BITCOIN DUMP: HARSH TRUTH IS SETTING IN FOR INVESTORS (ETH ETF DONE!)

BITCOIN DUMP: HARSH TRUTH IS SETTING IN FOR INVESTORS (ETH ETF DONE!)

all right guys we are back with another massive update as the ethereum ETF has been approved we’ve seen a $900 pump 30% pump and within 150 bucks of a new Fresh high but the ETFs are still not released to the public and this could take many weeks if not many months so what happens to the price over this period of time do we see a correction do we see a pump let’s have a look at that in today’s video along with Bitcoin and the dump that we’ve seen over the last few days some of those uh support levels are coming into question we’ve also got the strong alts which are showing some signs of holding out here while the market corrects and of course those major meme coins which have continued to pump now on top of that we’ve got heaps to get through with the traditional markets as harsh realities are setting in to investors as interest rates look to rise Yes you heard that here first in January where we looked interest rates and the possibility of them not getting cut pretty straightforward concept I’ll get to that later in today’s video so let’s kick it off with eth after I let you know about our Tia premium sale Link in the top of the video description this ends tomorrow if you want to jump on board with that learn how to implement all of the trading strategies we use here for your own trading and investing Link in the top of the video description we’ll talk more about that later but now covering the headline of SEC approving eight ethereum ETFs including Black Rock Fidelity grayscale bitwise vanck Arc Invesco Galaxy Franklin Templeton they’re all there but it could take many months taking three plus months historically to get this out to the public so uh on the best case scenario couple of weeks but there’s plenty of examples of this process taking three plus months so I want to understand what that would look like on the chart should we see a correction on eth or higher prices and essentially want to look at where those uh support and resistance levels lie for ethereum now this is the announcement from the SEC so it’s all above board here it’s all approved it’s not just speculative rumors on news headlines or on X or anything like that so we’ve got this now but it’s not available for the public just yet so what does the sentiment look like on Google Trends well we got ethereum eth ETF this is just the terms that people are searching for you’ve obviously seen a big pump up in both of these terms now ethereum going from 32 up to 94 for the reading of the last 12 months but if we take a look over 5 years uh we’re still nowhere near any of those high prices that ethereum was at back when it uh peaked in May of 2021 in the last bull market you also had the first Peak around January and then the bare Market collapses of June 22 if we can get those numbers there and then also November when FTX collapse so this is the FTX collapse here November even lower so we’re above the FTX collapse but still well below any of the bare Market Search terms uh and also the bull market time in 2021 so to me I still see this as a pretty reasonable opportunity for accumulation the prices aren’t the best you know sitting at 3700 or 3,800 for eth but in terms of where we are in the overall cycle should this continue then there’s still a likely chance that we’ve got more interest to come into the market how much of a return that is obviously anyone’s guess I can’t sit here and tell you you’re going to get a 2X or a 5x I know everyone wants that I definitely want a guarantee but no one can give us a guarantee there’s no guarantees in this game so onto ethereum and the move over the last few days has been 900 bucks to the peak nearly 30% short of 150 bucks from that previous top in uh March now what I I think is the most important areas for eth over the coming weeks as we saw with how this process could unfold within a couple of weeks but there’s plenty of examples of this process taking three plus months if we were to see price drop from here and just basically buy the rumor sell the news type of an event everyone getting hyped up that the E ETF is getting released I got to get those uh letters correct then if this is the case then we start to see a selloff on price firstly this is a good level 3450 that’s the 50% level of the range down to the low uh in on the 1st of May however going any lower than that is still not the the end of the world probably coming down to roughly 3200 points the reason being is that was previous support resistance resistance resistance so nice fake out there resistance another resistance before the pump so this seems to be the area that investors were accumulating eth putting in higher lows sitting on 50% support and that seems to be a stronghold for the price so if you were to see this fall underneath into this time frame here going forward 3 weeks and then into uh three months from today’s date as we were looking at this on the eth ETF announcement so 3 plus months if this is how long it takes until it’s release to the market and then everyone can start to gamble on their eth ETFs uh 3 months would take us out to August of 2024 so let’s extend this box out here essentially this would be the no-o Zone it’s not the end of the world because you still got the 50% there but it’s probably going to be a little weaker on the rally what we do want to see or at least people who are already holding ethereum or if you want to get into eth is for 3200 to become the next level of support at a higher l low so that’s the key levels here for eth over the coming three weeks to to 3 months should it be able to Pump from here and close above that current top there at 4,100 again that’s going to be even more bullish but you don’t want to see it drop back below these levels because that could take that that would then cause more time for consolidation before it could pump again the most bullish scenario is a close above 41 anywhere in this zone between 32 and 41 not the end of the world underneath that level between 28 and 32 not the greatest it just means it’s weaker and going to take more time to Pump from that level and underneath the level of 2800 uh game over for ethereum I’ll call it a game over at this point so the other thing we can see with eth is the eth verse BTC chart now this move up from the last few days 20th there to the top is slightly less than the pump we saw in January when the hype was there for the Bitcoin ETF so at the moment for the same weak move weekly move it’s weaker than it was before and this is on ethereum’s ETF so this doesn’t give me a lot of Hope at the moment just looking at this purely on the chart because it’s a it’s a smaller move than what happened back when bitcoin’s ETF hype was all the rage right so from here the Bulls really need to see this thing push higher and get back above those tops so that’s the resistance level there at 06 so 6 million Satoshi if this is to fade out and we talked about this the other day when we saw this massively abnormal bar we had another push higher a reversal here the announcement day and we got to close back into that zone uh it just sort of starts to paint the picture that the hype of the move might be over for now it doesn’t mean it’s the worst case it doesn’t mean it’s the end of the world because you still have support down here and of course everyone should know by now higher lows means it’s stronger so if we do get that fade out you definitely want to see it stay above 0.052 at least 0.052 worst case 045 so it’s at this low here so that move has basically been for the week weaker than the previous one from the low itself from the swing low it’s almost dead on the same thing 27.6 27.7 and 0.013 012 recap on that a close above 006 going to be very strong for eth and that would almost confirm that that low is in for now this is just another bounce like the last bounce because it’s at the same measure the same thing here for eth that takes us over to bitcoin and the dump here as we get into those harsh realities for the market what’s setting in there you can definitely see it come across in the stock markets as they’ve also corrected overnight for BTC it’s had a correction again at that 72k level we had the fake out up there I’ve got our level here at 71 there was only one day close above it it’s pulled back so we’ve had a red day but essentially two uh down days so far those days are up for us because they’re higher highs higher lows even though it was red moving on though uh the move to the 50% level guys this is why you must know about the 50% level it’s so important especially for uh short-term long-term trading you can easily start to identify where these support and resistance levels are going to come in and that number was at 66 Grand you can see yesterday it dropped to 66,800 and Bounce from that level so the close isn’t the worst you got to close Above This previous area of resistance so that’s a good thing at least on The Daily but when you go to the weekly chart we still have a few days to go so it’s not uh it’s not the end of the world here but if this was to continue and close where it is now or slightly lower then you’ve got another reversal bar at a lower top to the previous reversal and another lower top to the current all-time high which was the top of that move so that could then spell more time under the alltime high and not this sort of major pump up to the upside uh we need to see what happens over the course of Friday obviously there’s still one more day left in the trading week and then three more days left for the 24-hour markets so that’s going to be important leading into uh Monday or obviously Sunday night’s close so keep an eye on that that’s going to be the big levels that we’re watching for the the weekly chart but if you have been following then it shouldn’t come as any surprise that this time in the market was essentially a time to cool off you know we talked about this in February on this massive bar here we talked about it in March that things were just getting way overheated and they needed to have a pullback going through all of this data as I did in previous video so just as a recap here it seemed like we did need some time off and it was likely going to be obviously at least one month probably two months you can see here monthly swing bottoms as well that’s typically what we have seen into pullbacks uh after monthly swing tops how long have they lasted and when did those uh when did those swing bottoms occur when did the pullbacks end and we’ve seen four times in June zero times in May but maybe we see this June just being a bit of an inside month higher high higher lows and lower highs and then we start to power on for the next stage of the year which typically I think lines up with a lot of things that are happening in the traditional markets as well as I’ll get to in a moment so essentially this was still that cool off time and on the shorter term time frame if this remains here or you know under sort of 69 68,000 then well it’s sort of leaning towards that that we just need a bit more time to consolidate to then move to higher prices just on that uh on that Weekly chart as well as I’ve got here we’re at their 10th week under the old all-time high this was 15 weeks underneath that significant top so it took some time to recover but at the end of the day it still pushed higher so I’m still in the macro bullish camp if it takes a little more time it’s going to be the same as what’s already occurred and hopefully that gives it some more power to push on to much much higher prices onto the social risk and Ben C’s got his lovely social risk metric here so I like to look at this stuff to give us an idea of the the numbers of people in the game and essentially this is if I move this here it’s pretty much showing that we’re at the lowest levels that we’ve seen in a very very very long time uh what I think is most people are waiting for higher prices again to come back in So when this occurs it’s a pretty good sign that you’re at some sort of low you can see it here in January lows there more lows of course Co happened higher Low Bottom form which is another very bullish sign so that’s a good thing there and then more lows before the market basically took off from that point so the beauty about that is it’s probably sitting somewhere around the low prices are getting higher so you’re starting to see a Divergence between the price and the retail which means I think over the coming months we’ll likely see higher prices it also shows up here on the Google Trends Bitcoin has started to climb higher crypto started to climb higher only just and you can see it happened back in 2020 where you had this sort of bump up in July August fade out and then you started to go on this Mega Run so we get something like that that could take another couple of months maybe we see a move higher for the Google search term fade out again over the course of Summer and then start to push higher towards the end of the year with the elections coming up as well now my uh my brother Michael did something on his channel looking at likes versus dislikes just as an understanding of where we are in the current cycle which flows on with this uh particular reading here for the social metric just to see whether we’re around some sort of low or have seen a low and the idea I’m not sure if you can see it here but essentially looking at the likes versus dislike ratios which is a good reminder to smash up the like button subscribe to the channel if you’re this far into the video we’re seeing 99% likes which is typical of around a low area doesn’t have to be the low but around the low because you’re not getting any fresh blood and I’m not ticking off too many people unless there is the word uh death of crypto in the title where a few people get a little bit triggered so be it but essentially it’s all 99% which means you guys that have followed along the entire time are still here and you understand the content itself and what we’re talking about whereas when it starts when the content starts to reach a new audience they don’t really understand what we’ve been doing for the last several months or even years and they get a little bit triggered at uh different ideas coming to them because typically they’re used to hearing the same thing from the same major channels and and when you tell them oh look maybe we’re starting to see a top and everyone else is telling them it’s still a bull market they get triggered and they hit the dislike button so I think it’s a pretty good metric to understand where where we are in the cycle you start to see dislikes go under 98% so basically 2 plus% of dislikes then we’re getting somewhere around the top onto the altcoins and after this pump from eth and BTC where does it leave us with alts and the strong alts salana is still tracking around the 50% level ideally this is still a a strong position for salana to be in at this stage of the cycle higher lows have formed Sol vers BTC remember I’ll have a look at the USD chart as well for those folks but anyway this was the higher low area that I’ve been following now since April I posted about it so make sure you follow on X as well so you get those updates and essentially it was just looking at altcoins the strong altcoins making higher lows against Bitcoin at that point in April note that Bitcoin went lower on the 1st of May so Bitcoin put in a lower low while altcoins made a higher low against BTC so there’s some strength there which might suggest that we’re going to go into an altcoin that there potentially will be an altcoin season if you’re seeing higher lows and alts at this stage of the cycle of Bitcoin getting that slightly lower low I’m not going to get too excited just yet because we haven’t seen anything break out but that’s a good early sign should those lows remain in so that’s why I’m still um quite bullish on this next stage of the cycle or one reason so above these 50% levels still a good sign that’s this line here you can see it for yourself on the chart still in a strong position if it starts to break down and fall below these levels that would just mean that well it could potentially be forming into a weaker cryptocurrency it’s as simple as that that’s how I like to make my trading I hope you’ve got something as simple as that in your own portfolio so you can make quick decisions when you’re implementing your own trading if takes a long time for you and you got to go and check five different channels 10 different X accounts you’re still unsure when to buy and when to sell that is going to be very very painful when the market is in super Drive in hyperdrive like it was in December November of last year and then into that peak in March as well it’s so hard to make decisions if you need to go and check 20 million different things keep it really really simple and life becomes far more simple now that’s a Shameless plug to Tia premium the sale is on now ends tomorrow Link in the top of the video description to get the coupon code the discount code there so make sure you subscribe to that and those emails will go out to you so you get that discount code so that is salana against Bitcoin salana against USD it’s holding up pretty damn well we can see the low here and the 50% back down at $154 so still in a relatively strong position here Pendle still in a relatively strong position above 50% there at $630 and if you look at it against its BTC value also above the 50% and above the 50% of that particular move I’m not suggesting that it goes straight up it could take some time here pause come back down and above the main thing is it’s still above this major 50% which potentially leads it in to be a stronger altcoin come the next stage if this breaks down weaker altcoin that simple super super simple render it’s starting to break down here not back into this Zone yet and the zone between the low the higher low and these tops about 10,000 Satoshi up to about 14,000 Satoshi so it’s not looking as strong as the others but still pretty pretty decent on the chart at the moment and against the US dollar pairing just holding out here at 10 bucks so still holding up relatively well as for the meme coins well that’s pretty self-explanatory you’ve seen higher lows and although it is up it’s still a strong altcoin to have a look at this is exactly what we were talking about with our members earlier this month when it started to put in higher lows and it tested those tops and then took off from there so great trading opportunities when you find strength in a market I know a lot of people still want to buy up these dips but what happens is you just keep buying the dip and it keeps going lower and lower and then sometimes it pushes up and you think you’re a winner but your average price is still above where the market had pushed to that’s the failure of a lot of people that get into crypto so try to avoid that personally I like the strength and it continues to pay dividends so the harsh realities for the traditional markets moving quickly on from the altcoins is that interest rates may increase and not get cut we’re seeing it again it’s starting to shift into this increase into the next meeting now of course it’s 99% chance that it remains at 5 a half% but we at the beginning of the year we did not even see any possibilities of interest rates increasing and now we’re starting to see it more and more regularly look at this side this is the increase to 5 and 34 this is where we currently are at 5 and a half% next meeting seems almost guaranteed it’s going to remain on pause the meeting after that almost guaranteed that it remains on pause then you go to the meeting after that in September it’s sort of a flip a coin between a cut and a pause but we never had this um so regularly like we did like we’re having now uh we didn’t see it at the beginning of the year so to me I think these are potentially going to again continue to shift to the right and interest rates remain on Paws and eventually the Market will figure out that interest rates are going to remain on pause and that things are going to be okay for the next period of time into this final Peak before stuff gets serious so the market I think is adjusting we’ve seen a correction now on the S&P 500 so pretty significant pullback here to uh 5300 points still not the end of the world you can put your 50% in play you could come back and test 5166 and we’re still within the strong half of the 50% tool here so again a correction pretty significant volume let’s wait and see what happens with this Market the same deal for the NASDAQ again another correction here low to high we’re looking at 18,60 for a potential correction point there for a support in the strong half on top of that we saw the US dollar push up last night so just push back above 105 and get uh almost a close above 105 it’s currently sitting above 105 at the moment so it might be putting a little bit more pressure onto those asset prices now with that in mind we have been following the seasonality of the year and we can see through May April through to June that there are periods where you do get Corrections we have seen relatively strong push out of April into this new top in May but it doesn’t seem like the market is doing anything too different to what it’s done in previous election years this one here takes us up to date a little more so thanks to Almanac Trader uh we can see that we’ve had a pull back into this low and then the move up into May got us to a new all-time high and then this slight correction over the last day brings it back down the green line you can see has been basically a correction into the end of May and then starts to push higher basically what they’re saying from here this is your quarter 1 quarter 2 quarter three and then quarter uh should just write four there there’s four essentially those last seven months push higher on the market now there are Corrections Corrections Corrections Corrections and more and more Corrections and through those times the majority will think oh it’s over this time it’s over this time because when you look at how long they last that whole period of July looks like a correction there you also get a correction in all election years here in the black line so for half the month you also get a correction from September into October just before the election that’s almost 2 months of down and so all we’ve seen so far is roughly a month of down and a month of up so imagine if we started to fall into some sort of two months of negative prices on the stock markets that would feel like it’s the end like this is over the blowoff top came in and basically the markets are heading down from now on but you can still see that it put in higher lows and then continued to take off to the end of the year so I’m still on watch for this nothing has really change when it comes to the seasonality of the stock markets in an election year which still gives me don’t want to say hope but it still shows from the data itself they were in a macro uptrend which would still be positive for Bitcoin and cryptocurrencies coming towards the uh end of 2024 and potentially into 2025 as well Link in the top of the video description and the pinned comment for Tia premium the Sal is on until tomorrow don’t miss out on that let’s go 35,000 likes thanks again for your support guys I’ll see you back at the next video so until then take care and peace out

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Description:
A common response to stock markets in ATHs is “This is a sign that a collapse is near”. My response is yes, it is a symptom of a collapse but the timing is the issue. Now is not the time for a worldwide collapse. The Everything Bubble must do its damage first (to the upside) for a major collapse to unfold. The masses always arrive too late to the market cycle and stay too long. It happens every single cycle without fail. Avoid doing what the masses do when the buy and sell bitcoin and crypto. In this video, we analyse what is happening in the traditional markets, SP500 and economy right now including interest rate cuts and hikes, along with when is a reasonable time to take profits on Bitcoin and what strategy I am using with my bitcoin profits in the crypto bull market cycle.
*I reserve the right to adjust my outlook as more information and data come through for Bitcoin.

Like and Share if you want to inform your friends and family.

Timestamps
00:00 Bitcoin, ETH, ETH ETF
08:40 Bitcoin analysis, market sentiment, low in
15:00 Altcoins, meme coins, strong crypto analysis
19:15 2024 Outlook, market analysis

➢ Disclaimer: This video is for entertainment purposes only. It is not financial advice and is not an endorsement of any provider, product or service. All trading involves risk. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. Swyftx, ByBit, BingX and Bitget are channel sponsors. All decisions you make are your own. #crypto #bitcoin #cryptonews