Bitcoin pump rejected (for now) – watch these strong altcoins asap!

Bitcoin pump rejected (for now) – watch these strong altcoins asap!

all right guys we’re back it is Tuesday the 7th of May bitcoin’s just been rejected at $65,000 so let’s get into the analysis for today on the shortterm the medium-term the long-term the traditional markets S&P NASDAQ uh the USD the vix and also some International markets to get through before I get over to the altcoins some altcoins are leading the charge potentially hitting new all-time highs so without further Ado Smash Up the likes we’re doing amazingly well thanks again for your support with the No Nonsense titles and thumbnails glad you’re appreciate it appreciating it it’s your home of macrocycle analysis cryptos Bitcoin stocks and of course the real estate cycle all right guys let’s dive into some data here looking at the S&P 500 with a pretty decent hit rate of further upside we’ve just seen the S&P close a second day above the 50% level as we looked at yesterday this was a pretty good sign the stock markets of course potentially putting in that low back in April now the view that we’ve maintained here is that this is a correction in the overall bull market my theory here since the lows back in 2022 we had the low in June and the second low in October my view is that we’ve been in a macro bull market for quite some time and this is going to continue on for a lot longer I don’t see any sort of major collapse coming in 2024 or 2025 based on the data that that we’ presented here for the last months so that’s good stuff so far for the S&P if you are looking for higher prices but of course the overall health of the economy and the stock market more importantly here this is part of the seasonal period for the S&P 500 for the stock markets uh leading into that election later this year the seasonality meaning that we’ve gone up to reach a top we’ve got a correction and now we’re basically grinding sideways to test the supply test the demand at the and eventually get back to New alltime highs so I’ll get into Bitcoin in a moment just looking at the potential of a new alltime high for Quarter Two or maybe even a red quarter as I’ll go through little bit of the data there but I just want to quickly run through this piece here s&p500 after survey stock allocations cycle from less than 45% to greater than 65% so less than to then greater than there’s only four data points here goes back to the 90s every time this data point has come up uh 3 69 1 2 3 years there’s 100% hit rate of higher prices for the S&P 500 now I’m not going to get too far ahead of ourselves there’s a lot that can happen here there’s only few data points but the um the beauty about this or what this is trying to express is that once you cycle from Deep pessimism to high optimism it’s usually not as bad as the masses think and that’s um you can see here that’s been some very deep pessimism and then it cycled to optimism and you had many years left in the bull market granted it didn’t go that much higher back in 2017 but it’s still higher prices and it’s it’s basically trying to hold in to that ride where everyone keeps saying there’s a recession coming there’s downside it’s gone up too high things are overbought you hear that over and over and over again it must collapse it must collapse it must collapse and it just doesn’t and the point of a lot of this data is to show that bull markets can run a lot longer than many anticipate espe especially after significant pullback so you can see here for 2022 pretty significant pullback and basically everyone was very very fearful in 22 and 23 some of them still are now but it’s a lot less now according to the data than what it was back then and so many are still hoping for this correction but it doesn’t seem like it’s going to come based on the data based on Cycles because generally bull markets keep going and they go for a lot longer than people expect and eventually the feeling of the bad times wears off and that’s when you need to start getting scared the bad times haven’t worn off yet and the full-on good times haven’t taken effect at least from what I can see and I think when those times happen that’s when you see a correction Bitcoin was a perfect example of that the bad times wore off back here oh sorry these were the bad times and then it started to wear off as we climbed to 74,000 and like we remember back in March or hopefully we remember two months ago it was it was as if the good times could never end 100k before Haring this the best bull market of all time uh we’ve reached new all-time highs earli than any other cycle etc etc the same old things ETFs are here to save us all these people are here to save Bitcoin this thing going to keep going up granted it hasn’t gone down that much only 23 and a half% but the main thing is the uh the emotions have died off from that point so that’s something to to keep in mind I think we still got longer to go in this cycle further upside but it’s just an understanding of how these Cycles play out the vix has dropped off it’s back into the bull market Zone here and it can remain in the bull market Zone what I have called coined the bull market Zone which is basically between somewhere around 11 on the reading here and about 17 and it will have spikes out of that zone when is when the S&P corrects but overall it can remain in this bullmark zone for a very long time now I’ve seen a couple of different analysts try to use this in the exact opposite way to the way I’ve used it and you’ve got the record of receipts if you want to go back on X and have a look or not your call but they’ve tried to say that when it drops into this Zone that you got to be prepared for a collapse and it’s essentially the same old folks who continue to short the market all the way up you might know who I’m talking about and they tried to use the vix as if to use it as a signal that the S&P was going to collapse and that was back when the S&P was at some of its low points of 2023 so the way I see it the vix is back in the bull market Zone it’s done it many times before uh we will see spikes out that’s normal especially because bull markets do run for many years and a lot longer than many of us can anticipate or than what we think it should run for so let’s not do too much thinking and let’s just focus on what the charts are saying bull markets still on signs are still looking good and even if you see a recession as the UK has done the market continues to go to new alltime High new alltime High new alltime high again this is Absolut Ely wild this Market just opened must have been a few hours ago now I could go back but anyway this is Tuesday it’s the UK would be early hours right now and it’s pushed to a new all-time high today now this could be a reversal sure but we’re still seeing all-time high prices above previous old all-time high prices which is how alltime high prices occur but they’ve been in a technical recession UK slipped into a recession at the end of 2023 there is some uh GDP data coming up this week onid Friday afternoon our time for the UK which might show that they’re not in a recession anymore but that’s why I stress over and over again how important it is to follow the chart and not follow the news headlines and I don’t know economic analysts because we know worst of all economic analysts get it wrong 10 times 11 times out of 10 and so if we just focus on the chart it basically gives us a lot of signals that this Market was getting ready to pump to new high prices and remember we trade the charts that’s how we make money we don’t make money of producing economic reports for banks and whatnot unless that’s what you do for a job let us know in the comments section but this chart has been uh on on a tear p uh higher lows hitting new alltime Highs coming back test tops and now it’s just basically skyrocketed from that point while the UK has been in a technical recession for this period here and basically the Mark was getting ready to pump rejection at 65k that we looked at yesterday that was a pretty clear 50% level through the middle from the top down to the bottom so that’s this one right here if you guys are wondering what the 50% levels are use it from key turning points top to bottom now if you want to understand this in more detail to use it for your trading you guessed it I’m going to get over to our Tia premium membership here link is in the video description and on top of that if you want to get a bit of a feel for how we do things how we analyze the markets across the board Bitcoin cryptos stock markets and of course a real estate cycle check the free report that comes out weekly that is coming out today so make sure you subscribe to that link is in the top of the video description now to the downside we look at the smaller 50% move of this range now the low to the high that comes in at $61,000 so if this move was to fail here and go under 61 that would be invalidation of the move to the upside and you could expect a test of lower prices you probably end up uh testing somewhere between that sort of 56 and $59,000 level but for now just one day reversal got to see how this plays out a break above 65 good for the Bulls bad for the Bears or break down from 61 good for the Bears bad for the Bulls so we wait now and see how this is going to react the levels above are 67k 69k and $71,000 stuff we looked at yesterday so I don’t to repeat that you can see pretty clearly how those trend lines um have been formed you want to throw on some candles pretty clear support and resistance through those particular levels every roughly $2,000 to the upside now the 50% level at 65k is a much more important level than the 62k was because it makes up a longer time frame here so you’re looking at the weekly chart and a test now of 65k the weekly charts tops to the bottom here slice through the middle at 50% 65k as we’ve looked at if this is rejected downside there um to the 50% and the low is 56k next price down is around $449,000 now we do have other Targets in the zone here between 50 and 53 let’s not worry about that for now because there’s still a bit of work that needs to be done here for the market to break down for Bitcoin to break down from that if it breaks down so at the moment that’s where we stand here for Bitcoin the shortterm medium-term let’s get across to the longer term here looking at the left and right translated Cycles but more importantly the quarterly chart now this quarter is not complete it’s red but it’s not complete yet these are all the quarters we’ve had throughout this bull market two greens a red two greens could it be a red let’s wait and see now using this uh chart here so the information that we’ve got from Tia indicators this will be released I’m hoping in about 4 to 6 weeks subscribe to the free report and you will get an update when this is all released along with our predictive Cycles as well I’ve taken out the bearish years 22 2018 2014 you can see for the April June quarter so basically quarter two of the year there’s only been one confirmed red quarter could we keep going green yes it’s possible we’ve had two green quarters already now there’s just over halfway to go in quarter two before we can get a confirmed result here if there’s going to be red or green each bull market has seen at least three red quarters so 2017 bull market three red quarters not overly convincing in terms of uh that the market had to collapse like they weren’t really big red quarters when you look at open to close there were significant Corrections this one here was 40% from the previous quarter to the bottom but in terms of the loss in just that quarter was only 99.2% going back 3% and then only 10% here so not big quarters the only real big quarter was April quarter 2 of 21 which was a 40% correction uh you can go back to 2011 though obviously massive ones but far less liquidity in the markets Bitcoin is trading in single digits you know I don’t lean on that as much to to expect a 70 or more per correction for the quarter because as as we’ve seen throughout the bull markets there’s usually at least three uh red quarters there you can see in the previous cycle and then this cycle there were four but one of them was the co correction so if that didn’t happen and you had a high low just the ifs in that you still got three red quarters within this bull market so it’s now the time that’s yet to be decided but some of the data is lining up that it could be a red quarter let’s continue on because the market would have to get above $71,400 to make this a green quarter by June 30th now for the altcoins that are pressing to new highs they’re taking on Fresh highs salana is of course one of those it’s broken out of the double tops it has put in higher lows uh 3 weeks ago and I suggested that we’re looking at some old coins putting in higher lows and there were a couple of comments saying that if you used the criteria that I’m using to Define leaders and laggers or strong and weak old coins uh it’s pretty difficult thing to do and my response is well if it was easy wouldn’t everyone be millionaires wouldn’t if it was that easy wouldn’t everyone just have a ton of money they put it into whatever they want they start off with a little bit hundred bucks and they turn it into a million dollars that’s why I look at these markets I think getting into crypto everyone thinks it’s so easy because we see and hear a lot of stories of people making millions but at the end of the day they’ve done something that others haven’t and in my case the way I like to look at things is I will use uh certain criteria that allows me to quickly find altcoins that are going to potentially outperform other altcoins based on the strength of their chart compared to others of course I could get into the weak stuff this is all my weaker stuff down here you guys know the deal not naming any names you can read them all off here they have failed the test for now but I’ll continue to check on them these ones have all failed the tests that uh that I use to determine strong and weak which I’ve covered many many times on the channel and I’ll continue to do so for you guys so make sure you do hit the Subscribe button like the content so we know where we are going with the algorithm here so Sal is one of those breaking past those tops here and it has come back and almost taken back all of the losses from the 12th and 13th of April which is a pretty significant period in this market so remember that Turning Point that’s where things started to collapse from many found lows at that point Bitcoin didn’t however Bitcoin found a low on the 1st of May so far so it’s put in a lower low than some of these old coins which suggests some of these altcoins are going to outperform here and um you know we get to that big allout alt season sometime later in 24 maybe 2025 that’s the time of the market where everyone is a hero land go for Glory you know like a try another old coin that is on that strong list that continues to meet the criteria the higher lows the breaking of Swing tops the breaking of 50% levels is render so it’s not a surprise I’ve put these on the channel before for a reason but they continue to show those signs of strength basically outperforming the market they’re outperforming Bitcoin here when Bitcoin had its low these have continued to climb against BTC value and they continue to climb against BTC value while Bitcoin also goes up which means their US dollar pairings would go up even more than what Bitcoin is going up so you can see render here from the of May 1st to where it currently is is up 50% and Bitcoin on the other hand from that may low to its current top is up 16% so that’s the sort of gains that you want to be seeing here whereas if you went to something down in this list we can look at May 1st which is that’s around that that low there that top you got about 23% to that top there or to the current closing prices at about 12% which is underperforming Bitcoin or basically just keeping par with Bitcoin that’s not what you want to see in an altcoin now if you’ve got a grasp of this criteria and you have laid it across altcoins that you’re looking at that’re in your portfolio let us know in the comments section down below I’ve got a pin comment there drop your altcoins let’s see if we can cover a few of these in upcoming videos hit that subscribe like the content we looked at Bitcoin getting rejected we looked at the possibility of a red quarter 2 or when that next all-time high could come through for BTC if that red quarter is is in play altcoins that are leading the charge here this is what we definitely want to see for our altcoin portfolios and I’ll see you back here tomorrow for another update thanks again guys catch you then peace out

🔴 Subscribe to the Free Weekly TIA Report, and be notified when the New TIA Indicator Suite and Ultime Trader Accelerator are released! → https://tiacrypto.com/subscribe/

🔴 Subscribe to the Free Weekly TIA Report → https://tiacrypto.com/subscribe/
📈 Free 7-Day Trial, TIA Gann Swing Indicator → https://indicators.tiacrypto.com/
🏆 TIA Premium Membership → https://tiacrypto.com/
🇦🇺 Swyftx, Buy Crypto in Aus & NZ, $20 Free BTC https://bit.ly/SwyftxPizzino
💵 ByBit, Trade Crypto Internationally, Free $30,000 https://partner.bybit.com/b/tiacrypto
💵 Get Bitget, Free $30,000 https://partner.bitget.com/bg/BITGETTIACRYPTO

→ YouTube https://bit.ly/JasonPizzinoYouTube
→ Instagram https://www.instagram.com/jason.pizzino/
→ Twitter https://twitter.com/jasonpizzino
→ More Crypto Trading on Michael’s YouTube @MichaelPizzino

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.

*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