Crypto Crash About To Get MUCH Worse?.. [What To Do NOW]

Crypto Crash About To Get MUCH Worse?.. [What To Do NOW]

the crypto Market is an absolute bloodbath it’s getting ugly out there with many ults now down 40 50 60% for the month even in the last week alone many altcoins are down 30 to 40% and today the selling definitely ramped up a notch with Bitcoin breaking down below a very important support level many altcoins also losing their High time frame support we definitely need to have a conversation today about the crypto market today I want to give you my thoughts on where we currently sit if this bleeding will get worse and most importantly what you can do about it is now the time to be buying and taking advantage of a potential opportunity or should you sit on your hands and wait for potentially even lower prices and I’m hearing a lot of talk on Twitter at the moment about the cycle being over a top potentially being in already for Bitcoin and altcoins the beginning of a bare Market these are real conversations that we want to have today so in today’s video there’s going to be no fluff going to tell you exactly why the market is doing this I’m going to give you my thoughts on exactly what you can do about it that can hopefully help you navigate the coming weeks in the crypto market so without stating the obvious many altcoins down significantly it’s not just the alts it’s Bitcoin it’s ethereum it’s pretty much anything relating to crypto and it comes at a time when equities and stocks are doing really well new all-time highs for the NASDAQ Nvidia pumping but crypto has seemingly decorrelated completely from macro markets and although there is some macro uncertainty relating to interest rates and inflation crypto is definitely underperforming other asset classes given the fact that equities have been so strong given the fact that property data is so strong Etc crypto definitely isn’t exhibiting that strength right now so the first question is why is crypto acting so much weaker than the these other markets and there is an in-depth answer which combines a a lot of things basically the sharp runup that Bitcoin went on some of the altcoin Dynamics in the market that have shifted that have worsened for altcoins this cycle versus last cycle liquidity being concentrated in meme coins retail not fully getting back in the market but all of those contributing factors weren’t the reason why we got this major dip over the last few days it’s mainly being driven by Mount goau beginning repayments so there is a lot of fud right now around all the selling pressure that is coming onto the market and when I say fud I’m not totally discounting the selling pressure there clearly is real Bitcoin being sold on the market but I’m also referencing the hysteria that this selling creates in the market the uncertainty the fear the doubt that’s what fud stands for right fear uncertainty and doubt that you know Force selling creates and malox has been spoken about for a long time now we are finally seeing malox come to fruition I think for the last 3 years people have been talking about and speculating about the potential ramifications of this additional cell pressure well now you have it and you’re seeing a strong knee-jerk reaction for the market in response to this and this is combined with another Force selling event which seemingly came out of nowhere but the truth is Germany’s held Bitcoin publicly for quite some time and that is the government’s selling 50,000 Bitcoin 10,000 of which have already been sold they’ve been Distributing and transferring to wallets actively over the past 48 hours and that is sell pressure which is tangible that’s hitting the market right now and it’s caused a lot of controversy you’ve even seen MPS in the German government coming out and actually urging the government to stop selling Bitcoin calling it Hasty you’ve had Justin sun coming out saying that he’s actually willing to negotiate with the German government in order to purchase all of this Bitcoin off Market in an OTC type deal intended to minimize Market impact it does raise some questions as to what the strategy is here cuz it seems like the government’s just dumping their Bitcoin on an exchange like coinbase literally just te- whopping it or even fat fingering like full stack Bitcoin on the exchange which doesn’t really make much sense when you have parties like Justin Sun um that would OTC the entire amount on a payment plan it would save all the headaches of actually and the logistics of selling this big Bitcoin it would save all the fud it kind of makes me think and there’s really two explanations here either one the government’s just really stupid or two they’re not really stupid and they’re doing it on purpose because either they’re cynical regarding crypto or they want for some reason for some vested interests to drop the price lower there has been a lot of speculation in the market about this potentially being coordinated with black rock and the inside players for them to scoop up more Bitcoin that is definitely one of the conspiracy bull case arguments at the moment that this was a coordinated dump amongst many players malox included in order to have one final big ShakeOut before the ball Market can resume because a lot of players have been sidelined and also presumably a lot of these players have been long for quite some time and have cashed out on those trades and want to re-enter um given the fact that there may have been Insider information regarding the ETFs Black Rock Etc but this isn’t a conspiracy video this is about the tangibles what we know is happening the data and then using that data what can we do to the best of our ability that’s the main objective here just to give you a feeling for the magnitude of all this selling so you have obviously the Mal GX fud and the German selling fud as well this has caused the biggest liquidation event since FTX in 2022 as you can see here billions of dollars worth of bitcoin eth and altcoins being liquidated over the last week this is a major major event you can’t discount the severity of it I’m assuming most of you aren’t because like me if you’ve looked at your portfolio over the past few days things are looking ugly but I just want to reiterate and I’ll scroll up here so you can see it this is a massive in the context of crypto over the last few years this is a massive selling event in fact it’s the largest Bitcoin decline since FTX 2022 as well you can see from the top of this week to the bottom of this weekly Wick 177% draw down if you look at the FTX draw down it was 25% so we’re putting in similar numbers to FTX 2022 this is the worst draw down I want to repeat that because it is very important since the FTX draw down in 2022 and thus the liquidations are also the worst liquidation since FTX in 2022 I want to summarize why this is the case though I think what’s happened in the market is Mount and the German selling fud has combined with a bunch of other factors in the market Market remember the market was already kind of shaky and decorrelating from uh equities but this has obviously piled on the pain a lot of the cell pressure hasn’t been realized yet because the majority of the mount gox Bitcoin has not been transferred and the majority of the German Bitcoin hasn’t been transferred either but but you see this pre-s selloff so when the news hits the market that’s often times worse than the actual sell off itself as it causes fear I mean it’s a scary thing for people oh Force selling the Market’s going to tank and that starts to PR erate in the general consensus regarding the crypto market so people start selling in anticipation what happens with this anticipatory selling is that obviously results in lower prices which means anyone that’s been longing the market using leverage gets liquidated so that causes a liquidation Cascade and as price starts to Cascade as you can see here with all these liquidations the market drops even further causing more people to sell spot because they capitulate retail capitulates people de risk at Major breaks of key levels and it just goes round and around in a circle that causes worse sentiment more liquidations Etc and that’s pretty much what’s been playing out over the past week it’s this negative spiral SL flywheel of selling and it gets very ugly and that has resulted in as I just mentioned the biggest draw down since FTX in 2022 slightly later in this video I’m going to tell you the reason why I believe this could stop sooner than people expect because there is one very very simple reason that the market would rebound out of this that I’m going to get into um that I think a lot of people are are just forgetting about it’s the basic principle of how these Dynamic markets work but we’ll get into that slightly later in the video once we unpack the data and the technical analysis here looking at the total interest chart as well I’ll move myself to the left you can see it’s been one of the biggest open interest wipeouts as well this has reset a lot of the funding on if you go up you can see across many of the large caps midcaps and small cap altcoins so many are in the negative now meaning there is a heavier interest in shorting the market versus longing this is a natural reaction um to the current market although I must say right now and once again later in the video we’ll talk about what my exact plan is if you’re considering selling slorting I think you’ve missed that boat I I do not view now is an optimal time to suddenly flip short or flip bearish if you’ve been bullish for the last 4 months now is actually the time to maintain that conviction and not flip bearish the time to flip bearish is after a major pump and not it doesn’t necessarily mean you’re entire macrob bias needs to change but short term drisk a little bit of your position flip not bearish but maybe just go a little bit cautious this is something I was making content on and I was very public about in March the fact I was taking profits near the top of course I haven’t played this perfectly I’ve caught the knife and a few old coins I’ve discussed those alts in the show in recent times and I’m down on those positions by and large though we were able to at least drisk some a significant chunk around the highs and now it’s about how we position ourselves going forward I think this Force selling combination of Mount Cox Germany with the current macro conditions for crypto took a lot of people off guard a lot of the best traders in cryptocurrency that I follow and I love did not call this move correctly even GCR who was buying on the April liquidation week um those buyers a lot of them are now significantly underwater so even guys like GCR they don’t time bottoms but I don’t think he claims to and I don’t think you know a lot of these top traders in the market claim to you’ve really got to master the art of General timing in the market from a macro point of view in order to make significant profits over the duration of a cycle of course in the short term it might not go your way but as long as your general macro positioning and thesis is correct that’s where actually the real money is to be made here and that’s why I do view this we’ll get into it a bit later an opportunity and not a reason to panic but let’s continue going over the data sector performance for l1s l2s memes AI everything pretty much every sector is down you can see this on v as well and Bitcoin as I just mentioned having one of its largest draw Downs ever um of course we have had draw Downs like this in the past even in Bull markets so here’s a bit of reprieve I keep slipping and clicking on the wrong button here if you do want to look at bitcoin price action in 2021 look at this rubbish right look at this absolute rubbish price action in May June July 2021 look what happened afterwards so this shook a lot of people out I remember everyone was calling for the end of the bull market the beginning of the bare market and we ended up making new highs that year I don’t think we’re necessarily copying the same pattern because we are in a Haring year this was in a post Haring year so that would be the equivalent of 2025 but I do think there are some similarities in terms of having a mid Bull Run Shake out and you can make the argument that this cycle was slightly accelerated due to certain factors the Bitcoin spot ETF obviously being a major propeller of positive price action in the early cycle run so what do we sit from a technical perspective we did break below my must hold level we absolutely capitulated down below that’s actually something I even talked about on on yesterday’s video we talked about the top or I think it was a few days ago the top alts to buy in July right I actually did say in that video for many of them if you’re not willing to be underwater you’ve got to wait for two things one a reclaim so an uptrend and get in on the major draw Downs or two buying into major capitulation Wicks so these are major major events that lead to liquidation Cascades and give you the ability to fill High time frame entries at much lower prices that is actually what we are getting right now that’s what we’ve had today we’ve had some extreme Wicks down on alts into zones where I become very interested in buying so even if you watch my video a few days ago a lot of the logic I spoke about then is still valid of course you know you have the clickbait thumbnail you know buy these alts or whatever but if you actually watch that video right watch the entire video you will know what my strategy was on alts and those all coins that I discussed many of them actually now drawing down into those zones those capitulation zones I discussed so your strategy really becomes either buying a reversal and buying in on major dips or adding on major capitulation weeks like we’re getting today but later in the video I’ll I’ll go a little bit more more in depth into my altcoin strategy so where does Bitcoin sit now from a techical perspective well you have this High here that we made at 52,500 so around 53k this is now acting as major support this is definitely a level where I expect a reaction on bitcoin if we start to break down below that then you have this level which was the relief bounce rejection level from March 2022 that comes into play at 48 so these are really the two zones for me um the exact zone is 525 to 526 so around 53 and then 48 and these are really big macro levels to keep your eye on especially 48 48 is is massive because it’s actually a level that we initially rejected off before breaking through during that ETF run in February 2024 all eyes on 48 actually did a tweet before where I said can we just nuke to 48 already and get this over with dear Germany Mount GX Jeet your entire stack dear retail just Panic cell sell everything get the pain over with then up only thanks and basically what I was saying here is stuff this bleeding that we get every few days you know we might bleed and then bounce and then bleed and then bounce and let’s just get it out let’s just flush it out and that’s kind of what we started to see today that really big wick that we’re looking for just to flush it out but honestly if you’re thinking about if you hate crypto and you just want to sell please sell get out of the market now let’s flush all the weaks out let’s get this over with quicker the quicker it’s over the better for the market right price capitulation is actually not as damaging As Time capitulation there’s a big misconception in the market that a uh that a 30% dip is really damaging for the reputation of crypto and Retail and although it is what’s more damaging is slow bleeding over 6 to 12 months I actually view capitulation opportunities as much stronger entry zones as slow bleed price action where you’re trying to catch a falling knife so I actually welcome this in a way quick selling versus the slow bleed chop which is even worse and that’s what actually completely hammered people in 2021 as you can see here this constant bleed bounce bleed bounce bleed bounce it’s it’s brutal it’s brutal the quicker you can get over with these crashes the better for the market in general so that’s Bitcoin those are the two support levels I am expecting reaction around here the market it’s so bearish it is so bearish that it makes me think that we can probably expect a reaction around here how actually trade this we’re going to get into that does vary based on your approach here to the market but those are the two support levels to watch and then you know you break below 48 and things are looking real bearish that is real bare Market Vibe but sorry I keep I know I keep teasing like later in the video but later in the video I’ll show you why you shouldn’t be worried about that that’s really really not even on my mind right now and I don’t think the cycle top is in and I’ll explain why I do want to show a couple more charts though the first one’s total 3 total 3 also broke through it support this is a major support I’ve been talking about on the shows that’s now officially broken your next support is another very important one this was your bull market support level in 2021 for altcoins it’s at the 470 billion Zone it’s another what is it from here 10% down that is a fantastic Zone it was actually the zone that we initially broke out of in the beginning of this bull run in my opinion to accumulate all coins it would be absolutely wild to get entries there and that actually excites me right from an altcoin point of view to get entries there getting into the Zone we can probably start averaging into this from a macro point of view but that’s an absolute gift this tweet from Zahir alludes to just how huge this altcoin drawdown has been he said Global altcoin open interest adjusted for market cap is trading at 10mon lows September 2023 it’s absurd to say that allcoins have completely Unwound any semblance of long exposure so there’s not much interest in the altcoin market right now it’s back to September in terms of Interest which is very interesting because that was actually in the bottoming formation range so in terms of altcoin open interest we are now in that bottom range despite prices being significantly Higher by significantly I mean 61% still underperforming Bitcoin but you know a fair chunk higher typically you want to be buying alt coins when open interest is low that’s when you want to buy when open interest starts climbing up as the Longs Pile in that’s when you want to be taking profits so that’s that’s an encouraging sign that you know for a fact now you’re not buying into hype and there is an opportunity there just historically based on where the open interest lies I also want to look at Bitcoin dominance because this one’s really interesting dominance actually although it Rose this week and today it actually hasn’t made that strong impulse up that you would expect from a market like this now yes it’s been grinding up and it’s within this ascending Channel but it’s started to show some weakness here around the mid-range to put that in layman’s terms ults actually held up decently versus Bitcoin today now I understand many of them are still smacked and I understand everything’s still down a lot but we didn’t get that complete nuke that we could have on alts many still held up I think salana right now let’s just go into coin Gecko and look through some of the Mages salana right now is still above 120 that’s a good gauge like salana being above $100 you still have some of the major TS like ton at 660 um Avalanche still above 20 link still above 10 like these are key levels psychologically for these alts and they’re still above it Nia’s taking a big beating polygon’s taking a big beating L2 dilution uh Pepe’s taking a big beating I want to actually show that chart slightly later but this one in my opinion is actually one of my favorite accumulation coins longterm we’re going to speak about that slightly later just scrolling through the list here giving you some updates Renda is still above six obviously it’s taken a big hit but I’m not saying like this is good obviously if you’re long these alts it would be annoying to be down 30 40% but it could be a lot worse considering what we’ve seen in in terms of the Bitcoin draw down and that just gives you a bit of an indicator that people are still willing to step in and bit alss there is a little bit of protection going on in terms of the floor for a lot of these altcoin prices you’re seeing this more across the majors and the TS with strong mind share and these are the ones I’m focusing on now versus the onchain a lot of them have bled out and they look horrible and they haven’t caught a bit but you shouldn’t really be focusing nor trying to accumulate those alts you should be trying to be in the strong alts with the strong solidified Trends and mind share mind share in this market by the way is going to be so important this cycle and I talk about this a lot in my videos because of the amount of altcoin dilution we have I don’t view this as a as a cycle even when the market recovers where you’re going to see everything go up at once it’s not a rising tide lifting All Ships equation that we saw last cycle where you could bid any altcoin to make money asset selection is so important and to nail your asset selection you have to be focusing on the altcoins that command mind share and attention it’s an attention economy and you’re going to find the altcoins that respond the strongest are the ones with significant mind share otherwise you’re going to be buying into an ALT with probably a high fully diluted valuation with a bunch of Supply coming onto the market that just bleeds down and down and down and those aren’t the alts you want to play for a recovery the alts you want to play for a recovery are the ones that everyone instantly gravitates towards to and feels an affinity towards even if it’s not the strongest fun FAL coin in the world this cycle mind share matters over anything else and that’s why later on I’m going to talk about coins like Pepe Ono salana whiff these are the types of coins you really want to be prioritizing because I think they’re going to bounce the hardest versus a lot of these onchain coins which okay maybe they’re down more like 80 90% but there’s just no guarantee they’re ever going to fly again this cycle and that’s just the harsh reality of the cycle and the environment we’re in and you have to adapt this time versus the other Cycles you can’t play this cycle like you played the last cycle or it won’t work out a lot of you that maybe have been trying to do that you’re probably noticing now it it hasn’t worked that well most of my strongest gains have come off nailing a rotation a broad rotation in a sector like AI rwa Etc betting on the leaders and playing relative strength and getting in on the draw Downs of a coin with relative strength in an uptrend not couching a knife and the times I have caught a knife and I’ve done that occasionally publicly those have those positions are now the ones that are underwater so it’s kind of a bit of a lesson here that playing strength in this market is the way to go and strength isn’t just in terms of technical analysis strength is in terms of Mind share I want to reiterate that so what now for the market avvy has a tweet here saying the way these sell-offs end and this is what I was alluding to at the start of the video like how do how does this actually reverse right the way these sell-offs end is when the sellers run out of coins it’s so simple sounds obvious but the key is to ignore When Buyers step in on face value this tweet seems super simple it’s just saying oh the sell-offs end when the sellers can’t sell anymore wow how simple but what he’s really alluding to here is everyone’s focusing on when the buyers are going to step in or why are they going to buy why are people going to come into the market why is retail going to come back when is retail going to come back and everyone focus on the buying you also have to focus on the selling at some point and it may not be now or it may be now right I can’t tell you exactly but at some point the mount g German selling Etc is going to be priced into the market even if that has to come after they physically dumped all their coins at some point there’s no more coins to sell once the market realizes this and it starts to affirm an uptrend and work out of the hole and there’s less headwinds the Tailwinds which are very evident very clear for the end of the year which we’ll talk about start to become much more important than the previous headwinds so focusing more on the selling is actually more important than focusing on the buying right now for crypto to reach extraordinary highs like it did last cycle of course you need very strong catalysts to compel people to buy but a reversal here is likely going to happen after a lot of the selling is exhausted and after right and you’ll see see many alts aren’t actually bleeding crazily right now like the strong alts obviously everything’s bled right but just not crazily compared to others and those are often the alts where people they just don’t want to sell no one’s interested in selling their coins they don’t care if it keeps going down like they have conviction and unless there’s a crazy amount of short pressure piling into that coin there’s probably not enough sell pressure to counteract buys and keep price bleeding lower that’s the case for many alts but it’s also the case for Bitcoin as RV is alluding to at some point people just don’t want to sell their Bitcoin and at some point right this is just how markets work this economics 101 at a certain price there’s enough demand I’ve had people that were interested in coming in in the past couple of days and actually buying significant amounts of Bitcoin from the traditional Finance world because they saw it was down and they’ve wanted an entry and they missed it institutions feel the same they rebalance and see bitcoin’s an opportunity I feel the same I’m very interested in buying long-term Bitcoin so personally one of my goals is to have a certain amount of Bitcoin you know locked away put it in a safe lock it away for 10 years I think it’s going to perform extremely well as an asset over the next decade do I want to buy into that 10-year trade at 70k it’s not bad but I don’t love it would I want to buy into that trade at 40 to 50K absolutely for me that’s a much stronger and more enticing proposition and this is how markets work the lower price goes the less selling you have and actually people start to come in and counteract that with buyers and that’s because you hit an equilibrium where people are willing to pay a certain price for an asset and for Bitcoin for me I think that’s around 50k I think that’s very compelling long term and I it’s not just me it’s liquid funds it’s institutional funds it’s guys like sailor that Ran’s talking about here that are going to step in at that point so it’s not like there’s a there’s an unlimited flaw here there’s actually a limited flaw and that is different from FTX where they were selling 20 billion plus worth of assets and that caused a liquidation Cascade and lunar Etc where there’s just this crazy sell pressure and liquidation hitting the market it’s actually a very different proposition where we are right now versus then and that’s why it’s not comparable and that’s why everyone’s saying we’re going into a bare market now that’s going to last for I I just don’t even buy into it I still view this as a as a strong one if not one of the strongest buying opportunities we’ve had this year and the reason is also because of what Ran’s saying here he says the first part of the mount Gau distribution which will be made over the next four months is equivalent to one decent day of ETF buying and is smaller than 70% of Sailor last purchase please calm down so he’s basically saying everyone’s just overblowing it from a pure Financial perspective the cell pressure is not materially as much as people are making it out to be and look even if you look at bitcoin’s volume 52 billion today a few billion dollars of additional sell pressure actually shouldn’t be moving the needle that much so it’s what I alluded to before it’s the whole negative flywheel that sets in that’s actually moving the needle right now and resulting in much lower prices and this leads me to believe that this is one of the most obvious long-term setups I have ever seen so okay sure in the short term you have headwinds Mount GA selling fud Germans selling fud bit of macro stuff on the back burner we won’t get into it today maybe later but there are some issues there but mostly short-term stuff right regarding like economic data so those are the short-term negatives but longer term you have these Monumental positives for the first time ever you can buy Bitcoin on the stock market you’ll be able to buy ethereum on the stock market we have ETFs this is passive flow remember what I discussed before about at a certain price trfy and people in the traditional world would be interested in stepping in for an asset like Bitcoin how are they how would they have done it a couple years ago they need to gone to an exchange like binance and actually buy it’s tedious now if you’re a player in that realm and you want to step in and buy you simply pump money into a Bitcoin ETF it’s so easy and now ethereum is getting it this is a huge passive Catalyst for the market Pension funds the passive bid from them that I think a lot of people are discounting and eventually this will counteract any short-term fud but then you can pile on some more positive Catalyst for this year you have the election it’s looking more likely by the day that Trump will be the winner here and I think inherently that’s more bullish for crypto crypto given that he’s publicly come out and supported at least Bitcoin he said potentially alluding to bitcoin being a strategic Reserve asset or having the potential to be he’s been more open about crypto regulation we know what the Democrats have tried to do to crypto over the last few years do not discount the effect of this election and also the political shift that is currently underway and then if all that’s not enough you have the final point which in and of itself could counteract all of this Force selling and that’s the fact that FTX is paying out this year $16 billion to its customers its creditors 12 billion of which is in cash this is what makes the FTX payout materially different from the malx selling the malox selling the German selling they’re dumping Bitcoin they’re dumping crypto assets the FTX payout the majority of it is Cash you can’t dump cash well you can but you’re not going to affect the crypto Market what you can do though and what a lot of of these people are going to do is put the cash back into the market why because most of the FTX users with crypto natives that have seen the market run up and now retrace significantly you can bet that a lot of them are going to punt this fun money back into the market now of course some of them half of them more than half might just take it and say I’m done you know I went through trauma with FTX I just want my cash and I’m out but a lot of people are going to be like no I still believe in crypto I’ve seen what’s happened over the last year I’m going to put some of it back in the market even if it’s not my entire $220,000 I’m going to put 5,000 in let’s see what happens are they going to buy Bitcoin maybe a lot of them are going to buy alts a lot of the FTX users were holding alts in the exchange so this is actually a positive catalyst so it just feels like right now there’s a huge disconnect yes there are short-term headwinds yes that’s resulting in the price doing what it’s doing right now but the longer term the setup is very obvious and when there are major discrepancies like this I can’t help but feel like this is a massive buying opportunity so I have been making buys today significant buyers more buyers towards the coins I’m going to talk about soon but mostly Bitcoin and ethereum it doesn’t mean that the Market’s going to pump today we we might still be underwater for a couple months but what it does mean is that there is a big macro opportunity here and the asymmetrical upside is day by day skewing more and more in your favor cuz this short-term stuff has a flaw this longer term stuff has no ceiling billions of dollars passively coming into crypto from ETFs has no ceiling a major political shift in in the crypto market and potentially better regulation for crypto can unlock huge potential for the market and liquidity coming into the market via FTX is also a massive Catalyst these add up to a much larger net positive sum than these add up to a net negative sum and that’s pretty much the simplest way I can describe the market right now chimpu says he believes spot purchases here will be in massive profit in hindsight just stay safe stay alive and that’s really the game right now your goal is not to capitulate your goal is not to let your accounts get liquidated your goal is to just stay in the game because imagine being forced to exit the game during a time where we have such a clear and high upside long-term setup for crypto right now so what’s my strategy and maybe we’ll go into this a little bit more in depth uh next week when things cool down I’m traveling over the weekend but Monday I’ll be doing a video just to kind of summarize this video here now you can clearly tell I believe this is an opportunity but how do you approach it well for me focusing on bitcoin and eth is obvious if you’re going in with big buys especially if you’re going to be playing with leverage and I probably wouldn’t in this market but I’m I’m focusing on eth and Bitcoin I think eth is actually one of the easiest midterm long setups right now it’s fully traced the EF pump we a matter of days/ weeks away from an ETF approval people aren’t estimating the flows are going to be high at all it has actually exhibited relative strength and you have this bounce off a support line so it did break below this diagonal Trend we’ve been monitoring it is now at a high time frame support could it keep bleeding yes the whole Market could keep bleeding but for me I just have to step in a bit E I feel like it will be one of the stronger performers the other thing I started to do is add to long-term bags now let me make this clear these are coins that I am not planning on selling for a matter of months for 6 months minimum I might take profits if they pump but I’m not materially looking to exit my position for at least four to 6 months and probably longer than that these are coins where I’m willing to be underwater if I buy these coins I’m happy to be down and I’ll buy more and I’ll buy more and I’ll buy more and I’ve provision for that right because I believe that the current price is lower than what they will be in 6 to 12 months time some of these coins include Pepe I think this cycle is still a massive chance to be a strong leader especially in the meme space given the Mind share commands another one is whiff on the salana side salana itself I like we actually did BR bounce off a major support next supports at $100 be aware this can come into play but that is a coin I’m interested in Ono we’re now seeing below that major support as well I think over a 6-month period given the fact this is related to Ethan rwa this can perform well so if you’ve missed Ono you’re now getting it around that level that it broke out of around a dollar I would love to see a reclaim here and that’s where the second argument comes in like I don’t want to catch a knife I want to wait for a reclaim and that’s fine too so in terms of waiting for a reclaim your strategy is going to be waiting for an uptrend to establish on alts I I’ll use the Ono example right wait for an uptrend to establish reclaim a major level Buy in on the retest as we start to work our way out of this Buy in and you can start setting stops below the previous lows this way you’re not catching a knife right as price bleeds down and this can be for any Al by the way I’m just using this as an example as price breeds down you’re not catching a knife knife knife you’re actually getting in on the uptrend for the majority of people actually think this is the way to go if you’re mentally weaker and that’s okay if you’re mentally weak financially because I’ve been there right I was so flippant last Bull Run of only this bull run is the one where I’ve nailed it a bit more in terms of being stead fast with selling and buying but before I was just an absolute mess so a lot of you would actually be better off if you are in the week a camp um and week’s not supposed to sound harsh by the way it’s just the reality some people just don’t have the means or the willingness to watch their bags go down and I don’t blame you if you’re in that camp just wait for the the the reversal and get in on the pullbacks Bitcoin will establish a trend at some point it will be an uptrend I can guarantee it there is going to be another uptrend for Bitcoin guys this cycle and when it comes you can start to position we might bleed a little bit we might chop a little bit right but as we start to work our way up you can get in and then you have clear and validation and you can play the alt and ton with Bitcoin so if you want to wait for reclaims and buying on dips that’s a totally valid strategy I just cannot sit by and and watch a liquidation Cascade like today and not nibble for my long-term portfolio uh not even nibble I went in with bigger size than just a nibble one of my biggest buys this year again but willing to catch a knife I’m willing I’m totally willing to catch a knife on some of these alts and I’m willing for my thesis to be wrong if you’re also willing for your thesis to be wrong and you’re willing to catch a knife top quality alts in top sectors that command M share in my opinion there is no harm in accumulating now it’s probably the general range where they become good buys but do prioritize the Mages first I don’t think the onchain stuff is going to front run on a reversal Bitcoin and Ethan and and other majes like soul with Pepe in the mcoin space Ono in the RW space I don’t see that happening I do see this Market as a market where the leaders will will recover strongest first onchain and all these riskier meme coins Etc they probably won’t catch a bid until slightly after the general reversal occurs and that’s why I think you have time when it comes to the lower cap alts and I’m not rushing buyers to buy lower cap alts but the majors 100% I’ve stepped into bu today and if you do have that long-term conviction maybe you should consider it too totally depends on your strategy but I’m going to be here over the next weeks to guide you look today’s tough if you’re feeling crappy I totally don’t blame you it’s been hard on me as well I lost a significant amount today as well but we’ve been through this before we’ve been through FTX we’ve been through Luna I’ve been there I’ve I was there during the 2020 crash I was there in the 2019 bare Market I saw my my bags my initial Bitcoin eth buys just bleed and bleed and bleed I saw them pump and then bleed again at the beginning of 2020 I’ve seen the massive Bull in 2021 and then we’ve also experienced that June period That Shook a lot of people out like I’ve been through it all and every single time we’ve come out the other side significantly better off and every single time the market has once again shown us that the ones that had conviction during the periods end up as the big Winners and this time is absolutely no different and I’ll be here to help guide you throughout this process I’m traveling this weekend but early next week I’ll be back with the video enjoy your weekend if you want to step away from the screen step away no need to manically track it in order to make Sound Investment decisions you need to be in a good mental head space and if that means stepping away for a couple days maintaining objectivity coming to terms with what’s happened over the last few days then that’s what I recommend I’ll see you in a couple days enjoy your weekend spend some time with family switch off from the markets if you have to but just know this I do believe we are now entering a zone of significant opportunity for the crypto market and I don’t want to miss out on that I’ll see you in the next video peace

In this video, I discuss the altcoin bloodbath the crypto market has experienced over the past 24 hours, the current state of the crypto market as well as what you can do right now when it comes to your crypto portfolio!

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Topics discussed:
– BTC
– ETH
– Spot ETH ETF
– Crypto Market Crash
– Mt.Gox Payments
– Altcoins
– PEPE, WIF, ONDO, SOL

My Twitter: https://twitter.com/milesdeutscher

Disclaimer: The “Miles Deutscher” YouTube channel is a social podcast for entertainment purposes only. All opinions expressed by the host should not be construed as financial advice! Listeners are encouraged to do their own research.

#crypto #altcoins #bitcoin
___________________________________________________________________________
0:00 – Intro
1:21 – Bitcoin Technical Analysis + Crypto Market Update
27:05 – The Most Obvious Long Term Setup
32:48 – My Strategy + Altcoins
37:07 – Outro