The Next Crypto Move? (Everyone Agrees)

**SPEAKER_1** (0:00)
This is Discover Crypto, and today we have some major, major news, and we have the whales, they're buying Bitcoin en masse. We're gonna look at the Bitcoin charts, we're gonna look at your favorite altcoin charts, and we may even spend a moment talking about SpaceX and the unlocks. This thing is worse than any altcoin in existence, and we have a very special guest on today. TJ on the ones and twos. TJ, how are you doing today?

**TJ** (0:21)
I'm doing all right. We got you in here too many times, and I gotta move. There we go, yeah.
So yeah, doing good. Happy to be here, happy to be back. Actually, I didn't do that right either. Come on one time and mess up all the buttons.

**SPEAKER_1** (0:34)
You can remove the other camera if you want, you know. It takes a little bit of getting used to. Everybody smash the like for the TJ.
TJ returned here, maybe get some questions in there. I know you guys like his takes here, especially on the macro stuff. But let's just go ahead, TJ. Let's look at the Bitcoin chart.

**TJ** (0:49)
Let's do it.

**SPEAKER_1** (0:49)
Bitcoin came to a very, very important level. Now, right now, you can see here, we're looking at the four-hour candles, and this is gonna be that sell-off that we saw Friday night. It's right around June, June 5th here. And I want to point something out. If you see the bottoms, they're touching here. You go straight up, and we're gonna move the top of this parallel range to this wick right here, and then look at the relation to today's price. Oh, yeah, I just want to make sure I get it as close as possible. Look at that rejection, TJ. Nice, nice, clean rejection. And if we do end up going to the bottom of this range, we're gonna have a $63,700 Bitcoin.
But I'm feeling pretty good because I'm not sure. We're right here at the midway point. And now the bulls are starting to maybe try to take over. It is getting close. It's getting close. Whoo, look at that. Things are actually turning pretty ugly just recently here. Let's look at the small time frames here on the RSI.
TJ, there might be more room to go.

**TJ** (1:43)
To the downside?

**SPEAKER_1** (1:43)
Yeah, we might be going to $63,000, maybe even today. What do you think is the bare sentiment from? Because we see the whales. They're buying this cheap Bitcoin.

**TJ** (1:51)
Yeah, I think it could just be short-term traders. I mean, if you look at where's that, where's the bottom end of that channel? Is that back in the, is that the 63? Yeah, so I mean, I think obviously you get a big pump up. We came up, bounced hard off of 59, which is not too shocking to me. But yeah, we got to hold some of these key levels. Losing 65 is not great. So if we can't reclaim that today, then yeah, I would agree. We could probably look like we're going to head back towards the bottom of that channel.

**SPEAKER_1** (2:19)
Now, I did put in on number two, bounce off support question mark. I wasn't saying this is going to be a sure thing because we do need to look at more of this data, but look at all the points that it touches, this midway point. You can see it bounce, you can see it act as resistance. We shot clean through it, and then we came down. So number two, starting to look a little less likely with all this bare sentiment. We have no bull divs on the five minute, suggesting maybe even more time to be heading towards the bottom here. And we see the bare divs on the small timeframes, but not the large ones. If we go to the one hour, you don't see a bare div right here. You gotta go to about the 20 or the 30 minute, and that's when you start seeing the lower RSIs. I think it's on the 30 minute as well. That's when you see the lower RSIs. But the one hour, no lower RSI. So we don't see it on the four hour. We definitely don't see it on the daily. We could see a nice little bounce here, but it might actually come down to what Jerome Powell says tomorrow.

**TJ** (3:09)
Well, hey, that's Jerome Powell. Yeah.

**SPEAKER_1** (3:10)
Kevin Warsh.

**TJ** (3:11)
Kevin Warsh. That's why you took the words right out of my mouth. Like we have a big Fed meeting coming up tomorrow, which I think, and now you're starting to hear talks of rate hikes even before the end of the year. So now I doubt, I don't know, my just gut says he probably doesn't do anything too crazy, you know, first meeting. But I think a lot of people are starting to predict at least one rate hike before the end of the year, which obviously everybody was hot on rate cuts. He talked about rate cuts early inflation taking back up. Now that could be somewhat short term with gas and oil and some of this, you know, what we've seen lately, I know oil prices saw a steep decline, you know, in the last 24 hours. So that could curve some of the inflation somewhat. But yeah, there's definitely people starting to say, we'll see at least one hike before the end of the year.