RANGE BATTLES FOR ESCAPE as Altcoin Market Pushes Near Top, Bitcoin Price Chart, 2020 Comparison

RANGE BATTLES FOR ESCAPE as Altcoin Market Pushes Near Top, Bitcoin Price Chart, 2020 Comparison

[Music] hey what’s going on everybody this is the blockchain backer bringing you the latest cryptocurrency news and Analysis today we’ll be taking a peek over here at the altcoin market along with the Bitcoin price chart which has just continued to be in a Range for the last month and a half however we’re getting progression to happen over here on the altcoin market this is total three subtracting the stablecoins like usdt and usdc we’ve been tracking this for a while ever since the altcoin market hit its 702 Fibonacci retracement and of course rejected aggressively off of that level unable to expand to send this Market to the Moon however we’ve been in a corrective structure in here hopefully with an ABC correction playing out as we’ve seen before I put out videos in the last couple of weeks showing how the altcoin market hit its retracement level at the same time as we did for the crypto Market back in 2021 I also showed some onchain data to show that Bitcoin is probably a lot further along than people suspect it is if they’re taking into account for your Cycles or the block reward having that we just had our block reward having however when it comes to profit taking coins moving on chain we’re acting like we’re way further along than people would suspect which is is even represented by the altcoin market getting to where it’s gotten right here just as we did back here back in 2021 and so there’s not a whole lot of changes that have happened to the cryptocurrency market in the last week outside of the range continuing hopefully that was like a spring phase to conclude it but still we’re needing some more confirmations to see us get our way out of here and then try to find some supports in here and that’s going to be the thing watching for for the rest of the week but if that was the case it would sure indicate that we’re not too far away we still don’t have confirmations on that happening just yet as we do need to get a little bit higher we do need to find some supports in here but just to get an idea of how far along we are in this as well if you are a believer in timing or cycles and maybe you do think we are doing the fouryear cycle or repeating cycle timings you can just look at things like Doge and see how long we’ve actually been in this corrective structure in here to see that we’re so far along this is like 2018 2019 20 20 and overlay it on top of where we are at right now that’s how far along we are into this thing this moment is when the altcoin market actually hit its retracement levels which we could see back over here that this moment is right where the retracement level was hit for the altcoin market now to be clear I personally do not think that Doge will repeat what it did back in 2021 what Doge did in 2021 was very similar to what xrp did in 20 2017 they both had absolutely massive runs with xrp down here in the bottom Doge on the top just extension wise just super massive it was the showstopping event of 2021 here for Doge and really just pulled back down into these same levels as xrp did so maybe just a retracement coming for Doge by the time this thing reaches its end and who knows how it’s going to end up getting there you could see the ugly path that xrp took to eventually get back there look something along the lines of that but even the point of it here is that even when xrp was right there in 2017 where was Bitcoin it was in its all-time high where was the altcoin market back at getting back to those retracement levels and as we know xrp kind of had its own thing going on there as the SCC sued them or sued Ripple 5 days after Bitcoin broke out into the all-time high but the point of it being again if you need another Confluence to tell you a timing you’ve even got it over here on the altcoin market big issue of course is still trying to get into expansion trying to get into those retracement levels and then to break out of them because technically speaking this hasn’t been a bull run yet even the asset that everybody has screamed about which has been Sala every altcoin are pointing at Sal and saying my altcoin is doing nothing look at Sala Salena has only retraced and so right now everything depends on us getting back to retracements and being able to clear them and expand them and then we would actually have a bull run happening in the crypto currency market and right now is such a pivotal time because this can be a decisionmaking zone for the market like I said it would be nice to see us be able to get out and then find a support on top of here to then get this thing going go back to the retracement levels clear them and then have true expansion in the market happening because right now we really wouldn’t want to see prices go too much lower than where they’ve already been you can just go back and look at the rise here back in 2021 and see you know we never really ever got below that at 200 day moving average for the altcoin market it really just kind of hovered there poked below 100 several times but still was able to maintain it all throughout here then eventually it just never even got below that 50-day but still while we were back into retracements and whatnot there’s a lot of volatility happening in here around that 100 day moving average you can see that’s happening in here right now still not going below that 200 day moving average so we’re at a point right now where we would not want to see rejections come in here because it gets to be a pretty hard argument that we’re going to go into expansion at that point especially if we do a five wve structure down in here of 1 2 3 4 five but right now with us still holding it it looks okay and even when we came off those lows back in 2021 you could see how there really just became a whole lot of volatility before it actually did get into real expansion happening in there even ABC correcting in there and then wobbling around but still not going down below and of course in 2021 it didn’t give us something very quick and easy to shoot its way out it sat there and tortured for a long time not cheering for that I’m not seeing that but it does appear that signs of bigger problems in the market or longer lasting problems and that the market isn’t going to expand would really just be if we just start going any lower than what we’ve already seen we should have already capitulated we should have already hit our low and going any lower than where we are right now would end up end up taking us below moving averages that we shouldn’t be going below if we’re heading for expansion that we should not be taking that out and the story is same over here we shouldn’t be going lower if we’re heading into a bull market and to give you kind of a look of what total 3 looked like before it went into expansion back in 2021 just kind of show you how the how we came out of everything in here and you can see there’s an ABC correction in here it was super nasty in here uh before it worked its way out of there I still don’t see this as my thesis that we would repeat something like that I do lean more on something along these lines but to just to give you a visualization because I know not everybody was here back in 2020 I’ve conducted a poll I know that like two3 at least 2third of people were not here in 2020 when we were in a situation similar to this back then before the market went into expansion this is what things looked like back then big rally coming out of there bull flag taking place here big push and then things went wobbly for quite some time however not going lower and so as we sit here right now it’s a lot of gez we’re just stuck in this range what can these ranges look like in order for recoveries to go we know that if we go any lower than where we are right now that would be pretty ugly that would end up breaking the 200 day moving average it’s hard to make an argument that this thing is still going to go into expansion if we start breaking the 200 day moving average let alone double tap bu flag breakout violent back test with a V bottom out of here right going any lower than that structurally shouldn’t be happening but as we sit here we’re having to sit here and Ponder do we get something wobbly going on here that lasts for longer is Bitcoin just going to continue waddling here for some time and where can we actually start getting a little bit excited right so long as we’re still in the range it’s just a range but the things we can look for for excitement would be escaping the range and then finding a support on top of the range and the things that would be just structurally bad for the whole Market would be going any lower than where we’ve already seen till then we are just ranging and ranges are the types of things that can absolutely obliterate sentiment frustration anger impatience all those wonderful things that come with ranges people buying the tops of ranges selling the bottom of ranges it can be all over the place in these things and so long as we’re in it it’s hard to make a whole lot of significant meaning of it until something happens and the range actually gets left and in the circumstances of us leaving the top of the range it provides that optimism for us to have the attempt to go for expansion and if you were to go to the bottom of the range it would be a technical break of long-term structure and I think that’s the point I’m really trying to get at until we can actually end up leaving it you may have heard me use the term ranges by Design are chaotic there’s all different kinds of ways that ranges can play out after having things like this end up happening in here with these bull Flags it break out that go into ABC Corrections there’s all different variances of them in there but still as of right now nothing indicating we can’t just go ahead and bust out of it right now but it it does have this feeling of being like we’re going to come onto this channel every day and be like hey it’s the range again and I think that’s just the reality of the situation at this point I think the thing we can kind of hope for in here is that we can get a little bit of a bust out to happen in here and then we would have a whole lot more to talk about but until then we’re just going to kind of be doing ranges staring so if something happens overnight or something like that and you see us bust out of the top side of this thing just know hey when we come on next time we’ll be looking for some supports to be building up here on the top of it and that was a really good sign for us to see that happen till then we just kind of wait for it I just wanted to show you the different things I’m looking at on like what surprises would mean if something like erratic happened where prices went to the downside that would have be like a really big technical break of the entire Market structure that’s not my base case right now primarily this is my base case but I wanted to also show you examples of it of how they can be grueling I andan if it just doesn’t happen right now it doesn’t necessarily mean the sky is falling in here uh it just means it wants to torture you a little bit more but hopefully that’s not the case hopefully we wake up one morning and and everything has just busted its way out and we escape from the range uh but at least kind of give you some context to look at different things of where things are okay how things can continue to draw out longer and it’s not the end of the world right because I think everybody’s probably looking for this example at least I know I am looking for this example but in the event that we just kind of continue going like this does this automatically mean the sky is falling and everything is doomed not necessarily right hopefully it comes quicker than expected but until then we’ve got the classic BCB you said the same thing every day and it’s cuz we’re stuck at a range and hopefully it breaks out soon but until then that’s just what that’s just the cards we being dealt right now so come on Market let’s get out of here now one of the things I talked about before we went really into this massive liquidation correction that happened in here was that it seemed like the market wanted to kill sentiment for about a month well we’re almost at about a month right now reduced the volatility cold turkey would draw the dopamine from meme coins which we have seen and then capitulate it all and that it would be a chance to spend the next few weeks researching where the trends are happening at for if the opportunity comes last week put out a newsl letter looking into those actual Trends and looking at those things we’ve talked a lot about developer activity user activity levels I’ve done entire deep Dives of the 2021 bull run to show how those sectors outperform the top 20 by market cap by focusing on developer activity but like in any Bull Run it’s not only just you know what has the development activity or the user activity levels then there become these different sectors like we just saw right we’ve seen Ai and we’ve seen meme coins go absolutely nuts during all of this regardless of development activity or user activity right simply a narrative attached to a sector and in this newsletter massively deep dived into the different sectors within the market showing how they were doing in different time periods of when the market was moving up like defi right what do we see in here you see all the market moving together whether it’s memes layer 2 layer one defi then suddenly you see some of them perform better and worse in second pushes in here like for example on this one defi doesn’t partake at all in here then we move on to the next leg up in the market defi comes back layer ones come back layer twos not quite as strong and then memes were quiet most of the initial run up until the very end Boom the meme coins went absolutely crazy so we go through different sectors within here finding the hot sectors within the market who is the best performers and if this Market does turn around question is will those sectors end up being the hot sectors once again so we go through each of these and the assets that are within each category to try to make make it an easy resource for you to see if the hot sectors stay hot or if the cold sectors stay cold and this most recent one was published over here just last week it includes a 25 minute audio voice over over here if you sign up for the newsletter you also get access to all the past ones as well all of them come with audio voiceovers that I personally do record and that is available over there at blockchain back. substack do.com and there is a link in the description of this video you can also check out BCB backer.com if you’d like 40 videos and 11 hours of content from me 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 Pro that link is also available down here in the description of this video along with the link to substack otherwise as we continue to go through this range as a sentiment sits in the gutter it is a perfect opportunity to do some research in this market and that’s exactly what I’ve been doing and plan to do before the correction ever even came so this is all available for you here and otherwise while the range continues to go hopefully we get a break out from it sometime soon till then I’ll keep catching you guys over here on YouTube and man it feels good to be back I was gone for about a week over there at xrp Las Vegas it was amazing to shake hands with so many people and meet so many of you it was my honor and I’m very grateful for you I’m grateful for everybody who watches this channel it’s very special to me to be a part of your day and I keep hearing that over and over again that even when when I’m gone it’s like I don’t know what to do with my hands what do I do with my day I’m grateful to be to be a part of your day so thank you but all right guys that’s going to be it for this one I want to thank you 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 a 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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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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