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Frothy Crypto Markets Pump Higher (but not for long)Ajouté :
Hey guys, welcome back to the daily crypto market update. BTC closed up 1.3% yesterday on Tuesday and RSI closed at 75.95.
Today it's actually at 77.9ish and counting. It's actually exceeding the previous high that we saw on the 17th of April, which is a big deal. That 77.3 level, which is higher than the previous one in March 16th. Things are really starting to heat up as well as in the comment section. Uh um this is a pretty big breakout. Um the fact that RSI is starting to push in or not push in but push above to make these higher highs is wild. The market is definitely getting very very overbought, very very overheated. We still have these valid tubial breakouts on the 4hour time frame with the slow line pointing up on the 4 hour. The daily I mean BTC is clearly in strong bullish mode. Uh the next real target to look for in terms of things getting nuts, like if they're not already nuts, uh is here at 86,000 where TBO support is, which is now historical TBO resistance.
It's it's a pretty frothy market, I got to say. Um Ethereum also successfully closed just barely above resistance yesterday. It's still below TBO resistance, though, which is wild. I still am looking at this chart feeling extremely confused. Now, in terms of RSI, it closed on Tuesday at 63.69 right here, just above overhead resistance. And it's moving above just like BTC is.
On balance volume is also super frothy.
Yet, volume is still like nah, even for Bitcoin. Volume is good. Actually, it did exceed the moving average, which is a very positive sign. Uh, we need to see that continue to um hit that yellow um moving average there for Ethereum and for Bitcoin every single day for a week for me to be convinced that this is a real sustainable rally. But for right now, things are just very very very frothy frothy.
Uh, Bitcoin dominance is moving up higher and higher. It's now at 61.21%.
More importantly, RSI has well, right now, and this is I'm making a big stink about this for a couple of reasons.
Right now, at the beginning of the day, we we're only about 2 hours into this trading day. Um RSI on Tuesday closed at 7635, which is still below the high we saw on the 2nd of May at 77.64. Yes, it's exceeding right now, but right now it doesn't count. It's the end of the day that counts. If we see relative strength index closing above this resistance level for Bitcoin, Ethereum, Bitcoin dominance, then it's going to remain very very much Bitcoin season for a while and it will most likely be pushing up a lot higher. Another important thing to keep in mind, uh, and this is where a lot of people aren't looking, and this is why I look at this every single day, stable coin dominance combined with USDT and USDC, um, it's now, it's now below the TBO cloud, it's actually in strong bearish mode, which is wild. The bigger thing that's more wild to me is that RSI is now below 25.
The last time this happened was on March 16th and this big snapback was a pullback on March 16th. Uh now it didn't last obviously, but this is a pretty big deal. Um the last time that we saw stable coin dominance go below the cloud was way back over here after initial drop in September. Uh and then of course there's the October dump and all that stuff that happened after that. But this is a pretty big development. Um, now I would love to see this actually close below 25 because it means that the chances of a pullback are exponentially higher. So just keep this stuff in mind.
Totally is also breaking out right now.
Uh, it confirmed a high of 74.89.
Um, it is still below the high over here on the 17th of April where we saw a pivot. It was like the 16th of March where we saw a pivot. So, we're looking at a lower high here. Now, right now, it's at 7711. Okay? It doesn't matter right now. It matters what happens at the end of the day. There's a huge difference.
Now, in terms of the 4hour time frame, we still have a valid TBO breakout here.
Oh, by the way, we have a TBO breakdown cluster on the 4hour time frame for stable coin dominance, which is actually very bullish uh for bulls. totally 50 TBO breakout cluster on the 4 hour and it's also pushing up to higher levels.
Um we're looking at totally 100 also pushing up staying strong bullish. I mean things are feeling very frothy and others BTC saw a big injection of 2.59% with the TBT bullish divergence yesterday which is actually a good bullish reversal sign. The last time we saw one of these uh was back over here initially uh the 29th of October uh and then we saw another one. Another one and then we saw a good response of about 12%. So a little bit of a mini rally I guess you could say in November but in all actuality it wasn't really a rally.
It's just alts were doing a little bit better than Bitcoin at the time. Now on the trady side um the dollar index did close up above overhead resistance on Tuesday. It it's back down below it. I'm still really curiously watching this. We still have the same pattern of higher lows. Now we're just waiting for a higher high which would result in a push up higher. USD JPY. It looks like someone took the cap off. There was a really weird cell wall over here on the chart from about 157 335 or so. You can see the price being suppressed and knocked down over and over and over. And finally that wall was removed here at 6:00 p.m. on Tuesday night my time. And then the price pushed up higher. Now, I still think and I'm still expecting this chart to go up and tag the fast line, which is right now at 158.518.
So, once that happens, then we basically have the green light to go lower. And I'm still expecting the Ministry of Finance and the Bank of Japan to intervene uh more aggressively to prop up the yen. S&P futures closed up just under a percent yesterday on Tuesday and we actually broke the downtrend here for RSI. So that's again insane. I'm still just a little bit concerned. Um and I can't help it, but this is the this is the stuff that I watch every single day.
So if you pay attention to these things, you see them unfold over time over and over and over and over and over, it helps to inform you better for next time when these events happen. So when we see price moving up but volume moving down, it's telling us that there's no real volume to support the momentum that's happening right now. Despite what onbalance volume is showing us, which the moving average is pointing up, right? It's looking That was weird. It's pointing up. There we go. But if we're seeing this blue part, which represents unbalanced volume in a choppy sideways range, eventually, inevitably, this white line's going to go up higher and the blue line's going to cross below it.
Not the end of the world at all. This is actually a bigger tell that what we're seeing right now is basically it's being propped up higher and higher.
Most likely, it's being squeezed higher and higher, which would be the better way to express it.
Tesla um still has his open TBO closed short from last Friday on the 1st. We're waiting for the price to pull back to the fast line to take an entry if we're feeling bullish and lucky. Nvidia continues to go lower and lower on the 4hour time frame. It has printed uh two recent TBO close sorry closed longs on the 4 hour. It's just a 4 hour. It's not that big of a deal. If we see it on the daily time frame, that will be bigger.
But more importantly, look what happened to the price yesterday. I said yesterday that because the price wicked inside of the cloud on Friday and on Monday a lot deeper on Monday, it's more likely to expect the price to go into bearish consolidation mode, which means that Nvidia closes inside of the cloud, which it has. So now we're expecting Nvidia to kind of chop around. Um it's like that famous um chubby checker sum. Chop around, chop around, chop, chop, chop around. It's a great That's like a classic um underground cut, deep cut from Chubby Checker.
So, we still have these gaps here at 189.66 and of course down here at 178.23. Same thing goes, I didn't add um S&P and Dow Jones, all that stuff, but we still have valid gaps down here that will get filled. It's just a matter of when. Uh so, it's just taking its sweet time. Um, looking at the VIX, the volatility index of the S&P 500. It's still in strong bearish mode, which is good. Um, looking at RSI, I'm looking at a pattern here of higher lows and higher highs taking shape. Okay, cool. Uh, we still have a kind of semi- gap here at 24 something or other, but for right now, it's just strong bearish, which is a very positive uh, reading for the VIX if you are a bull. Now, a bigger sign right here is the NIK. Nikkay futures is up 3.25% today and in process of printing a TBO breakout which is insane. It's actually printing a new all-time high today and RSI is shooting up now. No matter what happens, RSI is not going to put in a high that exceeds 80.28 which is lower than well actually know it's higher 80.27 from February but there's a cap. There's a max on this. Um, I'm also watching this on the weekly going, "Wow, yaoza."
Um, looking at RSI doing its thing. Um, I'm still looking at weekly volume going, it just doesn't add up. So, we're seeing some pretty crazy and interesting stuff happening literally around the world right now in the markets. Speaking of um WTI, which is US crude oil, um unfortunately I got stopped out of my short position, but it would still be in a good profit right now and going lower.
We already got um overbought on Wednesday last week. And we had that little bit of a spike up on Monday and it's now falling lower because President Trump has posted that apparently peace talks are going well and the whole conflict should be resolved quickly.
Yeah, right now. I do expect WTI to inevitably go a lot lower. It has a massive gap down here at like 67 or so.
That's going to take months for it to hit that. Um, but I like I said before, I still think it's much more likely for oil to fall instead of for it to keep pumping up higher and higher. Um, gold as a result of the good news is up 1.56% on the day. Um, it does make sense to see gold move to the top of the cloud as well. It's taken a lot of time. Again, it's very weird to me that Oh, that was weird. Here we go. That volume is just like terrible. Was there a holiday or something on Tuesday that I just wasn't aware of for gold for gold markets? I I didn't really catch that. I might have missed something. Um other than it being the Cinco deio, but I don't really think that trading volume would fall up that much for Cinco de Mayo. Um, looking at silver as well, volume is just crazy down on Tuesdays. Very, very, very weird. So, again, there's a lot of stuff that's happening right now. It it's it's a tricky market for sure. I'm still holding on to my thesis that I'm expecting things to roll over because it's a bottom year and a bottom year just follows the cycle of top bottom recovery rally. It's proven to be effective and very repetitive since 2013. I don't see why 13 years later it would just stop being that way. We've also seen many uh rallies in other bare market years in 2018 um earlier in 2022 and as well as in 2014. So the main thing to keep in mind right now is account preservation. How are you going to protect your portfolio at all costs?
How are you going to um make the decision to pull the trigger? and are you going to allow your emotions to override your decision-making abilities?
This is all the stuff we talk about in the courses for good reason because it's helped a lot of people um over the years since we started the better traders in 2019 November. So, one of those tools that helps a lot to determine the strength of the trend as you saw before is the TBO, which stands for the trending breakout indicator. You can get it on sale for $37 a month, but it helps to identify the strength of the trend, reversals in the trend, breakouts, breakdowns, support, resistance, all that good stuff and a lot more. Also, check out the Better Traders Journal, which is now print on demand. You can order your own copy of this journal on Amazon. If you do um order a copy, yes, thank you so much. Thank you so much, Amazon. Thank you so much. Thank you so much. Thank you so much. Thank you.
Thank you so much. Thank you.
If you like it, you use it, consider leaving us a review here on Amazon. Um, also make sure to check out Kraken down below. Uh, you can click that link and you can start earning and accumulating ink points for their possible upcoming airdrop. And also check out Tubbit where you can sign up and trade to earn over 15,000 USDT.
Great. So, let's go back over to the charts. Um, I want to start with my picks first. You guys actually have a lot of picks today. I think you picked up on the queue that I said, "Oh, you guys don't have that much." and you basically made up for it. So, no, it's okay. I really I really do enjoy seeing the chart requests. So, if you have crypto currencies, stocks, or foreign trade, foreign exchange pairs, Forex pairs, leave a comment down below. Let me know what it is. Uh, use a dollar sign so that way I know it's a ticker if it's stock. I can usually tell forex pay pairs pretty easily. Um, but if you do that, like the video, subscribe if you haven't, and help me reach my target of hitting 100,000 subs this year. I don't know why I was starting counting at two.
It's so weird. All right, we're going to start first with some breakouts, which are what all of these light blue flags are. There are a lot of them today, which is nuts. Tron had a second T actually, excuse me. That's number three. Number three is done. So, we have our third and final TBO breakout on a 1% move. It's not It's not looking too shabby. Um RSI on Tuesday up to 86.58.
That's the highest we've seen since way back over here on the 13th of August where I was at 87.25 marking a pivot high. Just saying what it is. It's the truth. Um, looking at our RSI level here, this is something you want to keep in mind on. Uh, keep keep in mind the chart though is still strong bullish. Now, with that in with that said, Tron is one of the most boring charts you could possibly trade.
It is the least volatile out of the bunch, but that actually comes with its benefits as well. So, it is strong bullish, so keep that in mind. Doge continues to push up higher. Yesterday, it closed at 4%. More importantly, it closed above the cloud. RSI clocked in at 92.03.
Now, things are getting silly. Um, you should also be concerned that a push above the cloud, a really big candle close, and we're not seeing volume going absolutely nuts. It's actually falling. It's diminishing. That should concern you. Yes, on balance volume is really bullish because we've seen lots of green candles. Good goodish volume. RSI is overbought. Uh very very very overbought. 4hour time frame. We still have these TBO breakouts. Cool.
Just keep it in mind. Okay. Uh also remember that it's now inside of the weekly TBO cloud. It's already hit and surpassed the fast line. That would be the exit target if you take if you took a long position down over here at 9 cents. Now it's up about 28%. You should at least consider shaving off a little bit of profit in this zone. Yes, it could push up higher. There's decent resistance uh between like 11 and 12 cents to watch.
As far as it pushing up a lot higher from here, I mean it's Doge, so I don't really see a reason why.
Um, Litecoin, sorry, Litecoin link has some TBO breakouts here on the 4hour time frame uh right below uh resistance, which is actually a really good setup.
Um, if you notice here, Link actually had a pretty good close of 4%. Um, I actually prefer closes like these, which are really, really lame. 4% move for crypto is pretty weak compared to lots of charts that pump like 100% in a day.
But this shows that there's gradual momentum moving up higher. It's actually a very positive sign. and it clocked in an overbought 75.12 level. On balance volume is still bullish. Volume exceeded the moving average uh two days in a row. It's a good start for like uh Zcash had a liquidation pump to the upside of a 22% move with a TV breakout on the move. Um RSI clocked in at 91.15 which exceeded the previous high and the pump over here on the 10th of April.
I'm pretty sure I said that. Um, yes, I mean we had this TBT bearish divergence here for this chart, but when it broke out above this resistance level, I mean, it also could pump a lot higher than people expect.
The real level of resistance to watch here for Zcash is going to be up here at about $600, believe it or not. And again, another believe it or not, um, it's now overbought on RSI.
But more importantly, Zcash without fail, every single bare market does end up going lower. What's funny is the selective memory that people have when it comes to charting. Um, back over here, we saw a huge push for Zcash in 2021 all the way up to May. Huge drop of 76% and then it actually recovered almost the entire move uh over here in November and then it dropped again another 50% in January, recovered a lot more in March and then it proceeded to fall a lot lower. It didn't stay at these crazy levels. Now, you look at this market today and you tell me. I mean, it's not the exact same, but it's pretty close. So, we have a huge drop of Oh, let me go like this.
Oh, hit the wrong button. 72%. That's so weird cuz I think I'm pretty sure I just said 75%. So, we have this big bounce up. Um, it's it is risky shorting a very very overbought and overhyped token, but without fail, Zcash falls all the way down here to 20 bucks. I'm not trying to say that Zcash is uh doomed to always fall there, but what I'm saying is that the chart's been really dependable.
2018, uh, 2019, 2020, 2023, 2024, it it's fallen down here. So, if I were to rate this in terms of ranges, this would be an overbought range where you'd want to be exiting, not entering. This is an oversold range where you'd want to be accumulating. So, right now, it's in an overbought range. it makes more sense to get out of a position instead of open new positions or consider opening a short as crazy and risky as that sounds which it is crazy and risky.
Um Ethereum Classic on the 4hour time frame has a TBO breakout cluster which is really interesting for this chart.
That's so boring and so lame. Um it also confirmed a TBO open long on Tuesday up 4%. Ono continues to push up higher. RSI yesterday at 91.6.
The TBO breakout clusters and the price shooting up about 9% higher. And it's above the cloud. So, it's back to being strong bullish, which is wild. More importantly, it's just about to tag that pesky weekly TBO fast line.
Morpho broke out uh yesterday up 10.78% but actually it wked up a lot higher all the way up here to 2357% and printed a TBO breakout on the breakout and RSI clocked in yesterday at 80.14 exceeding the local highs that we've seen for quite a while. That that's a spicy meatball. That's a pretty big move. Um Dash also closed up about 3.3%.
It also wicked up higher uh all the way up here to 51.65 on the 4hour time frame. It's working on its third TPO breakout after waking up a lot higher.
Uh just so you know, Dash also doesn't do well. It just continues to go lower and lower, but it's okay.
Virtuals has two TBO breakouts in the 4 hour. Farcoin has three TBO breakouts right below resistance. That's actually a really good uh breakout signal that we could see it push up a lot higher. Um now we're going on to some more bearish charts. Binance Life confirmed a second TBT bearish divergence signal on Tuesday. Uh with a 6% close, I'll be more convinced that this thing is really done once it prints and confirms a TBO close long, which is going to be one of these blue diamonds like we saw over here. And once we see these diamonds print, the next expected behavior is to see the price pump to the fast line, which is exactly what M did. Actually, it overshot it by 12% on Tuesday. So, now that it's done this, notice this big push up higher, yet RSI is still struggling. On balance volume is bearish. We're actually at the top of the roller coaster moment here. Volume is also non-existent at all on Tuesday, which should be concerning. So, it's a liquidation move. So, it's risky shorting a chart that's this volatile, but this would be the place to consider opening a short. Dexi, we're waiting on this TBO closed long to be closed when the price tags the fast line soon.
Hyperlid confirmed a close, a pump, a push above short-term overhead resistance. Congratulations. Now, it's moving up higher. We're looking for resistance up here at 4538 with RSI also back to being overbought.
Toncoin continues to push up higher and higher. Um RSI yesterday at 94.55.
It's just a smidge overbought. Um I actually don't remember the last time it was this overbought. 94.55.
Uh it'd be over here in March 2024 on these TBO breakouts where it shot up 65% then had a pullback of 30% and more. So be careful. Um, ICP also had a big pump yesterday and you can see it here with the volume indicator 6 million versus 1776. That's hilarious.
1.7 million. So, it's not regular volume. That's a pump and dump move.
It's also pushed up to the top of the cloud. Algarand also pumped 7.5%. Render moved up 4%.
But it's interestingly still struggling to push above this first level of support or first support fan level.
Stacks proving that in crypto dreams can come true with a oneandone 66% pump from 22 cents up to 37 with a massive injection of pump and dump volume where the day before the 30-day moving average was 866 million.
Tuesday 17 million.
I think I said 866 million. No, 866,000.
Less than a million. So 1819 times the volume. Pump and dump. Cornflakes pumped up yesterday. Uh it shot all the way up here to 7 cents, but it did not push above resistance, but it's back to being strong bullish. Hooray. H uh continues to chop sideways with volume continuing to fall and diminish.
To be honest, we've seen this happen too many times and it just pumps up higher.
Um, but technically it's bearish because when price is stalling and volume is falling, it's a bearish outcome. Now, looking at year picks, uh, PyTH fell below short-term support, causing it to be resistance here on the 29th of April, here on the 2nd of May, and also here again on the 4th of May.
So, it's still staying below resistance.
If it happens to push above, the last time it wicked to the top of the cloud, it got rejected. Um, as it continues to try and struggle, just note that onbalance volume is technically bearish.
Volume is also diminishing as well. Uh, VVV, Venice token, um, after we saw it retrace back over here to the fast line.
Uh, last Thursday, it bumped all the way up 15% to the fast line. So, that's a TBO springboard bounce. Again, when charts are this strong bullish, and we've seen so many retraces back to the fast line, it makes way more sense to buy the dip um instead of trying to short the top on a chart that just remains strong bullish. Pendle had a crazy breakout on Monday this week, 18% yesterday, up 4% on Tuesday. Today, it's up 2%. RSI is down. Uh actually, yesterday it closed at 90.73.
Things are getting really, really, really frothy. plume.
Um, it's still in bullish consolidation.
It got rejected at the top of the cloud, fell to the bottom of the cloud. Looks like it's going to take one more move up higher. Just be mindful that volume is still really below average. Um, on Sunday it was only at $112,000.
Yesterday, it increased a bit. Cool. Um, it could actually pump. I mean, this is basically what happened with um, not CFX with STAX. Could easily pump a chart like this that has low liquidity. Um, HAR also had a decent close at 2% up yesterday, but it's still mostly leaning and it's in bullish consolidation, but it's on the more bearish side. Now, for some stocks, Intel Corporation continues to just rock everyone's world. Uh, we have another massive gap that was created from the 23rd to the 24th of April down to 68.28 and it continues to go up higher and higher. So, it's has its target set on the 1272 fib level, which is at $125.
This is also this chart. I think we were talking about this cuz I said, well, this would be the next target for it. It was 125 based off of this fib retracement from 2000 down to 2009.
So, 125 is a good target. RSI is also massively overbought on the weekly. This is where things go a little bit nut.
Actually, it's a little bit nuts already, let's be honest. But it most likely will push up to 125, maybe a little bit higher than that. Um, given that it is a chip manufacturer and that AI is not going away. Uh, it could also continue to push up and rally up a lot higher. But just consider taking a little bit of profit below the 27 1.272 level. Um, and the reason I say that is because it's the same reason why I said to or I suggested to do something like that over here for silver because that's exactly what happened. We saw a push up to the 272. I'm sorry, the 1618 and it wicked right below it and then it dropped lower. So, no, I'm not really expecting uh Intel to rocket past 125, but if it does, it wouldn't hurt to take out some profit, especially if you're in profit up some crazy amount. Um, also helps that the US government bought some Intel.
It's not suspicious at all. They don't have a vested interest in Intel succeeding, do they? Um, RGTI. Okay, I skipped the head. Uh, Regetti Computing, never heard of it. TBT bullish divergence is a good sign with the slow line pointing up. So, this chart actually has a decent chance of bouncing up higher, especially if they're going to be pivoting to AI or saying something about AI. That seems to do the trick these days in terms of overhead resistance. It's already above it. It actually had a breakout on that big push. So, it's a good sign uh in terms of short-term fibs. Oh, and I have to reverse this. That's That's fun. as the last time I did this, I was testing something out. So, levels to watch in terms of a potential reversal would be up here at 32 where the 618 level is.
So, 3235 would be a good short-term target uh to look for some profit taken, which is a 69% return.
Dwave is above overhead resistance, which is amazing. Um, had a pretty good push up higher. Note, see this? This is the This is the silliness I'm talking about. See that stuff? That's what I like gaps getting closed. Did it actually get closed? What's the low there? 1711. What's the low here? 1709.
Closed by no cigar. Sorry. Thanks for playing. Um anyway, but it's bullish consolidation on the daily time frame.
It's above overhead resistance. That's really good. Um it needs way more volume though. Volume is still very bearish. Uh on balance volume is starting to kind of wake up, but the moving average is pointing down. It's really trying to go up higher, but the trend of selling or rather the momentum of selling is really catching up to the chart. ION Q uh is back to being strong bullish after seeing these three TBO closed longs. The price had a pull back to the bottom of the cloud 44% and it pumped all the way back up here in April. Congratulations.
Now it's back to being strong bullish.
It's about to have um an onbalance falling bullish cross which is a really really really good sign. Now, when the moving average is pointing down so far, it's going to take a while to really cause the moving average for onbalance volume to push up. So, it will have an initial reaction and that'd be a place to look for some short-term profit taking maybe around here at 54 before it dips back lower. But, it's a good it's a good show of volume and even above the daily cloud as well. INTU into it has these remaining gaps. One almost got filled here on the 6th of March, but again, doesn't really count. Um, in terms of the weekly time frame, a good thing that's happening here is that we have a higher low on RSI and a lower low on the chart, which is bullish divergence and the price isn't dumping a lot lower. So, there's a good chance that we get a pump up 16% or so to the weekly TBO fast line at 463 of a different stacks. It's actually Seagate Technology. Um, looking at weekly RSI is at 90.94.
Stocks continue to put crypto to shame.
There's just nothing like this in crypto right now. Up 418% and for basically a year shortterm, massively overbought. Doesn't really matter. Even if it has a pullback, this is a buy the dip kind of chart. And then, of course, Amazon has a TBO breakout cluster here. messy cluster, but it it's pretty good. Um, the weekly chart is very overbought. RSI confirms that with currently a level at 80.57 exceeding the highs that we saw in 2024 December. So, there's a good chance that we'll continue to push up higher, which is absolutely insane, especially because of how depressing the crypto market has been for such a long time.
So, I need you guys to watch the video that I shared this past weekend. While it might be a little bit difficult to watch given how bullish everything is right now, understand that May and June historically speaking, are forecasted to be red. Even though they don't seem to be very red so far, do they? So, watch this and until the next time, you know what to do. Stay awesome and stay in the green. Peace.
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