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⏰ Timestamps
00:00 Double Top
00:55 RNDR Render
02:02 KAS Kasper
03:11 SOL Solana
04:47 MATIC Polygon
06:30 INJ Injective
07:56 PENDLE Pendle
08:31 TIA Celestia
09:26 SEI Sei
10:12 BTC Bitcoin
13:00 Total Market Cap

#cryptonews #bitcoin #crypto

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A double top is an extremely bearish technical reversal pattern that forms after an asset reaches a high price two consecutive times with a moderate decline between the two highs now that’s not my opinion that’s the technical definition of what a double top is and that’s exactly what Bitcoin has done so

I’m going to be discussing this pattern how I’m seeing Bitcoin play out with the current weakness or at least the short-term weakness the broader sideways pattern I’m be going through all of that very soon we also have a bunch of other analysis in the altcoin space so we have

A heap to get through but first up please remember that I’m not a financial adviser so always do your own due diligence and research and past results and not indicative of future performance I’m going to save the double top and Bitcoin for the end of the video I want

To start out with render which is an extremely easy chart to analyze you can just see the strength you can see the high swing bottom After High swing bottom and how after breaking to Fresh cycle highs all you need to do if you are a trend tra Trader is just to follow

That Trend until we start to see some breakdowns of previous tops and previous swing bottoms now when the market is getting overextended as it is right now there’s no reason it can’t keep going but you may wish to go down to a lower term time frame to see these Trends to

Change first on Lower term time frames before the higher term time frames so as for render getting extremely close to Breaking to Fresh all-time highs I believe the all-time high is around eight bucks but someone can correct me in the comments section below I’ve just

Gone down to the 4-Hour time frame so we can also see that the short-term Trends are also still up the 4our 1 bar and the 4our 2 bar now when these do turn down there’s no guarantee it’s going to be translated into the daily and the weekly

Time frames but this is an earlier indication than waiting for those higher term time frame Trends to turn to turn down so what we’re looking at here is the fact that we’ve broken back beneath that shortterm top we’re still holding the previous short-term swing bottom but

If we do happen to see a breakdown of around seven bucks then we start to see some lower highs that may be the early lead that the higher term time frame Trends are also changing but for now you can still see that those Trends are clearly up over now to Casper which has

Also been flying we were up for something like 15 consecutive days from swing bottom to swing Top This is on the ti swing indicator and one thing that I cover a lot on the channel is when we see seven bars or more expect a larger correction to come and maybe even a

Macro reversal as well now I’m not calling that for Casper yet but we have had that indication that we’re going to be getting a correction just a couple of days ago after breaking down or at least after that swing direction did change forming a swing top and since that’s

Come about you can just see how we’ve had a little bit of weakness and hesitation in the trend which is very typical after such a strong move to the upside now for our higher term time frames you can see that the trend is still up on our weekly chart we’re still

Well above the previous cycle and all-time high so really in terms of our macro analysis you have to continue to respect the support and resistance respect where the strength does hold up or whether we do see consolidation above that old top and that would be signaling further strength but you can clearly see

That our lower term time frames have turned down that’s where we’re seeing lower close after lower close after the last few days and also this consecutive bar count which has been broken now so I am expecting at least a bigger pause in the trend here and maybe a large

Reversal but of course the trends will lead the way salana put in the exact same signal that Casper has just put in in terms of that seven bars or more and since putting that signal in you can see this green box on the screen I’ll just

Make sure my head’s not in the way here you can see here that we had seven consecutive bars from swing bottom to swing top as soon as that swing chart did change direction from up to down that’s the white overlay and I’ll also make that a little bit thicker so you

Can see exactly what I’m talking about you can see as soon as that swing direction did change we’ve seen a hesitation in the trend that’s actually the cycle high so far many other markets have been putting in fresh cycle highs and fresh all-time highs since getting this consecutive bar count and reversal

Sal’s really been struggling to do anything of note what we’re also starting to see now on some lower term time frames is that the trends are also turning down our daily one bar and our daily two bar Trends have turned down and we’re also breaking beneath some

Trend lines and some 50% levels and some previous tops so things aren’t looking too good for the lower term time frames but we know that can change relatively quickly it is crypto after all and those Trends do change very quickly we can see some pretty big percentage moves in a

Matter of hours but here we are breaking to some signs of weakness with the potential of further weakness ahead if we’re unable to get back on top of around 105 to 107 by the way of that previous breakdown zone so I’m not really expecting anything big in salana

Until we can start to see some Clos and high lows there were some signs of potential bigger moves to come for salana after breaking back on top of that zone earlier this month but then we had a double top the same signal I’m going to be talking about in Bitcoin

Very soon we have seen some resistance away from that double top signal so we will see if we can start to regain around that 105 to 107 and until that happens I suspect we’re going to be seeing more lagging Market action for salana polygon’s been putting in some

Pretty impressive gains over the last day or so we’ve also had that same signal of seven bars or more seven exact bars from swing bottom to swing top and we’ve also had that little fake out signal at least so far where there’s another attempt higher and we’re back

Back beneath an important trend line the cycle High For polygon is around the same as what we saw in salana last year we haven’t seen fresh highs just yet but in terms of its current market structure we’re still above that intermediate 50% level and we are holding that previous

Top so it’s going to be interesting to see if we can hold above around that 95 C to1 price point and if not perhaps we have just seen another sign of weakness and a breakdown but again keep looking at those Trends that’s the most important thing it’s not about trying to

Pick every single top it’s about looking out for those potential areas of selling and then looking at those trends for confirmation something you may have started to notice over the last few months is that the most popular coin of a month ago quickly starts to fade and the money is shifting into something

Else injective was all the Talk of the Town back at the end of last year putting in huge gains and here we are just really going nowhere over the last few months money started shifting to chain link well actually chain link came first and then it kind of went quiet and

Then hype back into chain link came yet again Trends have started to turn down money was flowing into Pendle then it was flowing into Tia putting in fresh alltime highs all-time highs and then of course we had had say and suie but a lot of hype has started to come out of these

Markets over the last week or so and obviously renda’s been taking some of those gains along with some other markets so it is interesting to see how fast the flow of money is moving in cryptocurrency that’s where we can come back to some macro total market cap

Analysis which I’m also going to be doing towards the end of this video but I just wanted to give you a quick rundown on the flow of money lately because we’ve been seeing fresh cycle highs and alltime Highs but it doesn’t take long for the wind to come out of

Those sales and move into something else so here we were we’re up to I think poly we finished polygon let’s look at injective injective put in a fresh all-time high on the 9th of January it was nearly a perfect double top with the previous top on the 24th of December and

I warned you guys about that at the time double tops of bearish signals and we have seen a lot of weakness or at least pausing in hesitation in the market which is yet to break down to significantly lower prices but we’ve had that weakness nonetheless so here we are

Right around that $33 price point which is an important area of support and if we don’t see support hold up this time around I do suspect we’re going to be breaking to Fresh lows for the year potentially even coming back to that macro 50% level and support Zone at

Around 22 to $25 now of course we got to take these things one at a time but here we are getting very close to breaking down from that zone over now to chain link which we’ve also seen the trend change on our daily one bar chart we are

Still up on our higher term time frames we’ve also got an important 50% level beneath the market at around $16.50 to $17 so keep that on your chart you can see three previous tops around that zone they’re not exactly equal tops you can see a bit of variance between those tops

I wouldn’t expect a very clean support Zone to take place if we do continue down from this point which looks like we are going to then I would be expecting a bit of choppy Market action as we find the new base in the market if in fact

We’re going to be finding a base around this Zone at all but the key thing to remember now is that our short-term trend is down on our daily chart and until we can start to see at least some high lows on the daily chart we’re probably going to be continuing down to

Around that zone of 16 to 17 bucks over now dep Pendle which has also turned down on our daily time frame our weekly trend is still up we’re getting some support around $2.6 the key level I shared with you guys at the time was $3 we had that even

Psychological level we had some swing bottoms and some swing tops we broke down from that zone had some closes had a lower high and here we are still continuing lower so I’m not expecting anything big on the North side for Pendle until getting back above $3 now

We’re likely to see some resistance if we continue up to that price point you can also see a rejection in the recent session just beneath three bucks so do keep that on your chart as an area to be watching in terms of that flipping from bearishness to bullishness at least from

Our lower term time frames Tia has also seen it Trends turn down on the daily one bar and daily two bar chart now there’s a high chance we’re going to see a conversion onto the weekly time frame because we have seen those lower term time frames turn so here we are now back

Beneath around 18 bucks which was the key level I was looking out for in Tia you can see we had a nice little breakout to the upside it only lasted a few days but some pretty big moves in terms of percentages so some very good

Gains to be had if you are a Nimble Trader getting in and out taking profits not expecting the world out of every single trade we are starting to break to an area of weakness now do keep around that 18 bucks you can actually increase it a little bit to around $18.50 I’m not

Expecting anything major on the north side of the market for Tia until we can start to see some closes and higher lows even on that recent breakout we’re not able to see a higher low above around 1850 we came back to test the 50% level

But we couldn’t get back on top of those old highs so definitely an area to be watching and until then expect further weakness or at least those Trend to continue until we get a break of this daily downtrend Sayers also put in a little short-term double top at just

Over $1 and we’re seeing continued weakness now now the danger sign for say is that we’ve broken back beneath those old highs as well coming in at just over 85 so if we do see continued closes beneath those old highs and we start to see some lower tops also then I suspect

We’re going to be getting a breakdown on our weekly Trend so of course we can cover this day by day here we are seeing some signs of weakness and again remember it’s crypto things can change really quickly so if we can get a break back on top of those old highs and start

To hold we start to see this daily Trend turn back up again then perhaps that’s all the correction we’re going to be seeing you’ve always got to keep an open mind and look at both sides of the market so you don’t become too too biased one way or the other but in terms

Of the current Trend the current direction what the charts are saying we have broken beneath that support Zone which is always a bit of a red flag for me now before we talk about the macro stuff for the total market cap let’s take a look at Bitcoin now you can

Clearly see a top on the 15th of February at around $52,800 then we had another high just the other day on the 20th of February right around that same price now we already know that around 52 to 53 Grand is a macro resistance area that comes

All the way back from the previous cycle so we knew to be watching this price after breaking above that $50,000 level it was the next logical place to expect selling to come in and it obviously it’s been playing out perfectly so far now it doesn’t mean this has to be the next

Major yearly top or monthly top or anything like that of course it could what we’re looking for here are areas to be expecting some resistance and selling pressure to pick up and that’s exactly what it’s been doing so far we’ve not been able to bust through this level yet

Now when you start to see two levels around the same price you can see it’s establishing itself as a very clear resistance area and if they’re close enough in price it’s also a double top where you can expect more selling pressure to pick up so so far that’s

What we’ve seen now I’ve also got a few red circles and green circles on the chart which I’ll discuss now and what we’re looking out here are tops around the same price and bottoms around the same price now when there’s a lot of variance between the price levels such

As there are here I actually expect there to be false breaks in the market when there’s not clean areas of support and resistance you can get high volatile moves such as we saw on this bar here it does increase a chance of false braks like I just said but when we’re looking

At areas that there’s cleaner areas of support or resistance resistance in this case here you can see a line of support where the variance is much less when we come back down to this zone for the fourth time which we’re potentially doing right now I suspect there is going

To be more of a genuine move to the downside there’s a less chance of a false break and then whipping back above now of course that could still happen because nobody knows the future it just increases the chance of a cleaner break and a further continuation in that

Direction that also works for breakouts to the north side of the market we just don’t have that situation right now you can see lots of variants compared to little variants so we’ll see if this one does play out in real time in terms of that breakout and the genuine move as

Opposed to a false break what you can also see on the chart if we to draw some 50% levels are some areas of weakness or at least resistance at our short-term Zone just beneath $52,000 you can see the price peaked its head above there it was unable to close for two consecutive

Bars which is interesting to see it just kept getting beaten back down and of course we’ve had further weakness from that point so we are still technically weak on our lower term time frame 50% level and again if you want invalidation of this little break break down thesis

Or at least for us to see an outway of bulls to Bears I want to see some price action and some consecutive closes Above This 50% Zone at around 52,000 bucks until that comes about I am favoring the south side of the market for the lower term time frames because of course we’ve

Got our double top we’ve got a few consecutive lows around the same price we’re on the weak side of the 50% level but if and when we can get back on top and start to hold then I’m going to be looking out for breakouts to the north

Side to put in fresh cycle Highs but there’s really no point thinking about this while we are still sitting in an area of weakness now for the total market cap which has broken on top of its 50% level of its bare Market range so from the all-time high down to the

Cycle low to the bare Market bottom we’re back in the top half so for the macro time frame that’s obviously a sign of strength holding in the top half but if we’re going to be seeing any weakness across the board on our higher term time frames we’re very close to that level

Right now so do look out for some daily closes and lower highs beneath around 1.88 trillion if we see that then perhaps we have seen a little intermediate top the macro Trends will remain up but that’s going be an early indication that we’re going to be seeing weakness across the board for the

Overall crypto space this is the total market cap remember but more importantly I want to be seeing weakness beneath that previous weekly swing top coming in at $1.8 trillion so we’re going to be getting an early lead beneath the 50% level and a higher term time frame lead

Beneath that previous top but until then respect the trends which are still up and so far we’ve only been seeing minor Corrections since the low in August September since those lows came about we’ve really seen nothing more than around a week or two to the downside so it’s always important to think about

What what the Market’s actually been doing Corrections have been very shortlived and until we start to see some breakdowns of significant levels which are yet to see since busting away from those lows and just continue to respect the charts and Trends and what the support and resistance areas are

Doing while keeping in mind both sides of the market so for the total market cap technically speaking we are sitting in the strong half of the 50% Tour on top of that line we know what to be looking out for for early signs that maybe we’re going to be breaking down

Let’s see if we get some daily Clos and lower highs beneath the line and we’ve also got that previous weekly swing top at around 1.8 trillion and until that comes about the trends do remain up we’ve been seeing very shortlived Corrections and I’ve also given you a

Bunch of levels to be looking out for on the lower term time frames in Bitcoin and a bunch of the altcoins too now if you want more from us in Tia crypto hit that link at the top of the video description and subscribe to our free weekly report that’s all I’ve got for

You in today’s market update I hope you’re staying happy healthy and well and until next time I’ll catch you then