THERE IT IS! The Bitcoin Price Chart and Altcoin Market Flush to the Low, Looking to Settle

THERE IT IS! The Bitcoin Price Chart and Altcoin Market Flush to the Low, Looking to Settle

[Music] hey what’s going on everybody this is the blockchain backer bringing you the latest cryptocurrency news and Analysis today we’re taking a look over here at the Bitcoin price chart but the big action happening throughout the market that I’ve been watching for all weekend is what’s been happening over here in the altcoins and we actually ended up getting a flush to a new low happening over here just in the last few hours now we spent a lot of time talking about this last week and while I spent all weekend just watching paint dry on the charts waiting for something to end up happening I even wanted to record videos throughout the weekend but the price just stayed still the whole time till here in the last like 12 hours but let’s take a refresh real quick of the things that we talked about last week while also continuing to elaborate on the things we talked about earlier this week over here with the altcoin market where we’ve discussed price action the location that we’re at that the initial bounce down here would be a little bit convincing that there could be a reversal happening but typically that’s not the real bounce and then like we talked about in markets in the morning on Wednesday I think we’re very very close if not the bottom is already in and but like I put in today’s video and like I’ve already talked about here in Marcus in the morning uh my speculation is that we actually do get the thing that Spooks everybody uh something like that so I’ve kind of left those lines just kind of sitting on there from markets in the morning a couple of days ago price did move up price has started falling back there hasn’t really been much to say while it still sits here trying to do something like this but guess what here we are we’ve got it now so we came down in we flush the lows happening in here and now it’s time to see if we get the settle we spent a lot of time talking about this last week and of course this all stems back from back in April when attempting to snipe the lows down here that in the event that we started taking out stop losses up here be looking for a bottom to try and form in here and then now discussing well what would a bottom actually end up looking like and that’s what we spent last week talking about of what it would look like for a bottom to happen in here and that many times the first low convinces most of the market that the bottom is in everybody gets bullish and then you come down here everybody gets a little bit nervous and a little bit unsettled un scared but that we typically go and sweep the low fortunately as you can see we are holding it here now so throughout today it’ll be important to see that we can still just kind of stay stable but that’s really the thing that we’re looking for last week we talked about several examples of how that looks when we get that flush back down to the low the first bounce appears like it’s the one and then we go on and sweep the low and then stabilize and then eventually find our way out right even back in here for BNB it was the same story right the massive liquidation of BNB happening in here holding holding there’s the break and then eventually a new low gets placed in here and then that marks the end and then off and away it goes and then we also showed that over there with xrp the same story right the massive liquidation that happens right holds breaks everybody’s convinced that is the low then you get the new low to come out of there right I’ll take all that off the screen just a refresh right the massive liquidation and then the lows come and then the new low right 1 2 3 4 five which we just showed here on the screen that’s also what we were showing over here on others on the altcoin market and then boom there you go flush that low boom there you go flush that low again reiterating that from last week so you know examples of that happening or just like we see here you see kind of this five wve structure 1 2 3 4 five everybody thinks that’s the bottom but it’s not you get the flush back down right we get back down near the lows and then we get that final flush to go take out that lows and then we come back and settle or like here in the case of Bitcoin right we come back to the lows take out the low and then come back and settle and then that’s it right so conceptually that’s what I’m looking for to happen in here something along the lines of like this and this after we’ve already kind of had a move happen like that which we were expecting over here in the altcoins and now trying to work that way back down work that way back down and hopefully that’s it that’s the bottom we’re done and well there you go we have it now I wanted to create you guys a video over the weekend in the event that we actually had this happen throughout the weekend but this is what our weekend really was was just hanging out here and then it wasn’t until last night that this thing finally started to get moving and to go do that now to build on that let’s also review some other stuff that was talked about last week in the event that this scenario would happen if we can actually see the altcoin market shift right back down to these lows I will take all of these stops that sit up here and I actually will shift them down now to be right here at the high that was just set yesterday that if we go take out yesterday’s high I will get stopped into the market there now right now all those stops still sit there the only way I move these stops down here to this level is if we do see this Market get down here to the low if we pull back down to the low I will then take the stops from here and shift them down to here to the Thursday High yesterday’s high then I sit and wait for what typically happens and that we hang out here and then something happens that flushes the low then I want to see the market come back and settle and at that point I will take this stop away I will buy the market all throughout here and then shift the stop loss to the downside of that low because now I’ll be back in the market and I’ll shift the stops to below the low so right now I have a large cash position it gets pulled back in if we go firing to the upside if we pull back down to the lows here again I take those stop losses to be re-entered back into the market down to here to where if the market breaks to the upside from here all my positions get bought back but as we sit here and wait I will look for one last flush to Spook the market and then a recovery from that flush and at that point I’m YOLO once settled because that will be the settling for me and I’ll put all my stop losses below that flush and then just sit back and enjoy the show and w it is official I have moved all of my re-entry stops to above that Thursday High which is a sigh of relief for me because it was very uncomfortable having them sit so high in the event that this thing went in a direction I didn’t think it would go now that we’ve gotten that flush back down to the lows I’ve moved all of them down in here now to reiterate how I’ve been playing this thing because if you watch this channel frequently it’s not that often that I’m really doing a whole lot of day trading it’s usually me just accumulating waiting and then taking action wherever I feel it’s time to take action usually not doing stuff this quick or being this protective but it’s having to kind of go back and relive just where we are right now and what 2022 and 2023 were like during 2022 and 2023 it was nothing but just buying holding sitting around doing nothing and watching wof accumulation unfold then we moved on to our sign of strength phase and then we moved on to the retrace level so throughout here there’s nothing to do except except for Buy and Hold then there’s nothing to do in here except once we get back to the retracement then what do I do I’m selling saying it in every video every markets in the morning newsletter BCB backer.com everything finally there’s some action to take up in here but what happens here now is that we’ve shifted from different phases right we’re no longer in yoff accumulation that’s over we’re no longer at retracement level that’s over now we’re in an entirely different more complicated context cuz now we’re in like a ranging context it’s not as simple as just W off it’s not as simple as just being back at a retracement it’s now about being in a ranging context after when we take that off of log scale to see a huge rejection off of the 702 and so now you find yourself just sitting in the middle of a range trying to determine where is the bottom range boundary going to be found and that’s when all of this stuff has come into play and what we’ve been looking at for months on end at this point now we’re really at the point where we should be working on a range boundary to start to hold in here if this Market is going to show any kind of strength there is still most certainly going to be challenges as we get back up in here in the event that we do reverse from here based on what’s going on in macro markets and we’ll save that for another video but as you all know the Russell 2000 has not expanded this is the most narrow stock market that we’ve seen in 25 years it’s not an expansion we definitely want to see the Russell 2000 break out and go with the Dow Jones as it has in all of the past poll runs for the crypto Market which have had nothing to do with block REO Habs and everything to do with liquidity in global markets specifically the Russell and the Dow which we obviously don’t have right now when we have had in past bull runs whether it’s 2013 2017 or 2021 they all expanded together this is an entirely different phenomenon happening in here right now I won’t go too into depth for that we’ll save that for another time but that’ll be a challenge that we’re faced with at looking at when we get back up in the event that it reverses from here but to keep it light tight and bright we got what we’re looking for now there’s still a couple more steps in here we wanted to see the new low the thing just kind of continues to Waddle in here maybe there’s another one but really the thing I’ll be looking for to say ah I don’t think there’s going to be another one is really if we just kind of shift back up in here if we shift back up in here I think we’ll end up pulling back one more time uh and that’s that’s that’s really it so while all my stops have been shifted down to the Thursday High the entries haven’t been made just yet I did take a nibble on one with about 4% of my cash but I’m still just kind of waiting for that to come out I’m definitely willing to pay higher prices than what we see right here just to get the structure I’m looking for and so far so good everything has been uh if the thing just goes shooting to the Moon well I’ll be pulled in with all that capital in here but I’m really thinking we’re going to see something more along the lines of this uh and that’s what I’m looking for to go ahead and make my stab and make my entries and well then we become sit and wait again and last week we went through several assets to show how these things can play out like this and what we’re all really kind of cheering for is that we’re really just working out a moment like this right now where this thing can turn itself back up similar to what we’ve been seeing happening in here and that we’re really reaching kind of our end point in here of what bottoms do look like and that we can have a little bit of excitement show up in this market and well we’ve kind of walked through this playby play here we are with the new low now we just try to work things out and build some foundation in here so we can eventually step our way up as we’ve done exactly as we thought so for the rest of today it’ be nice to just see the thing kind of settle down the thing I’m really looking forward to get a little bit more excited of course is just to see us even shift up in here if you see others get to like 226 227 228 somewhere around there that’ll be a really good sign I still think we’ll pull back down in there probably scare the market but that’s where I’ll be going after it but there you go we’ve got it now just waiting for the settle and am YOLO with of course stop losses but we’ll check in on it again tomorrow and we’ll see if we’ve progressed our way back up and gotten this high is 225 or 226 227 if so be a great sign till then just be looking for things to just kind of remain stable today but on that note we’ll wrap it up it’s a good day spent about a week looking for that flush to happen even titled the last YouTube video the flush to watch now we’re looking for things to try to start reversing themselves over here so I’ve got my list of stuff that I’m looking at shouldn’t be any surprise I’m paying attention to developer activity total value locked all of those different things that have proven themselves in the past and so far here in 2023 and 2024 wrote a newsletter on it recently it’s got a 32-minute audio recording with it going through a lot of those high tvl and high development activity cryptos you can check that out over here on blockchain ER .s substack docomo through the indepth research it’s like a four to five part series talking about development activity percentage draw down circulating Supply inflation total value locked tying it all together you can check all of that out over here of course if you’d rather have videos you could check out BCB backer.com 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 you could find links to both of those down here in the description of this video at BCB backer.com and to blockchain back. substack do.com otherwise have a wonderful day I hope you had a great weekend like I said it was a boring weekend of staring at paint drying on the crypto charts but we finally got it here to start off the week so let’s go but all right I’ll check in with you tomorrow 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 invest advice and I am not a financial adviser but if you ever need a pickme 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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