Bitcoin Hitting STRONG Support: Is This A TRAP?

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Transcript

[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. 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 at the beginning of July,
but what if I showed you the last
parallel structure? We have a little bit
of confluence, and right now 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. 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. You can see the
price heading higher while the price was
heading 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. 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. Like I said in the
beginning, there's 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, 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, 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, we're going back
about 7 months. Now, if you draw that
trend line out,
what you're going to notice is as 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 a
Bitcoin, you know,
honestly, if it rejects off these two
parallel levels, I am expecting a
pullback for Ethereum and probably come
bit down and retest this 18-19 level. We
have some other major movers I want to
share. Solana, you guys called for a
Solana in the comments. I told you I'm
I'm looking at these comments. I'm
replying to you folks. People are like,
"You didn't cover Solana. You didn't
cover Solana."
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 Solana 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 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 to
wick right there. So, just kind of
interesting. And it really starts with
this pivot high. This pivot high that
was, you know, at the time all-time high
for Solana. 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 to 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 push up
from the bottom of this parallel
channel. This is an up-sloping parallel.
And right now we're hitting this
resistance right around $77.70.
And that was just acting as support back
here in February. But, does the 4-hour
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,
and the 4-hour RSI is still looking
strong. Also, when it comes to trend
lines, I want to see does the 4-hour
also pay attention to these levels? Cuz
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. Wow, this is
actually even looking better now than it
was this morning. 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. 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
is a older joke. It's an Abbott and
Costello joke. So, let me know down in
the comments if you know what I'm
talking about when I say who's 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.fund, and it's essentially a meme
coin casino or a meme coin launch pad.
People go there, anybody and everybody
can launch a meme coin 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. Anthem 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 10:10 wick. 10:10, October 10th
of last year, a lot of tokens got beaten
down. 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 6th. Pump
that fun, a lot of other altcoins just
got totally obliterated on October 10th.
And you see this October 10th wick come
into play with a lot of different
tokens. So, the 10 10 level is right
here where we are hitting resistance.
Also, this psychological level. There's
a lot of zeros, but essentially this is
right at 2 cents. And when the token's
trading in the 2 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. 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 try 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. 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 tokens or there's shares that aren't
tradeable. If you hear the story about
the the janitor that turned into a
millionaire, wasn't able to sell all of
the shares day one. Some of these shares
have a 6-month lockup. Some of these
hedge funds are going to get these
tokens after a 6-month lockup. And Elon,
some of his tokens 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 5 months and the next 11
months. You see the same thing in the
crypto space. 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 tradeable. And you can
see just a lump sum of tokens being
released and then it goes up gradually.
And they would call that a drip. And
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. 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 HyperLiquid, everybody.
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 HyperLiquid trade there. Uh this was
4:00 a.m. 4:00 a.m. on Saturday, so I
end up missing that. That is 4:00 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. 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.
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 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 the show out Monday
through Friday 1:30 p.m. Eastern
Standard Time. If you're not subscribed
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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, thanks for
hanging out. I'll see you folks in the
future.