Bitcoin Hitting STRONG Support: Is This A TRAP?

[00:00:17][music] Hey folks, Nick Valdez here, chief crypto strategist over here at Verified Investing and we got a great show for you today because we have to show you an ETH resistance line that I just saw and I don't think anybody else is going to be talking about this level of resistance that ETH is going to be coming against. We also have a great Bitcoin chart and we have a altcoin that is trying to basically get the masses to buy this one. But I have a huge warning and so make sure you stick around till the end and I'll also do my tip of the day. I do want to just say thanks for all the support. We're going live now.

[00:00:55]I'm reading your comments and thank you everybody out there and maybe go ahead hit that like button. Now I do want to go ahead and start things off with a Bitcoin chart and let me go ahead share my screen here. This is going to be knocking your socks off folks. We have a huge parallel structure that is within a larger parallel structure. Now this one has been going on for a couple weeks and you can see it right here. We started this the beginning of July. But what if I showed you the last parallel structure? we have a little bit of confluence and right now it does look like the markets are starting to pull back. Now this is going to be the larger structure that goes all the way back to the beginning of June and let me put that away and then we have this smaller one that is now residing in it and I just love how they're coinciding. We have a little bit of double resistance but we might pop a little bit higher and maybe have to retest this resistance at 66K. You can see that we tried to pass this level earlier but the bears were just not having it. Now, let me tell you why I'm thinking we might try to push up one more time. We are not seeing any kind of overbought conditions on the relative strength index. If you look at the last few rallies, anytime we had a just a simple, you know, just a simple uptrend, not a lot of volatility, we have a bearish divergence right here.

[00:02:09]You can see the price heading higher while the price was heading low or the RSI was heading lower. And we also have the same situation right here. And you can even go back to some of the other uptrends where you do see that RSI really start to fall off a cliff and the RSI also hitting oversold. RSI hit oversold. RSI hit oversold and right now the RSI has not yet hit oversold. Now, I'm not saying RSI has to hit oversold.

[00:02:35]It's just that is what we've seen cap all the previous rallies when it comes to Bitcoin. But we do have some other major movers that we're going to be looking at today. And folks, we're going to go ahead and start with Ethereum.

[00:02:47]Like I said in the beginning, there is a there's a new resistance level that I want to put on your radar. So, let's look at this. Now, we're still in the range that we identified last week. It's pretty close to 1820 and 1920.

[00:03:00]Technically 1819 and 1930. Go watch last week's video if you want to see the historical significance of these levels, but we had a nice little bounce on Thursday. Uh pushed up again on Friday, Saturday, and Sunday. and heading into Monday. Right now, we're still trapped in this range. But what is that resistance line that I wanted to show you folks? Well, you go to that local peak that we had right here. This is January of 2026. So, going back about seven months. Now, if you draw that trend line out, what you're going to notice is soon as we hit that wick right there, and we hit it with two candle bodies. But if you continue to draw this trend line out, look at that. Now, make sure we have it as clean as possible with this resistance. And look at the current price action, folks. That is where we wicked into on Wednesday. And now that's where we're hitting against today. So, if the bears maintain control and if Bitcoin, you know, honestly, if it rejects off these two parallel levels, I am expecting a pullback for Ethereum and probably come down and retest this 1819 level. We have some other major movers I want to share.

[00:04:06]Salana, you guys called for Salana in the comments. I told you I'm I'm looking at these comments. I'm replying to you folks. People were like, "You didn't cover Salana. You didn't cover Salana."

[00:04:16]Well, the price action was just a little bit boring. So, I wanted to wait for something a little bit more exciting to show you folks. And Salana also in a long-term trend line, a long-term parallel channel. But what if I told you there's another small parallel channel within the larger parallel channel. And the reason I want to put out any videos, we're just kind of stuck in these ranges. We haven't came to test the downside. We haven't came to test the upside either for resistance and this yellow trend line is just catching the tops right here. Also catches some bottoms catches starts the wick right there. So just kind of interesting and it really starts with this pivot high.

[00:04:50]This pivot high that was you know at the time all-time high for Salana. You know might be years before we see this price level again. Comes down hits this little wick that creates our trend. Boom. You can see it flipped into support, held as support for a while with a couple candles dipping below, and then turned into resistance, also acted as resistance, and now potentially going to act as support. Now, we kind of just shot past this level except for that little wick right there, but let me go ahead and show you the other parallel channel. We're going to start with the beginning of June, and I drew this out on another chart. Look at that. Now, if you zoom out, that is that larger structure. This is the smaller structure right here. Now, we have a nice little bullish uh push up from the bottom of this parallel channel. This is an ups sloping parallel. And right now, we're hitting this resistance right around $77.70.

[00:05:41]And that was just acting as support back here in February. But does the 4hour validate or invalidate? So, let's talk about that for a second. We're going to pull up this RSI. Pull up the 4 hour.

[00:05:52]And the 4hour RSI is still looking strong. Also, when it comes to trend lines, I want to see does the 4hour.

[00:05:59]Also, pay attention to these levels because right here, you know, you see a lot of wicks. You know, you're not sure is this the cleanest trend line. You see a lot of price action in this range. You go to the 4 hour, looks a lot cleaner.

[00:06:11]Wow, this is actually even looking better now than it was this morning.

[00:06:15]Look how we are rejecting off of this range. And folks, again, this is just why I love technical analysis. But now, we're going to go into a new section. We haven't done this one yet. And that's who said what. Not who's on first, not what's on second. Let me just tell you a story. There's a couple younger people that work here, Verified Investing. They help us out with some of the social media. I did a who's on first reference.

[00:06:38]They did not know what I was talking about. It's a of course it's a of course it's a century old joke. It it is an older joke. It's a Abbott and Costello joke. So, let me know down in the comments if you know what I'm talking about when I say who is on first. But let's talk about who said what. That's going to take us to pump.fund. Who said what is we just have a lot of crypto influencers out there shilling this token. This token is called pump.f fun and it's essentially a memecoin casino or a memecoin launchpad. People go there, anybody and everybody can launch a memecoin on that exchange and then a lot of the fees go back to buying that token. And you're seeing every influence out there in the world shilling this token. Anom is probably one of the larger names. I don't want to get into the, you know, the the weeds of the crypto influencer space, but I'm just seeing a lot of people talk about this token. Let me give you a warning, though. Right now, a couple things on the price. Where we're at right now is the 1010 wick. 1010 October 10th of last year, a lot of tokens got beaten down.

[00:07:43]And if you look, I mean, this this is just a bloodbath for altcoins. A lot of altcoins found out there wasn't a lot of liquidity. And this was shortly after the all-time high for Bitcoin. All-time high for Bitcoin was October 6.

[00:07:55]Pumpfund, a lot of other altcoins just got totally obliterated on October 10th.

[00:08:01]And you see this October 10th wick come into play with a lot of different tokens. So the 1010 level is right here where we are hitting resistance. Also, the psychological level, there's a lot of zeros, but essentially this is right at 2 cents. And when the token's trading in the two cent, 3 cent, 1 cent range, 2 cents is going to be a strong psychological level. Misspelled that a little, but you know, we'll just go ahead and hide that part. Also, it is recent resistance. You see the price was pushed down here, pushed down here. So, keep an eye out on this. I would not try to short this one because of all of the influencers. And I'm going to show you this graphic in a second. Also, we have the inverse head and shoulders. Now, it's not the cleanest. I would recommend go to verified investing. We tell you about the angles of the neckline to the crown of the head to the straight line there. And this one is slightly greater than a 90% angle. And so if you want to learn more about why that's not the cleanest setup, go check out some of the courses down below. So we're going to say, you know, it's a tentative head and shoulders. We do have a target that hasn't quite hit. So we could see a little bit of a push up on the wick. You can see it tried to wick up a little bit higher today, but wasn't able to quite hit that inverse head and shoulders target. Let me show you this. Now, this is going to lead into the tip of the day, and that is when it comes to altcoins, know what you're getting into.

[00:09:21]The box on the bottom, this is the amount of tokens that are floating around or the amount of coins. And currently, there was 400 billion or slightly higher than 400 billion of these tokens. But more of these tokens are going to be released. This is similar to what we're seeing with SpaceX in the stock market. There are tok or there's shares that aren't tradable. If you hear the story about the the janitor that turned into a millionaire wasn't able to sell all of his shares day one, some of these shares have a six-month lockup. Some of these hedge funds are going to get these tokens after a six-month lockup. And Elon, some of his token or shares are going to be on a 12 month lockup. So, there's going to be more shares in, you know, say the next five months and the next 11 months. You see the same thing in the crypto space.

[00:10:09]And so these are tokens that are being unlocked and there's about to be a massive amount of tokens that are going to be unfrozen that are then going to be tradable and you see just a lump sum of tokens being released and then it goes up gradually and they would call that a drip. Sometimes it's released weekly, sometimes it's released daily and sometimes it's just you know just a slow and steady output there. But if we look we are hitting that strong strong resistance. So, I would just be very very careful, you know, looking at that token. Now, let's go into the next one.

[00:10:42]That's going to be Cardano. Cardano still hitting that resistance, hitting that resistance. Still just kind of stuck in this boring range, but I do like that major support at 15 cents. And let's go into hyperl right now. There is also resistance. We have a short-term resistance within this parallel channel. Now, we talked about this parallel channel and I actually gave you a target. I said, you know what? Maybe I'll pull the trigger if we wick below. I did not actually pull the trigger on the hyperlquid trade there.

[00:11:13]Uh this was 4 a.m. 4:00 a.m. on Saturday. So I ended up missing that.

[00:11:18]That is 4 a.m. on Friday. So it did wick below. But folks, I was asleep. I I did not catch that trade. But if you did, if you're a night owl, you know, go and smash the like button. You night owls.

[00:11:29]If you caught that trade, you end up getting a nice little bounce. I would go ahead and maybe take some profit off that one, folks. if you did end up catching that long. But I'm looking at this level of resistance as just the next potentially uh zone to pay attention to everybody.

[00:11:45]So keep an eye out on that one. But folks, I do appreciate you joining, hanging out, you know, smash that like button everybody. This is the first time we've actually gone live on Crypto Revealed. Uh I'm just going to leave it on the charts. You know, the camera's being a little bit weird, but go ahead, smash that like button. I do appreciate all the support. I'm going to be reading all the comments. Uh we're going to be putting this show out Monday through Friday, 1:30 p.m. Eastern Standard Time.

[00:12:11]If you're not subscribed already, please go ahead, hit that button. And again, check out our website. We're putting out over 100 pieces of free content every single week. And pretty soon, you're going to see some charts from me when it comes to the crypto space. I'm Nick Valdez for Verified Investing, folks.

[00:12:27]Thanks for hanging out. I'll see you folks in the future.