Transcript
A (0:09)
Well, ladies and gentlemen, welcome back to the crypto market rundown where we talk about everything that's going on in the great world of cryptocurrency, from the fundamentals in the, in the news to the technicals on the charts. We spend the time doing hours of research so that you all don't have to. And what a volatile week we have had. I mean we've had Bitcoin breaking over 100k, falling back down to 90k. Altcoins have been falling by 20, 30% across the board and now some of those same very altcoins are rallying to new all time highs. And what we've really gotten this week was a big old case of FUD and fake outs. And really what this kind of came out to be is one of the best buying opportunities that we've seen in the past couple of months here. So welcome back everyone. We're going to be talking about all the catalysts, all the news, all the charts, the ETF flows, you name it. There's really, there really is a lot going on and we want to make sure that we cover it all in a single place for all of you. So man, if that's not an intro TiVo, I don't know what is. But you know, are you feeling the same vibes over on your end?
B (1:18)
Yeah, man, still, still really pulled up. How can you not be when it's summit week? I know we promoted it last week, but today is day two of hedge fund summit where we have over, you know, 27 plus awesome guests, crypto experts in, in the industry with a lot of crypto alpha. And it's completely free. Scroll down. You can still get day two and three. If you're watching this live today, I'll put the link in the show notes below, get your free ticket. But yeah, man, just super, super bowled up. I think that we said it last week or I know again, we were talking before kind of, you know, recapping what we said last week was know, hey, there's a 10 day, two week period here where, you know, markets, we don't necessarily have a footing on where they might go. Especially when you're connecting it to the macro of the S P and the nasdaq, which we might cover a little bit because of all the data points we were waiting for. So big week for data this week, big week next week with the Fed and then people are eyeing the Santa Claus rally. And you know, as much as we like to think of crypto and tradfi as separate, we know that you know, with all these, you know, big name, you know, hedge funds and all the ETFs and all this stuff, it's, it's more intertwined than ever. So it's an exciting time to dive into the data, look at the charts, look at the news. And that's what we do here every week.
A (2:30)
Yeah, we'll pull out the confetti cannons. Bitcoin as we speak is breaking back above $100,000. Teetering on that, glasses up. We're teetering on that line of $99,996 as we speak. We'll definitely throw out the charts here in just a little bit because that seems to be what a lot of people are concerned with at the moment. Right. Because at the end of the day, we don't want to lose money, everybody wants to make money. And the charts is really what it comes down to in terms of interest. But if we look at just some of the things that have happened, that candle that we saw, and again, we're going to throw up the charts here in just a sec. That candle that we saw over the past couple of days bringing us from above 100k back down to around 94k that liquidated over $1.5 billion of positions. And this comes right after, I think it was last Thursday where we had that Darth Maul candle. We went up to a new all time high of 104k, came back down to something like 92k that liquidated another billion plus dollars in the crypto market of longs and shorts. And so we had $1 billion get liquidated last week in a single day. We had another one and a half billion dollars get liquidated I believe on Monday. And what we're having here is just a chop zone. And a lot of this came from a single point of FUD that we're going to break down in just a second. But I think one of the big, I don't want to call it losers, maybe one of the big opportunities here was in altcoins because we know that they move around 2 to 3x the volatility of bitcoin. And so when we saw about a 10% pullback in Bitcoin, we had a lot of altcoins go 20, 30% to the downside, some more, some a little bit less. But now what we're seeing is this super active rebound across the board and some of those altcoins are already breaking out to new cycle highs, new local highs, new all time highs. And it was a clear by the dip Opportunity. So my next bullet point was, is this a by the dip or are we in trouble? I kind of spoiled that. If it's not already evident. We're a little bit biased towards the long side here, but we have a saying that the trend is your friend. And a single red day, maybe two red days, does not define a trend. You know, the trend is still very much up. And if we actually go ahead and take a look at, you know, what this bitcoin chart looks like, and I throw this up on the screen for all of us, then we can see over here that the trend actually did not break at all. We zoom in and we look at this and we can say, hey, this, this trend line that we do have on bitcoin has maintained. It has been going up and up and up and up and just keeping this pattern of a higher low after every single pullback with really no exception. And so what we got yesterday is a pattern that I like to call a tweezer double bottom. This is not something that we see often, but it's a very, very bullish thing to see. Hence why we're getting so much buying pressure coming in today. And this is exactly what we want to see from a tweezer double bottom. So we had this double bottom come with two extended wicks. And the following day, which is today, we're starting to see massive buy pressure come in and push bitcoin back up to 100k. Now, up until recently, we've been having a hard time with 100K. And I think the big reason on everyone's mind here is why did the crypto markets pull back and where is the opportunity? So if we just look across the board, we look at bitcoin struggling to hold above 100k, this is an all time high resistance. We go over to Solana, hit 260 bucks, struggled to break that, rejected it. Another all time high resistance. We go to another large cap, xrp, which pushed its way into the number three in terms of market cap. This thing came up to the three dollar range. Guess what? That is another all time high resistance. We go over to Ethereum, the second largest crypto by market cap. This thing came up to its cycle high resistance. And so when we look at all of the large caps, you know, you know, not all, but most of them, right? The really significant ones, they're all at these all time high or cycle high resistance levels. And they rejected it. Resistance levels are exactly what they sound like. We come up, we see resistance there, we get a rejection, we pull back and then we continue the rally. And that's really all that this was was saying, hey, all of the large caps have gone on these crazy runs to the upside XRP up 4 or 500% in the last month. You look at Ethereum which went on about a 70% run, you saw Bitcoin gain about $50,000 in valuation since September October. So in the last couple of months this thing rose $50,000 in terms of its price point. Same with Solana being up over 2000% this market cycle. So all that this was was saying, hey, we've had a really great run, we're at massive all time high resistance levels now. We're going to pull back a little bit, we're going to gather our strength, take a breather, and then we're going to continue the rally. And that's really all that I saw here was nothing more than that. With one exception.
