Bitcoin rejected, crypto crash and fade continues (here’s your chance)

Bitcoin rejected, crypto crash and fade continues (here’s your chance)

all right guys welcome back to the
office after a beautiful day out in the
sun yesterday we’ve got plenty to cover
here looking at the journey through this
crypto crash and dying out phase of the
market uh some developments happening
with the price of Bitcoin I’ve got
altcoins as well for you it looks like a
reasonable time here you know the old
Last Chance speaking of crazy headlines
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of macro coming up and if you’re missing
out on the updates it’s going to be hard
to follow along as we continue up into
the peaks of the real estate cycle the
stock market Cycles the Bitcoin Cycles
so let’s start it out with the stock
markets now the major thing we looked at
here for this period of the market is
probably a grinding uh trading range
grinding trading range right first half
2024 correction or pause that has now
occurred 1 of April was the peak the
overall look here is that we’re probably
going to see some sort of rally which
maybe this is all it’s been over the
last 3 days but because we’ve seen those
three red weeks now that would suggest
that we are in for more downside after a
rally so that could be the rally maybe
we got a little bit more but likely
would see further downside three red
weeks rally downside three red weeks
rally downside three red weeks rally
downside three red weeks from the peak
rally downside I think you’re starting
to get the point I can go back over the
charts for years on end but I think you
start to get the idea here the rally can
go slightly higher but typically you’ll
see a pullback back into that Trading
Zone so if you want to take my word for
it great if you want to do your own
research even better but essentially you
could look at that rule and see that
even if we were to get the rally the
probabilities are in favor of a further
uh move to the downside to at least test
those lows maybe a little further that’s
why I’m still of the view that we’re
probably in a trading range and this
could last for another month or two so
we’ll keep following up on the charts
that goes for the NASDAQ as well uh the
Dow Jones similar sort of situation
except it didn’t have the three red red
weeks uh but maybe it’s just going to
see a rally and it might not crash below
the previous low so it might be slightly
stronger there nonetheless when it comes
to the S&P and the NASDAQ looks like
we’re at least in that trading range for
the foreseeable future overall macro
bull market still in Play My Views
haven’t changed there we did not break
any sort of 50% levels significant 50%
levels here so far and we haven’t got
back to the new the previous old
all-time high so overall things are
looking all right for the longer term
shorter term uh it seems like we’re
still in this churny sideways uh grind
now I was going to look at a few stocks
uh essentially the top seven US Stocks
here at least they’re all Tech out of
the out of the seven of them six of them
are doing relatively well even though
some of them had some downside like inv
viia the worst of the bunch is Tesla yes
I’m coming for those Tesla investors
it’s a downtrend be aware you need to
see this thing break above roughly sort
of 240 250 to at least put it back into
some sort of signs of strength other
than that it’s kind of like the xrp
mindset they just keep getting uh on
board a declining train here these
aren’t looking too bad even though
they’re pulling back So eventually I can
see see things going a little higher
from here even if you were to see a
recession I’ve seen a few bits of data
coming up where the market is trying to
suggest the us is going to see a
recession in the second half of
2024 UK take this the economy meant a
definition of a technical recession like
the US did in 2022 but there was no
recession called nonetheless L the UK
just hit a new alltime high price
yesterday it’s in a technical recession
but it’s been hitting new alltime prices
throughout the month of April go figure
Germany did this last year or recently
earlier this year we covered that as
well this whole recession talk is waste
of time and it’s basically
misinformation for the masses you want
to be part of that go for gold otherwise
just keep trading the charts and you
will do better than 90 5% of the people
out there Bitcoin let’s have a look here
we are on the decline again this is the
macro nothing has changed here for the
macro view in terms of the left and
right translated cycle you can see how
that narrative has started to die off a
little here because things got so hot so
quickly in that six-month move to the
upside if you want to look at the
monthly chart here there were six months
within the swing and seven green months
many were thinking that this was the end
because we hit a new Fresh alltime high
price but the same sort of thing
happened back in 2019 we ran up really
quick we didn’t go to a new all-time
high but it ran up very very quick 6
months in the swing and people looking
at it being a left translated cycle
which is why I’ve got under here wrong
the market sentiment was very very wrong
we didn’t get the left we had a long
pullback and then we got into a right
translated cycle all that means is that
you would see less downside or a shorter
bare Market than the bull market you had
roughly 3 years up from the low to the
high and then 12 months down so similar
sort of thing here I don’t think we are
getting ready for some sort of left
translated top again there’s still about
six seven months to go until we got to
that Midway point of the 4E cycle not
this harving cycle forget that thing the
four years of the low to the low that’s
how you measure the cycles and if we
were to pass uh October of this year and
put in a new Fresh High that would
technically put us as at a right
translated cycle which could still mean
we would see 18 to 24 months of a
downside if that was the peak but uh we
might also see it go up for a few more
months from there so I’m looking towards
quarter 4 2024 and quarter 1 of 2025 to
see where the market is at could it be
the final Peak maybe we go higher later
into 2025 we need to wait and see from
this particular point so with this
pullback at the moment this is doing
well to set us up for that next move
providing we can hold out here or at
least Bitcoin price can hold out in this
grinding trading range for the next
couple of months now what is this
grinding trading range so far it’s
sitting between 59 and
74 overnight for the short term we did
get a rejection at 67 again remember we
looked at 67 as being that key level on
the 13th of April so nearly two weeks
ago now and it got swiftly rejected at
67 came back down now we’ve just seen
that in the last two days there was 67
inside day and then the rejection in the
last 24 hours so it’s really trying to
hold up here at 63 what does all this
mean if Bitcoin breaks down from
63 probably going to see further
downside probably going to see 61 down
to 59 tested because that 50% level is
key right now look at all the closes
that have happened at that price you can
go back to the previous lows here you
can see the rejection uh as it climbed
up in February and March so around that
sort of 63 64 level has been pretty
important through this trading range and
I think if we do get that breakdown
again uh this level’s going to be in
trouble
5961 and of course if that starts to
break down well then I’m looking towards
the 50% level at 56k and then back to
that range roughly around 50 to
$53,000 we’re not there yet the $63,000
level will probably show if there are
any cracks in the market coming up now
speaking of cracks in the market we’ve
got the average true range here so the
range of the bars or candles in that
case uh extends in these huge moves to
the upside looking at the the average of
course and then as it starts to come
down to go into a grinding trading range
you’ll see the range of the bars
decrease now that doesn’t mean that the
market is over that the the whole bull
market is over it means it’s just going
back into a holding period potentially a
consolidation before we see another move
to the upside so you can see it happened
throughout 2023 we have um March through
to October so roughly seven months there
where the the ranges of the bars
squeezed they got smaller and that is
just a sign of the market quietening
down the interest goes and then some
consolidation can happen before you see
the breakout so from these points this
is where the masses leave so if you were
one that left in 2023 don’t make that
mistake again don’t leave the market if
it gets boring that was two months down
about a month up another two months down
and then it took a couple of weeks to
get going so it can take some time I’m
not expecting this time to take seven
months we have also looked at this in
past videos where we have well the
Bitcoin has shown plenty of turns around
March April and June so so far we’ve got
the peak in March we ran up again to the
1st of April and uh after those periods
you can see that it consolidates for
about three four five months so it’s not
uncommon for Bitcoin to do these sorts
of moves if we’ve just had this big run
up now we have a pull back into the 50s
maybe the high 50s and then consolidate
through here for the next 1 two 3 four
months it’s doing exactly what it has
done in the past and this is typically
where the interest dies off and you can
see it from the true range of the bar
the average true range and you can see
it from The Exchange volumes as well
people are basically leaving no one’s
talking about it anymore they miss out
and they only come back into the market
when it breaks into new fresh highs so
everything is still going along as we’ve
expected with the the macro cycle here
the quarterly are working the monthly
are working the the swings are working
the turns through March April are still
working so there’s no reason to think
that this cycle is over but it seems
like we have got into that period where
the masses lose interest and we might
just grind out maybe there’ll be a few
crashes along the way to take out some
of these significant lows but then you
start to feel that that dying out now
that dying out feel can happen here
maybe we get it here at 63 we break
above and get it again at 67 it can
happen at any point which is precisely
why I say don’t leave the market just in
case this is invalidated uh at these
levels and we break a little higher to
67 to then
um consolidate at those levels with that
in mind cryptos have also been dying out
the feeling the the movement of the
market eth hit its 50% just this little
short-term 50% here at
3300 us had a nice pullback there at the
moment it looks like it’s trying to at
least hold up to then push again so if
we get down to a shorter term time frame
just for this swing you can see it
pulled back right to the 50% level at
3,80 bucks bu so when cryptos get into
this grind of hitting a low then getting
rejected at a 50% level and coming back
to a shorter term 50% level you can see
how that squeeze in the range of the bar
occurs which then causes many people to
leave because there’s nothing exciting
to do in the market and so they’re just
waiting for something exciting to happen
this is the exciting time when no one
else is here it’s different to how life
works you want everyone at the party you
want to enjoy yourself you want to you
know be chatting with friends and having
a good time you don’t want that in the
markets you don’t want to do that
because that’s usually when those Peaks
happen these are the times where you’re
you’re basically in the library by
yourself studying the charts and
understanding that no one else is here
at the moment or a far less far less
people are here at the party and that’s
the time that you want to be looking at
getting those sweet altcoin deals
similar sort of patterns happening for
salana it had its crash it bounced back
to 50% so that’s this one right here all
right that’s 50% there 162 it’s been
rejected from there and it’s back at
that 50% so we’re starting to get this
contraction of ranges which again just
goes back to the old dying out uh
feeling that happens in the market so
that’s what it looks like on the chart
important points to note would be the
significant lows that have started to
form if salana was to break down from
120 be cautious that it doesn’t go too
much further than roughly 108 to 80
bucks I’m not saying it gets there but
just be cautious about those levels
because that would be a sign that maybe
salana is not going to do as well in
this next stage only because it could be
only because it would break down from
those levels right there significant
support levels that’s all there is to it
but if it fades out here holds at these
levels maybe it does a flash crash to
those lows takes out some more stops and
then holds above roughly 120 to 140 no
big deal
nothing lost at that point Pendle also
looking relatively strong it could come
back a little further it’s done some
pretty significant move to the downside
already 35% as we’ve covered with
altcoins they can go sort of 50 60 up to
80% from their peaks just look at where
that lines up with their previous zone
of consolidation the 50% levels at about
50% away from the top and to those
previous tops of pendal at roughly $320
it takes you down to about 57% so you
could still see this movement from 40 to
60% from the tops and it would still be
relatively strong for that altcoin so
I’m just looking at the alts against the
USD prices today fetch in the AI space
again same sort of thing it’s pulled
back 54% from the top it bounced hit 50%
it got rejected once twice three times
and it’s pulled back again and if I’m to
pull up a 50% for this level I dare say
that’s going to be right through through
the middle check this out all right you
can start to see it with your with your
eyes top to the swing bottom it hit dead
on 50% closed just above it so if this
starts to break down under that level
probably going to come back and test
these lows again and test somewhere
around that sort of 170
to0 uh on on the price chart here so
keep those in mind for your altcoins
same rules apply watch the significant
lows that were formed roughly around the
13th of April and the previous lows on
the way up you don’t want to see him go
back into the previous consolidation
zones that would be a huge red flag for
that altcoin just so you can see what a
red flag looks like I’ve got to pick on
Ada here it dropped back into the
consolidation Zone but you can see it
bounced away however it is now reversing
so if AER is to drop back underneath
sort of 45 40 to 45 cents it can still
go up in the next stages but it’s
probably going to be a lot weaker than
altcoins that have managed to remain
above the consolidation Zone and above
support levels even if those are at
higher prices and this is a long way
from the top it doesn’t matter the
idiots and I say idiots in the most
harsh way possible so that we can get it
through our heads idiots or it’s for the
analysts on X and YouTube so people
don’t get sucked into it they look at
the top oh this altcoin is down 80% from
the highs what if it just got back to
that old alltime high [ __ ] it’s down
for a reason and it’s much lower than
other alt coins for a reason because no
one is looking at the the buying this
thing there’s nothing underlying uh
there’s no underlying strength about
this coin that’s why it’s down 80 to 90%
from the highs at this stage when other
altcoins have gone up already they’ve
broken past
significant uh accumulation zones
they’ve broken past key resistance
levels and they’re potentially holding
above a key 50% level of the ENT High be
Market there is strength behind those
altcoins that have done that so again I
say it extremely harshly to those guys
so that other people don’t fall for it
those idiots that are saying this that
whatever altcoin is down by 80 90% still
at this stage after we’ve already seen a
pretty strong move for the majority of
altcoins are really setting up any of
their followers or members or anything
like that in their telegram groups for
huge failure and I see that often with I
had to do it with the xrp community this
hunk of junk is still at low levels so
with all of the strength that is outling
there in the market was not able to get
back above any sort of resistance levels
well it’s just showing you that’s a
piece of [ __ ] and you might in fact have
even better altcoins than this so I hope
you do if you want to share them put
them in the comments section that’s
Bitcoin that’s cryptos I’ll go through
the usdt chart with you and the total
altcoin market cap in another video like
And subscribe that’s uh the update for
today I hope you’re having a fantastic
day enjoy your Summers and I’ll see you
guys real soon take care and peace out

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PS – A common response to stock markets in ATHs is “This is a sign that a collapse is near”. My response is yes, it is a symptom of a collapse but the timing is the issue. Now is not the time for a worldwide collapse. The Everything Bubble must do its damage first (to the upside) for a major collapse to unfold.

Video Description:

My 20 minutes or less “thoughts on” the markets today.

The masses always arrive too late to the market cycle and stay too long. It happens every single cycle without fail. Avoid doing what the masses do when the buy and sell bitcoin and crypto. In this video, we analyse what is happening in the traditional markets, SP500 and economy right now including interest rate cuts and hikes, along with when is a reasonable time to take profits on Bitcoin and what strategy I am using with my bitcoin profits in the crypto bull market cycle.

Like and Share if you want to inform your friends and family.

Timestamps
00:00 Bitcoin, indicies, stocks
04:00 Bitcoin, recession and ATHs
05:00 Bitcoin, macro analysis recap
07:00 Bitcoin rejected, grind n fade signal
11:30 Altcoin, crash, grind, fade

*I reserve the right to adjust my outlook as more information and data come through for Bitcoin.

➢ Disclaimer: This video is for entertainment purposes only. It is not financial advice and is not an endorsement of any provider, product or service. All trading involves risk. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. Swyftx, ByBit, BingX and Bitget are channel sponsors. All decisions you make are your own. #crypto #bitcoin #cryptonews