Bitcoin is seeing a bounce from the golden pocket! Is this a bull trap or a real pump? Plus Alts!!!

[00:00:00]All right, what is up everybody? Divine Hood here coming at you with another daily update on Bitcoin and the crypto markets.

[00:00:09]All right, guys. So, Bitcoin is getting a decent bounce from our golden pocket, from that macro golden pocket we talked about in yesterday's live stream from the lows of 59k up to our highs at 672.

[00:00:22]And this is a support level. It's a valid support level. We grabbed some internal liquidity in here from that kind of trail of liquidity that was left by. We grabbed all of that and we are seeing a small move to the upside.

[00:00:36]But overall, we have dumped back inside of our volume profile of the past 3 weeks and we have even lost our point of control with a volume imbalance candle to the downside.

[00:00:48]If we look at our fair value gaps, you can see that we do have a fair value gap that we're filling right now from that imbalance that will get filled up inside my resistance box really coming even a little bit higher. We could pull that purple resistance box up to the 1.382 Fibonacci extinction target. But we're just simply filling an imbalance that was created in this candle here. We're moving up what looks to be a corrective move to me.

[00:01:17]And I just want to cover that just a little bit here because to me it seems like this is more of a corrective move and I am still watching for that rejection around the purple box.

[00:01:29]Couple of reasons why. Well, in terms of volume profile trading, now that we've lost the point of control, we could be coming up for a bearish back test of that point of control and if we reject, we would expect a rotation down to the value area low of the range, which is where our next box of support is. That is going to be between $61,000 and about $60,600 where we have some liquidity, a 786 and a naked daily point of control at 60.6k.

[00:01:58]Um but what what are we seeing now? So first off guys, today is a holiday in America, the markets are closed, so there will be less trading volume over today and the weekend. And it's also Father's Day weekend, so um we are going to probably see slow grindy price action over the weekend.

[00:02:17]But if we're looking at this from yesterday's low, this move to the upside, so far it looks like a three-wave corrective move. If we turn on our volume here, you can see volume is going lower and lower and lower as we're making this move to the upside. Uh clear sign of a corrective move.

[00:02:34]And I posted about this earlier today in the Telegram, but this to me looks like a flat correction, where we have our A wave push to the upside, a B wave, and then our C wave is coming up to those C wave targets. And if we pull that Fibonacci expansion target from the highs of A to the lows of B, we throw on those flat targets, you can see those flat targets are going to be around 63,450-ish to 63,550-ish, let's say. Just that little zone. And I will actually even extend this purple box up just a little bit higher to that 1.382.

[00:03:12]That is going to be our zone of resistance. Now, we do have a point of control in that zone. We do have the filling of our fair value gap in that zone.

[00:03:20]And if we pull our Fibonacci golden pocket, golden pocket. Uh okay, wait, where was that? I think uh there was another level that I was looking at in there. I think it was our 382 Fibonacci. If we go from the highs of three to the lows of three, and we turn on those wave four targets.

[00:03:44]Yeah, I guess the wave four targets could be a little bit higher here, but um that's the main zone that I'm watching for. Is that 63.4 to 63.5-ish zone.

[00:03:54]If we do reject from there, I would expect to take out the lows from yesterday.

[00:04:00]What I am looking at overall is still an impulse to the downside being the highest probability. We've talked about this being that that ascending channel.

[00:04:09]We broke down from that ascending channel.

[00:04:11]Let me go ahead and throw that on the chart. I'm just going to hide this volume profile.

[00:04:16]We'll come into here and we will turn on that ascending channel here.

[00:04:24]Where are we? Right here.

[00:04:26]And you can see we broke down that ascending channel with volume. So, seeing a move up to bearishly back test that channel, that is where the golden pocket was. If we look at our golden pocket, you can see that golden pocket is coming up around the back test of that channel. Uh we would expect that grind to continue over the weekend though, probably. Slow grind to the upside.

[00:04:48]Flipping that point of control and then making our way up to hit that golden pocket around 64 9 65k. And it would sweep some of this liquidity in here.

[00:04:57]But I I don't think honestly, guys, uh that I'm going to be keeping out on an eye for that as a possibility. But we don't want to hit that if we're impulsing to the downside and 1 2 1 2 1 2. So, a triple 1 2 impulse. This is our big third wave. We're in some fours right now. So, a four, a five, we would need another four, another five, and another four, and then another five.

[00:05:21]Uh we would want to see that kind of grindy selling exhaustion start to come in just like we saw it up in this area here. And uh I still showed you guys that parallel channel yesterday on the charts. You can see we were grinding within this parallel channel.

[00:05:36]Rejected the top of the channel, lost it, back test, back test, back test, squeezing between the two channels in sort of a triangle, and then we see the big dump to the downside yesterday.

[00:05:47]So, I'm looking at overall an impulse to the downside. And we were talking about this corrective move over the past couple of weeks being highly probable to be another corrective ascending channel corrective move with decreasing volume on the charts overall.

[00:06:03]And seeing a dump to take out our 59k lows in an impulse to the downside.

[00:06:08]So, could this extend to be a larger complex corrective move? Yes. And if we hit that about 64.9k golden pocket, then we would have to consider that. And we would have to kind of rework our Elliott wave count for this push down from 67.2.

[00:06:26]But so far, the highest probability movement to me is that we are in an impulse to the downside seeing a triple 1 2 impulse. And we are in our first fourth wave. And then we need some more four fives to be coming in. We need three fours and three fives to be coming in to finish this impulse.

[00:06:42]Now, the big scary thing for Bitcoin is that this impulse, this triple 1 2 impulse to the downside, could just be the start of a much, much larger dump down, right? We say we have a a wave one, that triple 1 2 brings us all the way to around 80 points or 60.8, 60.6.

[00:07:01]Our wave two, we would expect it to bring us up to the golden pocket, which would be around your pitchfork band.

[00:07:06]Then we would expect a dump in a wave three, which could bring us to take out our 59k lows, maybe come to the bottom of our pitchfork, a wave four, and then a wave five. And we would expect this impulse down to take a few weeks.

[00:07:20]Uh so, and then maybe your wave two is not going to go quite as high. Maybe your wave two is going to see something like that. Uh we could pull a theoretical golden pocket actually from the highs, and I'll just put it on that naked daily point of control at 60.6.

[00:07:33]Yeah, you can see that is exactly where it would be. It would be the back test of our parallel channel and your golden pocket.

[00:07:40]And after a wave one ends to the downside, your wave two often retraces to that golden pocket to make a lower high at the golden pocket, and then you see that big aggressive move to the downside come in.

[00:07:52]So, that is something that I'm going to be watching for over the next few weeks.

[00:07:56]Uh to me, it's still the highest probability. Now, if this dump to the downside continues, and we get even more aggressive in a dump to the downside, and we don't hold our 60.8 to 60.6k support levels, uh 61, let's say 61,000 to about 60.6k support levels, then uh we might have to even look at seeing some sort of different count and an impulse here.

[00:08:20]But, another thing we can pay attention to if we're not even just thinking about Elliott waves is we can just pay attention to market structure, right?

[00:08:27]Market structure's king. And right now, from those 67.2k highs, we are in bearish market structure, making lower lows and lower highs. So, as long as we continue to make lower lows and lower highs, we can expect this dump to the downside to continue.

[00:08:42]And at the first sight of us breaking those market that market structure, so breaking up an important lower high, in this case for me, the most important lower high to break right now on the charts is the lower high at 64,382 on Coinbase. And if we can break that market structure, Oop, didn't mean to do that. If we can, you know, somehow make a a grindy move up here, an impulse, 1 2 3 4 5, break market structure bullishly, then we could say, "Hey, maybe this is done. Maybe this is over. Maybe this was more of a complex correction." And then we could see a pullback to make a higher low, and therefore confirming that we might make a higher high, and we could see, possibly, coming up to uh $68,000 to about 68,500, where that 0.5 Fibonacci for our larger wave four target is.

[00:09:34]And uh uh we could see a potential extinction of this range before seeing a bigger dump. So, uh that's kind of what I'm looking at with Bitcoin. I will cover the order flow, but before I do, I just want to take a second to shout out the partners of the channel. The main partner of the channel is Bybit. They are a VPN and KYC free exchange. All you need is an email and a password to sign up.

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[00:14:13]Uh Bitcoin is still fighting with our anchored VWAP. You can see our anchored VWAP from those 59k lows. We are struggling to get above it, but we are seeing some wickage. We're kind of just chopping around right at it all day, which I wouldn't be surprised if we do chop very slowly between this area throughout like even today, tomorrow. We know there's going to be a very low volume weekend with the holiday today in the United States, and with just uh the weekend being low volume in general.

[00:14:43]Uh we can look at our naked daily points of controls.

[00:14:48]We do have a naked daily point of control below us, and it's not confirmed yet, but at like 6260 or 62580, we will have a new naked daily point of control if we do not come down there before the end of the day.

[00:15:02]And then uh we'll wait until the weekend finishes to look at that naked weekly, but you can see that right now our golden pocket from the lows to the highs of this corrective move is going to be right on top of that naked daily point of control. So, some little internal support maybe throughout the weekend if we continue to range in a sideways channel. uh You guys can see actually have that channel on the chart. This little sideways channel in here. Let me go ahead and hide this one. Let's get rid of this.

[00:15:34]And you can see we're kind of just chopping within this channel. Um depending on how long it takes, we could be towards the bottom of the channel if we're going to chop kind of sideways in up in here throughout the weekend. You know, come up, reject from that uh purple box of resistance. You can see right now we're bouncing from the channel midline.

[00:15:54]Bouncing from the channel midline, but if we do something like this where we come up, reject from that purple box, see a move down to the bottom. Uh that could be and then another move up to the midline before ultimately kind of breaking this down. But this could be our range that kind of plays out over the weekend.

[00:16:13]Uh I'll be watching. I'll be keeping you guys updated the best I can in the Telegram. I am going to be doing some things for Father's Day weekend and uh I will be in some areas where it might be hard to have reception, uh proper internet, but I will try to keep you guys updated the best I can.

[00:16:29]Uh real quickly here, I do want to go into the USDT dominance chart.

[00:16:33]USDT dominance is starting to break out of that channel and uh we've been talking about this for the past couple of uh the week.

[00:16:41]Oh, a couple of weeks. We have on USDT dominance, while Bitcoin has been in that ascending channel from 59,000 to 67,000, the USDT dominance chart has been grinding down. You can see this kind of corrective move, this three-wave corrective move in a channel. Now, we did front run the back test of the value area high, but uh it looks like that's going to be a front an official front run because we're we flipped the channel midline. We found a little bit of resistance, but we broke out of the channel just like when Bitcoin yesterday broke the ascending channel to the downside.

[00:17:16]Let me go ahead and grab that ascending channel.

[00:17:23]When we broke that ascending channel, uh that one could be deleted. There we go.

[00:17:27]You can see it broke the ascending channel with that volume imbalance to the downside. At the same exact time, USDT dominance was in the descending channel, and it broke it to the upside with a volume imbalance candle. So, we're seeing breakups of USDT dominance, which means the impulse could continue here.

[00:17:48]Uh and then on Bitcoin, we're seeing a breakdown of the ascending channel, which means the impulse to the downside could continue. And when you break a channel like this, when you have a corrective channel that breaks, you expect to at least come up and sweep the second pivot of the channel, but oftentimes you'll sweep kind of that entire trail of liquidity that was created. Therefore, you're taking out the highs of the channel, and on Bitcoin, you'd be taking out the lows of the channel at $59,000.

[00:18:15]But, we also did have a prior channel.

[00:18:18]Uh this is a larger version of what is happening right now on the micro time frames. You can see that corrective channel, we bounced from the 382, and we're in a current impulse to the upside. And we did take out the channel highs. You can see that is where we kind of ended. I was a daily SFP of those channel highs, and now we're in a corrective smaller time frame channel that is breaking out to the upside.

[00:18:42]Uh what I will say about this is if we look at pulling our golden pocket from the highs to the lows of this of this current channel, we have not touched the golden pocket support like Bitcoin has. Bitcoin yesterday bounced from the golden pocket support. Now, I don't really like where this golden pocket support is as far as liquidity goes, cuz we would want to see the second pivot of the channel being taken as well. So, I'm watching that 786 Fibonacci instead, and you can see we would have that SFP of the second pivot of the channel right into that 786. So, this beat could be an area where we pull back.

[00:19:25]Now, right now we're seeing a sideways three-wave corrective move, sort of that flat, again, just like Bitcoin seeing a flat. But, if we do start to dump, I would expect a back test of this channel, and then continue if it holds, I would expect continuation to the upside. But, overall, I am looking on USDT dominance to take out those prior bear market double highs around 9.5%.

[00:19:47]And that would mean that this impulse is going to continue.

[00:19:51]And uh we would expect for Bitcoin to continue dumping and taking out those 59K lows.

[00:19:58]Uh the altcoins are doing pretty well right now. We're seeing uh Bitcoin dominance continue to drop, but Bitcoin dominance is coming down to the value area low. I described this in yesterday's livestream that it was highly likely that we do continue to push down to that value area low, and you can see we are pushing down.

[00:20:16]Uh starting to see a bounce from the value area low. So, uh altcoins uh could see a a dump compared to Bitcoin, right? If If we do start to bounce from this value area low, we could see at least a move up to your local golden pocket.

[00:20:30]And that would mean that Bitcoin would be pumping against the altcoins. But, a lot of the altcoins this morning have been pumping far more aggressive than Bitcoin, and you can see we kind of have some liquidity highs into that golden pocket from uh the Wednesday FOMC meeting highs.

[00:20:45]So, uh that could be an area where Bitcoin continues to push up.

[00:20:50]And then we see a finally a loss of the value area low, and we come take out those. But, we'll have to see how that reacts, cuz if we get above that, uh altcoins are probably going to dump pretty hard. But, some of the altcoins are doing really well. Hype has been one that we have been watching. Hype is really seeing uh some nice a nice retracement to the upside. I'm watching for hype to actually see a rejection from around 72.7 to 72.9. That's where some liquidity into a golden pocket is.

[00:21:18]Uh and if we look at like the 15-minute chart, you can see that hype is probably in this impulse to the upside three.

[00:21:25]Maybe we back test value area high for four, and then we come up here for five.

[00:21:29]Uh and then hype overall looks like we still could be in the impulse from 53 52.5. Wave one, wave two, wave three, wave four, and then a a new push up to make to take out these highs overall. But maybe we're going to see this be That's a wave one. We're going to see a wave two, three, four, five, something like that to finish this impulse 1 2 3 4 5.

[00:21:56]Um and then, of course, uh Aerodrome AERO is continuing to push up.

[00:22:05]Uh AEROUSD, it's continuing to push up pretty nicely here, actually even breaking above the local golden pocket. You can see that we did not hit the golden pocket at 41 cents, but uh overall now that we're breaking above these highs at around uh 48 cents 48.8, we can say that this is more likely to be a confirmed three-wave corrective move, and now we're in an impulse a 1 2, and we're in that third wave where that third wave actually could take out the highs at 52 cents 52.5 cents before seeing a pullback in a wave four, and then finally coming out and taking out our overall highs in a wave five, and taking out these overall highs and hitting that daily.

[00:22:49]And I've been talking to you guys about that daily level being hit at 56.91.

[00:22:53]But uh we're looking for an impulse in here, and overall this is a 1 2 3 4, and then a five to take out the highs at 55 cents.

[00:23:05]So, that's kind of what the the two altcoins I'm looking at really right now. I am in a local long position on Aerodrome from around the um backtest of the value area high down here around 43 and 1/2 cents.

[00:23:18]And um I will be taking final profit if we hit 55 cents. I've already taken a TP1 at this golden pocket because that golden pocket had a liquidity grab right into that golden pocket. So, I took some profit just in case we were going to see a SFP there.

[00:23:34]And uh um stop loss moved to break even. I'll let the rest run up to uh first I have another uh 25% TP at the 52.5 highs and then I have the final TP around Actually, the final TP is the daily level. But, um if we SFP this and start to drop, I'll close that long position.

[00:23:53]So, that's it for today, guys, on the uh video. Please hit the like button on the way out. Please subscribe to the channel, and I will see you guys on Monday.