MARKET SHIFT as Bitcoin Price Chart, XRP and Altcoin Market Align with Breadth as Markets Turn

MARKET SHIFT as Bitcoin Price Chart, XRP and Altcoin Market Align with Breadth as Markets Turn

[Music] hey what’s going on everybody this is the blockchain backer bringing you the latest cryptocurrency news and Analysis today we’ll be talking about the Bitcoin price chart but more so talking about the state of crypto and the altcoin market piggybacking on the things we’ve talked about earlier this week how if there’s a time for something to start waking up in the market it seems like these next two months are going to be pretty critical to the crypto market and to broader markets we spent a lot of time discussing how breadth is something that is incredibly important and yesterday we saw a very big move happen over there in broader markets in regards to bread and so if you’re unfamiliar with what Brett is that’s b r a d t h Brett not like you have stinky breath but breath has to do with the health of the market in regards to broader participation throughout a market rather than just a couple of assets doing well having good breath has been important for every Bitcoin Bull Run and crypto Bull Run throughout history so stick with me for just a minute and you’ll understand where I’m going with everything if you had to think about it in like cryptocurrency terms it would be like if Bitcoin is going up to all-time high but the altcoin market is sitting down low that is poor breadth but if bitcoin’s breaking out into alltime highs and then the altcoin Market’s roaring and breaking out into all-time Highs at the same time that is the breadth opening up that’s broader participation in the whole Market well the dynamic that we’ve had in the stock market here for the last year has been really poor breadth and we’ve shown this tweet several times here in the last week or two from Eric balunis that the top 10 biggest stocks in the S&P 500 contributed to 77% of the index’s total return in the first half of 2024 that’s the second highest ever reading of that number only time it has been higher was in 2007 so of course we’ve talked a lot about this the only time we’ve had Brett that has been this poor was 2007 which of course then led to the great financial crisis 2020 that led to c19 and 1999 which led to the dotom bubble popop here we are for 2023 and 2024 rivaling in that group so that of course has led to ultimate concern and worry are we having problems here and we’ve continuously pointed over here to the Russell 2000 that it needs to wake up because every broader cryptocurrency bull market takes place when the breadth of the United States stock market is wide open in other words it can’t just be a handful of names and I’m sure we all know what names those are right Nvidia Amazon Apple Google Netflix meta really those names alone have contributed to like 34s of the S&P the NASDAQ but the rest of the stock market has not taken part in this action that is happening over there for these major indexes but instead it has been very Consolidated into just a handful of assets that it contributed to everything so we haven’t seen broader risk on environments if anything it’s actually risk aversion as everybody is consolidating into just a few assets but what we know from historical behavior of the cryptocurrency market is that it performs well when there is risk on there’s a lot of fancy narratives that go along with crypto to say sound money foure Cycles block reward Habs baked into the protocol with the cold hard reality is we follow a risk on environment and markets right here I’ve got others or the altcoin market as you can see peaking right here right with the Russell 2000 you can see the rallies taking place together you can see the long bearss taking together and then the rallies and then look at that peing and then trash but we’ve spent some serious time talking about this on hey there needs to be something that wakes up over here in the Russell and we actually got some crazy action to happen in markets yesterday I of course was posting about it on Twitter all day yesterday but we actually saw the Russell fire up 3.9% yesterday when the NASDAQ fell 2.24% and when we look at the heat map of the S&P 500 you get a perfect example sample of breadth opening wide up yesterday in the stock market in which the assets that have been pulling up the whole stock market suddenly took a tumble and everything else went to the upside as the breath opened up in markets Microsoft Nvidia Apple Google Amazon meta Tesla all getting slammed yesterday and then look at all the green going on down in here for all the smaller and midsize caps this is breath the money shifted out of the big names and went flying into all the midsize and small names this is Broad participation and that sure is one heck of a daily candle to show up in there now this is one of your first times to see this you’re saying man I don’t care I tuned in for crypto I tuned in for Bitcoin and the altcoin market we’re talking about the stock market but the reason this is important is because every broader participation rally in the crypto Market has relied on this type of behavior to show up in the Russell 2000 in the stock market and for it to be a broad rally with wide openen breadth whether that is back in 2020 and 2021 or back in 2016 and 17 or even dating back to 2012 and 2013 breadth opening up in markets has ultimately led to the cryptocurrency market taking off and really the last several videos I’ve put out have just been discussing this topic so you guys have been kind of beaten down with this and then even in markets on the morning talking about it being like this is really like the only thing we’re going to have to talk about until something actually ends up happening and so this is kind of the first example of it so if you’ve had a hard time kind of wrapping your head around what I’m talking about when we’re talking about breath this is what we’re talking about we’re talking about it not being the Microsoft Nvidia and apple show but it being the everybody else show and so of course it’s exciting to see a big candle like that show up over there for the Russell which is going to be 2,000 small caps there in the United States stock market and while we all want to celebrate and Hoot and Holler and everything like that there’s still a lot of work to go it’s not like we’ve broken out it’s not like we’ve gotten into expansion uh we haven’t even taken out the high that was set back there on April 1st but it sure is exciting to see some action wake up cuz like we’ve talked about in the last couple videos and there in Marcus of the morning we got stuck in this range for a month we’ve been in this thing since December that’s a solid seven months just being stuck in here talking about this and then suddenly we get some significant action to show up so there’s obviously some key areas sitting just above as we try to get through retracements and of course real expansion takes place upon it getting out to the highs historically in the past if it’s going to go for it it just goes for it that was also the case back here in 2016 where it just straight up goes for it and we hit the expansion and this whole process only took one week but if it is going to go for it it’s giving kind of an early opportunity here if we just look at how this Market has behaved right we talked about at the beginning of the video right this is just how things go all the consolidation taking place through here right you think to yourself right this orange one right here the the altcoin market oh no we fell due to Luna and US collapsing oh no we fell due to Celsius and 3s Capital collapsing but notice these same things were occurring in the stock market at the same time all these different things were occurring at the exact same time we just had our narratives and events going on at the same time as that was happening in broader markets too but the first sign of life just showed up in this thing after rallying together as well to the upside and so have we just gotten ourselves an early signal while the altcoin market is actually still low and for me I think we have so I am adding some long-term ads right now at least for now they’re being added there’s a huge Divergence happening between these two currently right now so for me I’m adding stuff to my bags but the fascinating thing about this of course showing up here if this does actually end up going in here it’s that the timing is right we talked about the magical unicorn fairy dust Puppet Master pulling the puppet strings got or a simulation of course this is the thing that we needed for something like this to happen in here right and we still don’t fully have it yet because this has only been going on for 24 hours but it’s the first thing that you do need right and we’ve been looking at this through the lens of Bitcoin and we’ve also looked at it through the lens of xrp as well as that we would actually need to have that show up in here for this thing to happen and that the timing of it needs to be pretty much much right around now but another way to look at this is also even with Dogecoin of how the timing is just kind of like magically showing up when it is something I talked about in a video earlier on Monday would be an earlier clue would be that if we saw some altcoin start to go which we still haven’t seen yet we know we needed the Russell first based on every expansion that has happened in crypto but one thing that happened in here is that we did get some early signals from altcoins before Bitcoin actually ever made its way back up to expansion we actually already had xrp taken off here in this we started getting Litecoin taken off in this moment back in 2017 like this but we’re using these reference points of 2017 2017 and then even if you look at Dogecoin and we go ahead and look at 2017 to say what did it look like from 2013 all the way until that moment well guess where we are literally right on the moment where expansion actually began to get moving and we just so happened to start seeing a little bit of action showing up here in regards to broader participation in breth so for the things we’ve been talking about a lot in regards to if this thing is going to show signs of life if xrp is going to show signs of life or various altcoins showing signs of Life something we would need is the opening of breath in the movement over here in the Russell and have we just been given the market served to us on a silver platter with our prices still down as the Russell is already battling back up against those highs back there so like I said I’m a buyer now due to this massive Divergence that has occurred in here there still is a lot of work for this thing to actually get into expansion so in the coming weeks or days hopefully just days but in the coming weeks having to make sure that these don’t become major problems in here in regards to a retrace and that there doesn’t just become a turnover that just takes it back down to the lows once again and that this was a a bull trap so be mindful of people calling this expansion yet this is an expansion this is an opening of breath and we’ve only got one day of it we’re now on day two we’re doing it again today you can see the Russell in premarket it’s up 78% while the NASDAQ is down 0 6% the S&P is up 03 and the Dow is up 9% but the Russell again is outperforming all the major indexes again this morning expansion isn’t until way up here back at the highs once the Russell gets into a true breakout it’s still in this environment here right now we’re just seeing the dynamic we want to see happening in the market right now where it’s not the Apple Microsoft Nvidia Google meta and Netflix show this is what we want but this isn’t expansion until it gets to the new high the thing is trying to say a couple of steps ahead of it right what if it is well there’s a big Divergence that’s happening here between the russle and the crypto Market they historically go together there’s now this big Divergence and that’s something to keep a very very close eye on and it’s definitely one of the required elements that we need and we’re getting it so far but this isn’t one of those things for me where I’m like oh great I can just buy and not look at it anymore and kind of just wait and sit back and go fishing which is one of my favorite things to do in a bowl Market it’s just on a weekday in the middle of the day I just go fishing because everything is all great we haven’t quite reached that yet we have to get all the way up into here and get beyond that so be careful of hearing that this is an expansion it’s not it’s definitely not an expansion yet it’s just the dynamic that we’re looking for has made itself present in the last 24 hours now we want to see continued follow through of it but if there was a time for magical unicorn fairy dust or Puppet Masters pulling the puppet strings for this Dynamic to make itself present right now was the time and I think that’s why there was so many videos so focused on it recently was that it was just like th this needs to happen right now and sure enough look at that so there’s a Divergence in the market between the Russell and between the cryptocurrency market we finally have some life and hopefully that’s just what we needed so we’ll see how Friday wraps itself up and we’ll check in with you guys again next week and of course keep your eyes over there on Twitter if anything crazy happens that be posting over there also throughout the weekend it’s a good chance to check out the newsletter over there on blockchain back. substack docomo to 40 newsletters that have been written over here I do audio record all of them myself this most recent one really talks about those key dynamics of breadth even using indicators to show breadth in the stock market versus the crypto market and how important it is there’s of course all the historical research done in there about developer activity user activity levels circulating Supply inflation and percentage draw Downs in relation to what performed well during a bull run with those metrics so all of that is available on here but this most recent one really talks about this topic and it’s showing up right now of course you can check out BCB backer.com which has over 40 videos and 11 hours of content teaching you how to set up your own charts and indicators within trading View and coin Trader Pro and talking a lot about the historical behavior of the cryptocurrency market we’re also teaching you some things like Elliot wave theory and woff accumulation there’s a downloadable PDF resource in here that supplements a lot of these different sections here in the course that’s available 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 way to wrap the week up and well guys I’ll catch you in the next one but that’s going to be it for this one thank you so much for watching if you could please like this video and give it a thumbs up if 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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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