BITCOIN & ALTCOINS COOLDOWN AS JIM CRAMER TURNS BULLISH! REVERSAL SOON? TRUMP TO LAUNCH NEW COIN?

**Tony Edward** (0:04)
Hey, everyone, welcome into the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. I'm your host Tony Edward. On your way in, please hit that subscribe button as well as a thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please be sure to follow and leave a five-star rating. All right, folks, we have to talk about the price of Bitcoin and altcoins because after seeing a massive impulsive move for Bitcoin where it crossed $79,000, we're starting to see a pullback, which is healthy. In the last podcast and as well as my social media posts, I've been highlighting that Bitcoin has been overheated. It's in the overbought zone, the extreme overbought zone where the daily RSI is above 70 Now by the textbook, many of you know this, that markets are due for a reversal at that point. Likewise, on the bottom end of things, when the market is oversold and it's in the extreme oversold below 30, there's a reversal. So naturally we're seeing that. However something that's not in our corner right now, Jim Cramer has turned bullish. So inverse Cramer. So anticipate that this pullback is going to play out, right? Because the market signals are there, the chart signals are there and Cramer is saying he's bullish, he's saying buy Bitcoin. Now we remember what led up to this impulsive move. The market was in extreme fear. Cramer was on TV saying quantum is going to destroy Bitcoin. He's selling all his Bitcoin. You should sell all your Bitcoin. And pretty much everybody was down on crypto, right? The herd, the majority were like, ah, crypto is not coming back. We still got to wait till October to see something, yada yada. And then all of a sudden the market did the opposite of the herd. So that's what's been playing out. And as I've said before, markets don't go up in a straight line. So anticipate a correction. Now the good signals that we want to watch here is that the MACD is still in full control by the bulls on the daily chart. It has not flipped bearish and it's not close to flipping bearish. So that's important. I still believe there's more upside here. So we could see Bitcoin pull back to about 69, $70,000, maybe a little bit lower, maybe 67, build a support and then keep going higher. So expect maybe for the remainder, and this is a maybe because I don't have a crystal ball, that for the remainder of August, we are in a pullback phase. Now, what does that mean for the altcoins? Could that send total three higher? It's possible.
You look at total three on the weekly, there's still room to run here. Now, in the daily, everything is overheated, individual altcoins and more.
The Bitcoin weekly chart, that still looks bullish, that still shows room to run.
In fact, the RSI on the weekly is about to break out of that downtrend line here, and the MACD shows the bulls are in control, and of course, the bullish divergence is playing out. So, there's a lot of factors on our side. Now, with this pullback that's taking place, you're going to see the bearers start to scream, oh, I told you guys, it's going to dump to oblivion, we're going down to 30K, right? They're going to start their FUD, right? Because they want their Schwartz to play out. But I think a lot of them are going to get trapped again and get wrecked like they got wrecked with this impulsive move because the signals are not on their side here. The other factor that is aligning with this move is USDT Stablecoin dominance. I was sharing with you guys for months, right? In the newsletter, on the podcast, a bearish divergence is playing out there. So it's playing out according to what we were talking about.
From a weekly chart standpoint or timeframe, there's still room for this to run further down. The MACD shows the bears are in control on this. So all the signals as mentioned are aligning to what we want to see here. But if you go to the daily view, and let me actually jump to that so those of you watching can see what I'm talking about, it is getting to that oversold zone so you can anticipate a reversal. Of course, the inverse of that is the pullback in the market. So it's all cyclical and it runs in parallel inverse to each other.
So I think we got to be patient here. Let this play out. Now something else that's very positive, shout out to blockchain backer, great analyst.