MAJOR CRYPTO DIP BUYING OPPORTUNITY IS HERE FOR BITCOIN & ALTCOINS!

**Tony Edward** (0:05)
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Okay folks, let's kick it off with Bitcoin and altcoins, and what is happening in this market, because it is bloody out there. Folks, right now Bitcoin is trading at $63,544.
We are seeing a bit of a bounce after the major drop we saw last week. And here's what has me very, very bullish. The RSI on the daily chart is in extreme oversold conditions, and sellers are getting exhausted. And folks, I thought February was bad, because that was kind of like the all-time lows as far as the RSI and how deep it can get. Well, this is even worse. I mean, it is super red on the chart here. And if you know how to read this metric, you'll know what I'm talking about, because if you look at it, it is pretty insane. But this is where the herd has become very fearful. Jim Cramer is calling for the death of Bitcoin and crypto.
You have extreme fear and you have these oversold conditions that are at record setting, historic. So I'm personally buying a dip here. I'm buying Bitcoin and some altcoins like XRP, Canton Network, Ondo. Obviously not financial advice. Do your own research. And as a result of this, even a bit of uptick, we saw a lot of shorts got liquidated. And Bitcoin on the weekly chart is still under control per the MACD by the bulls, which is a good sign. So if we have this continuation of this reversal here, which I think it will, don't get me wrong, it's not gonna be a straight line up. I think this could be very good where the bulls can pick up momentum and get going again. Obviously we got ways to go. I'm not saying we're gonna see a bullish reversal to new all time highs. That's not what I'm saying. I think it's gonna be another relief rally, just like we just experienced from $58,000 all the way up to $82,000. And it did take three months to get there. So what we're looking for is for Bitcoin to lead the show here as it normally does. And then all coins to follow. And in fact, if you look at the Ethereum chart, it is mirroring Bitcoin's oversold conditions. I mean, the RSI is extremely, extremely red. And both Bitcoin and Ethereum's MACDs are showing the bears are losing momentum. So fingers crossed that this continues. Obviously there's no guarantees here. We're talking probabilities. Even if you look at XRP, it is turning to bounce and its RSI is also extremely oversold. So by the textbook, we can see some sort of relief rally start here. And my hope is that this is some sort of bottom. Now, if we're following the four year market thesis, which I think is still intact, you know, that shows us that a bottom usually comes later this year. But it doesn't mean it must repeat that way. But you can't rule it out is my point. You got to be prepared for all scenarios. But we are seeing extreme, again, extreme oversold conditions, both on the daily and the weekly and much more. So it is really bloody out there, guys. I mean, and even if you look at the Bitcoin MVRV, the levels that the MVRV went down for both the 30 day and 365 day perspective is touching levels we saw in February. So when we touched these levels back in February, we started reversing, right? Because traders are underwater here. So this is a very good sign. And it correlates with the RSI.
So I absolutely think a reversal is in the works here.
Could we chop a bit more before we get there? Sure.
Plus you add the conditions of the stock market, which is already pulling back. And you know, I said this earlier in the year, when Bitcoin was crashing down, that Bitcoin and crypto have become the canary in a coal mine. As to what may come next for the stock market, because it trades 24 seven and moves faster. Obviously it is more volatile. And you know, Bitcoin started crashing down and people were like, see, stocks are ripping and now stocks are dumping, right? So we know there's a high correlation here. And I think a lot of market makers in the crypto industry, they look at the stock market and they sense weakness. They start doing things on the crypto side. They start executing, you know, different types of trades and much more and setting up the market appropriately, getting ahead of what may be coming for the stock market. Now, for the S&P 500, the RSI is all the way down in the neutral zone, and I think it has a bit more to go. So we're going to watch this to see if it's going to make its way to the oversold zone and also bound. So again, crypto being the Canary Nicole mine is telling us what's to come. So I think we're going to see a nice reversal here, guys. And look, it's going to be a bit of a slow steady grind. If there's some very positive news for crypto with a clarity act and much more, we could see a lot of strength and momentum, but that's not guaranteed, obviously. So let's continue to monitor it. And look, the NASDAQ is in the same position here. So it is what it is. But guys, there's a lot of dip buying going on. So Michael Saylor, despite strategy selling 32 Bitcoin the other day, they went and bought 1,550 Bitcoin for approximately $101 million to increase their total holdings to 845,256 Bitcoin.