Hey what's going on everybody this is the blockchain backer bringing you the latest cryptocurrency news and Analysis today we're taking a peek over here at the altcoin market as the Bitcoin price sits here above 35,00 ,000 and we're witnessing xrp cross above that 65 C Level along with ethereum getting aLittle bit of a breakout here this morning above1 1890 along with just a mix of a bunch of green over here in the altcoin market as our altcoin market caps still continue to grind up as anticipated throughout the year so as it is the weekend we'll keep this onePretty brief we had daylight savings time here in the United States so I'm up at 3:45 in the morning and with a bunch of green in the market why not record a video take a peek at what's going on heading into the weekend The Hope was that we'd actually just see some tameBoring bitcoin price action which I think we have it's actually up a little bit throughout the weekend we actually spent a lot of the weekend really just tame in here actually boring until the last like 12 hours until we kind of got an overnight pop Happening Here onBitcoin but I think one of the nice surprises that we've seen in the market is rather than seeing like a Divergence occur here in the altcoin market like we saw back here in 2020 where flip us to the Daily time frame where bitco coin grinded up in here we actually saw theAltcoin market pulling back we don't have that same phenomenon here where we actually see the alcoy market really Rising into this moment which has been just a pleasant surprise when looking at the total market cap of crypto we have started peeking through resistances over here still trying to get through thatPreliminary support of our long woff accumulation that has taking place for the last 18 months but optimistic things occurring here as total three the altcoin market still continues roaring up just continuing to grind and grind and grind and as we finally see one of the sleeping Giants start to awakenEthereum of course as many people have probably noticed xrp has even woken up this morning sitting at about 65 CS I spent some time talking about this in markets in the morning this past week that even in here for xrp you actually do have woff accumulation in hereQuestion is this whole thing happening in here just being news related this of course is the 100% daily candle that only took 4 hours to play out when the SEC lost in the SEC versus Ripple lawsuit where xrp was declared to be not a security and all exchanges includingCoinbase relisted xrp that very day otherwise we just drifted right back into where we were once the hype and excitement wore off as I mentioned at that time the difficulty was that we didn't have an element of a strong Bitcoin in that period however we do nowAnd so now we're starting to see some actual price action happen over here on xrp the thing is if we just kind of imagine that not being there and had prices just continued and had we never had a news related event to pump the price 100% in 4 hours what would we lookLike in here well we would look just like the rest of the market having wof accumulation working on sign of strength all the same stuff happening in here from the same point with our selling climax automatic rallies secondary test in Phase B and then a long l last pointOf support as we work our way back up to resistance levels so potentially there're being some significance to that move happening here today and ironically enough seeing that the same time ethereum is actually getting a leave of this range along with total three leaving Trend total three is going toInclude all of the altcoins excluding Bitcoin and excluding ethereum when we look at total 2 which does put ethereum in there of course it looks a whole lot more familiar to ethereum but conceptually the same same right we have the same accumulation schematic happening in here which is really whatWe've talked about for the last year and a half and it's finally at this point kind of exciting of like all right we're heading into sign of strength a year and a half of people screaming for 12K it's not what we've said over here on this channel finally hopefully we're about toGet rewarded which even we see over here on others which is all of the altcoins excluding the top 10 that you know well the world didn't want to believe it uh we had already bottomed and back tested the previous alltime high from 2018 and here and finally rounding this thing outAnd turning its way up and so while we start to see some life breathed into things like this like with ethereum and xrp you know until some signs show up on here for xrp for any type of resistance that would be significant um it would be really just a an uneducated guessingGame for me at this point you know I could randomly argue that that would be a struggle area in there that 66 67 Cent level but there's no signs of it happening here yet so we'd have to wait for the market to actually end up doing something if we look to like otherAssets you know I've pointed out things like cardano and the rounding bottom that's been happening in here and the similarities of that to the assets from back in 2018 and 2019 and 2020 that cardano even like almost like had the same market makers on it that ethereumClassic had on it in 2017 and 2018 and that if we like even go down in here and be like hey where do we start this bull run that we you know started here at the same point you can see this thing moves at really the same trajectoryAnd then Peaks at the same point and these percentages are actually identical and then it goes and falls in the same manner same places here's bottoms right and now here it's pulling off out of here the exact same size Bull Run exact same size pullback but what we areSeeing a lot of everywhere in the market is these rallies that are happening right here and we have seen some of them uh find resistances in here essentially we're watching a lot of assets swallow back 2023 and doing it in a manner of a week or two for example we saw meShoot to the upside but where does it stall at right we look at the Peak from back here in February of earlier this year so 10 months ago it shoots back to its 702 retracement and then stalls out we look at egld which is Multiverse XToday it fired up about 40 50% after you know climbing its way up boom significant pop same story this one dates back to August so if this entire range this entire fall swallows back 702 going to get a little bigger look at that on a bigger time frame here sameThing goes for osmo couple of days ago fired back to the 618 retracement which is that February range pull down so lots of these are firing back very quickly to these retracement levels showing these as being the first level of significant resistance for them of course we've seenThings like chain link get further out of these ranges and completely Escape along with Salena having the highest prices it's had since August of 2022 so about a year and four months a year and 3 months so my eyes are attentive to those retracement levels of 2023 is pullDowns so we're talking things like cardano right the first level of resistance these things have shown to have has been these retracement levels back in here however a lot of them if was continue to break out but it doesn't appear that those signs are there for the market to say that's where we'reGoing to stop and that it's all completely over considering we're really just in the sign of strength phase here in the total market cap total altcoin market cap and total altcoin market cap excluding ethereum and Bitcoin and of course the altcoin market excluding the top 10 so feels good to let it breatheThere are no signs yet that things are hitting the fan in anyway if anything just continuing to break out here in others or the altcoin market excluding the top 10 and while finally getting some price action for xrp above 6465 cents for the first time in over a yearAnd a half and this not be news related this be Market strength related it will of course make sense if we have to work out this sign of strength range for a longer period of time than what we have already similarly to like we've shown over here on bitcoin and the amount ofTime that it took to really grind through here last time for an equivalence of where we'd be right now it'd be like being here being like kind of halfway through this grind out that we've been in which has been almost 2 weeks so so long as this is sign ofStrength and there is a big breakout coming it still would make sense if there's a couple more weeks of having to grind through here however it certainly has been surprising to see that the altcoin market has held up so well and for that I'm thrilled because if thereIs any place we've seen a Divergence happen in the market it's here and we're not getting it and that's awesome so Up Up and Away these market caps go etherum trying to go for that break and the altcoin market others excluding top 10 just still continuing to go definitelyIn levels that are exciting for xrp but of course retracement levels still nothing means Bull Run until you start setting new highs in here at this point right now we've essentially retraced a little less than 50% of the move down that we have done the thing that we areNoticing of course with xrp is it is moving with the market which it always does and in order to get super thrilled about price action in here of course for me it'll be let's get that altcoin market really breaking out of here but if you want me to tickle your fomo aLittle bit in here of course we know that xrp has pulled back 85.5% as we did back here in 2015 and 16 into a long consolidation you know we got a little trickery over there with the breakout happening from the SEC versus Ripple lawsuit and the timing ofWhen it all occurred but of course if we actually just look at how much time was actually spent actually in the consolidation range as well we could see that we're right there on the same amount of time from when that actually started breaking out in here and what isThe element that was missing that we were talking about back in here but we do have it now is Bitcoin and well looking a little bit closer at it as well right these are when all of our little phases align in here for our consolidationAnd all this stuff but we got our little SEC lawsuit happening right in here line up the timing of these events happening in here where where you at so are we on the cusp of it I sure hope so otherwise a nice green weekend over here in theCryptocurrency market we have seen some of these coins that have already shot up 150% find resistances there at their 2023 702 retracements so keep your eyes open for that otherwise it is not uncommon to be seeing plus 20% plus 30% % on various altcoins throughout theMarket right now on that note we'll keep it brief here for this weekend checkin we'll cheer for those market caps to continue breaking out and otherwise I hope that you guys are having a wonderful wonderful weekend and hopefully you got that extra hour of sleep and took advantage of it ratherThan like me waking up an hour earlier than I'm supposed to but on that note we'll go ahead and start wrapping this thing up if you're looking for something to do of course you can check out my website over here which is BCB backer.com this is over 40 videos andOver 11 hours of content where I teach you how to set up your own charts and indicators in trading View and coin Trader Pro do a lot of deep diving into the historical behavior of the cryptocurrency market to understand how the past bull runs have worked and thePast altcoin Cycles have worked along with a lot of research that really helped improve odz along with teaching you about crowd Behavior mcoin Mania and emotional management one of the hardest things out there there's also downloadable spreadsheets in here so you can print stuff out for your south orJust save it there on your hard drive it's 39 bucks one time no recurring subscription fees for this and you can check that out on BCB backer.com I do also have a newsletter that I put out twice a month this last one has been the most popular one that I've done this isA subscription newsletter over here uh this is decoding altcoin performance a deep dive into developer data how high developer activity coins have outshined the top market cap rankings in this most recent one we did a deep dive into the top 20 by market cap versus the top 20By development activity from 2020 to see who would have been the better performer to prove it that actually the developer activity coin ended up being the better performers versus just going for a shopping spree here on coin market cap that actually the market does a prettyPoor job at pricing in which ones are the top coins or the top performers just based on their market caps and this is usually where most people go but we went through there and showed the data of how it was that whatever had the most activity on it will that basketPerformed better than a basket of the top by market cap so it's a case study that's done in this newsletter then of course we also show which ones are the top top 20 currently right now by developer activity and you can check that out over here at blockchainBacker.com there's a link in the description of each of my videos there to BCB backer.com and to blockchain back. substack docomo enjoying some green till the next one till tomorrow have a great rest of your weekend all right that's it for this one thank you so much for watchingIf you could please like this video and give it a thumbs up if you're new to the Channel please subscribe and hit the notification Bell so you can be notified of when I create new content and when I go live as always this is not investmentAdvice and I am not a financial adviser but if you ever need to pick me up or a little bit of reassurance just remember that the blockchain backers got your back have a good One
Welcome to an in-depth analysis of the current state of the cryptocurrency market. I'm the Blockchain Backer, and in this article, we'll delve into the recent events in the world of cryptocurrencies, with a particular focus on the potential of Bitcoin's breakout and altcoin opportunities.
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