Crypto Market Review 12-30-20

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a cross-chain token pools and auctions network hey guys this is Altcoin Sherpa here with a 
crypto market review today i want to review   bitcoin ethereum and some other larger cap 
coins uh so let's get to it as always this   is not financial advice everything i 
say is for educational purposes only   trading is risky do your own 
research i am not a professional   okay so for bitcoin what are we looking at here 
uh this is still a very uh high time frame bullish   trend uh we will look on the weekly this 
is obviously still extremely bullish i mean   what's there to say uh i do believe there should 
be some pause uh at some point i just don't know   when or where it's gonna be uh and i do believe 
there will be a pullback as well i just don't   know again when or well where this will be if you 
look at the fib extensions from the entire range uh 30 000 will be like the next 
region that's interesting for uh   this price action so in my opinion i 
think 30 000 makes a lot of sense just   from a psychological standpoint it is a nice 
big round number similar to twenty thousand   and uh yeah i'm expecting thirty thousand to 
be tapped eventually if you look down on lower   time frame charts uh we've been seeing the 
last several weeks is or last week i guess are these same ranging uh consolidations uh for bitcoin and then a further move up 
and you can kind of see that too from starting at the 20ks i mean price 
ranged in the 20ks for a little while   which makes sense given it's uh it's just you know 
it's the former all-time high level psychological   resistance but i mean to be honest there's 
always going to be a lot more liquidity higher   so i thought that it was going to go to 
at least 25 or i'm sorry the low 20ks i   didn't know where it was going to stall but and 
i still don't know where this is going to stall   uh for me personally i'm still targeting 
30 000 in the short term and then we'll see   just because of the psychological number uh as of 
right now we're about to see here if bitcoin is   going to stall out i mean you can clearly see 
this range for me now again where it wouldn't   surprise me to see price continue just 
to range here in this uh 26 k to 28k area   and one thing that i thought was interesting 
too was when you look at this chart before   you could see heavy heavy selling the price 
not moving this generally is a sign of either   distribution or a top forming or it's absorption 
absorption is basically where you see one side   pushing very hard and the other side absorbing all 
the cells or the buys depending on again if this   is a top or a bottom but if it's absorption at 
the top and you gen and you think this is a market   top in the short term you generally see a lot uh 
more bearish wicks higher you'll see uh you know   candles wicking above looking above looking above 
and not being able to break through and uh slowly   breaking down and tapping uh the lower parts of 
the range frequently for this instance this was   wicking above but not you don't see super violent 
wicks you just see these these kind of slow price   action movements with heavy cell volume and 
what the heavy cell volume means is that   the sellers are pushing very hard you know they're 
exerting a lot of effort to try and push price   down but price is not moving uh super far down so 
generally that's a sign of absorption and again   this can also happen at the bottom as well of a 
market um when a market is going to uh start to   reverse to the upside so you'll see a big impulse 
down you'll see price ranging within a tight range what you'll see again is you'll see a lot of cell volume during these moments and 
price just hanging around that usually means   that the buyers are absorbing those cells and 
price once the sellers get exhausted you'll see   price start to move up and you can see that again 
for these continuous continuation patterns here   and bitcoin basically just continue to move up but 
regardless it's important to also understand that   uh market tops always take several days to 
happen uh i expect nothing less for this   but as of right now it it just still looks 
like it's gonna make another leg up i don't   personally see this moving down quite yet i 
think if we are going to see this big big move   uh big retrace i think we'll see some sort 
of blow off top first something like this   is like what you're looking for back in uh 
2019 you know this type of price action here   is kind of messy you could kind of see this first 
blow off top now again this this move right here   was pretty overextended but you can see these 
bearish candle closes and price starting to wick   in both directions lots of volatility huge 
volume relatively speaking and this is kind   of an indication of a market top and what 
it looks like at least in the short term uh   and once you start to see market structure 
break on lower time frame charts where you   can clearly see some lower highs being made 
that's uh at the point where you should consider   taking profit for sure and uh you know possibly 
just getting out and obviously this type of stuff   is always so easy to see in hindsight you know 
it's it's harder when it's actually happening but   that's why checking price on lower time frames 
is important so what am i trying to say uh my   overall bias for bitcoin is that i believe 
this is still bullish for now until proven   otherwise uh you know we did see high cell volume 
before it was a little scared to look at but overall this is still bullish so if this 
market if btc usd continues to move up   then i think that most all usd pairs are going to 
be bullish however we're seeing some pullback now   for many alt usd and definitely all btc pairs 
so if you are trading alts i would recommend   trading in the usd pair uh that's that's that's 
going to be that way until all coin or i'm so   i'm sorry until bitcoin finishes this run 
and you know if this does pull back hard   uh the areas that i am viewing are this 
20k region for sure and there are a lot   of smaller levels on the way down as well such 
as this area right here this 20 uh 24k area and eventually if price does break higher this will 
be like the first line of defense if price starts   pulling back at 30k you know goes to 30k drop 
and we'll see if it's continuation or if it will   seek the next area of liquidity which would 
be this 22 to 24k area and again 20k is going   to have a significant amount of support as well 
uh generally speaking if you look from a volume   profile i actually don't have that anymore but 
you'll see that this type of area right here   uh will want to be filled out eventually so 
it wouldn't surprise me eventually to see you   know 20k tapped or even possibly lower but uh 
these would be my areas of interest like 24 22k   uh first up would be 28k so it should 
provide these areas should provide   temporary bounces but it's i do believe that 
one of those negative 15 to 20k or 30k i'm sorry   15 to 20 to 30 percent type of moves is coming i 
just don't know when or where it's going to happen   and if if it does then i'm looking at these 
regions right here but again as i said maybe   it'll be 30 to 35 000 before that happens uh 
ethereum usd i generally think that this is   going to keep filling uh our following bitcoin in 
general i think that this will just continue to   keep moving up and i think that the overall 
upside for ETH USD is generally going to be   higher than btc for right now just because of 
where they're currently at i mean this current area here is all supply or resistance whatever you 
want to call it so this is a weekly ob here and   i believe that it may take some time to chew 
through it but once it does these other levels   following are not going to be super strong 
around well around a thousand dollars should be   significant resistance just 
due to a psychological number   but i still am very confident that ethereum will 
hit a thousand dollars within the next few months   uh still with the idea that basically ETH 
USD uh you know from the bottom will hit   over a several month period it'll hit a thousand 
just because the last several years this has just   been very common i mean it's at this 
is 300 from the bottom this is 150   from the bottom over the following months that 
is and obviously alt season was just insane so yeah if we use this low here starting in 
december 7th like 100 percent would put us at   thousand dollars i think that's totally reasonable 
for a target for etheusd um still heavy volume   coming in looks really nice i i think that this 
is going to be pretty good but in general many alt   coins are going to follow btc so if this if btc 
pulls back then ETH usd will certainly certainly   pull back as well i don't think you'll see one 
uh deviate from the other generally speaking uh xrp let's go into xrp it looks 
obviously pretty ugly right now   i think at some point maybe around the 14 cents 
area we'll see some support basically whenever   people decide that the risk is worth it to catch a 
falling knife that's when this is going to reverse   larger and you saw it yesterday with a short 
squeeze where we saw price rebound hard and   it went basically uh 50 in the span of like an 
hour but obviously this is pretty short-lived and   price is price already pulled back 
quite a bit and it wouldn't surprise   me at all first to see price just go 
back to the base area just go back here i'm not really making fun of ripple too much 
i feel it's not honestly it's it's probably   not great for crypto in general uh that ripple's 
just getting destroyed and it's it's scary to see   regulation too just from a general standpoint 
but in my opinion i think ripple will probably   eventually go lower and i also think that 
ripple will eventually pump i just don't   think it's going to pump as nearly as hard as 
it used to just because of the fud around it so here is a coin that i'm personally trading right 
now this is ada and this is just a simple sr flip   i have more orders down in the 17 cent area i 
don't know if i'll get it or not we'll see uh   i missed this original move i missed this 
entry by point zero zero zero five cents or   something like that and that really pissed me 
off but is what it is uh this was the obvious   supply resistance area and price wicked above 
it and now it's it's coming back into it   personally i think this is still bullish 
in general like look at the volume   this just looks really nice so yeah i and this 
volume also it's important to understand the   context too this volume is coming big after 
a large consolidation period it's not coming   at the end of a big run like you saw right here 
uh in october and november when price basically   had this huge move you know you saw a 
big volume obviously which was nice but   this is more like a blow off top uh just like a 
top a short term top and then accumulation and now   hopefully it's going to make another move 
again and like the volume is still nice so   this is one that i i i i am in right now 
uh let's go into a few different altcoins uh we'll go into link and rune is one 
that i wanted to check out and then we'll check out some of these other ones uh okay so link price i think is just 
basically going to be ping-ponging between this   uh nine dollar area to sixteen dollar area i 
think that price is just going to basically be   ping pong in here i don't know when this is going 
to move but i still feel pretty good about link being pretty strong in the coming weeks and you 
can kind of see some sort of weird like rounded   bottom kind of not bottom but just like a rounded 
i don't know if you can you can't really call   this like a cup and handle in my opinion it's the 
handle looks too uh it looks too deep but you know it wouldn't surprise me just to see this basically 
go ahead and test nine bucks again and then   go up you could maybe argue for 
this being some sort of like   like just i don't know double bottom i i don't 
know it's not really like those are usually   more seen at like the the bottom bottom of 
like you know after a huge downtrend but   i don't know i still think that link 
is gonna be pretty bullish the chart   itself doesn't look fantastic i'll admit uh price filled out this inefficient move here 
for the most part and now it will there are   definitely going to be sellers up in this current 
this this area at the the peak near 20 bucks but   from a fundamental standpoint i 
still feel pretty good about link   and i think that price is still possibly 
going to fill out these inefficiencies below so you'll see this and then you'll see price hitting 20 bucks   price rejecting and then further movement up 
i think that this is still very bullish though   uh once i'm more betting on 
fundamentals and i'm more betting on   december being very nice for all coins roon 
was one that i always kept wanting to look   at and buy i kept wanting the 71 cent 72 
cent area it never came unfortunately so   i think this is a really bullish project i think 
it's still really a nice one personally and it's still stuck in this range well 
it's exiting this range currently uh   here this is just a better way of doing it yeah this is still like really 
this is really bullish fa though   uh check out thor chain if you haven't yet 
but this is it looks good this chart itself is   bullish in my opinion this is breaking out 
of its range big volume to come along with it   is what you want to see expecting to 
see sellers around the 1.30 mark so   i'm expecting and there could be older charts too 
that i i just i'm not aware of but this is uh what   we have so i'm guessing we'll see something 
like wick above maybe a retrace and then   go up higher i don't know how big this 
retrace will be but we shall see uh theta i reviewed this one recently on my 
accumulation video and i'll be releasing   that officially soon it's actually already on 
my channel but i'll be talking about it i'll   probably be releasing it tomorrow or something 
uh so i did want to talk to you guys about   coins in general oh so this is maybe 
not the best example right now but   when you are thinking about what coins 
to trade given the market context   uh obviously many all coins right now 
are pulling back like pretty much nearly   the entire altcoin market if i mean here's my 
regular list like it's just like a sea of red   and i know this is like a ton of all coins 
but this is just kind of my watch list and i   have it grouped in categories but uh like you'll 
just see a sea of red for many of these alts and in general it's not great to be trading many alt coins because alts 
are generally a very correlated   market where either they all do 
really well they all do really poorly   if you are looking for the altcoins to trade 
i generally always recommend like in these   conditions i always recommend the ones that 
you that are really bullish and theta would   have been a great one in general over the last few 
months after broke out of this accumulation period   here it started moving very strongly but 
you know as of right now it's still it   there's some signs of market top right now like 
high high cell volume and these wicks are not   bullish in my opinion these are these are very 
these are starting to get kind of bearish uh so just be careful in regards to trading something 
like this now but i mean this is still bullish   until shown otherwise but what i'm trying to 
say is you want to find the coins that are   very bullish in these conditions so uh like 
the yesterday ada was pretty bullish today it's   pulling back as i showed on uh the chart earlier 
but yeah through this list that i have it's   really just it's just a sea of red this is it's 
usually best to basically stay out of the market   uh you could look for shorts too because many of 
these these coins are just like bearish right now   like they're they're pulling back huge uh you 
know yfi here's a coin that basically i still   am bullish on in the coming weeks and months 
but this absolutely could just go ahead and test   uh 20k again you know it maybe the best plan 
is to just go ahead and start shorting i i   don't know it depends on your strategy depends 
on your time frame that you're working with but   my recommendation to you guys 
right now is to either just trade the trending coin like if you want a long 
just the the bullish trending coin or to basically   sit out of the market uh the there's absolutely 
a lot of money to be made by shorting two   but generally speaking this time of year is pretty 
bullish for altcoin so i will warn you on that   uh i'm not sure when or where these 
all coins will reverse but you know   and zilliqa was another coin that 
two that was a good coin to trade   the rece in recent memory just because it was 
really uh bullish like this is a huge parabolic   run but in general it looks like it's potentially 
pulling back now like again these aren't really   super bullish this isn't super really bullish 
price action uh in the sense that you see   like these candle closes like they're wicking 
hugely above that's usually not a great sign and you see like a lot of volatility and 
volume this is usually a sign of market top so   yeah if you want to trade alt coins i'd be very 
careful on selecting specific type of altcoins   and what you're longing and what you're shorting 
if you you're like many other alt coin traders   uh who like to long only and 
there's nothing wrong with that i   personally was like that for a very long time 
i would probably only look for coins that are   doing very well and there's really not that 
many of them right now that look great dot   is actually it's pulling back now but i mean 
dot is one that you could potentially buy and   snx is also one that looked pretty good 
too but again short term this isn't   really super this isn't super uh bullish with the 
way that price is going in the very short term   like i think very possibly in the quite coming 
weeks this is going to hit ten dollars but for   now uh it wouldn't surprise me to see this go 
a little lower i mean you see price wicking   above huge cell volume and uh yeah so what i'm 
trying to say again is that if you want to trade   uh these types of altcoins i'd be very careful on 
what you're choosing and what strategies you use   it it's probably better just 
to either stay in bitcoin   or trade majors generally majors are going to 
follow uh bitcoin so like you know if bitcoin   goes higher then majors are generally going to 
follow ltc is at a pretty good area right now   where there's a lot of sellers and this is 
resistance and this was a significant cell   zone given this was the peak in 2019 and 
price is basically going to take it's gonna   need a few days to basically get through this 
area in my opinion and it's still bullish but   it's really going to depend on btc if btc makes 
another leg up i fully expect this to also make   another leg up and that's another strategy you can 
do if trading alt coins is is if uh bitcoin starts   to make an explosive move you know up five percent 
or something like that in a day then and you see   ltc and eth usd both like doing nothing those 
are usually pretty good longing opportunities   where you can just blindly long a major and you'll 
see ltc and eth uh have pretty good gains usually   not as good as bitcoin but uh you know if you 
are looking for a lagging type of strategy   uh regardless i am bullish on ltc and i think 
that this is gonna go higher but as i said before if you're looking for specific altcoins to long 
uh you know now is not a bad time to either   accumulate in the btc pairs uh for the next few 
months or short term scalp shorting and if you   do want a long only then find the trending coins i 
mean comp is doing great today is that going to be   something that it'll keep following up with i 
don't personally know i mean this price action   kind of looks shitty so i i i can't really 
say about what this is going to do in the   next few days but yeah generally speaking 
you want to find the the trending coins   so i hope you guys enjoyed this video i know 
it's a little long but uh thanks for watching

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