PERFECT BEHAVIOR for Altcoin Market Bottom Structure, BEWARE of VOLATILE News, Tame Bitcoin Price

PERFECT BEHAVIOR for Altcoin Market Bottom Structure, BEWARE of VOLATILE News, Tame Bitcoin Price

[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 however we’ve got a bunch of green over here in the market and the primary focus is actually going to be over here on the altcoin market as I am certain that you are aware of course we have seen a downtrend here in the market for the last couple of weeks and yesterday morning seemed to have price action that seemed to be kind of climatic in there we actually reached a price level that we’ve talked about since back in April over here on others or the altcoin market excluding the top 10 I ran through this in yesterday’s video so if you haven’t caught yesterday’s video take a peek at it which is liquidation to support bitcoin price downtrend is qu Market slams the lows Confluence on several where we ran through a series of tweets from back in April after the major liquidation took place where we had like backto back days that was the biggest liquidation event in crypto history discussing about half we went down one more low just below that level that would be my YOLO Zone using examples of how these things can play out and how bottoms can come into play in here for example this is Bitcoin from back in 2022 this of course is your FTX collapse that takes place right here and now watching for prices to settle we took a look at a couple assets yesterday like arbitrum cardano Cosmos or atom they were all at support levels in there hey what do you know they’ve held for the last 24 hours things have looked good so far so it actually does kind of have me a little bit excited here right now cuz now there’s usually a couple more steps that take place in here for this bottom to start to form and so I want to start talking about that a little bit but for example this is pretty much the same structure that we see all throughout the market all through here we have our major liquidation that takes place back here on April 13th prices hold here for 2 months then finally we go and we take out this low this is actually an incredibly common bottoming structure and of course that’s what we’ve shown over here on bitcoin holds this thing for several months and then takes out the low but to kind of see this thing in action and over here and how these things actually do play out quite common you can just look back over here right this is us coming off of our lows from back in mark of 2020 the excessiveness and then we go into a correction like this and I’ve actually grabbed it over here to kind of give you an example of that and what that looks like and as you can see in here it’s really the exact same thing the big fall holds on the support then finally squeaks out the low and that marks it and off we go which is what you can see happening over in here it’s really the same thing this is how bottoms can actually form matter of fact even one of the charts that we look at all the time is the US dollar currency index and while you look at it here your brain may not see it we can actually go back in time and review exactly what it was like when that all occurred in there as you can see big fall holds the support takes out the lows and then what happens it eventually reverses its way back up and that’s how you mark the bottom in there Up Up Up and Away it goes even as we can see over here with Litecoin after it started to try to finally get its first push here off of the lows this is still the exact same style in here as well big fall takes place holds itself in here boom there’s your new low that’s how the low gets formed and then off and away it goes right so it’s kind of like this last flush that happens to push the excessiveness out which is like what you see on xrp in here holds it boom and that’s it and as for those who were here during the 22 and 1 half cent days just like that as well right often referred to as a crashing structure or that this is wave seven for those who follow the crashing structure that this is how the end ends up coming in in here which is the basis of this idea in discussing it in this manner after we see such massive liquidations back in April if we take out a new low it’s like being at the actual bottom and so considering that we see this actually sprinkled all throughout the market that it really just kind of looks the same everywhere the fact that things did hold up well yesterday I’m actually feeling really really optimistic that we’re doing okay in here um but we should talk about like what these processes can be like right in here because this is where a lot of people’s emotions can get completely obliterated in here because this is the emotional news opportunity I guess you could say you know people will always scream manipulation manipulation in any Market whenever they get wrong-footed on something and I tend to think it’s a lot less about like manipulation of the actual prices but what I do personally believe in the cryptocurrency market is that narratives show up when they’re supposed to show up and that they probably is coordinated efforts to have news events occur when they do and I could put my tinf foil hat on and say that it’s like extreme and I’m not just talking a couple of VCS but we we’ve seen government things happen at the correct times too especially the SEC but what’s been really fascinating about this whole move down that we’ve had is there has been no news that has been so fascinating to me as we’ve gotten down here to say where’s the news to really scare people where’s the thing to shake them out of their bags and we just haven’t had it and even yesterday we actually got some good news and that consensus came out and said that ethereum survives the SEC today we’re happy to announce a major win for ethereum developers technology providers and Industry participants the enforcement division of the SEC has notified us that it is closing its investigation into ethereum 2.0 this means that the SEC will not bring charges alleging that sales of ethereum are securities transactions so boom good news at the bottom we all get to buy the low with just like awesome news out there it’s not usually how things go and so we’ll talk about how these bottoms usually end up happening in here and to still remain on caution that there still could be a surprise of news but I’m feeling very confident in here uh this is going to be like I stated uh my YOLO but I’m very cautious of a couple of steps that typically happen before that and so we’ll dive into this and one of the most recent times we can reflect back on that would be for people who follow xrp for those who can recall this moment right here we actually knew for it to be very common to come back to back test this support and talked about it in detail that typically there’s one more flush that ends up happening that’s typically associated with bad news sure enough the bad news came what was it it was like Chris larsson’s personal wallet got hacked for like a $100 million worth of xrp or something like that this of course created a bunch of fear uncertainty and doubt what head of Ripple he can’t even keep his own xrp what what does that mean for the company what does that mean for xrp is there going to be a lot of cell pressures are people going to trust Ripple anymore what does it mean right there was a psychological effect that happened in here for that to occur and where did it occur right there right and so what we talk about quite often when bottoms actually end up being formed and I’ve talked about this a lot is that typically the the bottom is the one that everybody is actually convinced is the bottom and it’s not actually it it’s really close but it’s usually not it there’s usually like one more kind of like this in here for Bitcoin right or kind of like this one right excessive and then whoo this is a trend change one more or this one down here oh that feels like it could be it no one more or this one right oh that feels like it could be it nope one more or like this one that we just looked at oh that feels like that could actually end up being it nope one more and sometimes they don’t go and set a new low but they’ll come back and back test and give one more kind of scare and so the thing that I’m watching for right now is something along those lines occurring here that there’s something that ends up giving one more flush and especially if it comes with something that rattles retail investors that makes you feel like trash you know I started this by saying you know emotional log right and that’s because every time we reach reversal points in anything it’s all always going to be incredibly emotional what was going on at the top when we’re back at the 702 Fibonacci retracement level everybody is euphoric everybody’s mocking Bears ignoring the fact that we’re in a retracement level because the Euphoria is so strong the news is so strong we fresh off of Bitcoin ETFs it’s all super exciting The Narrative is great what was happening down in here at the bottom in 2022 FTX collapsing how are we ever going to come back from this it’s over right it’s over isn’t it and then we spend months right with people screaming that we’re going to 12K not months like a year maybe there won’t be any news associated with it maybe it’ll be fine but typically there is and so if something just kind of magically shows up because what do we just get what do we what do we typically see we typically see that the first bottom is not the real bottom and people just got convinced it probably is due to the news that just came out about ethereum that was released by consensus last night right but then what happens if we flip and then there is like that Chris lson hack for $100 million right and I I talk in this manner and I know it sounds silly it’s like you know what news could possibly show up and typically we can’t we can’t expect it or see it coming but it typically does happen but that’s what I’m looking for right in here looking for this thing to do one more little kind of scare right there potentially some negative news that’s pretty scary and then things start to recover out of there and if that ends up being the case it’s likely all systems are go again for Bitcoin it’s just a big giant range in here there’s no trending that is happening in here there’s no clear read on this thing obviously everybody has Arrow go up as of right now there’s no evidence for it it could still just be a long wof accumulation or distribution that’s happening in here and still just progressing along and we’re only like halfway through the thing again in 20121 when this thing did Escape it came with some surprising news that ended up happening back here still no evidence of that otherwise right it could just be a long distribution that’s going on in here but that’s okay for the altcoin market as long as it still just has plenty of time in here I mean it could spend months up in here I know that’s not everybody’s favorite thing to hear for your Cycles block reward having we repeat on time schedules for the sake of repeating on time schedules but hey if you are a time schedule person and with how long we’ve actually been in this thing it was around an equivalent of about July 9th of when we actually ended up seeing this Market expand compared to the 2018 through 2020 bear so for the time people otherwise the major thing I’m watching for right now is what a bottoming structure can be like and being incredibly alert and Hyper aware that these are areas where news can really shake you up otherwise things look pretty good it’s a process we’ll keep our eyes on it so all right we’ll go ahead and start wrapping it up guys I want to thank you so much for watching if you’re looking for something to do you can check out my most recent newsletter which was published just a couple of days ago the crypto portfolio traits that are winning we’ve gone through 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Hi, I am the Blockchain Backer, bringing you the latest cryptocurrency news and analysis. The content of my channel primarily focuses on crypto news, motivation, and chart analysis on the XRP chart, Bitcoin chart, various Altcoin charts, and market cap charts.

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