Knocking on the Door of SIGN OF STRENGTH in Altcoin Market as Bitcoin Price Chart Stalls

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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’ll take a quick peek over here at the Bitcoin price chart as we get set to start a new week but the primary focus of this video is actually going to

Be over here on the altcoin market as we have now been stuck in a range for about 2 months and we see this no matter what market cap we look at whether it’s total two like we just looked at here on total three or over here on others it’s just

Been stuck in this range as many of you know who have followed the channel we’ve been studying yoff accumulation for the last year and a half as we’ve been down at the lows prices have been following along precisely in a standard accumulation schematic and now this has the strong appearances of sign of

Strength working on top of preliminary support ranging preparing for the next leg up after rallying all the way from October into late December sentiment has definitely taken a little bit of a shift here especially since we’ve gotten past the Bitcoin ETF launches which were now almost a month ago and the Market’s been

Pretty stale since then meanwhile we’ve watched the United States stock market continue to March up like the Dow Jones the NASDAQ last week they both got within 1% of their 4.236 extensions even with the NASDAQ being measured from the starting point of 2000 which is the do

Bubble pop and the Dow Jones which is at the beginning of the great financial crisis back in 2007 both of them getting within 1% prices stale nothing’s happened since the ETF launch W people get a little bored a little frustrated and that’s just typically how things end

Up going but still we have all the appearances here of what ends up happening before for another bigger leg ends up appearing here in the market and I wanted to actually give you an example of that on a chart that looked practically identical so we’ll take this woff accumulation schematic that we have

Going on over here in the crypto Market we’ll apply it over here and show how similar this once was conceptually the same thing right what do we have we have our selling climax happening in here here’s preliminary support sellling climax a secondary test in Phase B then

Last point of support the big boring one just as we had over here throughout the altcoin market before voop shooting its way up finding supports shooting its way up finding supports shooting its way up finding supports that’s precisely what we had going on over here on this

Particular chart that I have on the screen and this just so happens to be gold but pay attention to where it ends up pulling over here right we get over here take a look over here at others same area this is where we work our way

Up to then we bounce around on top just as we have over here on others but what ends up happening over here for gold after working through the accumulation schematic going through the sign of strength phase on top of the preliminary support I’ll go ahead and hit play and

We can watch how this all plays out together boom boom and off and away we end up going into new you can do it you can do it into new highs there it ends up going but just like we’re experiencing over there in the crypto market after we

Ended up getting that breakout to happen in there we had to pause out here for a little while before things eventually went for their bigger break to happen to the upside and we talk a lot about the stock market and where these indexes are because we’re pretty much in the period

Where Euphoria can just happen throughout all markets irrational exuberance extreme risk-taking no worries we’re never going down and I thought it was important to give an example of exactly how these things can play out out and that conceptually that’s what we would be doing over here throughout the altcoin market right now

Waiting for that type of move to come next into the cryptocurrency market during a period of irrational exuberance extreme risk taking we’re never coming down but we talk about it in that manner because these periods can come very quickly as you can see over here in Gold

But then before you know it it’s over and that’s the end of it and then you’re stuck for a very long time but it comes very quickly you know just looking at the whole period in here you know you spend all the time down in here you finally get your little breakout and

Then boom it’s only that long and then suddenly it’s all over again and you’re back into one of those really long periods all over again and I just know how this Market acts I know how excitement happens in this market and that we forget all about that and like

Especially like even in this type of example could you imagine it happening there in the cryptocurrency market like we actually end up getting others to go poke into a new all-time high or total three to actually poke into an alltime high or like right here I’ve taken total

Too I’ve removed all of the stable coins from in here what if we saw that thing go and set a new all-time high what would be the state of the market and the sentiment of the market in that type of situation it would be we’re never coming

Down we’re all we’re going we’re taking off the Bears are wrecked it’s game over but on the channel we’re always trying to kind like tie this stuff in here to kind of think about it from a the manner of like well wait this is kind of the period where irrational exuberance can

Happen this is a period where extreme excitement can happen in the market we have all those elements lined up to exit a moment like this and go into a moment like that due to the irrational exuberance and the excitement throughout the entire Market but having to keep in

Mind that it may just be temporary and that after that comes comes a lot of chop right and on this channel I talk about it always trying to be like two steps ahead right and like trying to think from what the future has in store for us we’re talking about rate Cuts

Happening in the next couple of months the market and participants all think rate cuts are are what we need to send this Market into Euphoria but history proves that that’s actually the beginning of that’s how the great financial crisis started that’s how covid happened we started with rate cuts

And then the the whole world fell apart not that we started with rate cuts and then everything just went into a massive bull run but as we said in a very familiar situation that we’re in right now throughout the market this is very typical normal behavior of what happens

Before extreme excitement enters the market and then you have to ask yourself well do we have conditions elsewhere in other markets to say we could be IR rational we could be exuberant we could do something crazy and shoot in a straight line up and you just look to

The stock market and you say there’s the elements right but for to be important to remember we can get something exciting and then things can cool off for a long time after that and I totally get it it would be much better for me as

A YouTuber to come on here and just say epic rally inbound the ultimate gains and I mean really I mean that’s that’s what this is saying saying but at the same time it’s like you you how many times have you gone into moments like that and then you

Just like YOLO the top right or you just sold the lows Market rallies and then you’re suddenly buying you’re buying high again right thinking it’s going to go to the Moon because you already know like you’ve been in this long enough you already know when prices get high

Everybody around you is going to be screaming it’s going to keep going higher when the top comes in it’s guaranteed guaranteed the collective group of people are not going to be sitting they’re screaming this is the top that’s just never ever ever what they do they’re always rationally

Exuberant at the top the the content is Yolo the the tweets are YOLO the sentiment is Yolo the I’m quitting my job and going full-time crypto that is what always happens when we’re going straight lined up and what we’ll see is a bunch of people pile into the market

And they come in and then they buy it there right kind of like Bitcoin right fear fear 12K 20K we’re going down we’re going down we’re going down boom we’re never going down ever again right everybody Yolo by right and so I I try to present it in the manner of being

Like hey we’ve got the setups to go for something pretty exciting to happen in the market we’ve seen these types of setups happen before we know how they end up playing out when we pull out of these wof accumulations but it’s just like I write in my newsletters just like

I’ve said in videos and in live streams it’s kind of like 2024 is like this mixed year it’s like this year that has these line these things lined up for it to be like an exciting year but then to kind of remember like there’s likely this big pivotal change that happens at

Some point throughout this year and if you could see me I’m using like my hands and I’m like going like this right like I’m like we’re here right and like thinking of it like that in 2024 and that this point happens at some point in 2024 along with that and I don’t think

That we’re right there right now I think we are more so right like that right now and if we get a Moment Like This and we get back into retracement levels in here we get into new alltime highs in here right this is places where I’m going to

Just be taking stuff off the table whereas most of the market participants will be yoloing in buying excitement uh this is where I’m taking stuff off the table why because I was yoloing in buying down in here right while Market participants were screaming no no no no

No while we climbed the wall of worry and so I come here with hope and optimism and excitement showing you how these things play out in here and how we’re set up right now in the cryptocurrency market but I also come with that look forward Beyond just

Saying epic rally inbound of saying hey look I think I think epic rally is inbound but I’m already looking past that and like I’m convicted on that enough to say okay I think that’s what’s next I think emotions are going to get really excited and I know that when we

Get really excited the voices get really loud they get just as loud as they do at the bottom we are all hooting and hollering on Twitter everybody’s holding hands everybody’s singing kumaya everybody’s screaming we’re never going down we’re all going to make it laser eyes Diamond hands we’re going to the

Moon and then they don’t realize we’re already on the moon sometimes and it’s going to be that big challenge of figuring out where does that Moon reside right does it reside in the retracement levels does it reside slightly into new alltime highs before things eventually

Cool off and if this thing is going to give us some kind of reaction up at these levels and then things kind of turn over here and kind of being prepared for that moment to come but we know we’re in the irrational exuberant levels where things can act irrational

And crazy and exciting and that that our current setup right now is very similar to what happens in those moments before those big irrational moments come into markets right so I wanted to show you this example while I know we’ve been stuck here for a little while there

Hasn’t been very many videos lately because there just isn’t much to say when you’re stuck in a little range like this waiting for something to end up coming out and the last thing I’m really feeling like doing is just beating you down with a bunch of the same old same

Old but eventually I do think we’ll get our way out of there as we do see happen in these types of setups and the next phase of content is going to be kind of like battling and continuing to maintain that level head through all of the excitement going on all around us but

Otherwise you can clearly see it with your own eyes look where we are look what we’re doing this is typical behavior before something exting comes into the market and we definitely have the elements out there in the markets right now to support that happening now so buckle up just waiting for things to

Get going and then we’ll enter our next phase of putting money in our pockets but all right that’s going to be it for this one I hope that you enjoyed that I hope that gave you a different kind of perspective on where we’re at right now with the cryptocurrency market as always

I’m here every day in markets in the morning throughout the week once we get a couple of changes to show up there in the market we’ll get videos going again otherwise if you’re looking for something to do you could check out BCB backer.com over here this is a course I

Put together with over 40 videos and over 11 hours of content in here teaching you how to set up your own charts and your own indicators within trading View and coin Trader Pro I’ve got stuff in there on yoff accumulation and yof distribution along with Elliot wave theory and the historical behavior

Of the cryptocurrency market so you can understand the Dynamics of how these altcoins and Bitcoin behave together along with a lot of additional things that I’ve learned over the years after being in this market for nearly years there are also downloadable PDFs in here that you can print out or save on your

Hard drive but all 40 videos all 11 hours of content available over here for you on BCB backer.com it’s 39 bucks one time no subscription or recurring fees $39 it’s yours right here on BCB backer.com I do also write a newsletter over here on substack at blockchain back. substack doccom the most recent

One that I put out last week was really focusing on user activity levels to see how those particular assets have been behaving in the last several months we can once again see it that higher activity level coins have performed better than the top 20 by market cap as

You know we’ve been focusing a lot on development activity percentage draw Downs circulating Supply inflation there’s a whole series over here that you can read on that as well or if you prefer Listen to I do audio record all of these but the most recent one was really focused over there on actual

Activity levels with total value locked in nft activity to see how those particular asset groups are doing there are links to both BCB backer.com and my substack blockchain back. substack docomo I hope that you have a wonderful day I want to thank you so much for watching my channel and watching my

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