Liquidation to Support, Bitcoin Price Downtrend as Altcoin Market Slams Lows, Confluence on Several

Liquidation to Support, Bitcoin Price Downtrend as Altcoin Market Slams Lows, Confluence on Several

[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 crypto Market because obviously we have a lot of action happening over here all throughout the altcoins bitcoin’s got a little bit of action over there down about 2 and a half% but of course we’ve seen that slaughterhouse happen over there in the altcoin market as a breakdown and liquidation ensues here throughout crypto so we have a lot to talk about in here and essentially we’re going to talk about where do we go from here right now we’re in the second half of June we go back and we revisit what 2024 has been like the utter Euphoria of the markets in late February and into March as we get back to the 702 retracement rejection from the 702 Fibonacci retracement and still no relief in sight Happening Here in the markets now the chart we’re currently looking at is others so this is going to be the altcoin market excluding the top 10 you can see we’ve Now set this new low over here from back on April 14th we’ll revisit that and that we’ve actually talked about this before looking over at total three which is the altcoin market excluding ather still holding those lows from April 14th and then the same goes over here for total 2 which is going to be the entire altcoin Market including ethereum still holding all these lows set from the past from April 14th May 1st May 15th it’s all still holding in here for total two but that big one there has been others which is the altcoin market excluding the top 10 and if you’ve kind of taken a look around at the market to see how things are reacting in here where things are getting punished where things are kind of holding up a little bit you’ll see there seeing something very similar to what we’ve seen before and we’re actually seeing consolidation in kind of the top market cap coins it’s funny about it cuz this was just written about here in the past newsletter that was published back on Saturday about how the coins that have had the shallowest draw Downs during 2022 have also been the ones that have kind of just been the slower grinds up here in 2023 and 2024 and here we are in this moment of where this Market’s been pretty chaotic and the ones that actually are just kind of holding more steady than everything else again has been that shallowest Bearer group your Tron your Bitcoin your Monero xrp ethereum binance coin those are all your shallowest Bayer groups sitting right up there kind of holding up through this whole event that’s been going on here in the market and we’re seeing that happening in here by seeing others right stuff outside of the top 10 throw in the top 10 and exclude ethereum hey a little bit better throw in the whole altcoin market and include ethereum hey better but obviously 2024 has been a challenging year at least the last 3 months have been if we reflect back on what March was like and April when we had irrational exuberance extreme risk taking chastising Bears probably one of the darker times for me being a content creator I think I only put out three videos in April and I had people telling me in the chat that they kind of just stopped watching because they didn’t want to hear it anymore but the obvious narrative out there on Twitter has been that we are in a bull market and the argument I’ve been trying to make is that we have not been in one we have not gotten into expansion so the million dooll question has been can we get back to expansion one of the things we’ve obviously watched has been like what it was like back in 2020 before we did go into expansion as we can see now this big move in here while total 3 hasn’t gone taking out these lows down in here obviously uh the consecutive higher lows have now started to get lost especially you know you can kind of negate those a little bit but now you take that one out boom now you got a new low going on in here still the range boundary at the bottom is still being held but yuck ugly however I would say this one over here on others that actually has taken out out the low is actually a little bit more interesting so if you kind of reflect back on what my mindset has been like through 2024 as we were there in February March April for me it was all about taking profits putting cash in my pocket and holding on waiting to see what the 702 retracement would end up doing once this Market ended up having the largest liquidation that we’ve seen in crypto history for backtack days I patiently awaited for my opportunity to take the stab at the market down in here and essentially it’s just been a waiting game here for the last couple of months this happened on a Saturday a day I typically am not making YouTube videos but posted about it over here on Twitter when it was happening back then on April 13th unfortunately I’m not home to getting the classic chart from my phone for this one not sure I’ve ever done that before anyway the concept for me is to start a accumulating is where the market cap has arrived this is covid Crash is I’m dipping my toes in as others sat at 227 billion of course as you can see quote tweeting the Tweet i’ had done earlier got cash me too but it’s fading as I’m starting to accumulate these levels 702 rejected it violently a constant concern we watched it for months it wasn’t fun for me or you I saw the viewer numbers like I’m just talking about it was a dark time for me on the channel now we can return to looking for optimism and reversals 2 days later after we got a 23% bounce risk managed by selling 20% stop set below Saturday’s low for the remainder to make the entries risk- free set and forget then on April 19th in the event that we sweep the lows again I’ve shifted the stops higher and we’ll grab those lows and that should confirm the bottom is in the crowd sentiment will likely be in the trash can a narrative will likely justify the sentiment just how bottoms always are so we can take a closer look at that really quick on what it would look like taking out the lows down in there uh from the 13th at around you know 220 219 218 billion so what do you know here we are right there’s those entries there’s that 20% risks managed then the stops are just sitting here waiting and then like we’ve talked about a while ago about half of them got wiped out now like 80% of them have think just like ethereum has held alive and a couple others but now we sit here right now here we are at these levels 218 219 220 taking out those lows as discussed over here and so this is where it gets really tricky because this is the point where it gets a little bit more harder to risk manage here if taking a shot at it and I’ll show you things that are positive and I’ll show you things that give me concerns here right so like two months ago reflecting back on this it’s like hey this is the spot this is it right stops got shifted higher they got taken we talked about it yesterday before the flush that happened today now it’s like okay we’re here this this was the spot is there any kind of like Confluence in the market for it to be it right I see it on a couple of different places unlike where risk manage could be done I’m not recommending you buy these assets I’m just using these as examples to show that there is a little bit of Confluence in right here one of those is arbitrum during that flush that happened it was a precise slam right back into the low another one is Cosmos or atom slammed right back in end of the low another one is cardano and this is going to be more for the people who’ve watched markets in the morning for some time so for the last year we’ve really been doing markets in the morning every morning for a year a year and a half but during the summer like I mentioned a couple of weeks ago it’s actually going to be only on Wednesdays but for those who were watching markets in the morning a lot there during December January February March we’ really had this area outlined a whole lot I think people can probably remember it 38 cents was a discuss a lot and whether or not it would end up getting down there was really uncertain so we see things like arbitrum hitting those levels we see things like Cosmos hitting those levels and then we also at this exact same time we have cardano hitting that level and for an example of why that level is something that we do see is for those again reflecting back on like 22 and 1.2 cents these are common places to go find supports at after completing a crashing structure and that’s really what we kind of have going on in here is that this has a lot of resemblances of what a crashing structure does look like before we go on and do the final capitulation to end up happening in there whether you want to call it wof whether you want to call it crashing structure with one two 3 4 1 2 3 4 five back to wave four within wave five and then seven same goes for Cosmos crashing structure final wave same goes for arbitrum these are all crashing structures that have the appearances of what they would look like before they’re completed and that we usually do have that pause out that happens there at the end before we flush out the market before we flush it out which is also why it was referenced in this manner here as we’re talking about this on April 19th this was also a crashing structure for Bitcoin back in 2022 that’s your final wave that’s your ending it’s also how we got the bottom of Bitcoin back in 2022 but it’s like okay great we did it we’re here YOLO but part of it is once it’s settled I think the moral of 2024 has been that this is a complicated time and I don’t think anybody out there who’s using the 2017 and 2021 models is acknowledging why isn’t it following your 2017 or 2021 models why did we reject so aggressively from retracement levels why hasn’t Bitcoin broken out into a new all-time high at um according to my recollection and what I saw on Twitter in March and April and May we were all supposed to be zooming off into new all-time highs and hitting 100K on bitcoin yet we’re not we’ve had a tremendous amount of similarities to what happened to where the top was almost in from 2021 with onchain profit taking by Wales who aggressively sold into the Euphoria which we can see over here on glass node with wallets with greater than 10 Bitcoin in their accounts all have been profit taking aggressive layup in here just as they did back in 2021 matter of fact the wallet with 10 Bitcoin in them are now at the same level as they were when we were at the low so all these wallets that bought the low of the market have all sold at all they’re not accumulating the bottom they’ve been selling up in here if you recall when we were back at the all-time high back in 2021 that wasn’t the case yet it was once we got out of there they started sellling aggressively well hey once we got out of here they start selling aggressively very different from 2021 the whales we’re not profit taking here yet altcoins revisiting their low with Bitcoin up here very different from 2021 and that’s kind of like brushed under the rug for a lot of these Bitcoin Bulls on that everything is normal everything is fine and as this price just continues to break down in here for Bitcoin and there’s no surprise to show up to send it off into a new high to take out the 2018 4.236 extension in which it pinpoint nailed I find myself feeling pretty dumb because it’s I look on Twitter and it’s like everybody sees it but me I’m like look into I’m like all right let me see your explanation and nobody’s got an explanation it’s just that it’s going to go higher for the sake if it’s going higher how am I missing this how do I not see it but apparently I’m missing something because we’re supposed to be doing that and it’s totally acceptable that this is happening in the altcoin market where we just get obliterated by the 702 retracement and then we’re just struggling uh beyond that and so I still just continue to get left with this I’m not seeing it for Bitcoin and it’s been just a complete Capital preservation year for me so far in regards to selling the retracement and stop losses in here and now it’s at this point of all right is it time to YOLO is it time to do it because we’ve now done it we’ve now gotten there we’ve gotten there and we’ve gotten there and I think there’s a fair argument to say that it could be but I also think it’s one of those moments to kind of give it some time and that’s the way I’m going to treat it here for a minute is to give it a few moments to just settle down and proove hey we’re chilling out that was good have some high volume show up or at least stop and chill out let Bitcoin paint something different than what it’s got painted here on the tape but if you had a couple of assets you wanted to keep close eyes on to say hey or things still stabilizing I think cardano’s a good one to keep eyes on I think arbitrum is a good one to keep eyes on and I think Cosmos Adam is a good one to keep eyes on and truth be told they have pretty pretty easy invalidation levels here with really tight stops on them to take a stab if somebody wanted to you know that’s a little over 3% away from the floor arbit room is about 4 and a half but either way for me I am watching it closely to see if I want to re-enter this capital and I definitely ly see things of crashing structures that would be coming to completions as we do typically see happen in these things but the first thing for today is I’m probably just going to let it kind of chill for a second and make sure that we can stabilize but we’re at an area where things could this is what we were talking about in the event that there was another flush we got that over here on others which is the market cap that we were discussing while at the same time we have still maintained those lows over here for total three and for to to bitcoin the magic will have to arrive somehow but otherwise we do have Confluence amongst multiple assets of being at a support level so we’ll see if things can stay steady here and then we’ll check in on it in markets in the morning tomorrow morning there is a chance that I start scaling into these things but it’s going to be a slow process for me and again it has been about preservation so far this year and I am just going to kind of take it easy at least for today maybe that changes tomorrow we’ll give it some room to breathe but we definitely have a few of these that have reached interesting price levels as for what assets I’m going to be buying it’s not typically something that I do share I’m not here to be a trade caller I’m not here to tell you I know something about any of these assets that you don’t know but I do write about these things over here in my newsletters and that most recent one was about tvl developer activity shallowest bears and all the research to show how those assets perform compared to the rest of the market so I can at least tell you the ones that I’m looking at do stick to these lists so if you want to check out my newsletter you can check it out over here on BCB backer.com the most recent one has a 32-minute audio voiceover in it which all of them I do personally record and you do get access to all the past ones especially the ones that this was built upon uh in that four-part series that we did do several months ago if you’d like to learn how to set up your own charts and your own indicators within trading View and coin Trader Pro of course you can check out BCB backer.com talk all about yof accumulation and the crashing structure and there in Fibonacci a 40 videos with over 11 hours of content there are links down here in the descriptions of this video to BCB backer.com and to the newsletter over there at blockchain back. substack do.com otherwise guys I hope you have a wonderful day hopefully that’s it we’ll look for stabilizing today and otherwise I will check in with you tomorrow morning markets will be closed in macro markets but you know what it’s frog day will still be here but on that note we’ll go ahead and wrap it up 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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