Short Bitcoin? Stock Market vs Altcoins w/ Gareth Soloway

How long is bull run of Bitcoin (BTC) going to last? If the weekly candle consolidates around the current prices, traders may see $54,000-$56,000 by the end of the month.

Guest: Gareth Soloway Chief Market Strategist of InTheMoneyStocks.com
Join Gareth’s Stock & Crypto course using our link! ➜

00:00 Intro
00:40 S&P 500 All time highs
02:58 Tesla
05:23 Bitcoin
09:44 Coinbase
13:15 Ethereum
14:19 Solana
16:31 Chainlink
18:04 Polygon
19:44 Outro

#Crypto #Bitcoin #Ethereum
~Short Bitcoin? Stock Market vs Altcoins w/ Gareth Soloway~
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Today we'll dive into a lot of charts Giving you guys some updates on some of The hottest tokens out there it's going To be a good one one of my fellow Favorite Traders out there is going to Be coming in on the show so don't miss It my name is Paul Baron welcome back in The tech path joining me today of course Is Mr gar Solway coming over from Verified Investing.com if you haven't visited his New website jump over there right now I Just looked at it you guys have spent Some time an effort on getting this Launched so congrats thank you so much Thank you very much yeah so uh Gareth Let's get into a couple of the big news Elements today the first thing I want to Hit on is kind of just the S&P when you Look at the S&P hitting 5000 a lot of People looked at this and said you know Maybe this is going to be a new Renaissance in the history of the SNP And what it might mean for kind of those Top seven now maybe top six five Whatever it might look like but the last Time we really saw this amount of Concentration in the top few stocks was Really all the way back in the 1960s which was a completely different Makeup when you look at the S&P right Now how comfortable are you with it Continuing to climb no I'm in the same Boat right so I I I I am very concerned

About how thin the leadership has become In fact interestingly enough we can see Number one this is the S&P 500 chart and Look at kind of how we're just getting Tighter and Tighter in this little wedge Pattern and again that wedge pattern Goes all the way back to basically the Beginning of 2023 and so one of the Things you have to be careful of is you Know right now you're in a safe Zone This zone is safe between these two Lines but if we were to break below that Would start kickstarting algorithmic Selling in the markets and also just People starting to take profits and you Could start to see a bigger pullback off Of this level um on the other hand if we Break Above This level then you could Get another leg up in the markets but One of the concerns I have is that we Have apple even starting to not be a Leader anymore right if we look at Apple Apple's on this very pivotal technical Trend line if we zoom out this goes back To 2023 is low and if this starts to Break down I mean all of a sudden we've Seen Microsoft still hitting new All-time highs Nvidia hitting new All-time Highs but some of the other big Magnificent 7 are not leading anymore And if you look out side of that box It's even thinner you know how many of The index or of the sectors with in the S&P or even at new all-time highs

There's only one which is the technology Sector so these are the types of things That keep me up at night in terms of the Markets and and saying you know let's be Careful here this is a market that is Kind of it's kind of hobbling still up Making new all-time Highs but you you'd Equate it to someone on one leg at this Point with the other leg kind of kind of Uh you know Handicapped well and you're right Tesla Fell out of favor I think obviously with The Magnificent 7 it in itself is now Not looking good what does Tesla look Like on your charts when you kind of uh Chart this one out a bit because Obviously the China sales numbers are Down we've started to see some things Getting a little bit more heated between Elon and Tesla themselves how do you Think Tesla will and can Tesla return Back to the top of the S&P yeah so Looking at the Tesla chart I mean we've Had this beautiful channel to the Downside right so you take the highs and Connect the highs and then a perfectly Parallel line and so really once we hit This low end you expected a bounce we Have seen that bounce at least on a very Shortterm basis I expect us to go Further to the upside to at least around 207 207 to 208 but but again I I think You have to look at the big Ro macro Picture which is China's in a big world

Of trouble right now I'm sure you've Covered all the stats coming out of There how bad that economy is and the Question is can the US continue to stay Strong enough to offset the issues here Um one of the things I like to point out Is if you look back here the chart on Tesla back in 2020 and 20 21 was Basically in my my opinion very much What we're seeing out of Nvidia you know You look at the similarities I mean Tesla was the only game in town when it Came to EV vehicles that were quality I Mean yeah you had a couple EVS but what Do they get like you know 50 miles to The G to the to the charge or 100 versus 300 for the Tesla vehicles but now you Have Nvidia in that same sort of Scenario where they're the only game in Town and thus price has just gone Parabolic but I do Wonder you know There's hundreds of semiconductor Companies that are eagerly waiting or Going into production on AI chips and You do have to wonder if the the chips Will become commoditized and profit Margins will really start to slip so so These are the types of things that again You know you you look as a Trader I Looked back at Cisco Systems back in 2000 and that was just an absolutely Insane run but very similar in terms of The bubbles that we've seen right let's Flip back and go all the way back to

2000 look at that run very similar to What we've seen on Nvidia or even on Tesla back then because this was the Only game in town for the backbone of The internet and then obviously what Happened well we saw every other company Getting into that space because the Margins were just so good the profits Were so good and it really killed that That sector and believe it or not Cisco Has not returned to those previous All-time highs ever which is pretty Remarkable well okay this of course uh Pushes us into crypto and that is when You look at the amount of liquidity That's sitting on the sidelines you also Look at people saying all there's less And less potential Securities here to go Into and it be it becomes a little bit More risky and I feel like if I'm going To weigh the risk I got to look over at The hot narrative like Bitcoin ETFs now We've got Bitcoin ETFs accounting for 75% of new Investments with New Market Coming in new money coming in the Likelihood of people seeing you know a 50k run on Bitcoin now Plus maybe this is the time where new Investment dollars do start to enter the Market what are your thoughts right now On bitcoin are we seeing new numbers in The market right now that's causing a Little bit of this push yeah so I I Think there definitely is some right we

Saw that 20% correction on bitcoin right Here where we had the fall after the Spot ETF that was kind of the let down Right the big news came out everyone Said okay and then we saw gbtc having to Unload a ton of their Bitcoin which Obviously put a damper on what was going Into the other ETFs at the time but that Has now subsided and we're seeing this Resurgence where you have a risk on Environment in the stock market new All-time highs and Bitcoin obviously is A recipient of risk on as a risk asset So I think as long as we see that risk On narrative in the markets continue Then Bitcoin can continue to go up now I Am dabbling up in this range you can see The trend line I have here on a little Bit of a short but again remember for For everyone out there watching I'm a Swing Trader so you know we get a $5,000 Pullback or $3,000 pullback I take take My profits I potentially even go long at The right levels but again I I would say That again this move on bitcoin is is Going to continue generally unless the Stock market starts to really pull back If you get a 20 30% pull back in the Stock market I would generally think That that Bitcoin could be back at 30 to 32,000 from those current levels okay Yeah all right so okay so we're going to Have to definitely remember that one Because I'm on kind of on the other Camp

I feel like if the stock market starts To fall we potentially could see a lot Of people looking to these assets maybe As mainly because of the narrative that Bitcoin now being a regulated asset on Wall Street with the biggest names out There and if you look at the numbers Here um Gareth I was looking at this Statement right here invest this kind of Blew me away a little bit ETFs have Increased to 2% of the total historical Investment in Bitcoin in a month that's One month now you've got the biggest Names in the financial markets out here All vying for a position right now in Terms of trying to be here at the right Time for this next Bull Run and Potentially either a soft Landing or Whatever kind of Landing we get being in The right place at the right time do you Feel that this centralization of Bitcoin Especially around Wall Street is going To continue to climb Black Rock doesn't Seem like they're slowing down in terms Of Acquisition no and and black rock to be Fair I mean their goal is to build this ETF where it's very profitable for them Right I mean that's that's the Underlying narrative you have to wonder If Larry thinkink is is really does he Really believe in Bitcoin or he's just Talking his book at this point as well But I I think that I think that you're

Right I mean the longer term is there's No doubt in my mind that Bitcoin goes up Over the longer term um the scarcity Aspect the having all these different Different factors including the ability For regular folk to get in on the spot ETF and not risk getting their funds Stolen out of an exchange that doesn't Have FDIC insurance so those are all Positive narratives but I also do worry That you know if we look back in Bitcoin Bitcoin had out of the last let's see Two and I'm just let me put up my chart Here so we can see exactly so out of the Last two four six eight 10 days Bitcoin Was up every day except for the day that The stock market sold off all right so So what that tells me is that there's Still some Factor there that is a risk Asset in it now again does that slowly Shift yes in fact I think it's already Shifting but I still think if you get Panic in the equity markets it would be Hard to imagine that you wouldn't a Spill over into crypto just a little bit Especially the altcoins I think the Altcoins are more vulnerable than Bitcoin but I do think I do think at Least you could see a potential Spillover where you do see some sort of Good solid pullback in Bitcoin Interesting okay uh I want to stay kind Of on the crypto narrative here I want To talk about coinbase obviously a fair

A fairly aggressive move here Arc of Course has dumped another big Market uh Position into coinbase what are your Thoughts on coinbase right now continue Its climb yeah so just just and I'm a I'm a purely chart guy so so just Looking at the charts here a few things That kind of peak my interest so so what We're looking at we have a top here at 186 on the chart that's your resistance Level and we're getting very very close To it right we're at 167 today so that's A positive look at how the low on on Coinbase right here look at how it Basically aligned right with this former High and again that's the chart Beauty I Love stuff like that how it shows you That that was support and it actually Help beautifully in terms of the bounce To the upside now my only caveat to this Is that okay so I think coinbase has a Great business model but does the spot ETF as it becomes more and more popular Do people start moving towards that or Do they still open coinbase accounts and And again I don't know the answer to That but that would be something that I'd be concerned with also fees right we Know what the ETFs are charging they're Charging what 0.25 on uh percent on the Fees in their their ETFs but if you go And make a purchase on on coinbase I Believe the fees are much much higher And does that then cause those fees

Right So eventually coinbase is going to Have to compete to get dollars and and Dollars to get turned into to bitcoin do Does that force their margins down Significantly on the chart or on the on The price action which would then cause The chart to fall based on valuation so Again these are all question marks in my Mind right honestly I don't know um I do Have the levels right we know 186 is Resistance and then 114 115 is support But again in the bigger picture what are The fees on those and does coinbase have To start competing when they charge Their fees well likelihood obviously We're going to see a lot of activity in The altcoin market especially when you Look at just the power of where ethereum Is which we'll talk about next but uh Also just the gaming sector we were Starting to see real world assets Starting to move into some other you Know assets out there all the way into Oracles Etc of what we've seen now You're getting into a lot of these Narratives that are also playing out in AI in Cloud compute in dpin all of which Do well on places like coinbase and Especially in decent you know when you Get into decentralized Finance that's a Little bit more stronger as well so I Think that's one of the things that Could hold up coinbase in the future but I do agree with you they got to drop

Their rates a little bit to be able to Bit a bit more competitive especially With the ETFs going over to ethereum Ethereum is strengthening its momentum Uh flagging its Bitcoin right now ran 45 To 52 momentum uh right now will shift From ethereum when Bitcoin consolidates And calms down if you're looking at Bitcoin right now and you feel like There's going to be a consolidation Zone Where do you think it would be will it Hover around the 52k k Mark or do you Think there's another window here yeah So right now I'm looking at that 52k Area as being very significant on the Bitcoin chart and flipping over to the Chart again so this trend line is a big One for me kind of keeping an eye on This 52 we almost touched 53,000 today I Want to see if this line can get broken If we break this line at 52 and a half To 53 57 is probably your next big Target Zone on bitcoin so I think that Would be something to keep an eye on but You brought up ethereum and and let's Take a look at that chart because you've Had this beautiful long-term channel on Ethereum right so and I can even get rid Of some of these lines to just kind of Show the beauty of it but this goes back All the way to 2022 theow And you can see the highs in these two Lines are perfectly parallel the kicker Here is that ethereum is beginning to

Push above that range and again Above This range if we can hold above let's Say for two or three days here I think You probably head towards 3,000 on the Ethereum chart um and then potentially Even higher and I think I saw one of Your potential targets was like 3,500 that would be this pivot high at Just above 3500 and that's not out of The realm for ethereum in terms of plain Catch up to what we've seen out of Bitcoin and some alts I mean again if You look at the runs in salana or some Of these other ones uh really ethereum Has lagged substantially on that that Percentage Type move so it's definitely A possibility that this is going to Catch fire the other thing I'll say too Is if we start hearing that Narrative of Spot ETF again that would be another Catalyst for ethereum here in the near Term yeah I like ethereum especially Above uh going above 3K soon mainly Because we continued to watch the Sentiment on this and sentiment is all Has been trending up really all the way Back into January to where it's really Flying pretty high right now Above This 2500 Mark and we've continued to see a Lot of strength right there so this is The one I'm watching for sure I want to Jump over to salana real quick and take A look so can salana come in and start To pressure this 140 Mark which is where

A lot of people are looking to right now It's holding it around 11615 what are your thoughts on Soul yeah Soul's a really interesting Chart right so it had such incredible Momentum here uh this is my favorite Trend line on on on salana right it goes Back to October of 2023 and what we see Is the the price deviates and gets above And then comes back gets above comes Back continues to kind of retest this UPS sloping trend line but doesn't Bounce until that final blowoff top here And then we came down we hit the line a Few times from the other side but then Broke through but look at what's Happening now as we come up we hit that Line pulled back hit it here paus Pierced it y yesterday but now we're Seeing a little bit of a selloff today So again as this line goes up you you're Starting to get closer to that that high That 52- we high and again to me this Area now this area becomes really key if It can't really get above this UPS Sloping trend line it's vulnerable at Least and we're talking near-term here I I actually think salana has a very very Rosy future but just in terms of Near-term price action this area right Here which is currently around 116 is Huge for salana if it gets through 116 It should retest 126 and then that's the Question can it break through that level

Um if it retests that 126 level yeah I've got salana being a little bit Softer as well uh a sentiment on this Right now deviating away from what we've Seen on a pretty good upside track which Has kind of LED it to where it positions Right now but it is starting to deviate In terms of just general sentiment on Social around salana as as a whole so I I would agree with you I think there Might be some potential downside here For so let's take a look at chain link Because there has been quite a bit in Terms of news with chain link and we are Starting to see util utilization of Utility I should say uh much more in Terms of chain link itself do you like Chain link or is it I mean you you many People are looking at pith as an Alternative there's some other plays out There that could could get into this What are your thoughts so so just being Purely on the chart side one of the Things we saw was this beautiful channel That we kept on you know jumping from Highs to lows but look we've now taken Out that channel to the upside and are Now consolidating a little bit so as Long as we stay above this line you Would you would continue to have a Bullish bias on this chart um the one Thing I would look at here is what's Called a measured move on the Move price Right so if we take this low here to

This High we get about a $930 move $940 Move the idea is if we continue up where Does that take us and it would take us Right up to might let's see see if I can Get up that high on this chart and I'll Have to shrink it down a little bit but This would take us to about 22 to $23 as A Target price so so I do think that as Long as you stay above this yellow line I think you continue to keep that Bullish bias within the the scope of of Chain link but then if it gets to about 22 to 23 that might be an exhaustion Level per the Chart okay well that'll be an this will Be one to watch I think for sure because This has been a very popular token I Think with a lot of Traders and Continues to be I want to go into our Last token and that is uh polygon madic You look at polygon they're starting to Make I think some technical advances now In layer 2 for ethereum this could be a Big breakthrough for them in that when You look at narratives it's very solid Right now and of course right now the Price is actually starting to show it so What are your thoughts on polygon yeah That the the chart is starting to show a Little bit of a bullish bias here right So we've we've continued to move up here Uh we could see again we kind of had That same sort of sideways chop of Consolidation there was even a head and

Shoulders here but it never really Triggered before starting to move back To the upside the only thing I would Just mention to Traders so there's a Couple levels we obviously have the Recent high up here around a buck five To a buck seven that's going to be Resistance right that's a place where There were a lot of buyers uh coming in They thought this thing was going to go Parabolic when salana was going Parabolic and then then they kind of got Left holding the bag so there will be Some sellers up in that range but the Other level to just keep an eye on here Is this level here notice this high is Essentially equal to this which is equal To that so to get to that high of 105 to 107 we have to get through the 95 level Right here and that'll be the level to Watch now in the coming days as the Bullishness continues to kind of Permeate crypto can it get to 95 and if It gets to 95 can it push through then You have that shot of retesting the 52 Week high over here and potentially Breaking Out yeah I was looking at just the price Action Um the price action indicator here on Lux algo and I would agree I think You're right in in the sense of that 95 Being a really interesting spot right Now for madic going forward so

Definitely want to watch it again I Always love to find out you know what Our audience like so make sure and drop Some comments down below if you guys Like these kinds of trading sessions When we bring gareon let us know we Always like those and make sure and Subscribe to the channel right now and If if you have not visited verified Investing go over to verified Investing.com you can learn more about What Garrett's doing so Garrett it's Always good to have you on the show man Thanks for stopping in we appreciate it Love love talking to you man we always Have great discussions so thank you for Having me all right you bet okay you Guys are not in the diamond Circle we're Finding out right now that about 30 of 30% of you that uh watch our shows here Every day every week are not subscribed Andor have not committed to the diamond Circle that's the best thing to do is to Jump in and get more Alpha and of course A lot more insights on what we do here On the show that sometimes we don't Bring in here to the YouTube channel so Make sure and do that of course you can Reach me out there on X Paul bar catch You next time right here on Tech Paath