THE FLUSH TO WATCH, Altcoin Market Bottom Formation, Bitcoin Price Chart Structures, Right NOW

THE FLUSH TO WATCH, Altcoin Market Bottom Formation, Bitcoin Price Chart Structures, Right NOW

[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 be talking about the Bitcoin price chart along with the altcoin market and what we’ve been talking about this week there’s kind of two main topics that I want to touch on in this video and that’s one what bitcoin’s price action could be up to 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 everybody talked about here in markets 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 Bitcoin has taken another step down to the downside like I’ve mentioned the picture for Bitcoin isn’t as clear to me as the rest of content creation out there in the world all pointing straight line up I think it’s far more complicated than that we’ve gone through it and we’ve shown tons of onchain stuff we’ve written newsletters on this that the onchain activity all signals uh were significantly deep into this thing that things that are flashing on chain in regards to profit taking that is happening is is what happens when you’re getting very very close to an actual top being in but one of the battles with something like this when we’re talking about the altcoin market doing something like this that hey it’s going to come down here it’s going to set this new low and well I mean what do we all want right nobody just wants this thing to go back do another retracement and then we just do the whole thing all over again right nobody wants that we want it to keep going and to get into actual expansion because we all know that’s the problem that happened we have not gone into expansion this has been nothing more than a retrace happening for the market and it got violently rejected by the 702 Fibonacci retracement in here so part of me has to come to terms of being like hey look if this Market is is going to hold right here and if this thing is going to go off and go into expansion thinking that bitcoin’s going to go straight line down doesn’t really sit well with the idea of this thing holding and us actually being able to get into a real expansion right essentially we would probably need to see that level of euphoria get taken out and see Euphoria re-enter the market once again essentially see what we see at the end of every cycle where retail finally pours into the market and buys the top sounds cruel to say but it’s what happens every time in every market so how do we get our way up here like all content and Retail investors are cheering for with us not being in something like this which we sure look awfully similar to where the peak of the Euphoria was back here this is an elevated retrace and then it just keeps grinding down and if you reflect back on what it was like back then what was happening it was the exact same thing right retail investors scared to buy the dip scared to buy the dip scared to buy the dip but in this one in here there was no fear the price kept going down but retail content creation all tailored around price going up even though we were showing price was acting what it’s like when you’re an actual bear during this whole period here in December in January the market was still convinced that Bitcoin was in a bull but we knew Bitcoin was already in a bear I wouldn’t say it’s as clear as day on that we’re going to talk about that but I see that similarity in there right retail Euphoria retail all convinced that this thing is just starting and as this dip continues to progress along retail keeps buying thinking it’s going to go up which is the identical behavior of what we’ve had in these types of situations before so of course the thing you don’t want is something like that happening once again and that we’re just continuing grinding down and down and down and Retail is buying buying buying thinking this thing is going to the moon but it’s acting like what happens when we’ve actually already topped and so this is of course something to be keeping a close eye on right in here as price behavior is resembling something very similar to that happening after Euphoria came in then there’s the retrace and then things just start deteriorating but retail continues to buy that is what happened back in here in 2021 right that happening does not bode well for this idea right there’s really not much examples for us to look at in the market to say hey if that happens Bitcoin just keeps crashing Ing and everything else just goes to the upside it’s not usually how it works right we likely do need to see a reversal come out of here and see Euphoria enter into the market so things that we’ve talked about over the last couple of months have really been again that onchain behavior of what happens when we reach excessive Euphoria and then when we also reach profit taking Happening by large entities and all those things triggered in here for Bitcoin when we saw those things all trigger in 20 177 and in 2021 there was still one more little push that came out of Bitcoin when we had all of these things get triggered off essentially what happens is we set a new high on a bearish Divergence of all onchain activity right so that hasn’t happened and that’s a little bit of a head scratcher so how do we make this work H how do we get this thing to be able to go off get up and we have excessive Euphoria come into the market and that we get a couple of months of really kind of crazy wild action happening in the altcoin market and I think structurally we’d have to be seeing something very similar to what we saw happen at the actual peak of Bitcoin back in 2021 that we actually are more in something along the lines of like that that we had you know this first initial kind of sell off here you see the kind of grinding up that happens in here then it just kind of violently pulls back and then it violently whips back up to the upside obviously the magnitude of these moves all very different uh but you know we kind of reach our Extremes in here we’re making something that we’ll talk about here in a minute everybody will start thinking as a head and shoulders happening up here at the top uh and that we do find our way to get our excessive Euphoria to happen right here and then the altcoin market kind of continues to go kind of Bonkers here into a moment like this now we can kind of go back and live there in March and April of 2021 and take a look what the price action looked like I’ve cut off everything that takes place after April 7th of 2021 to see what the structure actually looked like at that time so you can kind of get yourself a ballpark idea of what it looked like near the top of Bitcoin back in 2021 compared to what we are looking like right now what is bitcoin end up doing it ends up reversing going up and then boom it sets the high and that was the end of the market it was over but going back to liveing that moment again what did it look like what did people think was going on hey what do we have here we got ourselves nice little gorgeous Head and Shoulders starting to show up in here which was looking something along the lines of this whole thing in here there you go and when you measure out a head and shoulders of course you measure the length of the head to the neckline and so of course Bitcoin doesn’t actually end up getting that high uh even for a cup and handle structure one of the misconceptions that was happening is that people were using the size of the cup rather than the size of the handle uh but even in this we’re supposed to be using the handle which gives us the magnitude of which we can actually end up moving up in here so what does price end up doing again we get our play out to happen in here we go off boom and then game over but what ends up playing out in the market next right reflecting back on it and what it was like back in April and back in May right this is when we’re having Dogecoin Euphoria this is where we’re having Elon Musk on Saturday Night Live this is where all the craziness is happening and Elon Musk goes on to Saturday Night Live right here Saturday May 8th so really all the excessive Insanity of the altcoin market all takes place in this stuff right in here even though there’s really nothing left to happen over here for Bitcoin this is how the ending all plays out so what would that mean in the event of something like this happening right in here well it would likely mean hey we’re getting pretty close to a reversal starting to show up in here and then comes the crazy excessiveness right kind of getting ABC correction happening in here ABC that we can see here ABC and then the euphoria ends up coming in and the excessive craziness ends up coming in in here right which would mean we’re getting really close to a bottom before it gets absolutely nuts right well that would corroborate this that would corroborate that we’re finding a bottom and then in comes the excessive Euphoria and the craziness and the wildness ends up happening Bitcoin sets a new high just barely altcoins go Bonkers Bitcoin tops it goes back into a retrace altcoins still continue acting like Madness throughout that whole time period boom then it’s all over lights out off into a recession we go likely right so when I imagine it like something like this I would think that would have to be kind of along the lines of what is happening that Bitcoin would need to be finding some type of bottom coming in here pretty soon to then start bringing in that excessive crazy narratives all over again hey we just had the having can you believe we’re doing this it’s just starting uh but you know it it’ be really kind of reaching the end here it’s just this has just been long distribution happening over here for Bitcoin with retail really excited about it the whole time right but obviously what we can’t have for any of that to happen is for this to be the circumstance of what is actually going on in here and that bitcoin’s already deteriorating things are going down the Dow Jones Industrial our average is doing exactly what it’s done before the great financial crisis the dxy is back to threatening the historical danger level of 106 again and this thing is just doomed happening in here for me playing with Bitcoin is not interesting to me percentage wise I’m just not interested in chasing it going barely into a new alltime high even if it doubled the all-time high it still just isn’t that interesting to me all of my interest is really over here on the altcoin market whether it can recover because mathematically the data suggests that is where the percentages are believe it or not even when it comes to total value locked developer activity all those metrics that we look at Bitcoin still underperformed I would suspect it to be the case as well if this thing goes into recovery we’re talking much bigger percentages here in the altcoin market if we actually do see a recovery happen in the cryptocurrency market so where are we at right we’re talking about the complications of Bitcoin I’ve been pretty vocal I don’t see what everybody else is seeing in regards to this just being the beginning I either see it’s just the start of the end or that maybe you got one little push left happening in here but the main focus for me has been ever since taking all the profits back at the retracement levels for the altcoin market and trying to play this thing along in here and tweeting along the Journey of hey get down into the YOLO Zone after the stops get shifted after buying the low right how am I going to play this I’ve done a good job preserving all the capital that was taken away from the retracement levels and now it’s about all right I’m thinking about re-entering all of it but trying to figure out how do I battle these two things that are going on in my head of what I see happening in crypto that either one bitcoin’s got that thing to go or two the death spirals already put into place and in motion currently right now so you know how it’s going in my head on how I’m thinking about this right now again this is not Financial advice not an investment advisor blah blah blah make your own decisions do whatever you want I’m a dude on the internet who has an idea and this is this is what I’m thinking about doing the entries that were made down here at the bottom on Saturday April 14th most of them have been stopped out as we’ve pulled down in here like I had tweeted when these entries were made 20% was actually taken out right in here to ensure that this would be risk-free which was tweeted right here on April 15th risk managing by selling 20% with stops below Saturday’s low that’s on April 15th so the stops below Saturday’s low then on the 19th stating that I’ve moved the stops even higher well now that it’s down into this area that I’ve deemed to be my YOLO once settled Zone I actually have re-entry stops set way up here that if this Market surprises me and goes shooting through here I get stopped back into them I get pulled back into Market the capital gets pulled right back in it’s pretty uncomfortable for me because it’s so far away for a lot of assets that’s a good 20% 30% to the upside before it gets there and having to wait for a market to go up 20 or 30% miss that whole move and then finally it gets and hits my stops and I buy it after the move has already gone way up that’s a little uncomfortable but it’s kind of where I have to be right now to feel comfortable with the whole structure that’s even going on with the crypto market right now essentially becomes a wash entries are made here stops happen in here I get re-entered right back into close to where I got stopped out at and it just becomes kind of a wash in here and I know this may sound complicated but this is just how the risk management had to be done 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 in 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 suff 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 now there are some assets where I’m already starting to feel comfortable with doing that for example like with cardano it got up it’s already pulled back pretty close down to the low I don’t think it’s any surprise that I own cardano it’s one of my top Holdings so this is one I’m feeling more comfortable with moving my stop down already on cardano same goes for like polka dot over here but maybe not as much over here on chain link so it’s kind of a process that I’m just kind of gradually starting to get into but the vast majority of them have still not been moved 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 5 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 that all the Bitcoin Mega BS get what they’re uh cheering for and that it’s not something that gets really ugly either way that’s what I’m looking at that’s what my idea is that’s the way I’m kind of playing it right now and I kind of walked you through all the different steps of what’s going on in my mind so you may need to rewatch that a couple of times to get where I’m at and so you know one of those things of course that keeps me uneasy at the same time is the United States stock market and where it’s at we haven’t seen expansion happen in the stock market this has been incredibly isolated to pretty much Nvidia controlling the whole show of the US Stock Market we’ve got the Dow Jones doing really exactly what it’s done before things get ugly so at the same time I’m over here I am entering Hedges over here in the United States stock market this week I’ve opened up a couple of options contracts over there on Nvidia I bought puts with expirations for November 15th with a 138 strike and $132 strike anybody before me who has attempted to short Nvidia has gotten those shorts absolutely obliterated there’s a high probability that could also happen to me as well but fortunately so far they are in the money right now but one thing we’ll be watching for of course is we’ll continue watching the stock market make sure we don’t get a play out like this to happen over here in the Dow we’ll make sure we’re not getting some type of 106 escaping happening over here on the United States dollar currency index and in the event that we start seeing things like that where we start seeing the Dow start to go into deterioration and if we see the dxy start breaking through through the danger zone and start going off in here likely a bad sign for Bitcoin and the altcoin market at that time right so we have a lot of things to be watching in here but I think I kind of gave you the real recap on how I’m playing it and how how my mind is looking at it looking at it through those different lenses and how I’m trying to protect my Capital but also not miss out in the event that the market does do that because in the event that that ends up happening this was the best part part of the whole crypto Market this whole time period right in here the final leg for Bitcoin and the retrace for Bitcoin that’s the most exciting time for a market in the crypto Market especially for the altcoins it’s not that much for Bitcoin but it was the best part for the altcoin market and of course I don’t want to miss that so I’ve kind of given you the clear kind of blueprint on how I’m playing it in here so I expect we’ll probably see some action Happening Here in the coming days there’s even a chance here I’ll have to check in with you guys over the weekend and if we get back down to these lows again right here I will check in with you over the weekend but it’s a pretty exciting time right now because there’s a very reasonable chance this is the bottom forming right in here so I hope you kind of like looking at it through that lens looking at it through the way I’m looking I’m thinking about it showing you kind of the examples of how I’m thinking about it why I’m talking about the low I’m talking about the next flush we’re coming back to the low and then that little flush happening in there and then settling right the whole settle discussion happening in here and that’s what that would look like that’s what settling would look like to me so all right let’s get this weekend going guys I hope that you’ve had a great week happy Friday to everybody thank you all so much for tuning in to my channel and watching if you’re looking for something to do throughout the weekend I highly recommend checking out the newsletter that was published here just a few days ago comes with a 32-minute audio recording and we deep dived into a lot of the data on the different coins and what different traits mattered when it came to total value lock developer activity and all those different metrics those are the things that I’m focusing on as we’re entering into this moment otherwise if videos are more your thing you can check out BCB backer.com with over 40 videos and 11 hours of content deep diving into the historical behavior of the cryptocurrency market and teaching you how to set up your own charts and indicators within trading View and coin Trader Pro there’s links in the descriptions of all of my videos to BCB backer.com and to the newsletter there at blockchain 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