Bitcoin Looks Ready to Rip Higher

Added: 2026-05-30

[00:00:00]Hey everyone, welcome back to Cryptocash. Thanks again for joining me here. We have a phenomenal update. Of course, obviously you probably know if you haven't yet already caught the news.

[00:00:08]Uh Iran is essentially working with Trump, of course, here today to try to broker a deal. If that happens, uh we're going to see a pretty significant recovery, I feel, just based on that fundamental catalyst. Strong strong selling pressure all week long and then, you know, potential for a green Friday.

[00:00:23]I think that's definitely a distinct possibility. But once more, every single time this has happened before where we get the uh the indication that they're working together to try to come to a resolution, it doesn't happen. So just keep in mind uh right now it's really up to the whims of uh you know those who are actually handling those things. And at this point though we would do want to kind of observe some important stuff here. Obviously we're seeing a significant inflow of spot after a pretty significant outflow when the market opened, right? So US markets have been pretty uncanny about sweeping lows and highs. So if you look here, you can see this previous sellside liquidity with all these candle wicks. That was hit first. That was target number one.

[00:01:00]Target two achieved here as well to sweep Asia and London highs. So US markets literally swept both directions for the entire last 48 hours. Now obviously this most recent pump here was because of the uh the fundamental catalyst, right? So we can't just be like, okay, they pumped the price for no reason. But on the same accord, is it sustainable? That's kind of the question we want to ask. You know, it's it's kind of par for the course to see those levels hit. But what happens next? Well, we want to pay close attention to spot volume. And as you can see, spot volume is essentially giving us a nice little staircase pattern, similar to the price action, but it's not pulling back quite as hard as the price action is. That tells us sustainability is present. We can also see that aggregated funding rates are dropping here. They're half of the size they were yesterday, possibly even a lot lower now that spot volume is increasing. All right, so the more spot that comes into the market, um that imbalance of perpetual futures versus spot adjusts the uh the funding rates, right? So ideally here in about what I guess by the time you watch this video I'm sure the egg funding rates will be different but hypothetically here in about five minutes from this recording we should see the funding rates drop based on the spot prices going up or spot buying increasing rather. All right so just some some things to be mindful of there. We'll talk about whale data here in a minute. Um I do want to acknowledge the fact that there is still some pretty high uh levels here about 80,000 for the low leverage. These are usually the areas that are targeted. So generally speaking, we will see this area get hit next that now that all this liquidation from the downside is swept right now. Once more, when you look at high, low or medium leverage, low leverage are usually the ones you want to pay the most attention to based on the simple fact that they're the ones that are quote unquote safest, right?

[00:02:37]People taking a long at 77,000 felt pretty safe that the price wasn't going to hit 72,000 and some change, right?

[00:02:44]But it did. Okay. So, anyways, that having said, pretty much all low leverage has been swept on this recent retracement and it would make sense for us to capitulate. I'm not proposing we're going to see 80,000, but if that the deal is signed, things work out today. And obviously, uh we see some pretty good continuation higher, that'll be a different story. But we do in the meantime want to kind of pay attention to these high leverage trades. So, we'll come into that here or jump into that here shortly. All right. So, pretty obvious that we got a lot to talk about here today. So, be sure to stick around.

[00:03:12]We got a good one today. Let's go ahead and take a closer look. All right, folks. Before we jump into the back and data, friendly reminder, hit that like button, comment below, and once more, thanks so much again for being a phenomenal part of my life. Uh, some of you have been with me for over 5 years now, and it's been a great experience. So, really do appreciate you nonetheless. Uh, don't forget to like the videos, comment below if you get a chance. Let me know what's your position right now. Are you you long biased, short biased? That Trump tweet or just in general Trump uh essentially figuring things out with the uh the escalation over in Iran is generally a positive sign here. we see a significant inflow of volume, funding rates kind of plateauing so to speak, telling us that we're we're seeing spot volume increase.

[00:03:51]Obviously, it doesn't take a rocket scientist to see that here on the charts. Uh but generally speaking, you as delta spot increases, the sustainability uh continues, right? So, we look here, volume, spot volume is increasing and the price is kind of going sideways. This tells us more buying on spot than perpetual futures is generally a very very strong sign. We really want to see this here leading into the weekend. But if this doesn't change dramatically and it continues in its current progression, there's a solid chance we go higher. Obviously, it's all going to depend on what happens uh today with the uh the Iran negotiations. Are they going to they going to bail on their deal again? Who knows? At this point though, you see just a tremendous amount of buying here and Wales are super super active. So, big surprise, Wales are buying every single dip. And as you can kind of see, if you hadn't noticed with my update, we saw the sellside liquidity here from Asia and US swept really, really fast this morning.

[00:04:41]And then what do you know? Trump tweets about 15 minutes later. Price shoots right back up to sweep London and Asia highs. So this is just natural standard trading 101, folks, where you just it's like a pissing contest. You've probably seen me say that as well. Uh which is the truth, you know? I mean, one dog pees on on a on a hydrant, next one goes and pees on top of it, right? It's the same concept. That's exactly how they tend to work here with these trading sessions. So, that's why it's important to pay attention to and kind of understand we are over our 50-day uh S EMA rather. Our VWAP and our TWWAP are all below the price. Generally speaking, this is a positive sign to take along with more confidence. And I'm I'm using the bunny ears here specifically because we don't know what fundamental catalyst will happen here later and if it's going to be a, you know, a deal breaker, so to speak. But let's go ahead and look at some data here and just kind of see what's going on. All right, so let's go ahead and get logged into our session here and double check a couple of things. First of all, uh when it comes to the open interest scenario here, this is not a bad thing. We got open interest roughly the same place as yesterday.

[00:05:42]Still trying to figure out if we want to go up or down. Uh but true retail loans, they have decreased from yesterday, right? So we're not like seeing this super high overleveraged longs. In fact, we're starting to see uh overleveraged shorts, which is actually very refreshing here in the sense telling me that hey, we're hitting this bottom.

[00:05:57]We've got a ton of volume and liquidation below the price. In fact, let's pull up this chart here. Uh let's go ahead and double check because I sent this article out earlier or just kind of an update uh on this here. Basically just reflecting on the fact that there's a lot of low leverage. Pretty much every last ounce of net low leverage trading, maybe what 95% of it or more has been hit here. So anyone who took a long a week ago with a liquidation event in the low 70s had a pretty bad day here recently, right? Or they close their position, whatever the case is. But needless to say, the low leverage positions are effectively wiped out.

[00:06:29]Okay? And that's a good sign because low leverage gives us the best understanding of strength or where the direction of the trend is going to go. Right now, obviously, high leverage trades, different story. You know, it'll probably gravitate towards that in a quicker, more faster approach. But when it comes to low leverage, the concept here remains the same. 80,000 is kind of that large chunk there where currently a lot of shorts feel safe, right? So once more a week a week ago longs felt pretty safe uh with a reverse situation. So please understand that is one of those situations where this area very much could be hit next especially if there is some really positive uh news here perhaps later today. So again negotiations go well. I think 80,000 seems pretty practical. Um but once more between now and then let's talk about this pattern here. This does kind of tie into that $80,000 uh retracement or continuation. So if we look here, I mean here, let's do it a little easier here.

[00:07:22]I posted this on social media earlier to kind of give you some perspective on the uh it's like a slightly better chart drawing even though it's not phenomenal, but need say when it comes to a cup and handle if and when they happen uh you'll see an initial rejection and it usually works itself into a channel. It's not always a perfect little U-shape. A lot of times it's a V-shaped recovery or more importantly a flag pattern that occurs initially. So we're seeing kind of our bullish flag where the price works its way down kind of consolidating at that 0.5 382 fib level. Uh which is once again previous high range between 71 and 74,000. So this is all the more reason why I feel a close above 74,000 is a vital scenario for us. So if we do get that, you know, we're going to be able to be in pretty darn good shape here uh very very soon. Once more depends on obviously a lot of factors.

[00:08:09]This is not a one-sizefits-all and patterns are just patterns, right? they just kind of let us know that the price action is kind of working itself into a specific type of trend. And right now, we're trying to figure out if this is the bottom or not, right? So, it's kind of a positive sign. Uh if we do range essentially here for today, tomorrow, the weekend, so to speak, and and news is not super detrimental, then we're probably going to be able to work our way back up. Just kind of that natural es and flows of trading. Okay. 4hour time frame also reflects here even though we did sweep this upper range of Asia and London lows or sorry Asia and London highs. We can see that this level here is a point of contention closing above 73.9 round number 74,000 is going to be super huge. Now I'm looking for a macro closure of 73,000 in general uh to give us that potential for a pivot this weekend. But closing above $74,000 would be even more bullish because we'd basically uh forget as if the $73,000 range existed, right? Uh now once more, that's kind of just speaking from the side speaking sideways there. When I say that, that doesn't mean we're in good shape or we're just going to instantly recover, but it does give us basically what it does. It tells us that in this 24-hour period, we're able to reclaim and close above the previous range lows. So that's really a very positive sign here. And that's generally what I like to look for. So overall, I really like what I see here. Um, obviously it's contingent on the market, and if the market isn't totally terrible here later today, I'm referring to obviously the deal with Iran, then we're going to be in pretty good shape to see the price go higher. If things are kind of neutral, I don't know if that's even a possibility, but if there's neutral news, I still think sideways and up makes sense this weekend. The only reason why we're probably going to go much lower would be to if we get some negative news, Iran botches the deal, they they send missiles out, all that crap, right? something like that would be obviously very negative. But between now and then, there's way more contributing factors to upside potential here and and it would make a lot more sense for us to uh to continue a bit higher here. So, those are again my thoughts. I'd love to hear what yours are. Uh comment below if you get a chance. Let me know. Quick heads up to our traders. We got a 15% discount on trading fees if you use my link to register through Bit Unix. Links down below in the description. All right, folks. Let's take a look at some altcoins. see if there's anything worthwhile uh regarding, you know, taking longs versus shorts and gen generally where things are at right now.

[00:10:24]My personal opinion is that longs make a lot more sense. Not just because we had a nice little Trump tweet there, but uh we have broken our local range highs on most coins or in this case here it was roughly 2025 is that local range high.

[00:10:36]So that closure really gives us better indication of price action likely being able to progress further up just based on once again lower time frame um convergence. So when we look at the left and kind of on the right here, we can see that ETH is generally performing much better. Uh you look at the staircase pattern here, we got a nice little higher low pattern where Bitcoin had difficulty making higher lows, right? Just barely. So for lack of better terms here, this is some strength versus Bitcoin. It's not like something you really need to read into all that much. I do think that ETH in general is one of the more positive um coins here or the coins that's going to probably do much better. uh ETH and BNB are typically the two possibly even hype now. They kind of give you that they kind of frontr run the market. Okay. So once more, we're not just automatically bullish because we have some positive news here. Things are not finalized with Iran yet. If and when that happens, we'll see a pretty significant push here. But generally speaking, I see a short squeeze occurring here or or piling up. We got 80 8 billion in short liquidation delta. Shorts are stacked.

[00:11:38]They're basically shorting 2,000. Uh we've got a lot of liquidation upwards of 2200. So, I really think that's more likely than not going to be the next step here for ETH. It is possible to see 1,900. Obviously, if things go ary and we close somewhere below 72K for Bitcoin, but for right now, at this exact moment, that doesn't look like it's going to be happening. Once more, try not to attach yourself to like a bullish or bearish mindset just yet. I think a lot can change, but short-term lower time frames, we can see much better progression for ETH. And even though it's not phenomenal, the 4hour time frame is tentatively moving towards a a good shift in momentum. Uh just just keep in mind the current range that we're testing right now is a previous range low. So a lot of times that can work as a resistance. So closing above this 2025 2030 range is pretty important here today. I'm going to be looking for a close above that level to consider along with ETH here. All right, folks.

[00:12:31]Take a quick look here at Salana. Let's update our uh trend line here just kind of reflect a little bit more recent price action just so we can kind of keep an eye on it because once more trend lines are literally just lines on the chart, but they can oftenimes give you indication of where support and resistances are. In this case, we truly haven't broken the descending trend.

[00:12:47]We're still under the both moving averages. So, from like a technical standpoint, Salana hasn't broken bullish by any stretch. Uh it is getting closer to 50 in the RSI, which I like to see.

[00:12:55]But if we look at lower time frames here, it's similar in a lot of ways to Bitcoin. In fact, it pulled back way harder than it should have recently.

[00:13:02]Kind of slipped pretty hard down to the low $80 range. And here it is right back up to retest its local high range. So when you look at that versus Bitcoin, still not the strongest uh because Bitcoin has broken its local range high.

[00:13:13]Salana is still testing it. So once more, a bit of a lag there. Doesn't necessarily mean it's a bad coin. Just kind of suggests that you may not get quite as strong of a return on this versus just say Ethereum for example.

[00:13:24]Now we look at open interest. There's a lot of open interest above 90 as per usual. It's kind of that local range high. So once more, if you do end up taking a long, consider securing profits between 88 and 90. That's kind of like the the current resistance is here on the chart for now. Liquidation delta still bearish, but basically cut in half since yesterday, which is kind of a good sign. Most alts are still kind of plateauing. Uh, and we can see $84 to $88 is a heavy area of liquidation. So from a liquidation standpoint, short squeeze potential and open interest above working as a magnet. I would say that Salana is due to break out here.

[00:14:00]But once more, you got to respect the trend and uh until this descending trend, no matter how you look at it, is is is broken. Uh we're probably you're probably better off, you know, kind of waiting on this coin. But once more, it really just depends on what your mindset is here. Do you think Bitcoin is going to break out? It kind of already has, right? Uh is it going to stall out more so or pull back? Those are the things you got to ask because once more short-term convergence is one thing. We got to really wait and see what Bitcoin brings to the table here later today.

[00:14:28]All right, folks. Quick look here at Sue just kind of recognizing this ridiculously uh significant descending trend here. In other words, the price action pulling back very hard unlike other coins. It dropped off a cliff here recently. So, just bear in mind this coin not always the best coin to consider trading. I think when I talked about this two days ago, I said to hold off, wait for it to reclaim that 102 to 103, and this still hasn't happened yet.

[00:14:50]So, all that said, what does that mean for us here? Does that mean we're just going to keep dropping? Um, technically, yeah. I mean, look at this terrible pattern here. Bitcoin is retesting it local range high and Sue just barely wicked up it to hit that and is now struggling a bit lower. So, these are not like signs you want to try to look in or, you know, to try to buy into. I'm sure some folks be like, "Oh, it's a it's a bull flag."

[00:15:12]But uh no, not exactly. Just because we have a descending trend doesn't mean that the channel is going to break. I think the combination of looking at Bitcoin versus the said altcoin that you're considering is an extremely valuable thing, right? That's why I look at this every single day. It's why we have a fairly high success rate with our long positions or shorts on altcoins.

[00:15:30]And uh it's just kind of an important factor of being a good trader. Okay. Um once more, always analyze those two.

[00:15:35]Now, from an open interest perspective, a lot of open interest above liquidation short delta is super high. It has been for some time and it's not coming down.

[00:15:44]So, it leads me to believe that a short squeeze is possible. But when you look at all this liquidation below, there's just way too many leveraged idiots here.

[00:15:50]High leverage idiots essentially taking longs on Sue. And and no offense to you if you are a high leverage person. I use that with all due respect when I say idiot. Uh it's mostly just kind of a a term of endearment for me, right? But the concept here is pretty straightforward. You know, if if you recognize that this descending trend just keeps on continuing, why are you trying to buy those dips? It's just going to keep dipping. One time you might be right, but the five or six, seven other times you try it, you're going to be wrong. So, the best thing to do is wait for the higher highs to be established for Sooie, uh, for lack of better terms, make sure that we see some kind of consistency from Bitcoin, right?

[00:16:23]Suie is one of the first coins that ends up selling off really hard, uh, based on the simple fact that, well, it was ridiculously overextended here recently.

[00:16:31]I mean, you see this here, this is just nonsense, but the concept is pretty straightforward. um don't take any kind of trades of this coin until uh that the market has proven to not to stop being so ridiculous, right? If things don't work out well with the with Trump today and you know the negotiations with Iran, which statistically don't typically favor very well, they typically always go back on their deal or uh decline it, then we're going to be in the same place we were a moment ago and lower lows and lower highs will continue. Okay, so areas of confluence just kind of give you some perspective here. We are barely test we're pretty much testing that lower range support here. Um the secondary support there is highlighted here on the chart about 84 cents. So losing 92 today could suggest 84 might be next. I'd be way more interested in along at 84 than I am right now. Okay.

[00:17:18]Either way, I'm not going to touch this this coin within a 10ft pole right now.

[00:17:21]So those are my thoughts. What are yours? Why don't you comment below? All right, folks. Let's take a look here at XRP and kind of see how stupid uh the price action is here of this coin. And I say that with all due respect, of course. Um it's really no discredit to a coin. It's really just a matter of how good or bad the price action looks, right? And you see this here, it's a pretty significant descending channel.

[00:17:39]Now, obviously, we look at the sideby-side comparison with Bitcoin, and it's actually doing pretty decent, but this is still fairly ugly, right? We got that 134 barrier that has a lot of difficulty crossing. And you can see pretty consistent, you know, pretty strong consistency here, right? Worked as a support until it didn't. Now it's a resistance. So until that level breaks, we're going to presume that this 133 and a half round number 134 is the resistance for XRP. So if we see that retested say Bitcoin hits its resistance at 76,000, XRP is at 134, that might be a good consideration for a short because the likelihood of the probability of, you know, Bitcoin pulling back is higher. Right? Right now, at this point, just kind of side by side, it's pretty obvious that XRP is having difficulty.

[00:18:22]Uh, and it's not looking quite as good as Bitcoin is on the lower time frames, which once more, Bitcoin looks pretty bad in lower time frames, too. So, there's that as well. All that said, open interest is really not all that helpful. Kind of just letting us know that 140 to 150 is kind of that upper range. Uh, liquidation delta is pretty close to like getting cut in half from where it was at yesterday, which is a good sign. uh generally speaking that's telling us that shorts are getting squeezed out and or closed in on their short positions. Same thing here as well 139 is that upper area of of liquidation. So it the simple way to understand it here is if Bitcoin can maintain above 74,000 which is its local resistance then I think there's a strong chance that XRP will run towards 140 right especially this weekend if we have good you know neutral to positive news leading into the weekend and you know Bitcoin's tentatively bottomed out I think alts will start to flow higher and we're going to see these upper resistances or liquidation ranges hit.

[00:19:15]Okay. So, I would have, you know, tentative price targets between 1, you know, 138 and 140. These are against previous ranges we wanted to look for.

[00:19:23]Um, but for right now, you know, when it comes to the side by side here, until these ranges are broken, we're going to presume they're going to have to continue to to to work as resistance.

[00:19:32]Okay. So, again, pretty straightforward.

[00:19:34]Uh 74,000 easy round number to remember for Bitcoin and 135.5 uh or sorry, 133.5 for XRP. Those are the areas we want to look for. closing above either of those two things would be positive for these coins and we should see further progression higher between now and then we got to presume the price to go down. It's just kind of the way the the way the market is right now. Okay, so uh at this point uh let's see let's see what happens fundamentally first and we'll go ahead and go from there. Either way, thanks again for being an awesome part of my life. Deeply appreciate you watching. Don't forget to join us over on uh Twitter, Telegram, and Discord. And obviously if you want to become a better trader, cryptocash.t texas site link down below. We look forward to working with you there. Have a good