BIG WEEK AHEAD as Altcoin Market Dances on Support, Bitcoin Price Teeters, and XRP Jumps Back Up

BIG WEEK AHEAD as Altcoin Market Dances on Support, Bitcoin Price Teeters, and XRP Jumps Back Up

[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 as we’ve got some red action over here in this market as we start off the new week of course that primary focus is over there on the altcoin market to see if we can get ourselves back to the top of the range which we’ve been pulling ourselves down on since June 7th as we await to see if this Market can spring itself back up and get itself off there into expansion now I released a newsletter over here on blockchain back. substack do.com over the weekend where we went back through a lot of that development activity total value locked nft activity percentage draw down to take a look at those portfolios and those metrics to see how those assets have performed and to see what has changed in the rankings of developers and total value locked and what we clearly saw was a big dispersion of results throughout the market on who’s performing well who’s underperforming we could clearly see development activity continuing to win total value locked continuing to win but also what was really interesting about some of that information in there was to see that in 2021s Bull Run you know we’re talking 3 four years ago one of the criteria that produced the best results were the coins that actually had the shallowest draw Downs during the 2018 bar Market that group as a whole actually did incredibly well when the market went into expansion and so in revisiting these to see who has had the shallowest draw Downs in 2022 while we can see total value locked and developer activity coins all crushing it here in 2023 and 2024 one of the sectors or one of the traits that actually has been struggling has been those ones that have had those shallower bare draw Downs for example Tron was one of those that had one of the most shallow pull Downs during 2022 and 2023 only falling 75% it’s actually gotten its way all the way back to the retracement levels however from a percentage standpoint it’s not a whole lot whereas on something like Salena which is risen 2000% back to the retracement levels well that’s because we come off of a bam a 96% fall right an equivalent of that of like Tron is like only falling right here to 75% and well shift that up to here and you could see those percentages become a whole lot less if it had a shallower bear but due to that bear being so deep we actually end up seeing those percentages that shoot back up be a whole lot more but one of the fascinating things about looking at that group of the shallowest bear is they’re all kind of in the same little group here that it proves to the market we haven’t expanded yet this Market has not gone into expansion anywhere and so as we sit here right now it’s that big fight that big question will we get back to the top of this range and if we do make our way back to the top of this range then we’ll be making structures that look like what occur before you do go into expansion but right now of course it’s like sitting on the edge of your seat it’s like oh my gosh are we going to get through because you can see lots of coins are actually holding up just fine during this whole moment with those April still being super far away but many coins are actually already starting to take out those lows so a lot of those entries that I made down here on April 13th many of them have been stopped out several of them have not and essentially the main thing I’m looking for in this market right now to see a sign of life and hope here is if we can suddenly just shoot our way back up to the top of that range and I know it sounds crazy for it to be able to do something like that but that is absolutely how these things can work in here to get yourself back to the top of the range and you can see how sloppy and nasty it can be in here uh to get our way down in there to kind of scare the market there at the end before things can kind of shoot their way back up and if we do get ourselves back up to the top of this range likely it’s not going to get itself out immediately but that we’d probably work around in there in a wof sign of strength similar to what we’ve been talking about here in all of these structures that we’ve seen in here like with xrp still holding right it’s fortunate we’ve got this type of structure set up right in here in a moment like this and shout out to xrp being one of the only green ones today but right now we’re kind of living in the moment it’s like all right give us some life here and let’s not see some type of cascading liquidation come out through the market uh if we can get some moment like that to where we do shoot our way back up to the top of the range happening in here for the market uh this will be a buy area for me here in the market again on a pullback as of right now it’s kind of sitting back can we get the reaction because this moment certainly has that feeling of like it is the one that dictates the future of the cryptocurrency market for like the next year going back to the top of the range creates a type of structure that can lead to expansion but an actual fall down in here where if Bitcoin like liquidates these lows down in here suddenly our Market starts looking awfully lot like the exact concerns that we’ve had in here for the last six months in that this was nothing more than a glorified retracement of Epic Proportions during a pause period while the reverse repo facility was draining out while stocks went on and hit their 4.236 extensions right as of right now these things are holding and they’re still just moving right on schedule so nothing’s nothing’s crazy in here but it just kind of it shows like the way I’m looking at it right in here I’m looking at all these things and I’m thinking man like this is kind of a big moment for us right in here this is like our decider on like hey it’s time time to get a go or it just starts to look like we really are just repeating that this was all just some kind of retrace with no expansion that happened to set a new high which is really kind of like the same thing that we saw happen back there in October and November of 2021 that it was really just a retrace that went a little bit higher right and I’m not here to to terrify you or scare you I’m telling you hey we’re we’re looking right on track everything’s looking right on track it’s looking fine but you can kind of see it for yourself in here that it’s like man this seems like a pretty pivotal moment where like it’s time to make a break it’s it’s time to get on with it and so like one of those things I’ve been looking at right now to be like man okay so some stuff has been getting stopped out some stuff is still holding up okay right you can see ethereum it’s still sitting way up off of those lows you see things like near protocols right still sitting way off of those April lows down in there right chain link has held those April lows down over there same for hyera hashgraph right but you got some stuff in on the edge like polka dot over here and then you got others starting to really kind of start to take those lows out right over there right now like cardano aland and arbitrum so of course part of me is kind of like all right well does that mean like if we’re getting kind of a warning sign from some of them does that mean that’s the future for all of them right it’s like all right well let’s go see what was happening in the market right here right what was going on in the Market at this particular time when we were back in 2020 so what we’re going to try to see is what was happening right here well we could see that ethereum had had that big pull down in there but also holding up okay right here in that moment we can see that BNB had gone on to set a new high right here and then had pulled back but still way above those lows that were set down there we could see that xrp was still holding although getting pretty close to those lows that were down in here but still holding but definitely getting near the lows but we could see things like ethereum classic did go on to set new lows during that moment holding boom that ended up being kind of the breaking point but it did set a new low even Doge was setting a new low down in that time period har bar or hyera was as well so while some stuff did hold up some stuff was setting those new lows at the same time so it’s hard to say hey just cuz like we’re in this and some stuff is setting new lows in that moment well that’s really what we did in the Market at that time too some stuff held some stuff set new lows and of course I’m just sitting here beating my head trying to be like all right you know where’s the warning sign where’s everything is it because these ones are setting new lows or is it because these ones are holding up okay and I I can try to say well was there signal in that in the past and there wasn’t signal from that particular thing so if I’m looking for signal from it you just you didn’t see it there it didn’t mean hold on to them other in a free fall right because everything was fine but it’s just whether or not there was actually signal from that I it doesn’t look like there was it looks like this was like a capulator moment that happened in the Market at that time and then you know the way things kind of panned out after that right like for things like har bar that wasn’t exactly indicating you know just because that happened what was going to come next for it right but I I think what we can see in here it was very capitulo it was like a capitulation moment that happened in the market right in here where some stuff held some stuff didn’t and even if it didn’t like you saw with Dogecoin or even here with harar or like ethereum classic that when that happened right there in that exact moment there the new low did not indicate that it wasn’t going to be one of the better ones moving forward but of course what did it all require it required expansion to end up happening in there and so right now with where we’re at uh Hey sure would be nice if we could get some signs of that so we still sit back waiting for it to happen in here I can see we have a totally mixed market out there right now some stuff holding up fine some stuff setting new lows question is was that what was happening back in here it is what was happening back there now we’re just waiting for sign of life to show up and the real ity is it can be nasty before it does end up happening and well for all those who watch this channel who are also xrp fans hopefully it can be the first one to give us a little clue of what’s to come but as of right now the market cap doesn’t look out of line with what would happen in a structure like this it’s also not out of line of How It’s behaved before and the individual altcoins behaving the way that they are with some holding some not that’s not out of line of what we’ve seen happened before but the big thing to really alleviate a lot of that concern is to see a strong reaction come out of here and if we’re going to get it I would be absolutely shocked if we don’t actually see it by the end of this week and considering xrp doesn’t tend to do things on its own this may be a pretty good sign and so I do know that in these moments and times this is where sentiment is usually reaching its Rock Bottom Point always important to remember that back in March everybody high-fiving screaming down with the Bears always remember these moments always come back they typically don’t last forever so on that note we’ll keep our eyes on it hopefully this is our week like I mentioned earlier in this video a newsletter was published there over the weekend this one has a 32-minute audio recording on it deep diving into a ton of data and performance and trends that are happening with assets that share common trait such as total value locked nft activity developer activity and how those separate baskets are doing and again we’re seeing those same results show up here in 2024 as we did back in 2021 once again the top 20 by market cap incredibly volatile that’s the place that people typically go to when they enter into this Market is hey what’s the top coins by market cap but we can see in there the incredible volatility in there how many low performers sit there in the top 20 or we go and we look to Twitter and we look at panda bears or brown bears to tell us hey what’s the the hot coin to buy right but a lot of times we just kind of have to put in our own work to have our own confidence and conviction in what we’re doing and so this data is always helpful for me I treat a lot of this stuff from like a mathematician and statistical standpoint so you can take a look at all that stuff uh but this one was a big one in the working check it out over there at blockchain backer.com if you’d like to learn how to set up your own charts and your own indicators within trading View and coint Trader Pro I also have a website over here BCB backer.com with over 40 videos and 11 hours of content teaching you how to do all of just that along with yoff accumulation and Elliot wave theory there’s also downloadable PDFs in here that you save your hard drive or print out that are supplemental to a lot of the sections in here right over here on BCB backer.com there’s a link to my website right down here in the description of this video and there’s a link down here to the newsleter over there at blockchain backer.com otherwise I think this one is well worth your time over here we put a lot of work into it and I hope you enjoy it but all right that’s it thank you guys 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 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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