RIGHT ON TIME, Bitcoin Price Chart Pushes Altcoin Market to Wyckoff SUPPORT Like 2020, It’s Here

RIGHT ON TIME, Bitcoin Price Chart Pushes Altcoin Market to Wyckoff SUPPORT Like 2020, It’s Here

[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 briefly talk about the Bitcoin price chart but the primary thing I actually wanted to talk about was what’s going on over here with the altcoin market I touched on this a little bit in yesterday’s video but I actually really wanted to focus on this today as you can see it is just a blood bath over here in the altcoin market today as Bitcoin has a daily candle here taking it from about 69500 down to 67,000 some altcoins look better than others but in general just weakness throughout the altcoin market even ethereum taking a stab there below that low that was set back there on May after the big hey it looks like the ETF is going to get approved an now but I think we’re at like this really critical juncture here for the altcoin market in general and crypto in general and I just wanted to kind of run through it with my thoughts of what I’m looking at now and really what I’ve spent the last five hours staring at over here on the altcoin market yesterday we spent a fair amount of time actually showing the stock market this is something we’ve talked about for years now at this point we talked about what happened back before the great financial crisis before the c19 selloff that you have the breakout into the new high happening in here while the FED is paused that is exactly what happened before the great financial crisis happened a breakout into the new highs while we were paused which is what this whole fractal is right here I wanted to address that really fast and just say nothing on this has changed this is all still looking exactly the same until proven otherwise it sure looks it looks scary but the big question is can there be a final push and a last Harrah that happens over here in the cryptocurrency market like you typically see before things actually end up getting bad and that’s typically where we have the most exciting time in the world nobody believes prices can ever come down it’s a new paradigm kind of like what we experienced back in March Bitcoin the picture isn’t as clear but I see interesting things happening over here in the altcoin market and the timing of them happening and really as we’re talking about these rates that we have that fed meeting tomorrow and I know we talked about this in yesterday’s video but too many things are lining up for something weird out of this meeting whether it’s magical unicorn asked Puppet Masters pulling the puppet strings SC or a simulation there’s some Behavior here in this market that is replicating the past so well that it’s a perfect time for some type of just Catalyst to show up and that Catalyst may only be temporary mainly last a couple weeks or something but it’s right at this position to do it and I’ve shown this of course for the last couple of months that you can have an ABC correction happening here and what we’ve seen those recoveries look like and I showed this yesterday day showing how these things ended up playing out back in 2020 and I also showed what that looked like in relation to what xrp looked like during that exact same time back in 2020 this whole thing where it’s taken from That’s before we ended up getting going in this market and things went really exciting but before we went into expansion we had this whole correction that lasted all throughout here as you can see in here these are remarkably similar as well and it’s not unusual to come down in here in the consolidation structures happening in here but what I find fascinating about it is the actual structure of it and what it actually has been doing the timing of it and then again like I keep pointing to uh tomorrow it feels like there’s some type of surprise or something that just smells funny based on what we’re actually seeing in here and to get an idea of how perfect this actually has been to back in 2020 we can look in here and see the timing of these happening almost to the day on each other and not just for here not just for these in here or where the fall takes place but when we go back and we say hey when did this run like officially kick off you can see that this run kicked off right in here and for those who don’t know like we all think of uh c19 as being the worst time ever but it was up only ever since then once that happened there on March 12th it was up only from then on out with this long pause here that we keep pointing to in here and we look at the timing of these things and like when did things start to kick off and they really started to kick off they’re on October 20th then we do consolidations we do BU Flags then we do breakouts and then we end up having all of this all play out in here just on the right time now why is it still pointing to the FED meeting tomorrow like something smells funny about it all well if this thing is to continue doing something like this in which it’s follow the timetable ridiculously well then in the coming days and really by the end of the week we would want to see prices hitting the top of that range once again which as you can see in here a quick reversal that goes right back up to the top of the range to then have to consolidate again before a breakout could ensue as demonstrated here so let’s play with the idea if that did happen one we don’t know if it will if this thing starts taking out these lows and taking out lows it looks like trash hard argument there at that point point but let’s say we do get some type of reaction tomorrow and that by the end of this week we have gotten ourselves back up to the top of this range the question then becomes what next I talk about this a lot on my channel I’m trying to typically think two to three steps ahead if you’re one step ahead on crypto Twitter you look like an absolute genius but if you’re two steps ahead people consider you a dingus and insane but I’m always trying to stay two steps ahead so in the event that that does happen What would I be thinking then after that the argument would start to get pretty strong that we’ve completed an accumulation structure that we have seen this Market do before and that our next phase would be to start working our way up to break out and go into expansion but there’s a caveat to that because of what’s happening over here in the United States stock market that what people’s ideas of what expansion would be might be that that means the block reward having matters in fouryear cycles and we have until 2025 but I wouldn’t actually go into it with that mindset for me personally that it’s that much time that I would be thinking that maybe a few weeks and really just trying to get an extension of this actual range that we’ve been in right now similarly to like what we actually saw back over here in which we get a full extension of that range and I’m not saying we’re going to do something of that magnitude but it’s possible if that’s what’s coming next over there in the United States stock market again that this is kind of like the grand finale the Last Harrah The Roaring excitement and that we end up seeing a move that in total three gets us somewhere close to like $1.5 trillion which ends up being very close to a 4.236 extension based on 2018 which we know we came up a little short over here uh but that gets us into that area in there for the crypto Market anything beyond that just becomes such a difficult to to say is the market going to go crazy and I think that would have to actually be determined on this thing that it’s not going to end up rolling over here even though we have all these economic indicators pointing to it that it would but instead of something like this you would likely need to see things like what we saw back with Nvidia start to happen in here where it pulls and then it goes back and then it does that if you did that hey man I’ll hop on board and we can go crazy but just no that would be very different from how markets have historically behaved in this type of environment where we have this lack of breadth in the market it’s super Consolidated into just a few names it’s not an expansion right this is the type of behavior that comes when these macro elements become present but it doesn’t mean that we can’t have a quick push and a roaring excitement If the Fed does something like we’ve talked about many times in the past that retail is fully convinced that rate Cuts mean b market and that we could see that style Behavior emerge in the markets where it gets euphoric it gets crazy and things are exciting for a couple of weeks while people think that the rate cuts are good however as we know like in that environment when those rate Cuts come it’s typically trying to soften the blow of what’s actually coming in the markets to soften the blow of what’s coming in markets the actual cut period is not exactly the Roaring bull market it’s once credit conditions are actually already loosened and the market is actually already bottomed that’s when it becomes bullish right not during the actual cutting or during the actual cutting and so we know we sit way up here at this time right but with how this Market behaves I would not be surprised to see the narrative swap because there’s so many large accounts that have such big impacts on retail investors that perpetuate The Narrative that the cuts are good so in the event that that happens just wouldn’t be surprised for it to actually happen very quickly if it even happens and that we could turn from being a I’m bored I’m pessimistic I’m trash talking on Twitter to Boom in three weeks you’re all the way up here and then it’s time to sell and walk away I could imagine that happening now these are all hypothetical this is all a madeup story of the FED cutting rates tomorrow something happening or Jerome Powell saying yeah you know what we actually are we’re going to cut rates at our next meeting right he could say that and not actually cut but say we are going to cut at the next meeting right something maybe he doesn’t do any of it but time says the triggering moment for things to kick off would be in the next two days now if the FED comes out and says nope we’re not doing anything and the market goes like that well guess what all this is wrong it’s dumb but I’m seeing something emerge on the chart when it comes to accumulation structures price Behavior and the amount of time that it’s happened and that if there’s going to be something euphoric that ends up showing up in this market it seems like we’re kind of at that time where it could right and on these things I always try to show you all the data on why I’m saying the things I do I don’t ever come on here and perpetuate yeah the Fed rate cuts are bullish because I think so because of this narrative now I always go back and I say well what happened when we did cut rates let’s take a look at the data and see how the market reacted to it let’s see how the market reacted when we were cutting rates right so looking at this is merely saying hey look this this is very interesting to see how it’s actually played out how the structures of the flag showed up in here and the timing of when they did how we kickstarted this whole thing right when we kickstarted it last time and then go into the same accumulation schematics on the exact same timetables as we have before and the only reason I keep pointing to this thing is because I try to think to myself what’s the narrative going to be like what is retail sentiment going to be like what are content creators going to be perpetuating and selling you as the new hype and the timing of it points to Fed just where it’s happening at the locations of these things occurring in here and that we have a Fed meeting coming up tomorrow we’ve already seen the ECB cut and we’ve already seen the Bank of Canada cut and now we’ve hit unemployment rate of 4% it just points to it I’m not a fat expert this thing says it’s a 99% probability we’re not going to cut that thing is Right 99.9% of the time but something smells here and I wanted to show you that something smells from a timing perspective an accumulation perspective and that if it did occur if it did start to happen I think there would be a lot of narratives a lot of hype a lot of excitement and a narrative that we would continue on for a long time but I think it would actually be more likely if it does end up occurring that it won’t be something long and drawn out and just kind of climbs on for a long time uh but that there’s a good potential here that we actually could just do something very very quickly because of that macro environment that we had actually have going on here right now and so part of me is nervous part of me is excited I definitely don’t want to see a death candle in here I think that’s the thing I’m more nervous about is that it doesn’t hold and that it breaks down cuz then it just gets ugly for a long time but the excited part is are we going to see a reaction and if we’re going to see a reaction like I’m talking about being two steps ahead if a reaction does show up in here what seems to be the next move after that right because I have no problem coming onto my YouTube channel and being like all right I’m selling stuff while everybody is Mega screaming Raging Bull I have no problem coming on here in buying stuff when people are Mega screaming we’re going into 12K but in the event of that occurring of course I say to myself man what if this does happen what if we do play out like that and if things get exciting and roaring really fast and what if it only takes you know a few weeks or a couple months for it to play all itself out well then I’m going to come on here and I’m going to be sitting here saying all right great guys I’m selling a lot and the narrative will be no what are you talking about we’re just starting especially if the FED Cuts or if the FED signals are going to be cutting at the next meeting what are you talking about the FED is just getting the money printer going right so I just wanted to kind of Point these things out this is one of the most fascinating dynamics of the market that I can recall uh just from where we actually started our trip up at how we’ve stopped and how we’ve gotten to where we are right now and all the steps along the way of that occurring and that it was almost the same number of days between that liquidation that took place right there and then just the same number of days for every phase in here to come out and and that’s what’s truly amazing in here is that here I’ll take these off too uh you could see this top right in here comes in on the same day as that top right there this bottom right in here comes in on the same day as this bottom then they just shift along maybe off by one day shifting along bigger cell bigger sell which is what we’re in today um and then you know looking at you know the next two days he looking at Wednesday and Thursday in there and so you know really what we’re wanting to see is we’re wanting to see that like bottom formations start to actually kind of happen right where we’re at right now so you know take from it what you will if you think it’s nonsense that’s totally fine but I’m incredibly intrigued by it and if it continued to do that I’m trying to look further ahead and say what would the next move be like like imagining that what would the market be like in the event of that occurring would we see the money printer memes we see the Drone ow spitting all the cash out and especially if they don’t cut tomorrow but they say hey look we’re going to be cutting in a month from now or something like that and people are all like how could you become a bear right when you get here right when the money printers are just now going to be turning on right I mean that’s just the way my brain works because it’s always like that right when you get into really exciting time periods the whole crowd is wild when you get into really scary time periods and prices are falling the crowd becomes incredibly pessimistic and toxic right but if that’s if that’s our future you know I just think it’s some interesting food for thought and and a good thought exercise in there again supports have to hold here we’ll monitor that of course throughout the week tomorrow we’ll have markets in the morning and then we’ll also be live streaming the FED meeting as well we definitely want to see that hold there I mean it’s It’s Not Unusual to dip you know a slight bit below but you know we’re in that area of supports wanting to start to form up in here no big liquidations to take this thing down any further but tune in tomorrow we’ll see we’ll see what happens right I’m just trying to kind of mentally prepare myself because in in my head I’m thinking you know this is this is unsettling right this is all unsettling and like it just if I put a timetable on that it’s telling me hey you know I mean things so are getting real nasty at the end of this summer so that doesn’t buy you like an absurd amount of time right if it continues to move at this velocity right don’t even know if it will but if it does right how much time do you have in here anyway keep your eyes on it I know I will and I’ll be checking in with you guys twice tomorrow and I know I sound very serious I went back and listened to this I sound very serious in there and I think it’s because I’m really just trying to think all this out like we’re at this support level currently right now and if things get going I I know what it’s like heading into a moment like that and I know uh if that did play out uh it would be incredibly exciting right and a lot of times when we get excited we get totally drunk on that excitement uh we start letting things run through our heads of like hey if it goes up even like this then maybe I can afford to buy that house that I wanted or that car that I wanted or I can quit my job and we create all these ideas in our head and like stop paying attention to what’s really going on um but heading into that moment if it did show up it’s just like kind of mentally preparing like hey look that would be great it would be what we all came here for uh but it’s also the time to not play games for me right it’s the time to be like you know it’s time to execute you know what I mean so okay otherwise we definitely want to see the levels we’re at currently right now hold I would think at least for the altcoin market as for tomorrow I will check in with you guys of course we’ll have Wednesdays markets in the morning and then we will be live streaming the fomc and that live stream will start at 2 p.m. Eastern 1 p.m. central 11:00 a.m. Pacific Standard time I believe that’s around 1,800 UTC so all right I’m wrapping it up thank you guys so much for tuning in I hope you found that interesting again we’ve been talking about a lot of these similarities that are happening in this market right now to what we’ve seen before when we kind of go into that last harah in the market you can check out the recent newsletter that was put out there on the brink as crypto history repeats it’s got a 21-minute audio voiceover I record all of those personally myself if you sign up for the newsletter you get access to all of the past newsletters as well including all of that research data that has been done when it comes to Value locked development activity user activity levels circulating Supply inflation Dynamics and how that impacts prices all that stuff is in there and of course all that other stuff on gold markets the the whole dynamic on blockchain backer do sub stack.com of course you can check out my website over here BCB backer.com where I have 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 about different patterns wof accumulation Elliot wave theory the historical behavior of the market and a lot of additional things that I’ve learned along the way including those things of right now trying to control it emotional management right uh there’s downloadable PDFs in here as well as supplemental information for a lot of these different sections you can check this out over here on BCB backer.com there are links down here in the description of this video to BCB backer.com and to the newsletter over there at blockchain back. substack docomo I hope you have a wonderful day and you’ll get a big dose of me tomorrow so all right that’s it thank you all 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 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