Did Bitcoin & Alts Bottom – Or Was That Just a Bounce?



hey what's up guys note investor here time for a weekly kickoff to these market updates we're going to look at Bitcoin we'll be talking litecoin also take a quick look at by Nancy owes me oh and Tron seen a little bit of a sell-off today here on news that Justin and the lunch with Buffett has been delayed the supposedly must sent much-anticipated lunch which I think that's a little bit of a marketing ploy there if you ask me but let's get through the charge here before we do quick look at the glue the coin market cap here looking at the overall BTC dominance it's been a lot of discussion here lately just because the olds have really taken a hit versus Bitcoin here in recent months since topping it in April and the big question is will they finally hit the low should we be in BTC or alts or mixture and really up until now right it's been mostly the Bitcoin story but since we've seen Bitcoin hit a peak in the upper 13 case we have seen a little bit of a pause in the rise of the BTC dominance here if you will you've seen the BTC dominance peak here recently around that 66% mark the last time we saw the dominance here that high was in December of 2017 before the ultimen on that historic rally there and then before that BTC dominance was pretty high back in April of 2017 so we're back at these historic levels we got to keep in mind though prior to this April March of 2017 it really was a different market because many of these alts really didn't exist or they really didn't trade that much volume so doing analysis and support and resistance and I've seen people drop trend lines with the altcoin dominance really is a little bit of a flawed approach in my opinion just because you're using data points that really don't have that much history you know the 2017 and 2018 timeframe is probably as far back because you want to go in terms of the dominance prior to that BTC really was the crypto currency and was well over that eighty percent mark as you can see here and so there's always curious to see where this lands you know many of these alts really are just not gonna survive long term we've been pretty clear about that here many many of you guys know that I mean a lot of these projects were crazy overinflated they have very little intrinsic value it's really hard to value them in terms of what they really should be worth a lot of them are startup projects some of them are very good ideas but may not make it in the long term for a number of different reasons so so it's an interesting idea here to watch in terms of all vs. BTC I generally will look at the big cap names and use that as a barometer what is the theory on versus Bitcoin doing Ripple Tron Neos neo those kind of names and then go from there of course I also look at the alert system if we go to the watchlist here which is an automated watchlist I always see what's popping up here on the list and what's outperforming versus Bitcoin and pulling this up here today it's not a lot of the big cap names it's mostly these very small cap very illiquid names and things like status and sky coin and our door we'll look at some of these charts here quickly but these are just names that I generally don't trade anyway they're certainly you know can be good for a quick pump if you're looking at a short-term trade but most of the time not a barometer in terms of the altcoin resurgence so something to make note of there but let's go back to the overall chart sure we look at the big picture first looking at Bitcoin this is the daily chart of BTC here of course we've seen the big drop and then the subsequent bounce following last week's low last week we culminated in a low about 30 percent from the most recent high just over 13 K before we found a low in that 9 K range now that was a significant low to be found there it was a little bit of support zone here it was almost the 50 percent retracement but really the big support level that I've been looking for here is actually below 9 K so if prices continue lower that's gonna be the level I'm watching for around that 8,800 is the number that I'm looking for and then below that if things really get going you know you're looking at basically around 8 K but in the near term there has been a bounce there's been a lot of excitement around the recent moves in some of these alts which we'll look at here and sure enough just like you mentioned last week you know you get those very quick fast and furious moves to the upside but they were just overdue because they were just crazy oversold to the downside we saw neo for example up 40% in just a couple of days here on the balance here over the weekend and you know I did some quick trades over the weekend on some of these names but in my opinion most of these were just bounces off the lows now that we're getting a pause a little bit of a pullback now it gets important because we're wondering is this gonna make a higher low is that the end of the low was this most recent low last week V low or are we gonna break that maybe make a double bottom and test that recent support so there's a couple of different ways to look at it but it's always important to know what is the broader trend if especially if you're trading or if you're looking to you know make some longer-term additions you always want to look at the broader trend and clearly the trend is down right now you can see we've had this pullback sure we've had a bounce but the bounce faded right at these moving averages and now we're pulling back here again over the last couple of days also volume on the bounce was not exactly strong it was not volume increasing on the way up in fact it was decreasing the higher prices went and so it's too early to say that was V low could it have been absolutely things were oversold in the near term we had already pulled back 30% so it could absolutely have been V low but it's still very premature in terms of saying that was the low there's no confirmation on the way up what I'm looking for now on the way up on this daily chart you can see there's been a very clear level of resistance around that 11 K mark that would also get price back over these moving averages and so the moving averages that I have drawn here on my chart there's blue lines at 10 EMA that yellow is at 22 and I've have this 50 EMA just longer term moving average shown just to kind of provide a little bit more context there in terms of the broader trend but until we get some resolve to the upside it's gonna be too early to say that was the low however things are looking positive we are seeing a little bit of a pause here but you're still below that 11 K you're still seeing some resistance that was prior support back here really 10 6 to 11 K that zone and you've seen a lot of selling pressure any into bounces into that level let's zoom in here a little bit if we go to that for our view on you see here we're seeing the pullback here a big bullish engulfing candle last week which was very positive generally that leads to more upside which we did see and then now we're seeing this pause is pulled back here today we did break some pretty good support on the one-hour view here in the very short term a little bit of a head and shoulder type pattern we're pulling back we bounced into that level now and you're seeing this pause and pull back and resume so for now in the short run I'm still cautious you know there was some good quick trades to be had on the upside following the oversold conditions but broader trends speaking it's still very much the downtrend and until we get above that 11 K you got to be cautious with that not to say there's any quick trade to be made to the upside but especially if you're a newer trader you're always better off trading in the direction of the trend meaning if the trend is downward you know you're not looking to scalp every little quick rally but instead you're looking for those rallies as opportunities to potentially enter some short positions for the next leg down and that's what I'm looking at here is a potential short trade to the downside and something that would at least retest these lows in the 9 KS and so that's what I'm looking for and it offers especially if we were shorting here near the highs it offers a relatively good rich reward entry because you know you don't have to give it much room to the upside to being validated on that trade idea but there's plenty of room to the downside as potential gain so those are the type of odds that I look for same on the way up you don't have to wait for the exact you know wiggle you don't have to catch the exact bottom but once you see the trend change you're see these bullish engulfing candles then you look for those opportunities a little pull backs to catch the next leg up and so that's what I'm going to be looking for here in the broader scheme of things if we go to the daily chart again here real quick you know now that we've had this bounce off the lows a little bit of a pullback in the daily chart this could be that opportunity for a higher low but I'm gonna give it some time I want to see that turn that confirmation before we see that and at that point you're gonna be trading with a little bit more wind to your back looking for that broader leg and who knows how high goes from there it could certainly go right back up to the highs in the 13 case or it could finally break out the highs and make a new yearly high so at that point will it matter if you got in plus or minus $500 at the Lowe's it really won't sin the bigger scheme of things so that's what I'm looking for here of course that depends on your time frame if you're trading the one hour charge or something smaller absolutely plus or minus five hundred dollars especially trading with leverage makes a huge difference but if your swing trading or if you're doing a little bit more longer-term hold like on the daily charts it really is immaterial in the longer scheme of things so just I'm gonna make note at this point I'm just gonna be patience I'm gonna wait some of this out most of the deck has been cleared if you will on the trading side of things and just kind of sitting it out you can see the range has really contracted right last week we were seeing pretty big moves I mean you're a plus or minus a thousand dollars on some days and some big moves here pretty good move off the lows but then here the last couple of days the range has been pretty tight and just choppy you don't want to over trade choppy in tight ranges you just want to wait for that range expansion to resume for the momentum to kick back in again whichever direction that is to the long side or to the short side let's take a look at some of these other names you're looking at eat I'm gonna go eat BT see here first because the question around should you be in alts is the bear market and alt vs. Bitcoin over and just looking at the etherium chart here no way no how can you say that the bear market is over have we found a low maybe it's going flat here but honestly this looks like a little bit of a descending triangle on the big thing just a little bit of a pause on the way down before it breaks support what I'd like to see personally is a break of that support and then a quick rally over a little bit of a shakeout that final washout low if you will I'd like to see some big volume and then if it starts to take out this most you know the last few days worth of resistance here then that'd be a good signal that maybe these alts are ready to start moving higher relative to Bitcoin but for now the trend is your friend and that means going to the downside versus BTC here so if I had to pick anything I'd still rather be in Bitcoin now some of these other all's did have very nice moves versus Bitcoin over the weekend but again that was a little bit of an oversold bounce scenario if we look at e3 here looking at the dollar pair of this chart here same scenario right you had this pullback on the daily chart very oversold very dramatic drop here in about a week and a half and then a pretty good balance but look at where the bounce ended I mean almost to the penny it stopped right at the ten EMA that's right around that two hundred and thirty seven dollar mark getting back above that would be positive as it would get back above these last two wicks here but for now you're looking for a higher low and then some following to kick in if it starts to move higher again and on the way up the next moving averages really are your resistance so to 45 to 54 and then prior levels of price here around that to 60 to 70 mark so still a lot of work to do on the way down there's really not a lot of support on the USD pair until you get back to these prior lows here and so you can see this most recent low we saw at 190 190 dollars on aetherium crazy to think it was just 370 colors on those not that long ago quick drop we were due for a bounce but if it cuts below that then you're looking at around 180 to 175 dollars as your next major support level on the eve USD pair so one thing I do want to note and I'm doing a little bit of a preview I'm probably jumping the gun here a little bit but I do want to highlight that you know we're gonna be adding some other features to the alert systems in terms of you know some buy and sell signals for a little bit of a trading bots that we've been working on and it's the reason I'm showing this is because it may be hard to see here but there's some sell signals that this generates buy and sell signals here but looking at the eath USD pair I mean going back here on the 4-hour chart you can see there was a sell signal there a sell signal there a sell signal there to sell signals here and then here in the last day we've seen two sell signals and so all in all it's just still leaning bearish right there's not a lot of buy signals showing up yet and so that tells me that the better trades are still to the downside for now if that changes if we start to break above this resistance around that to 35 to 37 then that will also produce some buy signals on the way up but for now the better trades are still to the downside and if you don't want to trade short then you just kind of wait it out and sit until you see those strong reversals a good low finally being put in so we'll be adding that here to these insiders here in the coming weeks and months we're still doing a little bit more testing making sure that rules out right but it'll be some fun stuff coming out there let me hide that here before we move on to the other charts all right looking at litecoin here I'm gonna go to the like corn USD chart here versus dollar a pair on coin base this was one of the stronger moves off the lows here over the weekend he saw very nice bounce multiple legs up finally culminated in the top around that 105 level and just that's the new level of resistance that was prior resistance back here it was just very oversold but again a very dramatic move bounced off the lows as is typical for the alts I mean up 33 percent it very little time right a day and a half basically and so from a training perspective that's phenomenal that's what you like you can really can't ask for more than that but they've looked like they've run their course now we're looking to see a little bit of a pause pullback again the daily charts nowhere near being bullish yet just felt like an oversold bounce right into the 22 EMA it's pulling back here prices now back below the 10 EMA again on the way down so for the big picture I'm still cautious I'm not going all-in here or anything like that I'm gonna wait until a good low is in looking for maybe a double bottom sort of reversal pattern the first levels to be watching here is of course the retest of those lows here on that 80 dollar mark 70 dollar mark and if it breaks that I mean that's it's gonna have a pretty quick drop down to the 60s and again just like eat crazy to think that it was just a hundred and forty-four dollars not that long ago so it's been a pretty dramatic drop here especially into the summer months would not surprise me just to see a little bit of chop and flop here instead of just some trending markets it would not surprise me to see a lot of chop so got to be cautious when in those environments because when things aren't trending strongly and your favorite is really hard to guess the market and there's really not a lot of follow-through on trades oftentimes and you'll get hit with a series of stop outs and in that scenario it's kind of death by a thousand cuts so very often it's better to just sit things out and let the market moment and resume again looking at B&B holding up pretty well here especially on the USD side again pretty good bounce here if we look at the bounce from the lows here from the exact low wick to wick about a 35% to move but again was very oversold bouncing right into some moving averages this one is still holding up above the ten EMA I want to see that tenía may cross over see a bullish crossover back over these longer-term moving averages that would really still help him confirm and notice the volume patterns on this one a little bit different than the others hi buying volume sorry about that nummy there we go huge buying volume here we did have a red candle very small so far the candle has just rolled over the daily candle so we're starting a brand new red candle so kiss not a lot of volume yet but all around much stronger buying volume here compared to some of the other all's we're seeing so potentially a good sign here it's gonna be interesting to see what happens though as we approach that September deadline as you know Finance is shutting the doors to the u.s. traders and so wool volumes decrease will that impact the B&B token it's got yet to be seen but that's gonna be interesting to watch her as we approach that timeframe here in the coming weeks Yost uses one I'm liking here if this market gets going on the way up setting up for a little bit of a reversal again just like everything else they'll just bounce it into moving averages nothing really to confirm yet but going to that for our view let me zoom in here for us the level that I'm watching here for a breakout is around that 440 to 450 level on the way up here until then nothing for me to do yet in fact like everything else probably just seeing a lot of cell signals on the way down after this bounce probably seeing some more here in the most recent timeframe as these moving averages crossover as price breaks below again but getting back over this level will start to confirm that this was a higher low and you'd start to see a break out over that 450 level and would really have quite a bit of room to run before hit any sort of major resistance you could even see it run as high as that 560 level which on a percentage basis would be a pretty significant move you'd look at about a 28% move to the upside if we can break out so that's what I'm watching here in the short term again this is the for our view of Yeo's heõs BTC here again ranging still sitting below some key resistance levels this one also lines up pretty well if it breaks out same targets generally that base that we saw form here over late June early July that broke down but in the meantime I mean look at this trend they're just very strong downtrend you get these pauses along the way break slower pause so again don't need to jump the gun don't need to guess the bottom don't need to do any knife catching just wait let's be patient until this market confirms that it's ready to stop dropping if you will neo looking at neo will do two more neo and tron here looking at Tron or neo excuse me one of the stronger bounces off the lows here from wick to wick up 43% very nice move up to around that 1375 level before finally pulling back here and I was watching this pullback to see if it was gonna give you one more leg on the way up couldn't really get going and then once it lost that support here at twelve seventy just really quick spike to the downside bouncing a little bit right now but now I'm looking at this level as resistance here on the way up so I'd be cautious until it can get back above that twelve seventy level in and around that level but for now just gonna be waiting this one out big picture still looks like it wants to go lower that was just an oversold bounce ideally on most of these because the pattern looks so similar we want to see a double bottom or a higher low and my preference would be a lower low with the bullish divergence on the RSI is that would really wash out some of the last holdouts and could set up a potentially strong low at that point some good support to set up for a broader uptrend reversal so that's what I'd be wanting to see but for now she's gonna take it one day at a time see how the market plays out and last but not least looking at Tron I'm gonna go to Tron BTC here first just to highlight some you know broader picture trend this had a pretty good bounce off the lows probably one of the stronger ones here there's been a little bit of run-up in terms of you know Justin's lunch with Warren Buffett and some of the hype around that I mean let's be real it's not like Justin's gonna convince Warren Buffett to go pick up some Tron and so it's a little bit of a hype driven but still a pretty good balance up 32 percent but we're a quick drop here on some volume today there was some news that that lunch was postponed and so we'll see I mean it just seems to be driving the price here in the meantime but going to the TRX USD chart here pretty good move on the upside posted a little bit of a double top here and once it broke that neckline support saw some downside and so what I'd be watching is for some more downside continuation here just doing a quick measured move on that double top you're looking at some more drop here likely gonna hit this support back in here maybe even a little bit lower so I'd be waiting to see how things shape up going into that zone see if they can form a bottom of bounds here at that point seeing some volume but for now looks like that bounce the move is over for a lot of these alts we're seeing in this pullback mode and we're gonna have to wait and see if that higher low forms or if they cut through last week's lows and make a new relative low on the broader timeframes so going back to BTC here it's important to always keep the big picture in mind going back to the daily chart for those of you that follow kind of some of my methodology here if you have access to the the node insiders course or the four-step cryptocurrency course I do have a course on the RSI and I mention some bull and bear zones on the RSI that I use and one of the levels to watch on there is that 40 level when things are in pullback mode you want to see that 40 level hold it's important to note that last week's low on Bitcoin held that 40 level before bouncing but if it breaks below and starts to close below that that's gonna really signify a shift in the market and and for me that ends the bull zone and now I'm looking for the 60 level as a ceiling on bounces on the way up until we break and vice versa so just something to note there that it did hold but we still have yet to see any follow-through on the upside here and of course on the weekly charges big picture you know in the big picture this is just a normal pullback this is a pause pullback hasn't even broken below the weekly 10 EMA did very briefly wick below last week but it's still closing above it in the big picture so again that's another I'm thinking we've you know might not be surprised to just see some choppy action here for a little bit as the market digests this very strong move that it's all for the first half of 2016 one cannot expect that you know you see six months of this move and then another six months of the exact same move without a pause or a breather along the way so that's what we're seeing right now it's anyone's guess how low it goes there's different ways that I've analyzed it and we've done some retracement levels here as I've shown in the recent live streams we're basically at the 382 level still we did hit the 50 percent very briefly last week on the wick and then of course 6 Monday is really your strongest level don't want to see it break below that and at this point that's putting it around that's 7800 dollar mark so that's gonna be it for today guys thanks for watching as always I hope this update helped if you want more information go to Noda investor comm look at the training course the videos there or no to insiders com if you're a subscriber there you'll get access to some of these alerts my training videos and on both of them you will get access to our slack group hope to see you there guys thanks for watching until next time take care everyone

9 thoughts on “Did Bitcoin & Alts Bottom – Or Was That Just a Bounce?”

  1. Запомните эти слова! Мое послание сможет сделать вас богатым! В этом году токен GRAM от Telegram вырастет минимум в 10-20 раз www.ньюграм. Информация

  2. Thann you for some frickin variety shit man I've been watching data dash' videos recently and it's literally just been an echo chamber.

    I was saying that this shit looked like a double top into the 618 fib level and have not even heard that perspective

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