THE BREAKOUT ZONE, Bitcoin Price Chart Nears High. Altcoin Market Reaches 702 Retrace, When Catalyst

THE BREAKOUT ZONE, Bitcoin Price Chart Nears High. Altcoin Market Reaches 702 Retrace, When Catalyst

[Music] hey what’s going on everybody this is the blockchain backer bringing you the latest cryptocurrency news and Analysis today we’re going to be taking a look over here at the altcoin market and of course briefly touching on the Bitcoin price chart but right now with the altcoin market with where it’s at it’s at a super critical level right now whether we’re looking at total 3 or total two or total three excluding all of the stable coins we can clearly see all of them have gotten back to the retracement levels this of course is one of the exciting times but for people who watch my channel and know me when it comes to retracement levels it’s also that finger nail biting time retracement levels tend to do one of two things and especially over here in the cryptocurrency market with that 702 retracement level where we can see rejections happen from whether it’s the altcoin market or like we saw with Bitcoin back in 2021 or like we saw with Bitcoin back in 2018 so being right here definitely has that fingernail biting moment because well it could be a rejection level but what can also happen just like you see in the intro right that can be the thing that gets the market going into expansion we’ve definitely been waiting waiting quite a while for this structure to play out over here in the altcoin market it looks pretty progressed along to me like we’ve really gotten ourselves worked out in here and the next thing to look for of course is to see us get through there but then of course our big mamama jamas way up there at the top to take out the higher time frame retracement level but structurally it looks like if we’re going to take the stab at it it looks like we’re getting pretty close the things that we’ve been talking about have been things that have kind of been like just missing right here at the end I recently put out a newsletter over here on substack where we’re talking about a lot of the things that are very similar right now to what they were like back in 2021 if you watch the YouTube channel if you’ve watched markets in the morning you’ve no question heard this a million times that the price action that we’re exhibiting here has been very similar to that of like January and February of 2021 whether it’s what the altcoin market was doing where it Peaks at the retracement levels in here for both of these times correction structures onchain Behavior signatures that happened in here we’ve shown those on the channel multiple times and in the newsletter the GameStop you for you showing back up at the same time as it did back in that same period and then of course like we’ve seen even celebrities showing up the only element that has been missing has been the really big surprise to the market that has happened in here we haven’t seemed to have gotten one yet that surprise at that moment is what sent crypto into expansion and to see how crazy that really was we can look back to 2021 that news of Tesla adding Bitcoin to their balance sheet happens right there on February 8th 2021 where is the altcoin market maret on February 88th of 2021 and we can see right here that is the break of the 702 Fibonacci retracement level from the entire bear that took place right in here it happens on that day as that news hits however we had not expanded with the market just yet and still wondering will we end up getting something similar like that right now to send it into actual expansion because we know we haven’t we know that yesterday Canada was the first G7 Nation to cut interest rates let’s just enjoy the moment for a bit said Governor Tiff mckam at a press conference after announcing the central bank had reduced rates to 4.75% from 5% the first cut in four years then this morning the European Central Bank or the ECB Cuts interest rates for the first time since 2019 it takes a central bank’s key rate to 3.75% down from a record 4% where it has been since September of 2023 this of course brings a little bit of optimism to retail traders that the FED is going to end up cutting right now it’s priced at a 100% probability that the FED will not be cutting and at a 99.9% probability that they will remain paused come next Wednesday’s meeting but optimism of rate cuts of course is returning we of course have gone through what happens to markets when rate Cuts do occur after a hiking and pause cycle the last three times we went through a pause and then a cut was the dot bubble Pop the market crashed the next was the great financial crisis in a pause Market new high Cuts began great financial crisis then it was in 2019 pause Cuts began and then eventually we go into the c19 crash so our three data points over the last 25 years to look at have indicated that anytime we get those rate Cuts they end up being terribly terribly bad however other things that we have seen in here is that when those rate Cuts have began you can get a little bit of a rally of optimism that things are going to be okay before things get really really bad so what could the surprise be I have no clue it’s usually going to be something that the market just doesn’t see coming people often try to predict what black swans are going to be but by definition black swans are impossible to predict because they are a complete surprise a lot of times these things are the same thing it’s just a surprise that shows up into the market that it didn’t expect like this one back in here this is Tesla adding Bitcoin to its balance sheet the market did not anticipate that being the case surprise something happened I mean would that match the narrative there’s 100% probability priced in here that the FED is not going to cut and then they just magically cut maybe but it seems a little too obvious to me either way we are starting to see some Cuts emerge we do tend to see some rallies of optimism that happen around that that are tend to be shortlived I’ve written about that I’ve making videos about that we’ve talked about that for almost a year now you go into the pause things are typically okay during the pause you get a cut and then markets can rally on optimism of the cut before things then end up turning around so do we see something like that do we see things get incredibly exciting maybe not really going to try to predict that that the FED is going to cut and that’s going to be a surprise but it is certainly interesting to see just in the last two days the Bank of Canada did a cut and now the European Central Bank has done a cut and Meanwhile we’re back at these retracement levels fighting with all of our might to see if we’re going to be able to get through here and still just waiting to see what that answer can be fortunately we have somebody doing something we have a brand new all-time high over here on binance coin now the reason why that’s so fascinating is you can go here through all the top coins throughout the cryptocurrency market that sit up here with large market caps this is our first one from the top 20 to be able to do such a thing whether you hold binance coin don’t hold binance coin it sure increases that like oh boy are we actually going to do it when we finally have our first big altcoin to actually be able to set a new all-time high above 2021 still we haven’t gone into expansion but it definitely increases the optimism of it and so as we sit right here just kind of talking about being at this particular moment this is where people will make decisions because this can be make or break this is not typically the place where Traders are going to Long the market here this is where Traders will sell the market and look for it to be able to get into actual expansion right in here I think it’s important to talk about that because hopefully it does break out hopefully it does get going hopefully we have Euphoria excitement and everything is rocking and rolling in a really good time however these are also the places where things can go terribly terribly wrong which is what we were talking about all through March and April and so a defense play that Traders will do is to sell out of this region and let the market prove itself that it is going to go off into expansion from right here this is nothing new this is the same stuff I have said since the early days of having this YouTube channel and even back here in March and April the difference was the market was high out of its mine on dopamine in March and April that it didn’t really listen that people leverage long the heck out of the top and then now we’ve seen them just leverage shorting down here at the bottom but now we’re getting to an area of interest on it’s like okay here we go can we either go into expansion or are we going to find problems that happen right in here fortunately the structure looks great and we have a major altcoin who has already taken out that range and set a new all-time high but these are typical normal things we’re always going to talk about when we get back to retracement levels and anybody who has watched this channel since day one knows we’re going to do it when we get back to them that’s where we’re going to say here we go make a break fortunately we look pretty good and we have all those things that have lined up identically to what we’ve have last time we went into expansion the only thing is that we know when we went into expansion here it came with a surprise and so the the thing we’re having to sit here and say is is a surprise going to show up I don’t know are we going to get that Rando surprise to show up that just so happens to do magical unicorn fairy dust Puppet Masters pulling the puppet strings God or ass simulation to crack it through I don’t know but we’re certainly lined up for it we just haven’t had it and it’s just the most bizarre thing to sit here and say hey look we have followed everything absolutely precisely when it comes to onchain data when it comes to altcoin Market behavior when it comes to retail Behavior with GameStop when it comes to celebrity showing up in here all these things have happened perfectly the only thing we’re missing is that one magical Rando Catalyst to show up out of nowhere that nobody could have expected and so it’s a weird position to come on here and be like hey we’re going to expand because I have this deep connection with the universe to know that a secret random event is going to show up and that’s going to be our Catalyst and none of you are expecting it none of us know what it is but it’s going to show up cuz that’s how it all played out but as crazy as it is that’s what we’re lined up for we just have to still remain on edge until something like that shows up improves the expansion to come in here as of right now we sit right at the retracement levels these are make or break moments and hopefully fingers crossed something shows up to propel it to get it to go through um but every day when I look at these charts I I I definitely don’t come in here and look at them and say I’m fooing out of my mind right now I definitely come on here and say man I see exactly where we’re at we are at the spot we are at the spot that causes problems like crazy problems like crazy and problems like crazy but it’s also that area that can send markets into expansion and for all the OG 22 and a half centers from 2020 getting through that into expansion and while like the intro shows getting into expansion we’re right there but it’s definitely time to be kind of like watching it like a hawk for problems to like start emerging and like a problem in here likely would be is if we get in here and then we just kind of waddle down in here and then start making a move like that that’s typically the type of move you make before you’re going to continue going down even further after that and while especially at this point of where we’re at we would think we’d still just continuing holding these lows and just continue marching up even if we did start to kind of pull back still continue to March up and just continue maintain these lows in here to try to work our way up into an actual expansion so we have things to look at to be like okay things are kind of starting to not look right and that especially be if we start kind of drifting back down below those lows right there but to look again at another optimistic thing like as we see binance coin getting into that brand new all-time high that we’ve seen the total market cap of crypto slowly creeping out of them all right here right now so I know we’ve got all the things of being like ah bite the fingernails here’s the thing we look at if things go wrong here’s the things we look at if things go right that’s how it is when we’re back at the retracement levels but if you want to know that marker of where it’s like understanding my psychology when I come on to the YouTube channel right it’s like reflect back to March and April me being a worry wart as we’re back at the retracement levels we do the big crash it’s like oh wait okay double tap bu flag breakout back test V bottom I’m going to stab at it I’m going for it grab it now we get back to the retracement levels again now it’s like okay sell buy okay careful but if we can get through here boom let’s go and we’ll then get to the point where it’s like all right now we’re back now we’re back expansion and then hopefully a good time but for those who were going through this for their first time I was here making YouTube videos and writing tweets the day that the altcoin market was breaking through the 702 retracement back in 2021 you firsthand got to witness the retracement levels reject back there in March but for many they have not witnessed what it’s like when they get broken through it is always a stress when we get back to them but if we can get through that is where Miracles are made so we’ll keep our eyes on it we’ll watch it every day I’m over here watching it like a hawk thinking oh my gosh it’s the moment of truth and I cheer for everybody’s sake that we do get through but we’ll keep watching it every day like a hawk now that we’re back at the really interesting level in here and maybe just maybe that maybe major surprise shows up in the market that nobody’s expecting and comes out of left field because that is the magical unicorn fairy dust that showed up in 2021 as total three was back at the 702 that’s somehow someway the three days prior to Elon Musk and Tesla announcing they had added Bitcoin to their balance sheet which sent the market into expansion were the three days it was knocking on 702’s door and that was the escape and then the rest was history so if there was a time to be paying attention to markets and what they end up doing right now is the time and you better believe it I’m watching like a hawk and for those who are watching their favorite altcoins whether that’s the xrp price chart we’ve gone through it a million times theyve shown the data for it a million times doesn’t matter what your favorite altcoin is whether it’s xrp or if it’s ethereum salanta poke dot Avalanche whatever this Market tends to move together my most recent video on that is from a month ago it’s a 44-minute video in there advancing ahead on xrp price chart timing with Bitcoin altcoin and xrp Cycles I go through the presentation that I delivered there in person in Australia and really show all that behavior of how they all go together the big question is the percentage Returns on each of them right and then we can all argue over what matters beyond that I’ve gone through with the data on user activity levels developer activity levels all that stuff you’re welcome to disagree with that data all you want that’s fine but in the end they do all tend to go up together it’s in the best interest of every coin in the market to see expansion happen because when it does that’s when everything tends to move together so xrp holders that’s what you’re looking for Bitcoin holders whatever everybody We’re In It Together whether or not you scream at each other on Twitter or not and who has the best coin and who has the dingo coin it doesn’t matter we are literally all in this together and this is the moment so if there’s a time for something crazy to show up out of left field out of the norm and just surprise the market we’re really getting close to that at least based on what we have seen before if you want to check out my most recent newsletter I do show all those comparisons of narratives and charts and celebrities that were just like in 2021 where we are right now it’s over here on blockchain back. substack do.com of course you can check out my website over here which is BCB backer.com where I have a course with over 40 videos and 11 hours of content teaching you how to set up your own charts and your own indicators within trading View and coin Trader Pro also teaching you things like Elliot wave theory and the historical Behavior the market and a lot of other research and crowd Behavior emotional management and downloadable PDF supplemental data for your supplemental charts and information to be complimentary to a lot of the sections in here there are links down here in the description of this video and all of my videos to BCB backer.com and to blockchain back. substack do.com otherwise guys I hope that you’re having a wonderful week we’re getting near the end of the week I’ll check in with you you guys tomorrow and otherwise have a fantastic day that’s going to be it for this one I want to thank you so much for watching if you could please like this video and give it a thumbs up if you are new to the Channel Please Subscribe and hit the notification Bell so you can be notified of when I create new content and when I go live as always this is not investment advice and I am not a financial adviser but if you ever need to pick me up or a little bit of reassurance just remember that the blockchain backers got your back have a good one [Music]

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Hi, I am the Blockchain Backer, bringing you the latest cryptocurrency news and analysis. The content of my channel primarily focuses on crypto news, motivation, and chart analysis on the XRP chart, Bitcoin chart, various Altcoin charts, and market cap charts.

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