ANOTHER BITCOIN DUMP INCOMING? WARNING (& ethereum analysis)
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Timestamps!
00:00 video summary
03:30 bitcoin prediction
06:15 ethereum analysis
07:15 altcoins
07:40 traditional markets
08:05 conclusions
Snipers, you have to see what’s happening
to the Cryptocurrency market this Monday
as traditional markets are closed
in observance of Independence Day
and Bitcoin has been flirting at thirty
five thousand dollars level where we have
this weekly and monthly open
over the last two days.
But we’ve yet to come and test this 50 day
moving average just above us at thirty six
thousand five hundred,
showing some weakness for Bitcoin.
I want to talk about what I’m expecting
now that Bitcoin is still below the thirty
five thousand dollar level,
which we know is an extremely important
resistance that we’ve failed
to get above and hold above.
That, to me says that there is still
a potential that this flag could break
down and we could see some volume
take Bitcoin down to the twenty thousand
dollar level, potentially even see quick
all the way down to the twenty
thousand dollar level.
I want to talk about if that scenario is
truly on the table, what is
the likelihood of this happening?
How is this going to affect Altcoins
and notice how with a Ethereum right now,
which is going to be the leading indicator
for the other Altcoins,
we’re seeing more strength than Bitcoin
above 1980, which is the only support
right now where we have conclusory
the community moving average.
The next target is the thirty four hundred
dollar area is a Ethereum showing
the early signs that it is going to be
the stronger asset coming into the end
of this year, because the theory,
the Bitcoin chart, as we all know,
has been maintaining itself above
sixty five thousand Satoshi.
This is placing Ethereum right
at this fifty day moving average.
Bitcoin is certainly not at its
fifty day moving average right now.
If we see this break,
that could be the early signs that we’re
heading to 85000 Satoshi and that would be
the confirmation that the term the US
dollar price will go
to thirty four hundred.
I want to talk about what
I’m expecting with Altcoins.
The main chart that I want
you guys to pay attention to.
Snipers is the others dominance chart.
Of course, this is an extended weekend so
we can see a little bit more
manipulation coming into Tuesday.
But the others dominance chart camping out
at the twenty week moving average here
in yellow, which I like to call home base,
we stay at this twenty
week moving average.
That means we’re still in a bull
market for others dominance.
Every other chart,
like the total Cryptocurrency market cap
chart, has already disconnected from its
twenty moving average and home base.
That’s why I’ve been seeing others.
Dominance is hinting that Altcoins are
seeing the strength right now,
despite Bitcoin dominance slightly coming
up still way below the twenty
week moving average.
I’m going to talk about
my opinion on that.
Of course, a lot of you in the comments
I’ve been talking about,
Altcoins now the DXY close the week
with a bearish tale, but Jerome Powell has
already started this rocket launch
for the DXY now above the fifty
and twenty week moving average.
This is a rocket that is still heading up.
We need to monitor this.
If we break ninety two point sixty two,
this is going to bring a lot of volatility
to the downside, most likely for
traditional markets and Cryptocurrency.
I’m going to talk about what I’m expecting
as we see traditional markets open and we
get to observe where institutions
are hedging their bets.
And of course, today I’ve updated
our previous weekly open.
It’s always going to be in green for those
that are tuned to the Snipers channel.
My name is Naeem Alobaidi.
Let’s just dove into this Bitcoin analysis
roomer to smash the like button Snipers,
let’s say hundred thousand subscribers
and crush this YouTube algorithm.
When we look at what’s happening
in a Bitcoin
thirty four thousand seven hundred
and eighty eight, it’s almost
becoming a riddle at this point.
We’ve been talking about this level.
It’s showing confluence now
with the weekly and monthly open.
So Bitcoin has put the stamp of approval
and has said thirty four thousand seven
hundred and eighty eight is the key level.
Now, the fact of the matter is we came up
here on the 29th of June and formed this
high and then we came up yesterday
on the Fourth of July and formed this
Lower High not able to get
to this fifty day moving average.
We’ve yet to test it throughout
the start of this beer cycle.
That’s still showing that Bitcoin is
obviously being influenced by the bears.
They’re not letting us get
to the fifty day moving average.
They’ve defended this area.
We have to be cautious when Bitcoin is
below thirty four thousand seven hundred
and eighty eight because we know
the only real level of support
we’re going to see volume.
If I were to pull up the volume profile
on the right,
it’s a little bit more of a complex
indicator, which is why I don’t
show it on my charts anymore.
You will see that the next pocket
of volume is all the way
down at twenty six thousand.
So from thirty five thousand at twenty six
thousand is a thirty percent range where
we’re playing a very dangerous game.
And I’ve been talking about having
by limit orders below twenty six thousand
and even starting at this twenty thousand
dollars each just in case we see Bitcoin
form this low, this lower low and then
maybe come down one last time.
Maybe mid-July and form
the final lower low,
and this would be a flag that eventually
could assume that Bitcoin in the later
parts of this year coming into winter
could start heading back towards
forty thousand U.S. dollars.
The support here is right around
that twenty thousand dollar level for this
channel,
or are we going to see Bitcoin come down
to this level or are we even going to see
a WEC all the way down to test this
multi-year support at twenty thousand? All
of those are on the table,
which is why I’m saying have those Bielema
orders set in place below twenty six
thousand to twenty thousand just in case.
But for now, with Bitcoin below thirty
five thousand as an umpire, we were
able to test the 50 day moving average.
To me, it’s showing
that we’re curving down.
We’re showing some weakness right now.
And so that’s just the truth.
Low volume path of least resistance
to sideways a little bit higher.
But this is the range rent.
So are we going to start to see sideways
price action from twenty six thousand
to twenty five thousand
and then maybe see more retest
of the thirty five thousand dollar
level as we head into August?
I don’t know that’s on the table, really.
Bitcoin is still in this consolidation is
yet to make a decision
where it wants to go.
So we just need to keep that in mind.
We’ve yet to really see a transition.
That transition is what’s going to affect
the other markets
in the Altcoin market specifically.
And when we transition straight
into Altcoins, we look at Ethereum.
As we’ve been saying, it’s the stronger
asset above this 200 day moving average.
1980 is the next support.
If we stay above this,
then we can assume three thousand is it
come at some point, we break below 1980.
That would only happen, I think if Bitcoin
feels in some fashion,
if we see that downside scenario play out,
then I think that we could
see another test below 1760.
But this would be the prime entry
all the way down to fourteen forty.
My opinion,
just like the prime entry into Bitcoin is
below that twenty six thousand dollars
level, I think below 1764
Ethereum is the prime entry.
So that’s what I’m monitoring.
As long as we’re above 1980 and especially
for above sixty five thousand to Tosches,
a more bullish on Ethereum that’s telling
me that three months ahead to eighty six
thousand to Tosches,
that means it’s really going to
be performing a lot better than Bitcoin
if that’s going to be the case.
So the total Cryptocurrency market cap
chart starting to see this death cross.
No surprise.
We already saw the Bitcoin,
but we’re camping out below
the 200 day moving average.
It’s not a bad thing.
As long as long as we’re not seeing this
elevator itself down,
then that’s a good thing.
We’re staying above one Trillion others
dominants still showing more strength than
all the other parts inside
of the Cryptocurrency market.
And the Bitcoin dominance chart still
coming down below the monthly and weekly
open now in the previous week up.
And so with traditional markets,
I’m watching the DXY.
If we get above ninety two point six two,
that could be a concern.
But so far there’s a lot
of bearish divergences.
We had this initial hi,
this Higher High that forms a bear flag.
So we see calmness here.
That’s the most positive thing heading
into this week so that Bitcoin can just
continue on the path it wants to go
without being influenced
by another aspect of this market.
So I appreciate each and every one
of you Snipers students who are chant.
I hope you all had
an amazing Fourth of July.
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And with that,
I will see you guys next time Snipers out.
