’s been eating at me with anticipation that some type of quick liquidation flash crash could happen in here a couple of days ago I put out the 2024 newsletter the last one of December there looking forward into

2024 I rarely if ever talk about any like short-term price action in any of these things but in here I did talk about one thing in particular when it came to the actual altcoin Market I read this in markets in the morning I’ll read it for you really quick in case you

Didn’t catch it but here on the newsletter that I put out just 3 days AG go I stated based on what I’ve seen in markets several times before it seems likely we will see some kind of Correction in this market before the real Euphoria can kick in it’s just a

Guess based on structure for example with the altcoin market typically there is going to be a flash crash back to at least this level before a bigger March upward could ensue talking about waiting for a bigger flash crash to happen in here because that’s what we typically do

See there you go you got it this morning that is the minimum requirement for us to to come back and hit for a flash crash to be completed there’s a real possibility that was it and that’s all that we needed there is still a lower level to be cautious about however for

Minimum requirements the things that were keeping me up at Night the things that made me include this in my newsletter and why I’ve talked about it so much in markets in the morning and previous videos is because it’s what we typically see happen right here now with

Us getting it out of the way it’s less about we still have to do that thing and more of like okay hey that could have been it that might have been enough it is something that we typically see we typically see a flash crash and for the absolute minimum requirement we have

Gone the distance of minimum requirements for that to happen in there also there’s things we’ve been looking at on other charts such as xrp this 54 C price level to get back here and hit it and test it and confirm it as a support we discussed many times that it could

Wick through the level but we’ll be looking to see if we can get a daily candle close above the support now for the first time confirming it as a support dating all the way back in here where we had tested it as supports multiple times throughout 2021 and 2022

Unable to get through we get through on the news we fail it what do we fail it on we fail it on a big liquidation that happened in the market back in August then we’re able to get through confirm it daily candle closes all hold and then

Now boom we’ve got it now so I’ll be putting together a video on xrp specifically cuz I’ve been holding on off waiting for something to break from this range each time I’ve talked about xrp I’ve mentioned this 54 C price level guess what it’s now been hit this is

Actually very similar to things we’ve seen happen before so when it comes to minimum requirements of something that we needed in regards to a flash crash I think we have finally seen it and this has been something that I’ve just been antsy about for weeks on end that that

Would eventually come it likely catch people by surprise potentially even me and now we’ve got it we can even see this this morning some assets recovering already arbitrum setting a new all-time high already this morning it completely recovered the whole thing and in my personal opinion this was a necessary

Step we still had in front of us I did not think it would be something that would be just a grind back down but something that would be very aggressive in the market and take out a lot of the leverage that’s happening in here yesterday the news we were reading it in

Markets in the morning it was saying we’re at like the highest level or that the funding rate for Bitcoin Longs was the highest level we’ve seen in years which means massive amounts of Leverage longing happening up here remember just two and a half months ago everybody’s screaming for 12K than the most leverage

Longing that we’ve that we’ve seen at retracement levels so while today’s aggressive I figured we’d have a lot of viewers over there in markets in the morning today and it typically happens with aggressive price action we we have an increased viewership that ends up happening in there uh but this is

Something that we’ve definitely talked about in videos talking about about markets in the morning and like I said it’s very rare that I include anything like that over here in any type of newsletter where we’re talking about short-term price Behavior short-term price Direction This was something that

Was just so in my face uh that I actually ended up even including it in here in a newsletter that is totally talking about the whole year outlook ahead to talk about something like that happening that we’re typically going to see a flash crash back to these levels

Before a bigger March upward could ensue and before Euphoria could really kick in so if you’re out there stressing about what just happened today that means you haven’t been watching that’s okay that’s okay hopefully you watch now personally I’m excited to see this not only for

This to have happened over here in the altcoin market but like we’ll do in future videos uh I have missed putting out xrp content I’ve just refused to do it while we’ve been range bound and i’ I’ve said this in Market in the morning all the time uh ranges by Design are

Chaotic we’ve been stuck in this thing but we’ve now finally gotten the test and for that now we have a lot of stuff to talk about in regards to how these things can recover and can we be looking for something really big to start working its way out in here now that

We’ve gone ahead and tested the support that was a resistance level for a whole year and a half and it just so happens to happen at a Confluence point of a Liquidation in the market and this liquidation was able to hold unlike the one that took place back in August where

The rest of the market didn’t hold either and so we got the whole Market holding you got xrp holding you’ve got all the elements that we’re looking for there where the Dow is poking into the all-time high we know this can be a foric moment in the market where retail

Goes crazy extreme risk extreme leverage extreme nuts because that’s what they typically do at Peaks but it’s always these ending moments of stock markets it’s always that euphoria that drives that excitement into crypto at the exact same time so I for one am happy to hopefully have that behind us for those

Who are concerned that we are going to go back down to the even lower level of that in there the thing of course to be mindful of is to be mindful of a retracement Traders typically will sell at the retracement levels right in here they’ll Target lower prices stopping

Above all retracement levels and try to Target down to the downside and the event that retracements get broken back through becomes invalidated I’m not going to tell you what to do but if your concern is that we are going to go down to the lower level this is a common

Strategy they would be utilized as for me though I choked around in markets in the morning that it’s hard for me to be a moon boy just cuz I’m I try to be serious but it is also infotainment at the exact same time um but I do not try

To do like the thumbnails with the whole open mouth face of oh my gosh but you know this is now getting to a point of a setup here where the supports have been tested the structures are similar uh to look for exciting things to happen in

The market now um especially you know my belief is that you know we’re not going to an alltime high for Bitcoin this has been my belief we typically see that you know whenever the juice runs out of steam over here in Bitcoin there’s still that desire to chase some yield out

There there’s still that excitement out there of people wanting to chase some yield and this is really a an opportunity and an optimistic time for the altcoin market to have its turn and so I still think there’s a good shot for that here in 2024 and for that specific

Scenario it required this flash crash to happen so I won’t keep rambling on here forever um but I just hope you can kind of hear it in my voice and if you caught markets in the morning and if you caught the newsletter and if you caught previous videos and previous markets

Innd the morning it’s it’s definitely something talked about they always happen in a blink of an eye when a flash crash happens and we just so happen to get it a few hours ago so now I can kind of like put away the stress of thinking

That was going to be coming and now I can kind of start hunting to say all right was that good enough because my thoughts are that was the minimum we had to do now it’s going to be about looking for things to emerge in here to say we

Don’t have to go there but like when I look at things like xrp I just can’t imagine us having to go below here so I’m pretty optimistic about what we’ve seen already and we’ll give it a couple of days to kind of settle in and let the

Market digest what just happened but if you play with leverage this is the risk that you do take it’s not like you know I talk about like you know you can recover from you know negative 10% negative 15% negative 20 uh negative 100% And A liquidation means it’s all

Gone um so I don’t ever I don’t ever promote uh leverage trading or discuss leverage trading because this is the this is the result for 99% of people that play in that and play in that playground goes to zero but when we flush all of this out of the system this

Is how we can build a stronger base and what we can look back on is say hey when are the last times we have had moments where liquidations are this big we had one back here on December 10th which was right here and the one prior to that was

Way back over here on August 18th and as we can see after those style liquidations there doesn’t tend to be much more downside really after that that really kind of pushes it to its extreme and the last time we had a major liquidation with xrp was right back over

Here and as you can see that level held the whole time right people call in for lower the whole time it doesn’t it’s the same thing with FTX and all this stuff we have these major liquidations that tends to be pretty good so I’m excited to move forward on the YouTube channel

And not be thinking about that constantly but on that note we’ll go ahead and wrap it up we’ll make it nice and quick and brief today hopefully you caught markets in the morning today if not hopefully this gives you some better context of what’s happening in here

Totally a typical lash crash as these things usually do but all right that’s going to be it for this one thank you guys so much for watching if you’d like to see more content from me of course you can check out BCB backer.com this is a course I put together with over 40

Videos and over 11 hours of content deep diving into the historical behavior of the cryptocurrency market and teaching you how to set up your own charts and your own indicators within trading View and coin Trader Pro teaching you about la8 wave theory W off accumulation patterns indicators research data and a

Downloadable PDF in here so you can print this stuff stuff out and keep it for yourself as well it’s available over here on BCB backer.com of course you can check out my newsletter as well that I put out twice a month in here the most recent one talking about looking forward

Into 2024 of course cuz we ended 2023 of course all that stuff out there about developer data circulating Supply inflation and percentage draw downs and how those impacted previous cycles and percentage returns for the altcoin market those are all still there available for anybody who does subscribe to the newsletter whether you’re a

Longtime subscriber or you just sign up today there’s links in the descriptions of each of my videos to the newsletter here at blockchain back. substack docomond over there to BCB backer.com otherwise that’s going to do it for this one thank you so much for watching if you could please like this video and

Give it a thumbs up if you are new to the Channel Please Subscribe and hit the notification Bell so you can be notified of when I create new content and when I go live as always this is not investment advice and I am not a financial adviser

But if you ever need a pickme up or a little bit of reassurance just remember that the blockchain backers got your back have a good one