LOWS SWEPT and BOUNCE, Altcoin Market Rips off the Bottom as Bitcoin Price Chart Finds a Support

LOWS SWEPT and BOUNCE, Altcoin Market Rips off the Bottom as Bitcoin Price Chart Finds a Support

[Music] hey what’s going on everybody this is the blockchain backer bringing you the latest cryptocurrency news and Analysis today of course we’re going to be talking here about the altcoin market after a wild day of Bitcoin price action hitting as is $58,500 yesterday but while bitcoin’s seemingly having an okay bounce today the big thing of course I want to talk about is what’s going on over here in alcoy Market because that’s been the thing we’ve been tracking very very closely for the last week even though there were no videos on Saturday or Sunday I do feel like I have not had a minute off in the last week because I’ve been watching it so closely on incredibly short time frames as we were looking for this thing to come back down and set a new low and then to bounce up off of that low and as you can clearly see we did yesterday so if you haven’t been tracking the last four or five videos I suggest you go back and watch what’s going on in there this is really exactly what we were looking for to happen in here is to be able to just sweep those lows shoot our way back up above them and of course this all stemming back to the thing posted over there on Twitter for the yolu once settled Zone and all the discussions of what settled would actually look like once we got back down in here the thing that was very impressive about the price action yesterday is that we had already had that Wick happen before the video was recorded yesterday and then we were hanging out all throughout here as Bitcoin was actually having a selloff happen in there yesterday where it went down to $58,500 the low still remained in there for the altcoin market and then we get the reversal as Bitcoin has a nice reversal as well coming off of that aggressive price action that lasted there for pretty much the whole day so we spent the last couple of days talking about what bottoming stru can look like in here before reversals start coming out in here these have been all the phases up until it so far the one thing to still keep an eye out for is hey it would be fantastic we shoot up and just start going hey I think we’d all be completely fine with that but in typical bottoms like this we do still usually pull back down in here one more time and let everybody get nice and scared some examples of that is like we’ve been talking about over here on bitcoin what happened when that low came in and in there you sweep that low shoot your way out in here and then it still just kind of comes back down in here to scare one more time that same style thing happens over here on the xrp price chart takes out the low shoots its way back up but we do come back down one more time and that’s our settling and then things get themselves carried to the up and up from there so just kind of keeping that in mind right now while we’re here at this moment I did get a couple of Buys in down in here on things that kind of pulled back a little bit otherwise for me everything gets fully entered in should we go take out the range height even if we do go take out the range height it does not mean we won’t pull back from there but for me I will have gotten enough for me to say that I believe the bottom is in I’m willing to just sit on it and hold it and I’m not willing to risk the thing getting carried away from me in the event that it continues to go and go so ideal entries for me is if we can get something like that otherwise I’m in if we get through which is this area right down in here and the full YOLO once settled will be complete now I posted several things over there on Twitter yesterday one talking about expansions happening in the market how we’re not seeing that happen right now you guys have seen this on the YouTube channel several times where we run through it to show how every Bitcoin expansion into the new all-time highs occurs when there’s expansion happening in broader markets like in 2017 20 3 and like shown in the first one right over here in 2020 and 2021 but of course here in 2024 that’s not the case you got the Dow way up there you got the Russell sitting way down here you guys have seen this many times we got the Dow Jones doing this whole thing happening in here along with really the exact same structure of what was happening prior to the great financial crisis right here right here while of course that is happening in the exact same environment that was happening during the great financial crisis where we were in in a pause of the hiking cycle the Dow breaks out into the new high story is the same here pausing cycle breaking out into the new high happening in here so while we talk about this bottom coming in here for the crypto market right now we’re going to have to look at it through that lens moving forward talked about this yesterday how the market really just loves narratives it’s because it’s the easiest way for anybody to provide analysis block reward having blah blah blah reality is this was all yof accumulation it’s what we went through through 2022 and 2023 this is a retracement rejection now we deal with ranging context and the thing that we need in order for this to get into expansion would likely need to be what we see happen in every single expansion and that this not be our future and that the Russell somehow catch up with the Dow Jones Industrial Average and get itself into its own expansion so as we look for a reversal to try to put itself into play it still remains to be a ranging context for the whole thing and that we’re going to have to look at it through that lens and that’s not the thing that everybody wants to hear everybody wants to hear we’re going up notice the engagement on Twitter we’re going up we’re going up we’re going up we’re going up we’re going up we’re going up oh no wait we’re going up that’s what everybody wants to hear and I understand that but what we’ll have to be watching for when we get back so long as this area does hold is how we treat these things again and that it’s not another third range boundary and so I’m laying this Foundation down ahead of time because I know if we get there what’s going to happen the crowd will scream we’re going to the moon but we’re still left with that problem there and what we will likely want to see when we get there to get truly excited is to see if we can expand in broader markets if we get this to happen in here this will likely not be an issue and we can actually talk about true expansion happening after this Market got violently rejected by the 702 Fibonacci retracement up in there so I think we’re showing a lot of positive things for us to be working on a reversal happening in here I’m long in the market but again heading into it with the mindset on this YouTube channel is hey now it’s time to go see those retracement levels then it’s time to take a look around on broader markets to see if we’re seeing things expand throughout all markets to Signal we can get through but another thing right looking at it from the lens of what we’ve really been watching for for a bottom to come in and this whole idea that if we were going to take out that low again it actually wouldn’t be very much to happen in here we actually do have another thing on a larger time frame showing up that’s actually quite positive as well and that’s well we ended up getting the moving moving average to start sneaking its way up in here so we actually have our 50 we moving average starting to sneak up really high and really close to here and that’s where we’re starting to see that support start to build in so a lot of good things for a support to be showing up in here the big thing we’re going to be looking for next is really just getting our way back up and then the big question that we still sit here waiting on is that expansion to end up showing up over here in the market and we’ll save that for another time I just deleted about 8 minutes out of this YouTube video to not make it so Downer cuz I know it is such a controversial topic to say that Bitcoin only expands when the stock market is expanding and the breadth opens up in the United States stock market so we’ll save that for another time just know we will revisit it again later and it’ll be something we have to look at as this Market tries to turn itself back to the upside and if we do get our way back into the retracements again it’ll be a topic we have to revisit again at that time to make sure that we’re seeing that happening over there in broader markets otherwise what we’re seeing happening over here in the market currently right now super positive I’m going to keep the video pretty short to just keep it kind of light tight and bright we’ve got every element that we’re looking for it the next phase is just to see now do we have our settling we swept the lows do we come back and settle in here if so I’ll grab all the market in here otherwise my remaining entries will all get taken in as we get up in there and boom let’s try to head our way all the way back up and then we’ll review this guy at that time but man that thing has done a fantastic job getting out of there we’ll keep our eyes on it every day congrats to those who survived the storm of yesterday and otherwise I’ll catch you guys in markets in the morning tomorrow so moral the story don’t be surprised that this impulse that we’ve had for like the last 20 or so hours kind of runs out of juice here for a minute that’s what typically ends up happening it would actually be more surprising if it actually continues to fire its way to the upside but just know all the things that we’ve talked about for the last week is all have played out including this nice rally off those lows after sweeping the lows so this is great so I’ll catch you guys tomorrow in the meantime if you’re looking for something to do of course check out the newsletter over here at blockchain back. substack docomomo chainb backer.com otherwise I wish you guys a wonderful day it’s an exciting time these are how you try to make reversals happen so I’ll catch you all tomorrow I want to thank you so much for watching if you could please like the 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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