This video were gon na, be looking at how ugly things could get and im. Also gon na be looking at some short term trading, because shorts have been making an absolute killing. As this downward trend, this bear market does continue now, while nobody knows the future, we can have a plan for no matter what the market throws our way and just like i put a video out in november, i explained exactly what i was expecting to happen in This crypto crash, if certain levels were breaking down, thats, why? I believe its so important to learn, to read a chart and understand some market structure and with at least a few viewers able to prepare for this bear market. Just like the opening quote suggests, the only way to move forward is to deal with what is so in this video im going to be looking at exactly what is happening right now and thats going to give us all the ammunition. We need to be able to prepare for whats coming up next im, not a financial advisor, so everything i say is general information and for education and entertainment purposes. Only trading and investing is incredibly risky, so you must always do your own. Due diligence seek your own professional help and guidance before making any decision in the market and past results are not indicative of future performance, so the price of crypto continuing to crash the analogy i was using in yesterdays video is the falling knife analogy.

So the knife is clearly falling. Anybody trying to buy and catch the falling knife is just cutting their hand badly open. So what were looking at for now in the big picture is those next levels of macro support with where the market could base out, and some bigger buyers start to step in again were not seeing that yet, and it can take some time to develop, but that Doesnt stop us from having some levels on the chart to be looking out for, as you can see in the chart, i already have a few levels marked up and quite simply im just looking left and looking for the next areas. Rather the previous areas of macro support and resistance, so naturally we have that 20 000 level being the last cycle, top thats whats coming up next, and you can also see that the market did pause there before it really boomed at the end of 2020. So i would expect 20 grand still to be a significant support level if it does continue to fall now below that we have. Another. Few tops to be looking out for the last one. Was that lower high from that cycle that comes in at about 17. 000. Next up, we have about 14 000 bucks and then below there. Once again, we have around that twelve thousand dollars now another chart, ive been keeping up to date with everyone on the channel is what im looking out for in terms of what the recovery could be.

Looking like so even as the price of crypto has been falling, ive been saying all along that i do believe we are in for a slow recovery. I was holding on to some hope, while the price was holding above that fast recovery zone. But even then i was still saying i was expecting the market to be putting in a slow recovery and now were firmly in that slow recovery period. And if the price of crypto does continue to fall back below its previous cycle top. And we start to see some macro closes, build there, something like the weekly chart and also the monthly chart, then theres every chance we are in for that dismal recovery. Unfortunately, thats just what the market structure is telling me right now, but as always its one step at a time and theres plenty of chance for this market to actually bounce on where it is and remain within the slow recovery period, so ive zoomed into bitcoin. Now on the daily chart, and what you can see is my bit of hopium for the day now were starting to see some of the largest levels of volume that weve seen almost in history for bitcoin now, ive highlighted the three previous times that weve seen higher Volume now, while this is important to me, is because, when were looking at extremely high volume days in the past, not always, but often it is the low of a move of at least the temporary pause of a downward move.

Last time there was volume as extreme as weve just seen in yesterdays session. We can go all the way back to the covert crash low. Now we had extreme volume back on that low and obviously that was the final low before the bull market took off. Then, looking back to the next period after that it took place in around january of 2021. It wasnt the final load, but it was a bit of a higher low. It did take another couple of weeks before we saw that low and then the next boom ahead and then obviously we had pretty extreme volume as well at that may crash of last year as well, and once again it did take a few months from that point. To really wash out a lot of the weekends, a lot of investors leaving the market before it could kind of heat back up and go again now. The difference with what were looking at now is that we are in a fully fledged bear market. So while we are seeing some pretty extreme volume, it is still going to take a bit more confirmation to confirm this as a low of any sort. But in terms of a bit of hopium, i do have a bit of hopium that perhaps we are seeing that capitulation and maybe your low isnt far off now, obviously keep in mind that it still could be a few months before the market does go anywhere. Just like we saw at the cove at the mellow, rather and obviously also back at that january low it wasnt the final load.

The market did hang around and keep going back lower, but you know thats just a bit of data and evidence that i can see on the chart for a daily dose of opium. Now ive zoomed into bitcoins intraday chart and ive actually skipped the four hour chart. Im down to the hourly chart – and the reason for that is, the volatility is just so extreme, so the risk on something like the daily and four hour chart even can be quite high when youre looking at previous areas of support and resistance. But nevertheless, here we are on the hourly chart and very excited to have just launched our tia swing indicator thats. What you can see on the chart here with these orange lines, as you can see by this indicator alone, theyve just been lower top after lower top. After lower top after lower top, so the trend is firmly down, you actually also check the trend, just by turning on this little show trend feature as well. You can just see the trend has not been up, at least since the 11th of june. This is an hourly chart, remember as well, so for many days, even on the hourly chart, the trend just has obviously been in transition or down for that entire time. So what were looking at for here is the next time it can break a swing top to really to get that trend to transition again and its just not doing that yet so, overall, while i do have that opium on the daily chart of there being some Pretty extreme volume, the short term trends will obviously have to change.

First before the bigger term trends do turn up thats, just a given its just a fact its where the markets work. You cant have a macro bull market in the big picture. If all the short term trends are down small turns first then intermediate, then long term and all the small terms are still down so im gon na be looking out for when we do start to see some breaks of swing tops, and obviously you know that green Come back at the back of the chart, so we can see that you know trend turn back up again, im, not seeing that yet its just a matter of all those pieces clicking into gear first and its just obvious why the short term short traders are making An absolute killing now ethereum is one of those markets that has broken down from its previous cycle top. We can also see a few of the next key support levels for eth now below the current market, its almost at about a thousand dollars. Once again, we have a top that comes in around that 990 bucks, obviously that thousand bucks for round numbers and then below there. Our next top comes in about eight hundred and fifty dollars. Now, if is to break below 850, and we start to see some daily closes below, there obviously be pretty catastrophic. We see weekly closes below there, the next levels for ether fairly low like fairly below the market below that 850, and, if were just looking at the next kind of areas of support and resistance, we kind of have levels around 360, all the way up to around 450 to 500 bucks, so at least for now those bigger picture levels are holding and its.

Certainly, what im going to be keeping in on moving forward and if we do start to see those short term closes below that next support level of a thousand dollars. Then i think things could continue to get worse for ethereum. Unfortunately, cadano on the macro picture is holding up a little bit better because it is above its previous cycle top and its also above the may low from last month. But if it does break down from that may low that low comes in about 40 cents, the next area to be looking out for for support for cardano is around that 15 to 20 cents, so it could still lose a further 50 percent in value. If the current support does give way, something to keep in mind, solana is closing in on one of its macro support levels. Now i am on the monthly chart, so every monthly low is very important. You can also see a couple of monthly tops coming in about that 18 to 20 dollars now solanas, currently around 26 dollars. But if we do start to see a breakdown from, you know around that 20 price point and we do see some daily and even worse. If weekly closes below there, then i think the pain for solana could continue to get worse. It could even come back to test some of those previous lows around one to two bucks. Now i know it sounds absolutely insane, but in terms of market structure, its something to be aware of so without sounding all doom and gloom at least for now, the price support level is still holding.

So you know a bit of best case for solana. Itd be great to see a big capitulation where those previous lows from last year, just wicked below, and then we see a close back above around that 20 to 25 bucks. I think that could mark a bit of a turning point for seoul, or at least you know, stop the bleed that were currently seeing now bring up gala on the daily chart, because in yesterdays video i did mention this is probably going to be one of the Stronger crypto out there and the reason for that is based purely on market structure and actually on that we are having a sale on tia premium ill leave a coupon code in the description below where you can get yourself 100 bucks off. In that we look at market structure, i have a volume course in there, a swing course as well. So if that sounds like its up, your alley check that promo code in the description below, but what were looking at now is it did put in games. It is one of those few thats putting in gains again today, so this is one to be keeping an eye out for now we have a pretty big consolidation zone in gala from obviously last month and early this month as well. So what i want to be looking out for in terms of some early signs of strength, is to get back above that previous support level and put in something like a daily high low.

Something like that would be good news for gala and, if youd obviously get back above that area of resistance, thatd be even stronger, but, like i keep saying its always one step at a time in the markets chain link is another one that is in a slightly Stronger position than the rest, because it is still holding its low from the 12th of may, it did false break it and we saw a close back above so as long as it is closing back above that previous low on the 12th of may. That comes in around that 5.53 cents. I do think when the markets do eventually bounce, if its still holding the support level chain link is likely to bounce much harder than a bunch of other crypto if it is still holding in that technical position of strength. Jumping back over to bitcoin now, and it is finding some support around that 21 000 price point im going to hold on to that hopium. I mentioned earlier in the video, with some huge volume coming into the market and almost always seeing a low of some sort. Just around the corner, doesnt mean the market cant go lower, but that is the opium im holding on to for today, especially as we do, you know hover around these levels, theres every chance we could be seeing a low of some sort based on past data. Theres. No guarantees its always one step at a time and of course we have that falling knife analogy, but im just looking at the data and what the chart is currently saying at the moment.

If you do want to take advantage of our tia premium, sale check out that coupon code in the description below ill also leave some other helpful links such as the indicator. I talk about on the channel if you did enjoy this market update. As always, you know what to do and until next time ill catch.