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Thank you [Music] [Music] All right well Kelly the charts are Telling us something are they telling us To freak out they telling us to calm Down should I just chive on what do we Do here Well let's go ahead and zoom out a Little bit and then we'll Zoom right in I'm going to be fairly quick today Bitcoin versus S P 500 everybody wants Bitcoin to be a hedge against the Markets we have to realize it's still an Emerging asset class Bitcoin still takes A lot of the lead from what's obviously What's going on with global liquidity of Course we saw a little bit of a Liquidity injection which is this orange Line right here which is a Bitcoin price Pumping up falling right after the BlackRock ETF announcement why was that Important even if you don't care about Block rock even if you think they're Evil and the reality of the situation Global markets BlackRock is the largest Amount of assets under management so it Was like a huge stamp of approval for a Lot of people that were either on the Fence or uh basically just you know Following the dogma and the just Complete flood campaign that uh you know JP Morgan BlackRock name the financial Institution uh over the last five to
Seven years it wasn't bad talking crypto Well what were they doing they're Preparing to get involved that's why They're are fighting it they wanted Those low prices and now that they gave That stamp of approval putting in that ETF application we see this large Liquidity inflow but what I want you to Really pay attention to is the Correlation between this blue line and The Orange Line Blue Line being the SPX Which is basically the S P 500 and the Orange Line being Bitcoin if we just not Look at the volatility but look at the General Trend this is very similar in in Aspect uh to what the two different Asset indexes are doing uh being S P 500 And then of course Bitcoin not being an Index but being an asset now we do see a Bit of a pullback on the S P 500 right Here is this something that's going to Follow well I'm not paying attention to This small amount of noise I'm paying Attention to the general Trend and as it Looks right now uh S P 500 has broken Above This previous high and is only Currently pulling back to this why do I Care about that when I'm talking about Bitcoin because if this loses this level It's probably a strong argument to be Made that S P 500 and the traditional Assets will also start seeing a larger Pullback which could basically give us An indication of where the risk
Narrative is in market so we need to pay Attention to that now jumping in right Over here to the total two which is the Entire crypto Marketplace other than Bitcoin yes we had a strong push up here But as soon as we got rejected at this Previous High we didn't even make it up To it we've just been hugging this Previous resistance we've just been Hugging this on the way down and not Even on one stance here have not been Able to make it past a previous high and So this is looking very weak on the Entire altcoin market cap so pay Attention to that Foreign [Applause] [Applause] [Applause] So first things first we'll look at Ethereum and then we'll look at Bitcoin Briefly and then we'll throw it back to The news but looking here ethereum had Broken out of course and has been Traveling predominantly about 80 percent Of the price action has been within this Parallel channel here and we have broken Below it we did break back inside of it Yes but we have since lost this line Again is this an indication that Ethereum may be coming down uh to a Lower low uh it's hard to say right now Because we do know that starting July 1st Celsius is having a lot of altcoins
That they're going to be liquidating and Moving into Bitcoin and ethereum so I Want to pay attention to this if we Really want to take a look at this more Specifically option F uh on Mac or alt F On PC gives you the FIB I'd like this to Hold Above This 382 this would be sort Of a bullish pullback if we come all the Way down here this starts to get much Weaker but still will be slightly Bullish pulling back down here to 1744 But I'm I'm a little bit more in the Bullish side I think if we do get a Pullback this may come down to this Region about eighteen hundred dollars if We hold this level then we can start Seeing trying to test this region here Again up in the 1950 to 2 000 range two Thousand dollar two thousand twenty Dollar range if we break above this and I do think we'll start to see fireworks In ethereum but this is sort of the Block that we're really paying attention To this this zone right here and then Also uh this zone right in here this uh These sort of previous highs we have a Little bit of a wick Above This Shore Now looking over here on a Bitcoin we Did exactly as we were talking about Yesterday this bull flag we did get a Little bit of this fake out currently we Can just call it a fake out for now Because we did break out above this but We're testing right on if we come down
To let's say the 30 minute candle this Is really trying to hold the bullish Narrative it's testing it as it looks Right now this is looking this is Looking pretty sexy for Price action but It has to hold this level if it loses This level then I do think we are going To be testing the lows of this range Which is back down to 29.7 you can see Right here if we lose that then I do Think we're going to be testing back Down into the 28s so that's what I'm Seeing on bitcoin we are seeing the Money flow coming out on this uh Stochastics are trying to reset but they Are angled down RSI is still above the 50 line uh this is on the four hour so Let me actually go to there we go yeah So the is holding above the 50 line on The RSI if we not only lose this level And lose the 50 line then I'm thinking That we are going to see maybe a little Bit more of a correction but I am Leaning bullish in all this and as I Mentioned yesterday uh price action took A little bit of this back and forth Before it finds a Direction so trade Patiently trade smart use your Capital Protections and if you have no idea what We're talking about when you see this ta Make sure you head over to bitlab Academy get in the note we have a free Beginners course as well as uh which is All this stuff as well as all this
Additional course stuff that you have Access to and we're building on this Regularly so get involved but that's all I got for now DZ back over to you I Gotta get out of here and go finish Setting up my apartment hey man get back To the laboratory Foreign [Applause] [Applause] [Music] Thank you [Music]