CLARITY Act FAILS? The Altcoins That Will CRASH Next

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Transcript

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Hey folks, Nick Valdez here, chief
crypto strategist at Verified Investing.
And today we're going to talk about the
altcoins that are going to feel a lot of
pain if this clarity act fails. Some are
saying this is turning into a big
nothing burger and what is that going to
mean for the markets and I'll tell you
about my first 10x in crypto. It's from
years ago, don't worry. And I'm going to
talk about all of the bad news that has
been hitting Bitcoin lately. But go
ahead, smash that like button as we dive
into the charts here. We're going to
start with Bitcoin as per usual. And
Bitcoin, what do you know? We laid out
this parallel channel yesterday or
earlier in the week on Monday when we
were catching the bottoms. I noticed all
right we kind of established a channel
with this bottom candle here and this
top candle here and you move it out.
Well, what do you know? It found
support, found resistance, found
support, found resistance and look at
today's price action running right into
the top of our parallel channel also
with a little bit of a double confluence
of some bearish uh resistance here. You
can see the tops this little horizontal
pivot level and you can just see how
many times it was interacting with this
level right here around $64,000.
But the Clarity Act, let's talk about
that. The progress 24% on the albeit low
liquidity prediction markets out there.
But I just read up on this and it looks
like we are very very close to the
August recess, meaning the Senate is
going to step out. They're going to take
a break and so we really need to
advance. There needs to be a closer vote
today so it could be voted on Thursday.
And if it doesn't happen today, well,
guess what? All of those Congress
people, they're going on vacation.
That's right. You know, they don't
really work that hard. Folks, smash the
like button if you agree here. And we're
also waiting on something from the White
House. The W, not Waffle House, the
White House. The response on the ethics
provision. And there is a little bit of
a holdup on who is going to be the
enforcer. It looks like it might be
state general's attorney generals for
for each state and the White House does
not want that. Now, what's important
about this or what's really telling
about this was this provision was
submitted by Republicans and there's
still no response from the White House.
Now, it' be one thing if AOC sent it out
or Bernie Sanders gave it or Elizabeth
Warren and then Trump ignored it, but
the fact that is coming from their own
side of the aisle. That's right. The
calls coming from inside the house.
Hello, Sydney. Sorry, I had to do the
reference. I had to do the reference.
So, there is no White House response on
this. So, the odds are looking very poor
that we're going to see Clarity Act
progress. But, let's go ahead and talk
about the altcoins that are going to be
affected by this. And at the end of the
show, I'll talk about all of this bad
news that is hitting Bitcoin and what
does it mean for price action. So, let's
go ahead and do that DeFi deep dive
because a lot of these DeFi coins are
going to be really holding on to this.
Ono, we talked about this little pivot
level right here, this little horizontal
level. Look how many times it pushed
into this level and rejected every
single time. Some of these very large
wicks, but the daily would still close
below this range. Uh the dailies right
there closed right at that range. And
this is going to be right around 37
cents. And it looks like the bears are
trying to push this one down. I'm
watching this little area of support on.
It's going to be right around 34 cents.
Let's talk about a also losing its
support here. Getting pushed down below.
Retested yesterday. Wicked into it, but
then also pushed down. Also got a little
bit of a pivot level right here as well.
And so again, a little bit of negative
uh just pressure on this one. Let's talk
about this target. This is the target
that I'm talking about here. It's going
to be just this pivot area right here.
Basically, the recent swing low and the
recent resistance that we saw back in
May. So this is going to be the area
that I'm watching for a right around
$83. Now let's look at hyperlquid. We
gave you the bat signal yesterday which
is 4hour bullish divergence and that
4hour bullish divergence is still
playing out. We've seen it time and time
again on the hyperlquid chart. That has
been the major catalyst for downward
pressure where you can see the higher
highs here where the RSI had the lower
highs and you I mean look right here you
have the the lower low on the price
higher low on the RSI and that's exactly
what we saw right here and now it is
pushing up. But let me give you my
prediction here because we have been
nailing nailing these predictions for
Hyperlid. I think now no one knows for
sure, but I think we might be
replicating this move right here where
we push down from the top of the
parallel, get really close to the bottom
of the parallel, fake everybody out, get
everybody bullish, and then we come down
and take the elevator to the bottom of
the parallel here. And if we continue to
extend that out, uh, you're looking
around $48 for Hyperlid. We'll reassess
when we get to the midway point of the
parallel, assuming it hits that
parallel. All right, let's talk about
the major movers. Talk about these major
altcoins that need to move a little bit
more. ETH, we gave you this little res
uh support level right here, the pivot
lows to the tops of the candles right
there. And what do you know? Yesterday,
we wicked right into our zone. Now, ETH
just kind of in an indecision point
here. It doesn't know what direction it
wants to go. really just kind of
piggybacking off of Bitcoin with a
little bit of flight. Uh flat price
action slightly moving to the upside.
Let's look at Salana. Salana still in
its bull flag. It's still flagging,
still waving at us. It's playing some
flag football in the in the field right
now and hasn't made the touchdown or got
sacked. And we do have our target. If
you look at the flag pole and then you
move it to the breakout, pretty close to
this resistance level, which is the
pivot top that we saw right there. and
we were able to close one daily above
it, but then it was then pushed down
back into the bottom of our larger
parallel range. So, we got a large
parallel range with the small parallel
range, which is exactly what we're
seeing with Bitcoin, the large parallel
range with the smaller parallel range.
All right, let's go to the other majors
here. We also got Salana looked at that
XRP. XRP also just kind of bouncing
around between ranges here. We have this
support that was resistance previously,
but now holding strong. So if we do come
down, I I really think this is going to
be the first retest right around 103.
That's going to be the pivot low right
here. You go back in 2021, 2022. You see
a lot of action with this level. And
this to me is going to be the
resistance. You see we push down on
price, push down on price, push down on
price. Odds favor at least a little bit
of a pullback if we come up to this
level right around 113. So we got about
a 10 cent gap right here between the two
levels. All right, one more on the DeFi
uh or the major coins here. Look, let's
look at chain link, everybody. Link
Marines. Let me get a little hurrah in
the chat. I know those link marines,
they love the little hurrah.
And shout out to everybody who did uh
you know, do some service for the nation
here. But also in a parallel established
it from the tops and the bottoms. Well,
what do you know? When we came back
down, we also hit this already
established parallel channel. when we
pushed up, we hit this already
established parallel channel and then
what do you know right there? We
actually bounced off the midway point
right here. So, chain link also just
kind of in indecision point. I would
look for support at the midway. I don't
think we're going to be dropping
straight down to $6.90. And we do have
some resistance right around 875 on
Chain Link. Everybody, now I do read the
comments. You guys were spamming an
altcoin and that was GRT the graph. Uh,
funny how there's no clarity in the
clarity act. Very much so. Very much so.
Uh, as always, I I love the comments
here. Uh, keep them up everybody. Keep
them up. We got the huras in the chat.
Let's talk about the graph. So, you
know, I read all the comments. I reply
to all the comments. So, if you do
reply, you know, you're going to see me
in there, you know, from my from my
personal YouTube there. But the graph
was actually my first 10x. I don't I I
kid you not. wasn't my first altcoin and
it wasn't my first gain, but some
altcoins I took profit too early. Like I
bought a lot of chain link at $2. I sold
it all at $4. I thought I was smart. I
was like, "Oh, this is a genius move. I
doubled my money. It went to $50." But,
you know, that was, you know, still
learning and it didn't go $50 for, you
know, a couple years, but I, you know,
definitely missed out on that one a
little. All right, but let's look at
graph. My first 10x. Now, this is the
weekly. We can go to the daily. I
remember when this launched, it was
basically immediately put on Coinbase on
the app Coinbase. Coinbase had less than
10 coins at that point. Got as low as 25
and would go to $2.85.
This was a huge gain. That's right. Over
900%
over a,000% really over 11 almost 1,200%
on the gain on the graph there. One of
my first major major wins. But someone's
saying, "Hey, can you chart this?" Yeah,
I could chart it. It's going straight to
zero, everybody. Now, I, you know, I I
kid a little bit. I don't think it's
going to zero, but it's already at a
penny, 1.4 cents. And so, the graph for
this, no pun intended, it's not looking
good. You could say, "All right, well,
give me something here. Give me
something." Sure, maybe you can get a
little bit of a bull div on the weekly.
Then maybe you could talk about
something uh bullish there, but the
weekly RSI is still pushing down. No
guarantee we are going to see that bull
div. We have a little bit of a hidden
div on the 3-day also not good. That can
continue to print and even look at that
bull div or you know another hidden div
rather. RSI stayed the same while the
price went much much lower. That's about
a 30% pump. Don't hold this waiting for
some dollar graph 25cent graph. It's not
going to happen folks. I'm sorry. I know
you might be wishing for it but I got to
give you the hot takes. Okay? I just got
to give it to you straight folks. All
right. Now, let's get into the bad news
on Bitcoin. What the heck does it all
mean? Should I give up? I'm seeing all
this bad stuff. Well, what bad stuff
exactly are we talking about? Three
three things mainly. Talked about the
Clarity Act. Clarity Act's not looking
that great. I'm not too worried about
that because it's only corporate goons
that want the Clarity Act. Think it's
the Lex Luthors that want the Clarity
Act. It's not the It's not It's not
Superman, okay? It's it's the corporate
goons want Clarity Act. So, I don't
think the the Bitcoin natives are going
to care too much whether or not the
Clarity Act passes. I think it's going
to be much more important for the DeFi
coins like Ono, like a like Hyperlid.
That's the coins that really are kind of
riding or dieting on the Clarity Act.
Number two, bad news. Micro Strategy
sold some Bitcoin. Sure, they're
replenishing their cash reserves. Half
the money went to cash reserves. Half
the money went for future dividend
obligations. Sure. Okay, that's that's
fine. It's still not a great catalyst
for Bitcoin. When Micro Strategy, the
guy that says never sell your Bitcoin,
dude, you're selling Bitcoin. He's like,
well, I meant my personal Bitcoin, not
my corporate Bitcoin. You didn't say
that at the time, Michael Sailor, but
we'll let you slide for now. Number
three, cold card. What does that mean?
Is that when you put your bank card in
the freezer? No, that was a hardware
prov uh hardware wallet provider. Cold
storage. They got hacked. They actually
just put out more coms on this. Over
$100 million in Bitcoin has been hacked
from cold cart and they're saying the
hack is ongoing. They can't prevent it
at this point. You know, it's it's
involving basically a brute force on
some seed phrases. They didn't use a
true randomizer. They used software.
That software was exploited. So, people
were able to guess people's seed
phrases. And then when you get their
seed phrase, you get their Bitcoin. Now,
you say, "Well, why don't people just do
that all the time?" because there's so
many words it can draw from and it's
like 24 words or 12 words and there's
like more grains of sand on Earth than
there are possible combinations for
these seed phrases. I'm I'm not the
cryptologologist. I'm not going to
pretend to like, you know, break down
the math myself. It's been a long time
since I did, you know, some calculus in
school. But cold card, that's not a
great sign for crypto. And I'm hearing
reports that you Scott Milker and others
are saying outsiders are seeing this and
saying Bitcoin's not a serious asset.
But what's the good news out of this bad
news? The good news is despite all of
this, we're basically in an uptrend this
week. We're basically in an uptrend
since we bought them on Saturday. And so
when you have bad news and price goes
up, that's typically a sign that we're
near a bottom. Now, when you have good
news and price goes down, that means
you're basically at the end of the bull
market. So maybe this might mean we're
getting close to the end of the bare
market. I know there's a lot of
predictions for October. It's going to
be 12 months after the previous all-time
high. And we keep saying, well, it can't
be that easy. It it does keep being that
easy. It does just keep following the
four-year cycle. But we're starting to
see signs that if we're not at a bottom,
we're very close to a bottom. And to me,
this is a major sign. Now, if we have
giant red candles over the next two,
three days, sure, maybe you can go ahead
and throw that thesis out with the
bathwater. But if we're getting all this
bad news and Bitcoin's pumping, that is
a positive catalyst for crypto. And I
just want you to kind of remember that
and put that in the back of your head,
folks. But that's all I got. I
appreciate you. Thank you. Hey, Jeb in
the chat. A big shout out to CryptoJ.
Make sure you check out his channel as
well. Old guest on Around the
Blockchain. We used to We used to chop
it up four or five years ago, six,
seven. But hit the like button on the
way out. I do appreciate everybody
sticking around till the end. We're
going to be doing these shows Monday
through Thursday soon. We're gonna have
a new crypto show on Fridays coming up.
So, make sure you're subscribed if
you're not already. I thank you folks
for hanging out as always. I'm going to
go to the comments and I will start
replying to you folks right now. That's
all I got. Thank you.