IT’S GAME TIME, Bitcoin Price Chart, Altcoin Market and Stocks Mature the Ranges, Volatile Fed Week

IT’S GAME TIME, Bitcoin Price Chart, Altcoin Market and Stocks Mature the Ranges, Volatile Fed Week

[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 talking about the Bitcoin price chart along with the altcoin market and how it seems that we are approaching a time where decisions are going to be getting made in this market and it’s coming from a various amount of things that I’m seeing throughout the market whether it is the altcoin market Bitcoin or the United States stock market but not only do we have those things aligned up there throughout the charts we of course know this is actually going to be a pretty volatile week because we pretty much have volatile weeks every time we have a Fed week the next fomc meeting is in only 2 days it’s going to be on Wednesday which we will live stream here on the YouTube channel and currently the market has priced in at a 99.4% probability that the FED will remain paused now I’m no expert in figuring out what the FED is going to do typically I just come on here and say here’s what it is and whatever the odds are predicted to be has been what the FED has ended up doing for the last several years so betting against that has been a Fool’s errand but things that are interesting are that the European Central Bank or the ECB did cut last week for the first time since 2019 and so did the Bank of Canada with economists predicting another reduction next month as for the United States the market predicts 99.4% probability that we will not be cutting on Wednesday however last week we got some interesting economic data in which the unemployment rate ticked up to 4% now when it comes to what the FED is going to do a person I like to listen to is Danielle D Martino Booth who used to work with the Dallas fed and we’ve talked about this on the YouTube channel for many months that the triggering point for the FED to actually cut would be when we actually got to 4% unemployment at least according to Danielle D Martino Booth however the market does not price it in that it’s going to happen the question is when we get through this week and this volatile week will we see something surprise the markets will we see the markets be happy with what happens unhappy will there be differences we know that these weeks tend to be incredibly volatile throughout all markets and we know how long this range has been going on here for Bitcoin so it feels like we’re kind of reaching like game time for the crypto market and the broader markets on just having completely developed ranges and also having like a potential Catalyst coming this week so we’ll be keeping our eyes on it and of course it’s why we live stream those things now one thing I’m keeping my eye on of course over here is the altcoin market last week if you missed it of course there was the Roaring Kitty live stream that took place GameStop was incredibly volatile I think GameStop even decided to do a surprise issuing of their earnings in the middle of the live stream and then about an hour after the live stream was over maybe it was 2 hours then we saw the crypto Market boom go into a liquidation and about $300 million in liquidations took place wiping out margin throughout the crypto market now this of course is not the kind of reaction we were looking for in order to see a quick recovery come out of here and like we talked about in the very last video Traders tend to sell this area and wait for an expansion to show up afterwards now while it doesn’t look like an immediate surge to the upside will take place here of course we’ve been watching what it was like for us back in 2020 and 2021 when we had our big liquidation back in August and September of 2020 and then the long grueling process we had to go through here before we ended up getting our way out this is still not invalidated in here it’s still just humming along here’s a look at it over here on total 2 to get an idea of how that played out in here and kind of see how long this range ended up going for as it just continued to Waddle throughout there so nothing crazy has happened here and to kind of get an idea of what they looked like side by side you can see that there was a lot of ranging that took place over here on total 3 like we’re experiencing right now for those who were here back in 2020 it’s a very small group of people but for those who were here during the 225 Cent time period for the xrp price chart that was this moment that was that September selloff and then the long range that took place after that and you can kind of see how things played out in here right before we got to our ending prices fall they hum around for a while the capitulation down to the 22 cents happens right here on on September 20th here we are in the crypto Market humming along you can see this capitulation taking place here on May 1st that is when Bitcoin capitulates and hits its low right there on May 1st then things just hum along and things just hum along so structurally still okay but of course being watched like a hawk at this point to make sure there’s no evidence of real breakdowns coming down in here and taking out the lows and sending this thing into a longer bear as for a quick recovery obviously not it is clearly just playing along with what we have seen so far at least up until this point but if we were in something along those lines you would think we’d be getting pretty close to near the end so we’ll watch it very closely make sure there’s no big breakdowns that come from here and that some type of recovery does show up but we know that we’re heading into very volatile week so of course the thing to watch for would be Bitcoin breaking up right so this will be the main focus this week is to see that we don’t go taking out lows these ranges can just be volatile you can see that these ranges can continue to be volatile at this point that’s what we have experienced before in this market but wanting to see things that still just continue to remain steady and then hopefully some type of reversal happening out of here now while everything still just kind of looks okay here in the crypto market right Bitcoin still just humming along nothing’s really changed happening in here we’ve seen this stuff happen in the altcoin market before we went into expansion right that is the most important thing about all of this right now is recognizing that we just haven’t expanded in this market the things we screamed about in March and in April and now trying to determine if this thing’s going to get carried away on itself or if we can go shoot back for expansion so while Bitcoin still just looks kind of right and we have seen this in the altcoin market before before we went into expansion back in 2020 September and October this time right here were we in expansion yet at that point definitely not we still had a long ways to go before things ended up getting very exciting so we know we can create these types of structures before expansion happens and while Bitcoin looks great I think it is just going to be important to look for things to kind of potentially deteriorate or break out this week with what’s happening in here and it all kind of leads back to those other things that we’re talking about that create this huge challenge that’s going on in the market right now we’ve always talked about it the retracement levels are the places that are the most scary and that’s typically where we’re going to see retail Euphoria happen at but we have work we have to do we have to see evidence to see an expansion show up because the elements that are very different in this market right now are things that we talk about with like the United States stock market we talk about with gold and silver we talk about with an elevated fed funds rate every Bull Run in the crypto Market has come off of zero or 0.25% interest rates to get that breakout into the new all-time high a bull run has never started for Bitcoin with elevated fed funds rates so that’s a market Dynamic that we have very different right now then the other thing that of course keeps me up up staring at it wondering thinking man like this was the moment before things absolutely hit the fan before the great financial crisis is what we’ve done so far currently right now so we actually need to see something happen here in the United States stock market to prove that it’s not doing that and for reference it’s this thing that we talked about really a whole lot back in 2023 of what things looked like for the great financial crisis before it got kicked off and that what we did of course is we broke out into those new highs during the pause period of the FED funds rate then we head over here to prior to c19 pausing starting to cut get a little bit of a pop and then we have the big crash that happens in here well what’s been going on right now we’ve been of course in that pause and what has happened we’ve broken out into the new high with the FED funds we’ve used that price behavior of what happened in the great financial crisis when we had that break that happened in here I’ve shown this many times and while price Behavior has pretty much done precisely that in here and where do we sit right now uh that’s the thing that kind of keeps me up a little bit at night in here is to say okay I’ll darken that up that we’ve done pretty much the whole thing and we’ve done it with the paed FED funds rate we structurally have these same things going on in here and another element that showed up here of course is that breakout that happened with gold we could see that breakout happening up in here once the Dow really started building this range right up in here well we go back to right before the great financial crisis and what gave a signal there gold I’ve written about this in the newsletter showing this where we went through each one of these things with high-fed funds rates right before a crash started what was one of those early signs that ended up showing up it was gold breaking out and here you are at the peak of the great fin right before the great financial crisis happens and what do you get you get that exit that happens there with gold where gold goes from $670 to over 1,000 all right in there which we then see gold break out of its fouryear range right in here right at the same thing right so these are vastly different elements right and everybody’s in disagreement right for your Cycles block reward having none of this stuff matters If the Fed Cuts it’s supposed to create this super mega bullish thing but if the FED does cut what’s the discussion going to be is the fact that unemployment is trending in the Direction you don’t want it to at a velocity you don’t want it to and if unemployment is going at an unexpected High rate is that positive right so there’s a huge needle that has to be thread here and everybody’s in disagreement on what all of it means right let alone the fact that we talk about that there’s like the worst breadth in the United States stock market that we’ve seen since like 2000 which was the.com bubble pop and I posted about this over there on Twitter on Friday and you guys have unquestionably seen this a hundred times in markets in the morning and in videos newsletters that while the Dow Jones has gone on to that new high which is in purple there you can see see that the Russell 2000 has not gone and we can also see that 401K funds have not gone either that 401K funds look like the Russell 2000 and when we go back and we look at the expansions that took place there in 2013 2017 2021 which of course are years of Bitcoin and crypto bull runs you can see there in the green 401K funds even expand with the Russell and with the Dow Jones however this is the first time in this entire 15-year bull market that 401ks are not following with the Dow S&P and NASDAQ and why is that it’s because it’s a massive consolidation that’s taking place there in the United States stock market where investors are pretty much seeking safety in large caps and all the money is shifting into a select number of assets rather than it being like an expansionary growth period happening in the stock market so this is again another one of those vastly different elements that we’re having to deal with everybody wants to use the same models and the same outcomes of what we’ve seen before but it’s just very clear like we’re navigating into uncharted waters and it makes it exceptionally more difficult right if we saw the 401K funds and the russle 2000 breaking out with the Dow and you know we’re sitting here with the altcoin market and we got Bitcoin right up in here it’s all like Dude full steam ahead let’s go especially if we had gold breaking down and if we had a zero bound fed funds rate but there’s those elements that are different and we’ve talked about them for some time and now we’re finally there and the Market’s going to have to prove itself and it sure seems like this week like I said game time this week is as good of any for this range to resolve itself for Bitcoin and for the stock market to prove it’s not doing this it’ll likely be a volatile week because it typically is during fed fed weeks and if Danielle is correct and that the story is actually going to be unemployment and not inflation then it would be incredibly fascinating to see if the market is wrong footed as Canada has already cut and Europe has already cut and personally if you watch this channel you know that for me it’s like charts override most things like fundamental analysis is not typically my thing but it’s one of those things to like look at when you’re at like these critical places on charts like are things looking positive like we are going to break through retracement levels like when we got back there in March and April and everybody’s screaming it’s super mega bow time the chart still overrode it right having to like go against the herd and have people screaming at you and posting about you but going against it right but it’s like okay do we have like some signs to say like we can go back there and we can try to hit it and so we look at all these things we’re looking at the stock market gold silver fed funds all that stuff because we have reached a technical level on the chart for the cryptocurrency market and with Bitcoin we have reached a technical level over here on the chart that hit that happened right there in March it’s right there at the 4.236 extension based on the 2018 bear so we’ve hit a technical level and we’ve hit a technical level so now it’s like all right well can we find some signs that would give us some encouragement to say that we would go back into it and go back in for expansion and that’s where we see all of those other macro things that are kind of like yeah and we like need to see them resolve themselves before getting too excited and we likely need to see Bitcoin go for that pop something surpris the market right we’ve talked about that a lot this is exactly what happened in 2020 it was a long correction the alcoy market hit retraces celebity showed up just like we’ve had here in 2024 and then a surprise hit the market and here we are trying to guess hey is this going to be our surprise the reality is most of the time surprises are just something you can’t predict like we’re all looking at that thinking Ah that’s going to be the surprise but it could be something completely different like technically a surprise is is a surprise you don’t expect a surprise it just shows up and you don’t expect it that’s what makes it a surprise but with us being in this time period right now with the stock market set up the way it’s set up it’s a good time as any to pay really close attention to what happens and how this range resolves itself here for the stock market so it’s likely to be a volatile week and hopefully the week ends positively but we’ll watch it every day we’ll even live stream markets in the morning on Wednesday morning and then we’ll live stream the fed and we’ll see if things start to show up that look great or don’t otherwise we still just continue to hum along and as we’ve seen still just continuing to hum along whether you own Bitcoin or you don’t own Bitcoin the reality is you should definitely be cheering for Bitcoin it is historically a very important indicator for the health of the rest of the cryptocurrency market and if Bitcoin does go breaking through that high in there with a convinc ing candle it’ll be pretty hard to argue that we’re not going to expand in this market the case will be pretty darn strong that we’re going to so keep your eyes peeled hopefully that was our last hit right on there and fingers crossed something positive shows up this week but we’ll watch it every day we’ll make videos we’ll do live streams we’ll keep our eyes peeled because my gut tells me that a lot of our information is going to be derived from this and how the Dow resolves this range that it’s in currently right now and to understand the intensity at which I’m watching this in 2023 probably with an intensity on a scale of 1 to 10 of maybe a two then when we get into the sign of strength maybe a five or a six then we get a 10 up in here I’m watching this with an intensity level of a 10 right now watching for any sign to emerge that we can expand or if problems show up and it seems like like I said game time we’re like right on the cusp so on that note I think that paints a pretty good picture of what I’m looking at right now and how I’m feeling about the market and looking at the market a lot of these things you’ve heard about over the last year but it’s like we’ve now come to this convergence of all of them all at once and I’ve talked about it in various videos and live streams and I know it could be difficult to find all of that if you haven’t subscribed to the newsletter you can just go through all of those this is where I kind of really pour all my thoughts out and data on how markets have worked in the past incorporating a lot of that stuff with the Dow Jones the stock market crypto gold how they all kind of work together I did put out the most recent newsletter there on the brink as crypto history repeats that one includes a 21 minute audio recording all of these include audio recordings that I personally do the voiceover for explaining those charts in detail and reading the content of the newsletter so you can wrap your head around how all of this stuff does work together of course you could check out my website over here which is BCB backer.com which has over 40 videos and 11 hours of content deep diving into the historical behavior of the cryptocurrency market and teaching you how to set up your own charts and your own indicators within trading View and coin Trader Pro also teach you about Elliot wave theory woff accumulation and additional things on Research tokenomics crowd behavior and memec coin Mania along with emotional management includes downloadable PDFs in here as well that’s available over here on BCB backer.com the newsletter is right here at blockchain back. substack docomomo chainb back. substack fingers crossed it resolves itself the way we want it to but all right that’s going to be it for this one thank you so much for watching if you could please like this video and give it a thumbs up if you’re 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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