Bitcoin [BTC]: Final Dump then MEGABOOM coming for Crypto.

Bitcoin [BTC]: Final Dump then MEGABOOM coming for Crypto.

[Music] crypto is currently in the middle of its worst sell-off since the bull market began and things are likely going to get worse before they get better but it’s not all bad news as this sell-off is exactly what we’ve been preparing for when we’re looking at our macro Market structure so in this video here we will be reviewing the big picture the shortterm the traditional markets and also the upcoming altcoin season and a few triggers I am tracking there we’re getting very close to hitting one of those triggers so before we dive into all of that please remember that I’m not a financial adviser so always do your own due diligence and research and past results are not indicative of future performance okay before we get stuck into the crypto stuff and also the altcoin season we’ll take a quick look at the US dollar which did sell off really really hard in the recent session but we are still above our trend line and also above those old highs this is the level I’m talking about here we’re looking at around 105 and also this trend line beneath the market it’s only once price action can break back beneath those zones and start to hold that we’ve likely seen an intermediate top which means the pain and pressure on crypto and stock markets will also come to an ease because there’s an inverse relationship between the US dollar stock markets and anything priced in US dollars so when this Market’s going up this chart here is going up to do with the. dollar Index we’re unlikely going to be seeing any sustainable moves up in cryptocurrency as well so do keep that in mind I’ve been covering this one really really closely for you guys for the last couple of months and also touching on it from time to time but since the last couple of months have been so important in my opinion I have been covering this almost daily for you so you can see exactly how the relationships work and how the market does behave so again keep that trigger in the back of your mind beneath around 105 there we want to see some close and low highs and then we can start to expect some better moves in cryptocurrency or at least longer lasting moves to the upside better moves is all relative to what you are looking at when you’re looking at rising or falling markets but when we are looking at a bigger macro bull market cycle for that to continue I do suspect this is one of the earliest things that needs to happen for us to print a bigger picture higher low which will be more evident on our macro charts which I’ll also get to in a moment all right that’s it for the do now we can take a look at the hourly chart of Bitcoin here now there’s really not much to do other than just wait for confirmation that we’re going to be seeing an at least an intermediate low but I’m not expecting anything big in any time frame to the north side of the market because of course we want to see those lower term time frame Trends turn first but more importantly get back above that breakdown Zone the most important level for our lower term time frames is that $60,000 you can see that we are neutral on our one bar and we’re up on our two bar and also our 4H hour charts but since we are still beneath that 60k breakdown Zone not getting too hopeful that we’ve actually seen a major low just yet I do suspect it’s going to take a fair bit of time to reaccumulate and consolidate but the provisor to that is if we get a really fast snap back really really quickly such as this session and maybe even tomorrow’s session but even that’s getting a little bit too long I do supect we are going to be trickling off lower now after a sharp sell-off this is the daily chart now we really need to see price action bounce quickly away from that low to form a bit of a v-shaped recovery and value to do that just increases the chance that we’re going to continue to trickle out and put in fresh lower prices so the next couple coup of days really the next day it’s going to be really really important to let us know whether we are going to be heading lower or if in fact we’ve printed an intermediate bottom but I do suspect it’s going to get a little bit worse before it does get better but the price action will lead the way so while 60,000 bucks is still a long way away from where we currently are around $3,000 you can see that we have a little bit of relief in terms of our Trends turning back up and we’ve also got a bit of a capitulation on our hands with an abnormal bar you can see this big red bar here and big red volume there which can lead to reversals in the market and so far that is still holding the market up for now so time will tell as to whether we come back to to retest that 60 Grand or maybe even go through or if in fact this recent bounce is all we’re going to see so again keep these pivot Points on your chart both on the overside and the underside up now to our 4-Hour chart where you can see we have a very important 50% level coming in at 56,000 bucks that’s one of the reasons why it’s an important pivot point but again more importantly for us to see any bullish momentum is getting back on top of that 60 Grand but even more importantly again at least in my opinion is getting back on top of this trend line here so anything up into that price point could still just be a dead cat bounce and we could end up fading again but of course before getting to that trend line we have that 60k and that breakdown Zone to be tracking so there’s a little bit overhead resistance to be looking out for now beneath the market we of course have that 50% level at 56 Grand but we also have $552,000 just a little bit above as that next important pivot point so if we break down from here I would be expecting a sell off to around that price point another thing to note on our 4our chart is that we don’t have any Confluence on our 4H hour two bar you can see we’re only up on our 4our 1 bar once we get that Confluence on 4 Hour 1 bar and 4 hour2 bar then it increases the chance the daily trend is also going to turn back up but since we don’t have that taking place just yet we can just expect some more choppy Market action maybe another attempt or two higher but I do want to see that Trend Confluence take place before getting too excited about maybe the daily Trend also turning back up take a look at that second link in the description below if you want to learn about the trend Confluence table and the swing chart which is how I get all of my triggers so you can try it out for free for seven days cancel if you don’t like it but just so you know exactly what I’m talking about here that’s where the trend Co fluence table does come from up now to the daily chart where you can see we are neutral in our daily one bar we’re down on our two bar and down on our weekly just showing that overall negative pull in the market now I have been talking about the momentum flipping for quite a while and how everyone was likely going to be buying the dip too early after this first decline in the market and while that has obviously taken place to do with lower prices from that point I’m still yet to see a bullish Flip or at least bullish momentum come back into the market we do need to see some price action above some of those key levels I’ve been talking about and until that takes place the momentum is still in the hands of the Bears and we get to get to that neutral position if when the time comes that we start to track sideways that’s when the bearish momentum would flip to neutral and then we can C start to consider that the bull market is back on again or at least we’re ready for that next leg in the bull market because in the big picture I still believe in a macro bull market which I’ll get to in just a moment so as for our daily analysis that’s about it there and just actually on that we can actually flip from bearish momentum to bullish momentum very quickly and that will be off the back of a very sharp reversal to see that sharp reversal means we’re likely going to be flipping into neutral before we flip back into bullish but again this is something I’ll be tracking for you guys on the channel as well and before we get to the altcoin season analysis and some early triggers I’m looking out for we’ll take a quick look at the Elliot wave cycle which I’ve been sharing with you guys quite a lot lately it’s been playing ball throughout this entire bull market really really closely or at least really well and I’ve been looking out for the top of a wave three which is the second leg in the bull market and I believe we’ve now firmly seen that top I started sharing this with you guys around this period here right around the time of getting into that extreme greed and since then the market took a few weeks to roll over but we eventually got that rolling over and we are now looking for the low of a wave four correction or at least I’m looking out for a low to get us firmly into that Fifth and final leg of the bull market the guideline I’ve been sharing with you to do with Elliot wave is the gu of alternation and what that guideline talks about is that the corrective patterns typically change form one will typically be sideways and the other one will be sharp now it doesn’t have to happen that way but it does happen often enough that it’s worth paying attention to and since we had a sideways wave two or at least what I’m classifying as sideways is just ground around we were looking out for the potential of a Sharp wave four and with the recent sell-off and also the sell-offs before it was also some pretty sharp declines in the market which in my books is meeting the criteria for a Sharp decline which further validates that this is the most urate wave count or at least this is what I’m tracking as the most accurate wave count because when the guidelines line up such as this one here do with the sideways and sharp it just ticks another box for me to let me know I’m on the right track with my Elliot wave count which then gives us a little bit of insight into what’s coming next especially if it does continue to play ball now I’m not just blindly following this Market structure either I have signals to let me know that maybe I’ve got it wrong and we’re going to be heading into a bare Market but none of those have been triggered yet and I will cover them for you on the channel if and when the time comes so to sum up on the macro Market structure everything Still Remains on track I do believe we have the fifth leg to come in the bull market it’s now just a matter of letting the trends let us know when they’re turning and getting confirmation that the low is actually in now for a quick look at the altcoin season or when it’s actually going to get triggered now in terms of the macro signals I want to be seeing some macro closes and high lows above that previous top the top comes in at around $450 billion and I do want to see some weekly closes and higher lows above that zone because that price point is also the macro lower high in the bare Market as you can see here and typically speaking like I’ve shown you on the channel only once we get that macro confirmation above the bare Market lower top that we’re really in a fully-fledged altcoin season now because that’s quite a long way away from the market we’re looking at about a 50 to 60% move from where we are I’m looking out for earlier indications that maybe the allcoin season is starting or we’re printing that macro higher low we are getting some signs that alts are getting ready to print their macro higher low but it’s still too early to say and you can still see all of our Trends are still down but one interesting thing to note is that we’re getting a higher low in our true altcoin market cap whereas many markets have broken into new lows such as the total market cap and of course Bitcoin as well so it’s just an interesting little want to be tracking here now doesn’t mean it can’t go lower but from where we currently sit it is sitting at a potential high low but again it’s early days and our Trends are still down now in addition to the altcoins holding up at least for now at a slightly higher low above our macro support Zone the Bitcoin dominance chart is also starting to break down now one of the early indications I’ve recently shared with you guys is getting back beneath this trend line here and back beneath our macro 50% level if we can start to see some Clos and lower highs beneath that zone it would be suggesting that the altcoin season is on or at least that’s one of the earliest indicat because I do suspect this is going to be happening first before we get that macro signal on our true altcoin market cap chart which is all the way above around $650 billion so this is most certainly one to watch but things are also looking on track for an altcoin season cuz we’re getting very close to Breaking beneath our trend line and beneath our 50% level which means we’re getting multiple layers of weakness signals and and weakness signals in the Bitcoin dominance suggests that altcoins are going to outperform Bitcoin now even prior to getting the signal I also shared with you guys at the time that we had the potential for a Thrust bar marking a top in the Bitcoin dominance and so far this is still holding true you can see that huge move up then the week close and we’ve been trending lower on this chart since then so we are getting a few good indicators on what’s going on in the crypto space based on our true Bitcoin dominance and also our true total market cap so while we’re on the hunt for a macro high low to form and the start of this Fifth and final leg I’m going to stay really close to both the big picture and the short term and also our altcoin charts as well but that’s all I’ve got for you in today’s market update if you want more from us in Tia crypto hit that link at the top of the video description that’s it for me wishing you more health wealth and happiness and until next time I’ll catch you then [Music]

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⏰ Timestamps
00:00 Worse First
00:44 US Dollar
02:00 BTC Hourly
03:38 Bitcoin 4-Hour
04:53 Daily Analysis
05:57 Elliott Wave
07:39 Crypto AltSeason

#cryptonews #bitcoin #crypto

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