BITCOIN Bulls & Bears AT WAR! CHAINLINK May Ignite Altcoin Frenzy! (Cardano & AVAX in Rotation)

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In this video, I delve into the current excitement surrounding the cryptocurrency markets, particularly focusing on Bitcoin’s intriguing movements at key moving averages on the daily chart, and the potential implications for altcoins like Chainlink, ADA (Cardano), Ethereum, and AVAX (Avalanche). I zoom in on Bitcoin’s potential retracement to significant moving average levels and discuss the possibility of a similar historical pattern repeating itself, emphasizing the critical juncture Bitcoin finds itself at with regards to the 50-day moving average. Furthermore, I highlight Chainlink’s remarkable weekly candle and its potential as a leading indicator for a bullish shift in altcoins. The discussion includes a detailed analysis of moving averages, resistance levels, and the RSI indicator, suggesting that the crypto market might be on the brink of a new momentum phase, especially if Bitcoin can sustain its position above key moving averages. Additionally, I explore the implications of Chainlink’s performance for other altcoins and consider the broader market structures and potential price targets, suggesting that the coming days could be pivotal for the crypto market’s direction. I encourage viewers to subscribe and like for more insights, as I aim to unravel these complex market dynamics and their potential impact on cryptocurrency investments.

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Intro 00:00
Bitcoin 00:35
Bitcoin bulls & bears at war 4:00
Link Breakout move 5:55
Link as altcoin leading indicator 8:45

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Things are getting heated on these crypto charts the Bitcoin chart something very special happening at these moving averages right here on this daily I’m going to zoom in going to talk about the move on bitcoin link chain link everybody this green weekly candle we still have two days one hour left on

This weekly candle but this could be the news of the week this really could be the news of the week especially for altcoins I want to dig in the meaning behind this weekly candle on chain link what it might mean for altcoins like Ada a eum avax so hit the Subscribe hit the

Like let’s jump into the video I want to start with Bitcoin because this is the truly this is the move we’ve been tracking the move we’ve been just wondering off of the bull market door resistance that we have here are we going to get the retrace down to the

20we moving average and that 30 we’ve been calling it a range because the 50 we moving average down here around now around 31,000 but 30,000 to 35,000 is what we’ve been generally calling it The Move would be so similar to what what is taking place or what has taken place all

The way back here Cycles ago off of the bull market door resistance prior to the having back down to the 20 we that’s that’s what we’ve been tracking I know many of you are probably sick of me repeating that over and over but that’s the story I’m waiting to unfold one of

The first things that had to happen that would maybe disqualify that from happening is kind of happening now but even still it is just it’s not delivering that separation that we want and that is to say closing candles above the 50 day moving average it’s it’s clo

We’re getting like right now look we might get today’s daily candle closing above yesterday’s Daily candle closed above this is very good but look how little separation there is from that area the 50-day moving average around 42800 right now Bitcoin a few hundred dollar above we want to see a pop we

Want to see an explosive move away from this area now the reason why is because it’s going to really start kicking into play a brand new short to midterm world of momentum for Bitcoin so the reason this is is because we’ve been monitoring namely if you look at the top of the

Screen this 20-day falling below the 50 the green below the blue when that happens typically we’re we’re in for a little bit of a ride right we we kind of compared this move back here right we we get these pullbacks into the moving averages and that’s what we’ve been

Waiting for and we got the pullback got the pullback into the moving averages but what’s notable is the very fact that right now Bitcoin is trading slightly above the moving averages we’re getting a little bit of support typically what we’re going to look for is the resistance like you can see in

This case and then we’re going lower we’re putting in lower lows right so we’re we’re in this downtrend and that’s kind of why we were comparing even this momentum move for Bitcoin at this exact move after the 20 cross below the 50 very similar area on the RSI comparable

To where we are right now on the RSI so therefore kind of just tracking the move tracking the 20 falling below the 50 the pull back into the moving averages anticipating the resistance and you can see I don’t know if we want to call it resistance or not

We can just call it consolidation but we’re above the 50-day moving average my immediate short-term question is are we going to stay above and can we get that separation above the 50-day moving average this would be huge because you can see right now is a decisive moment

For this RSI we’re in this downtrend lower highs and if we get rejected and we start falling below as moving averages then we’re going to get that move that we saw kind of back here right off of this general area of the RSI and then we’re falling and then what’s

Bitcoin likely doing in terms of Bitcoin price if we scroll down and look at bitcoin price at that moment well Bitcoin was putting in lower lows right nothing crazy just consolidation to the downside and that’s the move that we were watching for so right now going

Into this weekend and sometimes a lot of times weekends are kind of uneventful so I’m not exactly sure what’s going to happen I know right now there’s 25 minutes left on the current daily candle I’d be very curious to see once the next one opens uh assuming this one closes

Above the 50 once the next candle opens what happens and I think we can definitely rely on the 20-day moving average around 41,800 as support as well but it’s just this General range if Bitcoin can manage to to just show support there and then continue to the

Upside we have a brand new kind of swing of momentum to the upside and we might break this this entire downtrend of momentum that would be huge because then we could have in play Bitcoin once again preparing to knock on the bull market doors once again and this would be

Something that would be different we get the 618 rejection come down and then we’re trying to retest those bull market doors again that would just be a show of crazy strength of the Bulls and the bull is just truly pounding on the bull market door saying you know what we

Don’t want to wait until after the Bitcoin having this cycle we want to do something different this time and it really all starts right here the the grapple the war between the Bulls and the bears at these moving averages so in general no matter what the volatility no

Matter even what happens with these moving averages we’re we’re looking for structure we have the 618 line up here we have this trend line down here it is so far it’s still speculative but it is setting up that we might get some type of ascending triangle or we might not

But either way maybe it’s a triangle maybe this support down here Falls and it’s it’s nothing right but there’s structure potentially in here that will begin tracking if Bitcoin does just give us some volatility uh in the shorter term to the upside or to the downside to

The up upside to the $4,000 618 resistance to the downside all the way down here around $39 $40,000 to this trend line so going and monitor that but right now really really big move for Bitcoin at these moving averages all the while everybody link a breakout move but

Real quick everybody before we jump into the leading indicator potentially found on that chain link chart crypto taxes done in minutes today’s video sponsored by coin Ledger it is a product it is a must-have product if you’re spending any amount of time in crypto trading crypto investing in crypto hit the link below

Get set up with an account through the CCV link get 10% off right now I want to real quick just highlight tax loss harvesting and then we’ll jump right back into the altcoin charts and talk about what’s going on over there if you sell your stocks real estate or cryptos

At a profit you’ll be required to pay capital gains tax based on how much money you’ve made from the sale we all know that that’s that’s taxes right some investors choose to reduce their capital gains in a given tax year by selling some of their assets at a loss not only

Is it important to do your taxes right calculate you know and using coin ler to calculate all the data from wallets and exchanges and all that but there are ways and tools that are beneficial in terms of of just doing your taxes in a in a way that is saving you money this

Is called tax loss harvesting reducing capital gains gains in a given tax year obviously talk to your CPA tax professional about this but I just wanted to highlight something right now the IRS has a wash rule in place that’s designed to prevent investors from taking Capital losses and then

Immediately buying back the same stock that’s in stocks now the IRS specifically states that why sale rules only apply to Securities and right now according to IRS guidance cryptos are property not Securities this means that as of right now it’s likely that the wash sale rule does not apply to cryptos

So just to give you a very clean example and then we’ll hop into the altcoin charts everybody if Tyler buys $1,000 a stock the value of the stock Falls 500 and Tyler sells Tyler can’t claim a capital loss on that $500 loss now if Julie buys a $1,000 of crypto and the

Value of the crypto Falls 500 and Julie sells her crypto then buys it back immediately Julie claims a $500 Capital loss if you look at especially an altcoin chart ethereum avac Ada whatever it is you can see how this could potentially be beneficial depending on how you’ve been accumulating buying

Altcoins and crypto again this isn’t me giving you Financial advice but it’s one thing I wanted to highlight something you can talk to your your CPA your tax professional about but either way sign up with coin Ledger today’s sponsor I’ve been using them for years the team over there is phenomenal the

Product is amazing it will save you money it will save you stress and you will be doing things properly and it’s setting you up for Success so shout out to coin Ledger for sponsoring this video I want to really break this down because uh if we look at the weekly candle over

20% positive weekly candle for for chain link still two days 1 hour left got to track that for sure interesting if you just look at the movement of Link over the last you know couple months or so a few months this general area of resistance you see these weekly candles

Wicking into this general area of resistance $617 and and Link it’s kind of there right now this weekly candle if it starts trending back down we might have a crazy looking Wick right here and it’s just another bit of resistance and Link is in the same exact Channel but one

Thing that is truly notable in regards to the chain link move as it relates to altcoins is this we see this time and time again cryptos take turns sometimes and then look at this in this case it’s chain link not long ago was salana doing something first and it was

A hint that something was getting ready to happen on the other altcoins and it happened and that’s how it played out often times this happens I would absolutely love to see chain link get a little bit more separation from this general area of resistance it might be

Having its own little time to shine but if this weekly candle doesn’t close kind of powerfully above creating this this breakout area of that resistance I’m not sure that it’s going to be as powerful of a leading indicator for these other altcoins but let me let

Me just take note of some things here we have the move out of this General range down here chain link made a move to the upside 100% move and then it Consolidated it Consolidated back into this moving average down here the 20we moving average exactly what we want to

See a dip a total dip of let’s let’s say around 28% right if we go look at these other coins I’m going to look at Ada right now Ada similar type of thing we got this breakout move on Ada swing High hit the resistance and we dipped right now around

34% ethereum we do breakdown ethereum we got the nice pop to the upside not as powerful of the as the other altcoins but look not as big of a dip either you can see the total dip around 20% on ethereum avax more volatile to the upside end to the downside got the

Breakout for avac swing High to swing low 46% to the downside now notice if we look at these moves just look at ax for example we have this resistance area it’s consolidating avac not testing the range just yet right that would be all the way up here around $48 but that’s

The move that chain link could be signaling now that would be for avac to just make a nice powerful move to retest that basically $50 area for ethereum it would be around you know 262700 area for cardano that area would be around 65 to 70 cents to retest that

Move so basically what we’re saying is we look at the chain link weekly move just this powerful move kind of off of just above the 20we moving average area to the upside going to going to really watch how this weekly candle closes I can’t I can’t say that enough that is

Very important to see what chain link does in the next two days um but if it can if it can close powerfully and keep going even this weekend we might have a nice little run coming up for Ada for ethereum for avac one thing I really

Want to point out is this if we go look at something like Ada on the weekly we’ve been we’ve been discussing this a lot this move right here on Ada very similar to this move back here on Ada post Bitcoin having so the move is happening earlier this time around we

Were anticipating this maybe potential consolidation all the way down to these moving average areas the the 50 and the 20 potentially down to the mid-30s right but I want to point something out so far there’s still two days we have to wait to see what happens on this momentum

Oscillator but you see this little tick to the upside on the momentum oscillator that’s happening right now that could be this move Ada could start consolidating right now and and this really this chart really does apply to these other altcoins because look back here it was just straight down right

There was no real break of consolidation we need to watch to see how this weekly candle closes on Ada but if Ada can just kind of close green and even see a little bit of a higher move this could be a little bit of a tick to the upside

This could signal maybe not a breakout but at the very least a range of consolidation that a is falling into right now as opposed to going a lot lower the same exact thing is for eth right you know we we we can potentially talk about what downside is in play for

Eth well look at this we have this upper trend line here around right around 2,000 confluent with the 20we moving average the 50 is down there the 200s down there at the Apex there’s such a technical move for a for for ethereum to pull back to this general area but at

The same time we open up that RSI just look at it everybody ethereum is just straight up consolidating so nicely with just nice higher high higher low movement on the price chart as well as the RSI chart and it’s just been very nonvolatile right so ethereum could just

Kind of range sideways let these moving averages pull into ethereum going into Bitcoin having and then ethereum might have its breakout moment to the upside want to talk about this the ethereum target you can see and this is kind of one thing I’ve been really watching ethereum Target out of the macro setup

That ethereum is is recently breaking out of all the way up here around $4,200 Ada still has the 80 5cent Target to the upside this could be this next powerful move if it happens there’s no guarantee here everybody I I really want to see how this chain link weekly candle

Closes and there’s you know it’s not always just because one altcoin move the rest are about to but often times it’s a good leading indicator but 85 Cent Target for Ada the reason why I’m really watching both Ada and ethereum is because you look at these macro setups

These these patterns 85 cents for Ada 4,200 for ethereum notice how how they haven’t been hit yet there’s targets you go to avac avac kind of had this this falling channel of sorts and it already hit it macro bare Market formation Target it it it did it it’s done right

So avac on the macro waiting for new structure uh in terms of what targets might might be set up uh as a next leg up but at the same time you can just see right now if you take a swing high from avac to the swing low if avax breaks the

Range in this previous swing High I truly think it’s just going to be kind of a little bit of a nice short midterm price Discovery all the way up to its own uh Fibonacci um lower high area and that’s that’s approaching $100 for avac so things are getting crazy on these

Charts everybody and and remember Ada that $1 Mark once that is breached right and 8 85 cents could be the stepping stone once that is breached I think it’s going to be a whole new world for Ada because last time $ onear was breached and broken this was all the

Way like way post Bitcoin having into the bull market this time around this is just the beginning for Ada to approach that dollar Mark so this is all Stepping Stones very curious to see once again how chain link closes this weekly candle but it could be a hint it’s not a

Guarantee truly could be a hint though that you know something really good is getting ready to happen for altcoins this was just kind of an example in terms of ADA ethereum avax in terms of a potential breakout move on its on its way link acting as a potential leading

Indicator going to be interesting to see if anything even happens this weekend sometimes weekends are uneventful but either way this is what I’m watching everybody I hope you’re doing well out there please hit the Subscribe hit the like I will see you in the next video God bless