HUGE NEWS! SEC'S NEW CRYPTO GUIDANCE! GOLDMAN SACHS XRP ETF, & BIG BANKS CREATING STABLECOIN!

**Tony Edward** (0:05)
Hey folks, welcome to 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 the 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. Okay folks, let's quickly start with what's happening in the charts. And of course, we're going to use Bitcoin because Bitcoin is the benchmark, the measuring stick that we use to determine what may happen next in the market because all coins generally follow Bitcoin. So right now Bitcoin is at $77,289.
It was in the extreme overbought zone. I've been talking about that for weeks. So naturally we saw a pullback. And on the daily chart though, we are seeing a bearish cross. Now this is the very short-term view. We're going to look at the higher timeframes such as the weekly and the monthly. But right now, you have to anticipate that we're going to go lower. Now the bears are going to say, look, it's a failed rally. It's a fake out. We're about to dump to 40k. They want to scare you. Now could that scenario play out? Of course. But we're talking probabilities. I believe the higher probabilities were going higher. Now what could make that bearish scenario play out to 40k is if a black swan event happened.
So we can't rule that out, right? So this is why you can't just say, oh, that's not possible at all. No, it is possible. The question is, how probable is it? So right now Bitcoin cooling down and of course the altcoins are following. And again, you got that bearish cross on the MACD. But that doesn't mean that the bull rally is over. We've seen this time and time again. The market gets overheated. It pulls back.
You got some short term price action that goes down. And you also may have some sideways chop. In fact, that could happen for the majority of September. And then we build a support level to keep going higher, have another parabolic move where we trap the bears again, right, and it gets short squeezed the hell out of them again. And if we go higher, another leg up into the 90K is possibly 100,000. So let's be patient and see how it plays out. On the weekly timeframe, this is why I'm still very bullish. The bullish divergence, which we've been tracking for months, is playing out beautifully. And the MACD shows the bulls are still in control. So this is what the bears don't want you to see, right? The higher time frame, they want you to get caught up in the 4-hour, 1-hour daily chart. Oh my god, doom and gloom, war with Iran, this and that, right? But again, we got to look at the data, not our feelings and emotions. And the weekly still looks extremely bullish. On the monthly time frame, also looking very bullish, where we had that huge, huge candle, green candle up for August. And of course, the MACD shows the bears are losing momentum with the red, dark red candles getting lighter and they're getting smaller. So if you know how to read that metric, you know what I'm talking about. Not to mention the RSI is on the upward trajectory. And one analyst actually highlighted some great points on the weekly chart. He highlighted the following on the monthly chart that are bullish items. He says, a strong reversal structure with a higher high candle, flattening of the MACD. So as mentioned, the MACD is showing the bears are losing momentum and bullish tick on the stochastic RSI. So all the signals are flashing here that we've seen at previous bottoms. But, you know, you got to be patient. Let this play out. People sometimes want their portfolio to go up in a month, right? To the new all time. That's not how it works. So you got to have realistic expectations and look at the data, not your emotions. And of course, you know, one of the things I've been highlighting to you guys, the inverse of what's happening with Bitcoin and all coins is the stable coin liquidity. When Bitcoin was breaking out, I was showing you guys that there was a bearish divergence on the weekly chart for USDT stable coin dominance. And of course, that's playing out. And just like the bullish divergence on the Bitcoin weekly chart, we are seeing here per the chart that there's more room for this to drop. Again, this is on the weekly time frame. So this is where you got to have the right expectations, not looking at the hourly daily chart and getting dismayed. So if you do look at the daily, the USDT dominance was oversold. It's starting to do the inverse of what Bitcoin is doing, which is going down. And it's flipping bullish per the MACD. So we may again be in this situation for another couple or three weeks. So just be mentally prepared. It's the reason why I'm spending so much time here, is so that you guys are mentally prepared for the boring zones in these types of scenarios. Now, I would love for Bitcoin next week to have a parabolic move up and all coins fall again. But the market, there's a process to all this, right? There's a cyclicality to all this. And the other factor I've been highlighting to you guys is the stock market right now is not looking too strong. Right now, per the MACD on the daily chart for the S&P 500, bears are in control. Now, it doesn't mean this is going to last forever. Obviously, markets again are cyclical. The RSI is in the neutral zone, so it could correct further down. But what I've mentioned to you guys for a while now is that crypto market makers tend to look at what's happening in the stock market and the broader markets. And if there's a lot of bearish negative sentiment, you're not going to see the opposite happening in crypto for the most part because overall investors are maybe scared, right? Maybe macro factors like the war and much more. So I think once we figure out where the stock market is going in the short term, right? Long term, we know what's going up.