This Altcoin Is Ready For MAJOR Pump (Will Bitcoin Cooperate?)

AI Summary

Transcript

[music]
Hey everybody, Nick Valdez here, chief
crypto strategist over here at Verified
Investing and welcome Welcome to Crypto
Revealed where we're going to be looking
at some altcoins with some major levels
showing maybe a huge huge bounce. And I
have you to thank everybody. You're
going in the comments. You're telling me
what tickers to keep an eye out. And
folks, you have put some really, really
good charts down there. But let's go
ahead and lead things off with the
Bitcoin chart as always because when you
talk about crypto, you have to lead
things off with Bitcoin because Bitcoin
is still the barometer for the rest of
the crypto market. If Bitcoin's having a
great day, typically you're going to see
the altcoins also have a great day and
vice versa. So, what are we seeing with
the Bitcoin chart? Well, if you look, we
have broken out of this parallel
structure. And yesterday was the first
close outside of this structure. And
this is just a descending parallel
channel, but watch what happens when I
go into the oneh hour chart. Look at
this recent bounce just four or five
hours ago. You can see Bitcoin, you
know, coming down and retesting the top
of this parallel range to of this
parallel structure. So, where are the
next levels that we're looking at for
Bitcoin? Well, this $66,000 resistance
is still in play. Where do we get this
resistance? Well, this is also going to
match where we saw a lot of price
activity just bouncing from this level.
Just look at all those daily candles
just coming down to the 66K level and
then just having a nice bounce. So, this
is going to be the top resistance to the
upside. But what is the next level of
support? Well, the next level love
support is going to be this descending
trend line that kept the rally May 10th.
Also kept the rally May 25th. And then
if you see right here, it took four days
for price to bounce above this level.
And then before we are able to leave, we
use this descending trend line as a
trampoline. And then that was given uh
Bitcoin the ability to bounce outside of
this range. So these are the levels that
we're looking at for Bitcoin. And right
now, Bitcoin, the bulls need to take
control. And then we got to clear this
level of 66K. And then we can start
talking about some next levels of
resistance. You know, for instance, you
have this swing low right here, a swing
low right here. And then that cap the
rally of this ascending trend line
actually gave or of this descending
parallel actually gave us a structure
for this descending parallel. And I
don't think Bitcoin is going to be
hitting this level anytime soon. But
this is crypto. You never know. Right
now, that level's right around $68,000.
Eventually, it'll hit $69,000. And 69,
of course, was the top that we saw in
2021. If you look at that wick right
there, $68,900.
Let's go to the next major mover. Well,
folks, that's going to be Ethereum.
Ethereum coming up to our resistance.
Now, we talked about the $2,000 level,
but earlier in the week, we were talking
about this 1930. Where are we getting
this resistance line? Because you don't
really see any activity here. you you
don't see price quite hit this area, but
if you look all these daily candles, and
this is taking us back to 2021 and 2022.
So, we're going to flip from the daily
candles to the weekly candles, which is
more of a macro time frame. Let me fix
this uh yaxis here. Look, that cap the
rally in 2021. This is the February
rally for crypto. And if you're
wondering why did crypto pump so hard in
this range, this was when Tesla revealed
that they put Bitcoin on their balance
sheet in Q4 2020 ended up giving
basically all of the strong projects a
huge rally. And then if you fast
forward, we have a nice little deadcap
bounce right here. We found a bottom.
This is the literal bottom for Bitcoin
that you know we typically see about a
year after the top rather. This is
Ethereum. And if you look right there,
uh that is 32 bars from this local high.
This came down and gave us a nice little
support. We rejected right at this 1930
range. Let's go back to the daily and
look at some other levels for Ethereum.
We are going to have this nice support
right around 1819. And that was just
also proving resistance. Resistance
right here. Resistance right here.
Resistance right here. Oftentimes,
you're going to come back to the scene
of the crime. It's like what you see in
the in the movies. that bank robber, he
wants to go across the street from the
bank. He wants to see what happened. He
wants to see the fallout. He wants to
see the reaction. And Ethereum might
come back and then look at that reaction
as well. But let's go ahead and jump
into the hidden gems, everybody. And I
have you to thank. I have you to thank
because you're going into the comments.
You're if you're commenting, you're
probably seeing me replying. There was
an altcoin that overwhelmingly was the
most requested altcoin from yesterday's
video and that was a stellar choice
everybody, no pun intended, XLM. And XLM
is giving us the hidden gem of a chart
here. Just look at this chart. Now, this
is a descending trend line on the daily
that we are seeing. And if you go into
the 4 hour, it looks a little bit
cleaner. You see it kind of just looks
like we're slicing through some some
wicks there. But if you go to the 4
hour, look there, you see a lot of
structure. You see the candle bodies
beating against this range. Let's cut
back to the daily and then boom, right
there. Nice lean slice uh clean slice
through the daily closes. Also hit the
daily closes. And right now XLM is
trying to break up. We do have a support
level. This was acting as resistance.
Gave us strong support. Gave us strong
support. This daily candle is by no
means confirmed above. We still have
about 7 hours and 20 minutes for this
daily candle. So, if price is pushed
down below this descending trend line, I
would expect this support range to hold.
And let's just say if it happens on
tomorrow's candle, you're going to be
looking around 18.2 cents. Right now,
we're at literally exactly 19.2 cents.
So, you're going to be looking at a
decline of one penny. Now, the
resistance at 20 cents, 20.6. You're
also going to see a lot of activity in
this range. You can see the the daily
close, the daily close, and right here,
this is exactly where price stalled out.
And so, this is the first level of
resistance. So, if you're in a
short-term trade for XLM, that's going
to be the area that I would be paying
attention to. Now, time for a hot take.
A Nick Valdez hot take. My hot take is
do not marry your crypto bags. There's a
a huge I would just say glut of L1s.
What is an L1 when it talks about
crypto? L1 means layer one that means
this is a altcoin that is trying to do
everything within its own ecosystem. Now
it might have bridges to other
ecosystems like there are bridges
between Ethereum and Salana and there's
tokens that you trade on Ethereum and
Salana. Sometimes you'll have a L1
that's just kind of siloed and right now
there are too many L1s. We are going to
look at some L1's. We do have some
pretty good charts, but I just want to
warn you folks, there are definitely too
many L1s out there. So, if you look at
your crypto portfolio and you have
Cardano, Salana, Ethereum, SU near, all
of these tokens that I just named are
layer one altcoins. I don't think in the
future we're going to see a huge
landscape of 50 different L1s.
Mostly in tech, you end up boiling down
to a monopoly or a duopoly. I can see it
maybe a little bit of a exception for
crypto because you might have one that's
focused on stable coins, you might have
one that's focused on prediction
markets, you might have an L1 focus on
gaming, but you're not going to need 50
different layer ones. So, if you look at
your crypto portfolio and you have 10
different L1s, 20 different L1s, I would
maybe boil that down to just a few
winners. And maybe in a future episode,
I'll give you some tips on how I
identify the let's just say the L1's
that might have more advantages in the
future. Let's go ahead and jump back
into some L1 charts here. First one
we're looking at is SUI. Now, if you
watch Lton's pro charts, you'll see he
pointed out there's just a lot of
inverse head and shoulders. Gareth was
talking about these as well. And you can
even look at some of these altcoins and
you know maybe not so much ETH but uh
definitely for Bitcoin here on the daily
there are a lot of just inverse head and
shoulder like structures is by no means
immune to this. And you can see we
capped the rally. We capped the rally
shot above and now this level is holding
as support. If I was looking for the
next area to pay attention to look how
this slices right through here and it
also hits right through there. So maybe
this is going to just be an area where
SUI is going to find a pause and that's
going to be right around 80 cents. Right
now SU is trading about 75 cents and
that can give you a rally of about 5.7%
so almost 6%. Let's look at one more L1
and that's going to be near. Ne near
also looking very similar here. You have
a nice little slice through the bottom
of the dailies. We hit against the
dailies right here. And if we continue
to run this out, this to me is an area
of resistance that I'm going to be
paying attention to. And if you look,
there's also a descending trend line. We
caught the wicks here, similar to XLM,
mind you. We caught the wicks there,
bounced uh above slightly, but then was
pulled back below this descending trend
line, fell below the descending trend
line yet again, fell yet again, and now
is trying to turn it back into support.
And if you look at the 4 hour, you can
just see how long it was beaten down. 4
8 12 16 20 24 28 32 36 hours it took
before it was finally able to break
above this structure. So that's what I'm
looking at when it comes to the near
chart. And then lastly, folks, we're
going to be looking at Zcash. Zcash has
two distinct levels, two levels above,
two levels below for support and
resistance that I want to put on your
radar. Now, we covered Zcash earlier in
the week and our levels hit exactly, but
the reason it was, remember, it was the
overbought, oversold. This was one of
those ones I said, do not fade this just
because it's overbought. We looked at
some of those moves. Zcash has insane
volatility. Look at just some of these
short-term gains and short-term losses.
This right here, I think, is only 15,
no, 20 22 days. That is a 2x over 100%.
Also, you see very, very sharp declines.
Remember, this was a 2day 60% draw down.
A massive, massive, massive move to the
downside. So, be very careful when
you're trading some of these volatile
altcoins. Now, with Zcash, we have this
level right here. You can see exactly
where we're heading. We rejected off
this horizontal level. We rejected off
the horizontal level yet again. And you
can see it took a few days before Zcash
was able to break above. Now, let me
actually zoom in. Wow, look at that. I
was looking at it this morning. That is
just a very very clean touch of this
horizontal uh now support was
resistance. So the levels that I'm
looking at two above we have the capp
rallies right here. The daily wasn't
able to push above. Daily wasn't able to
push and close above. So I'm looking at
this range right at 618
for a little bit of a let's just say a
pause for a rally here. Also more
resistance is going to be looking at the
tops here from March of this year. We
also hit the tops here later on in uh
May. I said March of this year. Now this
is octo November November and then we
have the March of this year right here.
This is the area I would expect you know
definitely a little bit of profit taken
by the big Zcash whales to the downside.
We also have two levels. We have this
descending trend line that's very
similar to what we saw with XLM. I would
expect a nice bounce here. But again
remember this moves 60% in two days. And
so if it falls through if it remember
what I said earlier in the week.
Sometimes it's like you open the
elevator door. You're not going in there
and pressing the lobby. There is no
elevator. You walk through the door,
you're just plummeting to the ground.
60% in two days. That's going to be, you
know, faster than gravity when it comes
to financial markets. I'm looking at
this floor for support. And this is
going to be going up every single day.
And if we were to just say, you know,
that that two-day move, although I'm not
saying this is going to fall this much
in two days, uh right now you're looking
at around 388, but I would expect this
to, you know, pretty quickly shoot above
$400. It's at $400 right here. This is
going to be towards the end of July and
then heading into August, it'll also be
above $400. So these are the two levels
above and two levels below that I am
looking at for Zcash. So tip of the day,
be very careful trading these altcoins.
When you're in profit, feel free to take
that profit. Now, if you want to be in a
longerterm trade with Bitcoin or
Ethereum, maybe even Salana, maybe even
Hyperlid, I say, you know what, that is
fine. But when it comes to something
like an XLM, comes to something like a
near or a Zcash, lock in those profits,
folks. And not only that, we're trading
some, let's just say ancillary Bitcoin
plays in the traders live trading desk.
Down below, we have a link
verifiedinvesting.com.
Want to give a shout out to Lton. He was
able to get in an iBit trade and IBIT is
Black Rockck's Bitcoin ETF. So, there
are other ways to trade crypto. You
don't have to download a wallet, but if
you do download a wallet, make sure you
check out the Rumble wallet down below.
Folks, that's all we're going to have.
Make sure you go ahead, smash that like
button. If you're not subscribed
already, please go ahead and subscribe.
And if I still haven't covered your
favorite altcoin, let me know down
below. I'm reading the comments. And
when I see an altcoin that everybody
wants to check out, hopefully you guys
aren't signing into multiple accounts.
But if everybody wants me to look at an
altcoin, I will throw it in the charts
as long as it's not some, you know,
very, very small micro cap token that
you own 1% of the supply. for verified
investing. I'm chief crypto strategist
Nick Valdez. Hit that like button on the
way out and I'll see you in the future.