WTF Is Happening To Bitcoin and Crypto???

WTF Is Happening To Bitcoin and Crypto???

hey everybody this is crypto Ros plus and my name is Noah in today’s video I want to discuss what is going on with Bitcoin and crypto because I know a lot of people are getting [Music] concerned as usual we will start with a top- down approach where we start with the highest time frame Bitcoin charts before moving down to the lower time frame charts starting with the Bitcoin monthly chart you can see that Bitcoin started the month at a significant technical level as a Bitcoin monthly open happened just below the significant support resistance level at about 61.2k so far bitcoin’s price action remains Above This significant support level at 61.2k and the biggest concern here will be monthly candle closes below this level heading into the summer zooming in on the weekly chart we can see that we have another support level here around $63,000 with bitcoin’s price currently dropping below this level as as I make this video which is a slight cause for concern on the weekly candle if Bitcoin continues to close weekly candles below this level zooming in even closer on The Daily time frame you can see once again the significant support level at 62.5k which we’ve been watching for several weeks now and bitcoin’s price is once again dropping below significant support level as I make this video overall you can see that Bitcoin has dropped below two of its three significant support levels since late April which is causing a lot of concern in the market markets this morning however two out of the three support levels are on the daily and weekly time frames which means Bitcoin could easily reverse out of here within the next couple of days reestablishing all three of these significant technical levels as support before the end of the week however if you’re looking for some technical hopium Bitcoin could just be completing the right shoulder of an inverse Head and Shoulders pattern as you can see in this chart which would result in a breakout if Bitcoin is able to clear above about $64,000 overall on the Bitcoin chart in my opinion while this looks bad with Bitcoin losing two consecutive support levels on The Daily and weekly chart I believe the technical structure of this chart will be fine as long as it holds 612 support on the monthly in fact a test of 61.2 support could complete The inversed Head and Shoulders pattern confirming the pattern and recovering bitcoin’s price up above 64,000 over the next couple of weeks however while this is my base case prediction in the short term once bit coin price breaks above 65 to $67,000 I not sure if I’m going to expect continuation higher from here as my other base thesis for the summer is a summer selloff event which will prevent us from completing the cycle too early for a left translated cycle in 2024 and will ensure that the cycle extends all the way out until 2025 post having year as it usually does so while things look discouraging on the Bitcoin chart this morning at least in the short term I am expecting some some relief rally action here which may be a huge relief to some of you if you were underwater at about 61 or 62k on the Bitcoin chart moving over to the ethereum Chart you can see another example of why people are feeling discouraged as the ethereum price is down over 25% since its highs in March selling off considerably over the past 60 days or so however more significant than the ethereum USD valuation in my opinion is the ethereum Bitcoin chart which is also showing weakness and has been for some time however we are reaching the point of the cycle where the ethereum Bitcoin chart is preparing for a breakout if you have watched my videos over the past several weeks you are familiar with this chart however it is worth referencing once again as ethereum Bitcoin is forming the same setup as it did four years ago with the price bottoming out after a 2-year decline against Bitcoin before finding support and breaking through its 200 daily moving average on the present day ethereum Bitcoin chart you can see that ethereum is once again finding support following a 2-year decline against Bitcoin and is on the verge of breaking through its 200 daily moving average once the ethereum Bitcoin valuation breaks through its 200 daily average I expect ethereum and altcoins to then outperform Bitcoin for the next couple of years just as they have done in previous Cycles however although I am eagerly awaiting this setup it could take some more time to play out here with Bitcoin continuing to gain strength against ethereum and altcoins however while it appears we have at least a couple of weeks or a couple of months before ethereum is able to break Above This 200 daily moving average igniting a full-blown altcoin season there are some altcoins with exceptionally favorable setups in the short term for example if you sort the top altcoins over the past 7 days you can see that a lot of the top altcoins are artificial intelligence related as there are a lot of artificial intelligence related catalysts on the horizon for example over the next month or so we’ll see Nvidia earnings a chat GPT 5 release Apple AI products a microsoft1 100 billion AI fund as well as was Sam Alman raising trillions of dollars for open AI in my opinion all this hype surrounding artificial intelligence will inevitably result in higher valuations for AI based projects like near render and worldcoin previously n’s token doubled in a week ahead of nvidia’s AI conference and I expect to see more near hype heading into nvidia’s earnings which are scheduled for May 22 checking in on the near Bitcoin chart you can see that near is showing exceptional strength against Bitcoin heading into the event on the verge of a significant breakout and I do expect this breakout on the Bitcoin chart to occur over the next couple of days or weeks next render another artificial intelligence based project is showing significant technical strength having just broken out and retested a downtrend as support which could suggest higher prices for render in the near future especially heading into Nvidia earnings at the end of the month finally worldcoin a project that nobody really likes is showing some technical support having boun bounced off of its 200 daily moving average recently worldcoin has the full support of open AI Sam Alman which should result in much higher valuations later in the bull market just like we saw with Elon Musk and Dogecoin back in 2021 overall although bitcoin’s price is both boring and scaring people over the past several weeks in my opinion Bitcoin is holding up fine here on the monthly chart as long as it holds 612k support and in fact it could be printing a bullish pattern in the process proc as long as it holds this general area before continuing higher above 64k additionally despite the fact that most altcoins are down there is a strong narrative this month with AI allcoins showing some technical strength heading into nvidia’s earnings on May 22nd the information presented in today’s video please consider signing up for the cryptos RS patreon for more in-depth analysis additionally if you interested in trading you can do so On tapit Again by visiting a link in the description below other than that I hope everybody has a great weekend and I will see you back here next week for more charts and Analysis thanks for watching everybody

In this video, Noah explains the current state of the Bitcoin and crypto markets and what he expects to transpire in the summer months.

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