AWAITING THE SPARK, Bitcoin Price Chart Fights Retraces, Stocks Near 4.236, XRP Finding Support

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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 taking a look over here at the Bitcoin price chart while also talking about the United States stock market and of course incorporating in the altcoins and xrp

But it’s been a little while since I’ve put out a video of course have been here every weekday with markets in the morning but it’s been a minute since we’ put out a YouTube video ever since bitcoin’s ETF launches and hitting the 618 retracement since pulling back I

Didn’t find any reason to put out a video and just be like down down down but really we’ve just kind of been in this holding pattern over here for Bitcoin in the last couple of days getting a little bit of a bounce there but as we all know price did hit that

618 retracement now all eyes to see if this is the first retracement move within here for a 702 B leg to then head on down back testing the $30,000 region or if we’re just going to kind of hold in here for some time and still just continue wobbling for a while waiting

For the stock market to kind of give us a little bit of direction in here while I have been doing markets in the morning every weekday the reality is I have had a little bit of rer block when it comes to putting out YouTube videos just due

To where we are I don’t know how many times I could probably repeat we’re at a retracement level the stock market is euphoric this is the times where we can see excitement arrive in markets we’ve got the NASDAQ that’s gotten within 1% of a 4.236 extension we’ve got the Dow

Jones that’s gotten within 3% of a 4.236 extension the thing that’s fascinating about both of these is that the Dow Jones is based off of the peak prior to the Great great financial crisis whereas the NASDAQ is based on the Peak from the dot bubble burst both of these happen to

Be reaching a 4.236 extension based on two completely different time spots so it’s kind of one of those times where it’s like you know a lot of excitement could come into the market and we have setups that are similar in a lot of these altcoins that are those moments

When excitement comes and the reality of it is in crypto whenever things get euphoric whenever things get crazy they tend to happen near like of cycle end of excitement and many times they happen really fast like with ethereum classic back in 2021 it went from $34 to

$175 in 5 days this of course all happens at the end of the cycle right these moments are the marks of the end gradually grinding gradually grinding boom then all at once it all happens and that marks the end and so you ask yourself are we reaching kind of a point

Where something like that could happen where we could get like absolute Euphoria craziness and everything like that but then it all comes to an end really fast well I mean like right now is like as good of a time as any for it to happen but the thing that I keep kind

Of going back and forth with that like sure makes it difficult for me to like come out with content and not say the same thing over and over again is just you know whatever type of distribution happens up here should the NASDAQ and the Dow Jones end up topping here that

You know it may be drawn out it may take months to play out in here right and that Euphoria may come on the second attempt rather than the first attemp ATT and is there a pullback First that happens in here and it’s kind of just we’re at this real like weird spot you

Know when we get back to these retra wondering what distribution can look like in here and then of course the fingernail biting of watching what’s happening over there in the stock market to be like dear God is a re approaching a crazy moment happening out there in

The world now of course I definitely don’t cheer for there to be a rejection here I would much rather see uh the NASDAQ and the Dow just go plowing through here you know put egg all over my face bring on the the Twitter anons bring on their Wrath of mockery I will

Happily take that any day of the week but of course as we sit here it’s hard not to reflect back on what happened with Bitcoin and what happened with ethereum back in 2021 where we initially went above the 3.61 eight retracement level and then we ended up falling going

Back up and hit the 4.236 extension and of course where we did this exact same thing here on ethereum what was interesting about both those twos right like look over here at ethereum it gets through that 618 it falls down it does an ABC correction in here you can see

ABC and then it just shoots its way up to the extension Bitcoin was the same thing right in here has the ABC correction then it just shoots its way right up in here to hit the 4.236 you know that’s the same stuff we see over here with the NASDAQ gets above the 3.61

18 ABC’s shooting its way up to the 4.236 extension and so it’s kind of like this fingernail biting m moment of like can we bring the Euphoria can we bring the excitement can we bring the irrational exuberance can we get the Epic moment of time that is relatively

Brief and not relatively like really brief and when we look back on like when the altcoin market has taken off and done things it’s always in these moments of distribution with Bitcoin is whenever the juice is running out of Bitcoin in here that tends to be when we actually

End up seeing altcoins get really wild when Bitcoin has already entered into distribution story is same up in here right into distribution altcoin Market just going nuts and while those things tend to happen when people really the way we think about it like people have a

Lot of gains and they’re willing to take a lot of risks with all those additional profits that they do have and so we see that over there in the NASDAQ and in the Dow and Bitcoin of course has been rampaging for the last year I know a lot

Of people have poured into it recently but this has been going on for over a year and so until we kind of like get ourselves set up into a specific circumstance it’s real difficult to say anything different than hey Bitcoin is retraced like we got the stock market

That’s like really euphoric over there and really excited over there and we have some setups in various aspects of the market like these were the exact type of like conditional setups and structural setups before things ended up going really really exciting um and but the thing is those things don’t tend to

Last a long time you know 30 days 60 days 120 days and then boom it’s all over these things always show up at the end and so I’m like okay we got to focus on the end cuz the end’s coming at some point but right before the end that’s

Where everything gets crazy and so what people want to hear is hey we’re about to go into a bull run but at the same time you have to say but you have to understand this is actually end of cycle cuz it’s like the end of the world but

The Bull Run usually happens right before the end of the world happens and so even in the last two weeks I don’t really think a whole lot has changed in regards to what’s going on with the market right we’re kind of waiting to see if there’s going to be an irrational

Exuberance moment where the altcoin market kind of sets fire one thing I mentioned over there in markets in the the morning is just like you guys have heard all of this stuff before right compared to 2016 right even here it ends up getting the breakout but the thing

That it hasn’t done compared to that is just flush itself back down to $30,000 and I think like the big thing to like watch out for if it’s going to be something different than distribution and this Market’s ready to rip and Rock right now is to just kind of pay

Attention to that and be mindful of that at this point like right now I am not considering like throwing money into this Market at all right now cuz this thing kind of has to resolve itself here for a minute and if there ends up being a 702 Fibonacci retracement right in

Here then it can flush down and go back and hit those levels and like an example of that happening in there and this is typically where the market gets wrong footed right and so like part of that’s in the back of my head too like are we

About to go into a moment where like all these retail investors are going to get completely wrong-footed and they’re going to be screaming manipulation they’re going to be screaming this Market’s rigged right cuz that’s what happens usually here if this if this circumstance plays out in here and it

Flushes right and it’s kind of like that right where we’re just kind of grinding up grinding up and then we pull back and then we go back into a little bit of a 702 Fibonacci retracement in here and then the market just flushes itself to the downside and everybody gets

Blindsided and wrong-footed by it so I find myself like in this area where I like hey we’ve gotten back to the 618 retracement right there was there was massive bearish divergences when we got back to the 618 retracement level the market was euphoric the market had false expectations and Retail investors piled

In at that level so I find myself in the situation of just like contemplating do we have to flush them out first or do we just sit here and just wait and wait and wait and then some type of news comes out and that’s incredibly difficult to

Sit there and say hey I’m from the future I’m going to forecast some news is going to come out and it’s going to create a gold rush on the altcoin market cuz I don’t foresee a narrative coming out but it feels like there would have

To be one I don’t know if that ends up being something like coinbase’s case gets dismissed and the judg is like no tokens or Securities and then boom not only does xrp have the regulatory Clarity but all coins have regulatory Clarity I really don’t know but I know

We’re in a phase where like if we’re Distributing in here and if bitcoin’s going to be here for a while then we’re also in this phase where there’s like Max Euphoria entering into the stock market doesn’t matter what index we look at you know Max Euphoria happening in

The market and these are conditions that are typically very good for crypto very good for the market when we have Euphoria in the stock market and if we have distribution happening over there on bitcoin and we happen to have very similar setups to what has happened when

Those types of conditions have been met before where bitcoin’s in distribution stock market is rocking and that we’ve been playing very similar to the same tune but over the course of the last two weeks nothing has really happened so so it’s been like how do we make a video

And just say hey uh nothing’s changed cuz we kind of do that in markets in the morning already anyway right but I think that’s really just kind of where we’re at waiting to see if Bitcoin can just continue Distributing and things flip to the other side of the

Market and people just get bored of Bitcoin and that Euphoria still just kind of continues hanging out there in the stock market where people are ready to be wild and like we always know right like I I don’t have a way to forecast some type of narrative is going to be

Entering into the market that would specific Ally impact the altcoin market but typically it’s what we end up getting right it it always tends to be that at the bottom there’s some type of really bad narrative and at the tops there’s usually some type of really good

Narrative to go along with it and we just haven’t had that really good narrative to go with the altcoin market just yet but we have lots of conditions that have happened here in this market that would favor that occurring and really it just feels dumb even saying

That in a video of like hey there’s like a narrative that’s going to come out that I have no idea and I’m totally speculating about but it’s going to happen like that’s that’s not scientific that’s not mathematical to do that right like I just sound like a crazy person

Saying something like that but we still just kind of sit here patiently waiting and it’s really this just this what this video update is everything is still just kind of in this hold xrp has gotten itself back to historical levels that have been catapult zones before the

Alquin market has found a support level at least an initial one and now we’re kind of waiting on bitcoin to see if Bitcoin is just going to kind of keep settling in here and that the excitement and the yield chasing all rotates to other aspects of this market and outside

Of Bitcoin really just rejecting the 618 retracement level two weeks ago there just hasn’t been a whole lot of movement so I think we’re kind of waiting for that spark to happen or reaching like a critical level to say something big has happened and I just don’t think in the

Last two weeks we’ve kind of done anything like that where it like really significantly needed to be like hey this has to be talked about cuz it’s like super critically important I mean the things we could look is that like you know depending on your altcoins or xrp

Holders right like we’ve gotten back down to a level that’s historically a support level waiting to see some type of reaction come out of that level otherwise for Bitcoin it’s just it’s not behaving in any way that I wouldn’t have expected it to behave um the things

We’ve talked about in markets in the morning has been like the Batman pattern right like I that’s their Batman which you can see in there and that it could buy us months right even when we’re talking about stuff like this with the ndxt there could be months that hang out

Up in here and we’re just kind of waiting for that spark to get lit and I wanted to check in with you guys and tell you nothing’s really changed um I I think the big thing that would be of concern is if we had Confluence with like a 702 retracement on bitcoin back

In here at like $46,000 then like the exact same day the NASDAQ hits the 4.236 and the exact same day the the Dow Jones hits the 4.236 and there’s some other critical level that gets hit on the altcoin market or something like that but I’m just not seeing any of that

Right now so still kind of waiting for like there to be a light bulb that goes off at a particular moment in time and it’s not like we haven’t seen anything happen in this market I mean you still have some stuff that’s still just continuing to go you got some stuff that

Right this move back was just a slam back down into a 200 we moving average right and it’s really just kind of a waiting game right now and like I’ll be really clear I I think the altcoin market is going to massively outperform Bitcoin I don’t think there’s really

Much left here in Bitcoin at all I think the the really big challenge right here is the path to getting there and how that’s going to play with this distribution and I think part of me is also cognizant of the fact that talking about it in this manner is not

Positively received by the crypto Community to speak of Bitcoin in this manner and I get that you know a a way you could even think about it in is like hey maybe all of this is completely wrong maybe it’s just following 2016 there’s still a lot of time left it is

Going to do just that it’s going to do some time type of a b c correction it’s going to come back and slam into that 200 we moving average happen in like a really fast liquidation style it back tests these levels right here it looks just like every recovery that has ever

Happened for Bitcoin nothing changes all things still remain exactly the same for a back test of a previous range um but even that right like I still see that as possible right it’s either that we’re in some type of situation where Bitcoin is going to slam back down into 30 to 3200

,000 or we’re in a situation where Bitcoin is Distributing and this is the top of Bitcoin and like we’re like two steps away from Euphoria happening and other aspects of the market while the stock market is euphoric right and that’s that’s one of those things where

It’s like you know we have that element in the stock market which is why I keep favoring the idea that we’re right on the brink of something actually coming here in the market because of the the other elements that are happening in there and that I do think this is

Distribution for Bitcoin and distri rtion for Bitcoin is always favorable for the altcoin market but I have to remain on my toes at the exact same time of something like that to say gez this thing just continues to follow this and it just won’t stop right and the last

Thing I want to do is is come on here make a bunch of videos and then just continue to hedge my wording and say things that conflict other things you know we’re just at this point where Bitcoin has hit this retracement the general public is ridiculously bullish

For Bitcoin holding on to monitoring ETF flows and you know while people may disagree with what I say I really don’t want to come on here and be the guy that everybody hates there just there’s nothing fun about doing that and that’s what most of my career as a YouTuber has

Been is that I’m pretty much hated right you call on the top over here you’re hated when you say we’re going to set a new all-time high but we’re we’re barely going to do it you’re hated when you’re saying this is the top you’re hated when

You spend a year and a half down here at the bottom everybody’s looking for lower you’re hated and you know you get back here you’re hated it’s not something like I enjoy I know it comes with the gig I know it’s part of it and I don’t

Want to come on here every day and like counter whatever I’m saying and conf conflict whatever I am saying and then just make people mad like I I’m really not here to play that role it’s not who I want to be and but this is just what I

See and let me also be very clear you don’t get to 290,000 followers on Twitter and 267,000 subscribers on YouTube without the support and love of a bunch of people and so I don’t want to minimize that like thousands and thousands of you are absolutely kind and absolutely

Magnificent but I go through Seasons right I go through Seasons here as a YouTuber where I get a little bit more push back than usual and if my hypothesis is right and in that we’re in distribution for Bitcoin well then it would be the opportune time for the

Altcoin market and you would have to say well is there any other condition that could corroborate that idea and that’s why we have this that’s why we have the stock market shooting up in here it’s a euphoric time of the markets like we just we have that in general and again

That goes to the idea that crypto is tied to the stock market right and that’s not what bitcoiners want to hear they want to hear it’s beautiful money and it’s perfect money and it’s sound it makes really nice sounds okay I’ll stop but we’re still just waiting for a spark to ignite and

I’m I’m just curious if it’ll be some news because we do have those elements aligned there right bitcoin’s back into retraces if it’s in distribution it’s a great time for the altcoin market we’ve got some supports over here on the altcoin market in various places and

Then we have the stock market like in Euphoria so all elements are there the problem is for 2 weeks it’s just been boring there’s just been nothing going on so we’re waiting for something to spark to be like hey wait a minute that was significant and the second I see

Something and I’m like hey that’s significant I’m going to come on here and be like I’m excited to tell you I have something significant um but we are still just waiting and so I’m just kind of doing a check-in here to let you know I don’t see anything like alarming me

Right now but we’re still just waiting and we’re waiting for something and I don’t know what that is but there’s going to be something that triggers that Aha and I show up every day for markets in the morning and we do that and some of them have been ridiculously long and

I know some of that’s just way long too long for you guys when we go an hour and a half or an hour and 45 minutes I’m going to try to do better at that but I’ll keep you updated if something different emerges in here otherwise it’s

Really just been just a waiting game right now and the truth is that just Bitcoin doesn’t really have that much attention from me right now it doesn’t have that much interest from me right now it really is focused more on these things to see if we can see significant

Moves happening here that signify something has just happened in this market something has just triggered in this market something that would do that for me is like if xrp shot up and got back up into the lower 60s it would signify to me that was an important move

And right now we do just still wait and it has been like that for a couple of weeks and if we get that confirmation man I will be running on here to make a video and just scream for the rooftops that was awesome but I did just want to

Check in with you guys and be like hey we’re still here we’re still just waiting and the second something significant does show up I absolutely will start pounding the videos out there so I’ll still be here every day for markets in the morning we’re going to

Have a live stream on Wednesday where we have the FED doing their interest rate decision we’re going to listen to Jerome Powell that’s on Wednesday around lunchtime those are always fun it is expected they will be paused but everybody’s going to pay attention to that forward guidance because the market

Does have it priced in that we have six rate Cuts this year so we’ll see that goes on Wednesday and we’ll see if maybe that’s a spark that ignites something to happen in the market and something significant can occur till then I’ll check in with you guys on the next one

We’re still just waiting bitcoin’s at the retracement we’re waiting for something to ignite in the altcoin market and of course we’re keeping our eyes over there on the stock market as they approach those 4.236 extensions otherwise guys I’m going to wrap it up I want to thank you so much for watching

If you’re looking for something to do of course you could check out all of my content over here on BCB backer.com where I teach you guys how to set up your own charts like we’re watching right now over there on trading View and coin Trader prow teach you guys about the

Common and effective tools how to set up your own charts and taking a look at those different ranges and patterns along with woff accumulation and distribution Elliot wave theory the historical behavior of the cryptocurrency market understand why distribution of Bitcoin is good for the altcoin market and then a lot of things

That I’ve learned along the way along like things like developer activity why percentages matter more than price the importance of tokenomics and the market caps measuring those market caps rather than the actual price chart due to the tokenomics along with crowd behavior and emotional management there’s downloadable PDFs in here so you can

Print all this stuff out for whatever has supplemental printouts to go with them it’s 39 bucks one time no subscription fees right over here on BCB backer.com then of course you can check out the newsletter over here on blockchain back. substack docomo that I’ve been doing throughout

The entire year has been put I’ve done a lot of research over there on the altcoin market market and studying developer activity and interviewing people and going to conferences to figure out what was so different about 2021 compared to 2017 I would not be surprised if we see something similar in

2024 compared to 2021 and 2017 where it is more isolated 2017 nine out of 10 things went skyrocketing in 2021 it was only two out of 10 I’ve gone through a tremendous amount of data and done all the analysis for you to show you the results on what elements were common

Amongst higher performers in there of course it has to do a lot with developer activity percentage draw downs and circulating Supply I’ve already done all of the data for you so it’s all in here in these newsletters I’ll have another newsletter coming out in just a couple

Of days we’re going to look at what chains are actively being used as well to see if that corroborates a lot of this development activity there are links in the descriptions of each of my videos to BC backer.com and to blockchain back. substack if you could please like this video and

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