PREPARE! BITCOIN & ALTCOIN RECOVERY RALLY HAS STARTED! THE CRYPTO MARKET BOTTOM MAYBE IN!

**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 leave a five-star rating and review. All right, folks, we got to take a look at the charts because we're seeing some really good price action. The reversal is happening right now. Bitcoin is over $66,000. Once again, it looks like we've hit the bottom. And you guys know we've been tracking the sentiment, the oversold conditions for Bitcoin over the past couple of weeks. And we're seeing the movement out of that, the natural cyclical pattern that when you are in extreme oversold conditions and extreme fear and masses, Jim Cramer calling for the death of Bitcoin and much more, this is what happens, or you have that counter trend rally. So as we talked about per the textbook, Bitcoin's RSI was in the extreme oversold zone. And a good sign here on the daily chart, the MACD has flipped bullish. So there's a bullish cross and the bulls are gaining momentum. Very good sign. So how high will we go? Well, similar to the previous rally that we had coming off the February lows, I think this is another relief rally. I don't believe this is a move to new all time highs. Now, when you zoom out from the macro, obviously, this could be the start of a longer trend rally as we slowly grind, and then we get back into that speculative phase. But I don't think that's happening anytime soon. But as I've been telling you guys, I'm buying the dip. I'm putting some into my long-term whole bag. I'm swing trading this rally. So I believe all coins are going to follow Bitcoin. Now, if you look at the higher time frame of the weekly chart, here's something that's very bullish, guys. This is per the textbook. We see a bullish divergence forming on the weekly RSI, similar to what we saw in the 2022 bottom, guys. So it's possible that the bottom is in, but also markets can fake us out. So notice I said possible. I'm not saying it's guaranteed because we're talking probabilities here. Bitcoin could roll over and test some more lows. It could go to 48k for all we know, or it could just retest some lows before going higher. But that weekly RSI is looking good, guys.
I know it's a little bit early, but I like what I'm seeing here. This is a very strong case of the bulls here. So I'm going to continue to monitor this. I will continue to put it in a newsletter. Today, I put out a write up, so make sure you subscribe to the newsletter. It's 100% free. So things are looking very nice here. Now on the monthly chart, no major change, but as I've been highlighting for months now, the RSI on the monthly chart is at levels we saw at the previous cycle bottoms. So don't be surprised if this thing reverses in the coming months and we start to move higher. Obviously, in the higher time frame, things are not going to move as fast, but this is where you go to the lower time frame of the daily and weekly chart. So guys, I think Bitcoin is going to rally. I think some alts are going to pop off. Many of their charts look bullish, XRP, Solana and more. And as we've been talking about for a while, we wanted to look at the stock market, to pay attention to the stock market, because I've seen it time and time again. I think the market makers in the crypto market, they look at the stock market for weakness or for bullishness or strength, and they kind of time things around that. And often Bitcoin in the crypto market are the canary in the coal mine, where it starts getting very volatile and bearish ahead of the stock market, which may be in the process of getting bearish, right? And we were talking about how low would the S&P 500 and the NASDAQ go. You know, we look at their RSI, and we have a V-shaped recovery happening. Now, that doesn't mean it can't reject from certain price points and go lower, right? But we are seeing some really good signs here with this RSI moving back up and the price obviously moving back up. And the MACD shows the bears are losing momentum. And then if you look at the NASDAQ chart, which is a little bit more correlated to crypto, you know, as far as the tech sector, it's showing a lot of strength. In fact, the bulls are in control here on the NASDAQ and it's RSI is touching the overbought zone. But obviously these indexes can go very high before the top out. So I like what I'm seeing here, guys. This is a lot of cases on the bull side. Now, as always, no guarantees. We're looking at probabilities and we have to let the market play out because markets can certainly fake us out. We've seen that time and time again, but we're looking for clues. We're looking for breadcrumbs here. And like I said, I think the strongest one is this weekly bullish divergence looking really, really good. And on the sentiment side of things, the fear and greed index is still an extreme fear. That's very good. That bodes well for the rally. Now Bitcoin is moving away from the cheap zone. So we talked about it hitting the cheap zone. This is a chart, by the way, from crypto currently analyst crypto currently. And this is relative to the all time high of 126,000. So we had the big correction. It's back in the cheap zone.