SEEN THIS BEFORE as Bitcoin Price Holds Steady, Altcoin Market Holding Weekly Supports Everywhere

SEEN THIS BEFORE as Bitcoin Price Holds Steady, Altcoin Market Holding Weekly Supports Everywhere

[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 altcoin market as the Bitcoin price chart still continues to Waddle sideways in this range as we all know the market had a big correction here in the cryptocurrency market after the altcoin market precisely nailed the 702 Fibonacci retracement level back in late April early March and as we sit here waiting to see if this Market is going to recover I thought it would be interesting to look throughout the whole cryptocurrency Market to say is there anything significant about where we’ve pulled down to right now are we just floating around up in here in outer space with lots of air way below us well if you’ve caught past videos and past live streams we’ve been trying to determine that to see if we can get a recovery out of here and whether or not we can have some kind of quick move to start getting us on our way or in another optimistic scenario more of a grueling grinding waddling in here like we saw back in 2020 to eventually get our way out but of course both of these scenarios are that things are okay and things continue marching up I’ve shown the daily moving averages to say hey look we can go back in time and look at at these things and see that look if this thing is in a bullish trajectory happening in here we shouldn’t really be setting lower lows in here there aren’t really too many examples to see when we’re bullish and marching our way out of here that we go down and hit the 200 day moving average after this it’s not like it’s a technical problem to go there but it’s just not common for us to go do that it would still be on top of the previous resistance into that little bull flag but it just wouldn’t be common for what happens when we are in a bullk Market which of course the whole Market thinks we are or at least the participants so the big question comes is that good enough for an actual pullback back in here that’s where I started taking a look at really just the whole Market on an individual basis on bigger time frames still using moving averages but scooting out to the weekly time frame and going through coins on an individual basis for example we could see that cardano broke down from its 50e moving average back there in late 2021 early 2022 we could through all of 2022 all of 2023 and here we go 24 we go through the 50 we go through the 100 we get to the 200 week moving average and boom this is our big pullback as we now have the 50 crossing the 100 and now we’re finding supports right there on top it’s was like okay that’s interesting let’s look throughout the market and see if we can find consistencies with that of supports building after a major break of big moving averages do we see that elsewhere and what we’ll find is we’ll actually see this exact phenomenon happening in many any places we’re going to see some coins that are actually much weaker we’re going to see some that are much stronger but a lot of stuff this is exactly where it went down to for example Aptos crazy enough we can see that little dot right there we just finally reached 200 weeks here over on the avac chart on binance and that’s the 200 we moving average coming in right there that was the actual support in here we could see the 50 and the 100 here for polka dot crazy enough even ethereum classic same goes for filecoin with the 50 and the 100 week catching after breaking through them for the first time here back in February the story was also same for harar or hyera hashgraph the breakout happens after being broken below hits the 200 week boom slams right back down into the 50 week after we crossed through the 100 and then boom back to ranging back between the two of them Litecoin Story the same breaks through the 50 and the 100 hits the 200 back to the 50 and the 100 optimism on top osmosis as crazy as it is you can see in there it finally has a 50 we moving average printed right there sui also has that 50 we moving average sitting right there which is where it caught itself Unis swap the story is the same the 50 and the 100 come in that’s where the catch happens and well as weird as it is 2017’s calling and new economy movement does the same thing and so it’s interesting to see this phenomenon happening in here throughout the market right when we go back to like the pre c19 crash and that kind of stuff right you could see we weren’t getting out yet right we had come off the lows ABCD and then slammed back down for the bottom to come in for c19 but weren’t doing any type of escaping just yet then notice like here for cardano you get the Escape happening in here then boom in comes the bigger correction of size and magnitude of what we’ve seen right now it’s really not really out of line of how big something like that could be and then at the same time seeing kind of where we pulled back to and where we pulled back to another thing to observe in here as you can see this is actually where the 50 and the 100 we moving averages cross each other here we go this is where the 50 and the 100 we moving averages cross each other what do you get you get the correction you get the correction and then what happened that grueling thing like we just talked about back in here between these two and looking at it on the weekly moving averages as well what occurred in here right this was when we had our first official break of all the moving averages happening which is what we’ had happen in here for the altcoin market right now now the story isn’t the same for everything in the market there’s some stuff that has shown exceptionally more strength and there’s some stuff that has shown more weakness so we’ll take a look at those as well just going through a handful of them this one kind of borderline this is algorand and you could see being stuck throughout all of 2022 and 2023 it finally gets through the 50 we moving average even attempts to poke here through the 100 day moving average and then boom slams back down into the 50 you actually see that in that same time frame that we just showed there for other coins and we just showed for cardano what happens notice it finally escapes through the 50 we moving average you can see it actually touches it once here pushes away and then pulls all the way back down into it that’s the same thing that does happen here touches the 50 week pushes higher and then boom now right back down to it again things like arbitrum took a whacking though you could see right there not holding that 50 we moving average which we did see things cold likeu or sui those newer coins that have their 50 that got printed there but still held Adam or Cosmos not really showing any strength happening in here Casper unable to get through Dash still on the South Side EOS one of those borderline ones gets through the 50 for the first time comes back and slams back down into it again Iota maybe finally gets through the 50 we touches the 50 we just like we showed back there on Al Garand gets further and then now right back down to it again sitting just a hair below that 100 week but still above the 50 kusama or the canary Network polka dot there’s that 50 and it’s sitting right on the South Side chain link there’s the 200 week Mana borderline to centraland right gaming finally escapes back test escapes back tests madic not that pretty unable to hold any of them and then now looking like it’s struggling on the back test of the 50 week again q&t still this is one of those ones people ask me about in the live streams a lot I’m like I just don’t own it because I just don’t have a solid read on this thing and still to this day it just continues to go sideways and not really respecting the moving averages really at all xlm one of those ones kind of hanging on by a thread here it is escaping the 50 week of course when does it actually Escape it escapes when xrp is deemed not a security pulls back to the 50 we moving average waddling around in here there’s the 100 week coming in so now it just sits there kind of holding itself on top of the 100 but on a side note of that Stellar limit for some reason taken off when xrp was declared not a security there it is happening right there on July 13th notice in the two weeks leading up to that for the first time in all this time Stellar lumens escaped the 50e moving average back tested the 50e moving average and then xrp was declared not a security and of in a way it went did Stellar limons know something first don’t know let’s move on Monero one of those ones as well Under The Struggle Bus right what happened under complete attack by the government and exchange D listings in here this does look W cofish to me however still it is not holding any of those moving averages like we’ve seen but I think anybody who watches this channel knows there’s a soft spot in my heart for privacy coins because there’s no way we’re going to use any of the stuff as money on the grand scale without a privacy feature attached to it and whether I’m seeing things or not I definitely do see the wof spring happening in here and wof accumulation the moving averages not so pretty but we do see a lot of the phases of woff accumulation happening in here from the selling climax which is still the low being held there from the Luna and Celsius collapses from back in June of 2022 followed by the automatic rally followed by the secondary test then the secondary test in Phase B followed by spring so all phases of yoff accumulation still here however moving averages not so pretty and then xrp still just stuck between the two right now what’s interesting about these things is we saw in 2021 how reactionary market caps were so we can kind of go through some of these as well taking a look at cardano you can see it’s holding adom or Cosmos still kind of borderline but not as ugly as the actual price chart avac holding up Bitcoin cash polka dot ethereum classic ethereum filecoin right on top of it hyera ICP chain link sitting on top of all of them which is interesting from the price chart because the price chart sits right there between the 200 and the 50 we moving average as if it’s already falling back below the 200 we moving average however the market cap is still holding itself up okay and we’re about to have that 50 we cross through the 200 we moving average litecoin’s market cap just like it’s price chart still just kind of stuck there in between the 200 and then the 100 and the 50 near way up there optimism once again we can see that 50 we moving average just showing itself right there and then again with all that drama with Unis Swap and the SEC and all that stuff you can still see boom it is just sitting there even with this market cap after the breakout there it is there’s a back test and while xrp’s picture a little bit better waddling right there at the 200 we moving average stuck there between the 50 and between the 100 so a quick run through as well as things that are stronger right we showed things that have pulled back and landed right on it some of the things that are a little bit weaker then of course we got things that are stronger Bitcoin cash obviously getting through all of them binance coin getting through all of them Bitcoin getting through all of them crypto.com coin Doge ethereum ICP near shib salanta and Tron now what’s interesting about Tron salana ethereum and binance coin ones which are all sitting quite a bit above all of their respective weekly moving averages they are also the top four by total value locked as we can see right through here these are things that I’ve been talking about when it comes to developer activity and user activity levels what do you know the top four with total value locked happen to be ones that are sitting much stronger so the point of the whole exercise in the first place was to say does it seem like a technical place where we could actually be finding some supports is it reasonable to even look at it through the live of being like hey there could be 3 months of excitement left in this market where things get riled up and wild again I’m not a believer that we have a year and a half left in this market if anything it would have to be something very quick and well if we are going to look at it through the lens of something like that happening for the market and then something quick comes are signs starting to emerge of who’s weak who’s strong who’s right where they should be and while things like we just showed right there for cardano and all the examples we just show how once they got through the 50 and the 100 week moving average there was the big correction that’s the same thing we’re talking about there with total three that I just showed that’s that same spot right in there and while even from a timing perspective which I’ve shown in past videos of where the altcoin market is from where you think tops are whether you want to use the top of May are we there or use the other tops in here right these things are just kind of happening right on time of where they all should be happening at and same type of reactions in there just like in 2021 though we learned a lot that that time right in 2017 everything went to the moon we’ve spent all of I spent all of last year figuring out what the heck happened in 2021 because only 20% of the market went on and set new all-time highs or give any anything kind of meaningful in regards to runs and so here we are we’re starting to see things starting to show a little bit more strength we’re showing some things showing a little bit more weakness and some of them kind of being like right where they should be in relation to things like that if this Market is going to continue moving up so maybe it gave you some thoughts for yourself to maybe review your own stuff take a look at it make your own determinations I’m not going to tell you what to do but are we at a technical level of where it would make logical sense for a support to be coming in there I think we’ve seen examples throughout a lot of places in the market where these were technical levels to come back and hit after breaking through big moving averages and we really see that littered everywhere on many different assets and so as we wait for this Market to tell us and give us a Direction on what comes next I thought it was interesting to look throughout the market to see if anything corroborated what we’ve been talking about to see if it even makes any sense to be looking at it through that manner of the correction and the moving averages Crossing themselves and it finding supports and to see that when we do overlay the altcoin market it does actually represent that exact same time that we are referencing in here on the actual charts for those Corrections with those moving average crosses with those back tests so I hope that you found that interesting it’s been a little while since we’ve kind of like dug throughout the whole Market looking at a lot of coins on individual basis but it does seem those things are mattering once again whether it’s developer activity user activity levels or whether it’s sector specific it’s likely if we do see this Market move up if it is able to expand through the retraces we’re likely going to see the same thing that we saw back in 2021 whether there’s winners there’s losers and everything else in between and I think we’re already kind of seeing that type of stuff happening in there just by looking there at those moving averages so I hope you found this educational I hope you found this helpful I’m going to go ahead and wrap this thing up if you’re looking for something to do throughout the weekend the most recent newsletter in there was diving really into the sectors if you sign up for the newsletter you get access to all of the past ones so everything with development activity user activity levels circulating Supply inflation all that stuff there’s over 30 newsletters in here you get access to all of them with the audio voiceover recordings for each of them this most recent one really went into sector specific to show while the whole Market does move together we did see some sector specific movement and I’m sure you all heard it AI going crazy out there right we can look at different things like defi layer 1es layer 2s and see were these things performing well were they underperforming in different time periods are certain sectors going to be cold are they going to be hot very big deep dive right over here on blockchain back. substack docomomo Behavior of the cryptocurrency market and teaching you how to set up your own charts and your own indicators within trading View and coin Trader Pro there’s links within the description of this video to BCB backer.com and to the newsletter over there at blockchain back. substack docomond full weekend last week I was traveling I was in Las Vegas for the xrp Las Vegas conference feels good to be back it’s going to be nice to have a weekend to actually just kind of sit and chill for a minute and get my brain and body completely refreshed it’s been a lot of traveling as you guys know for the last couple of months there’s still one more at the end of this month and then the traveling is done but it feels good to just kind of be back in the driver seat here at the computer otherwise guys I hope you have a great weekend again check out the substack over here blockchain backer.com check out BCB backer.com and otherwise I will catch you next week but all right that’s it 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 advisor but if you ever need a pickme up or a little bit of reassurance just remember that the blockchain backers 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