BITCOIN BULL TRAP? ELON MUSK PUMP! IMPORTANT UPDATE (& alts)
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Timestamps!
00:00 intro
02:53 bitcoin analysis
06:25 altcoins
08:05 traditional markets
09:25 conclusions
Snipers, you have to see what’s happening
to the Cryptocurrency market this
Wednesday as Elon Musk,
Kathy Woods and Jack Dorsey had some very
nice things to say about Bitcoin
at the board event today,
causing this bullish engulfing candle that
has now brought us above the weekly open.
And we have officially recaptured the 50
week moving average sitting at thirty
two thousand three hundred U.S. dollars.
But we’ve yet to get a confirmation.
However, this is one big step towards
a potential rescue operation.
So today is a very important time.
I want to talk about
what’s happening here.
Of course, we can blame this on the news
of Elon Musk, Kathy Woods and Jack Dorsey
getting together, saying that the
Cryptocurrency market is a great market.
Of course, they love pumping the market.
They have large positions in this market.
So the question today is,
is this going to be a real potential
reversal or is this just another relief
rally to see continued downside?
I want to talk about that today,
because you can see we decided to hold
this market structural support
and Bitcoin decided to take a turn here.
And this caused Altcoins like Ethereum
to see even more strength against Bitcoin,
which validates our thesis that Altcoins
season is certainly not over notice
with Ethereum recapturing 1980,
holding 1760 not coming below.
I haven’t taken a long position yet.
Of course, we did enter initially
here on the 26th of June.
But I want to talk about what I’m watching
to get a real confirmation on whether or
not we’re going to see this translate
into a rescue operation that could
potentially even take a Ethereum back
towards the three thousand dollar level
because remember, 1980 to three
thousand five hundred is a range.
And that means that we could be seeing
the potential early signs that a
Ethereum is ready to break out.
We have the London hardboard
coming in August 4th.
Notice that the Bitcoin chart here
on the daily holding this one hundred
day moving average right now.
Is this just a relief rally to see
continued downside or is
this truly a reversal?
We’re going to have to look
at the revolving parts like the total
Cryptocurrency market cap chart,
others dominance and Bitcoin dominance.
And then, of course,
clearly the traditional markets
like the DXY to what’s happening.
You can see we’re seeing a little bit more
calmness today, but we are still in this
range that is trying to get us to that
ninety three point eight two level.
That’s a big puzzle piece to talk about.
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First, I want to talk about
what’s happening to Bitcoin.
So we decided to just see this bullish
engulfing candle still within thirty five
thousand and twenty six
thousand in this range.
But here’s the thing.
We talked about this weekly open
in the thirty two thousand three hundred
dollars level yesterday where we
have the fifty week moving average.
Now, this is going to be the first place
that the bulls have to defend and conquer
if we want to assume a successful rescue
operation is in progress for Bitcoin.
So this thirty two thousand three hundred
dollars level, we’ve yet to see any full
daily Candles, any 4 hour Candles fully
close above thirty two
thousand three hundred.
Those are going to be the first
signs of confirmation that there is
a potential rescue operation in place.
If we would actually just take this
horizontal line tool and draw out this
thirty two thousand three hundred dollars
level because it is an extremely important
level right now, then what you’ll notice
is not even an hourly Candles has closed
above thirty two thousand three hundred.
So here’s what I’m watching
for this rescue operation.
If we can get above thirty two thousand
three hundred and close hourly and 4-hour
Candles above this level,
that tells me that the chance of Bitcoin
coming back up to thirty four thousand
seven hundred and eighty
eight becomes highly likely.
That would be a seven
percent push to the upside.
If that happens,
the thesis that we’ve maintained,
this channel that while Bitcoin is
consolidating, as it always does.
Altcoins will always outperform Bitcoin
for the most part during
a consolidation phase.
So is this going to be an opportunity
for Altcoins to see outperformance against
Bitcoin to get to thirty four thousand
seven hundred and eighty eight to now test
the monthly open that’s on the table?
The first signs of a rescue operation
being successful is going to be hourly
and 4-hour Candles above thirty
two thousand three hundred.
If we can get that, then we
can assume this is a potential
rescue operation that’s
going to be successful.
Now,
everything more from the small time frames
into the larger time frame so we can
monitor the micro time frames to talk
about how Bitcoin is reacting now
that we’ve tested thirty
two thousand three hundred.
It is not a surprise here that we have
this bearish tale and a lot of sell volume
coming in at the exact level
of thirty two thousand three hundred.
So this is a puzzle piece.
This looks like a potential
short term top.
What we need to monitor right now
on the 4-hour chart, notice this candle,
the first one testing thirty two thousand
three hundred bearish tail and it’s red.
And notice how much cell pressure
came in in comparison to by volume.
So
it looks like the ground
is fertile when it comes to retail
investors because you can
see a lot of by volume.
But when it comes to institutional
investors, we’re seeing
these large spikes of sell.
That’s a big puzzle piece.
I think that that validates the fact
that if we can get above thirty two
thousand three hundred, that’s a major
win for the bulls.
So that’s what I’m watching.
If and until we can get above thirty two
thousand three hundred with hourly and 4
hour confirmations,
the downside is still on the table.
And this could just be another
relief rally in this downtrend
to continue further down.
So that’s what I’m monitoring now.
Lot’s going to change tomorrow,
but we have to address that.
There’s still a lot of volume here,
but that thirty two thousand three hundred
level is really the level
we want to get to.
And so when we look at what’s happening
to the Altcoins, Ethereum leading the pack
here,
showing more strength than Bitcoin today,
back towards 1980, if we get above 1980,
this is probably going to happen.
Only Bitcoin can get above thirty
two thousand three hundred.
That,
I think is going to be the final
confirmation that we need,
that the Ethereum price could see a lot
more upside then Bitcoin over the next few
weeks because this range takes us all the
way to thirty five hundred U.S. dollars.
This green line doesn’t matter as much
because it’s a previous week, the open,
we’re going to remove it,
but the real range here above 90 degrees
takes us to that thirty
three hundred dollars level.
So that’s what I’m monitoring for Ethereum
we get above nineteen eighty hourly
and for our conformations the same deal
with Bitcoin getting about thirty two
thousand three hundred,
we can expect to push the upside during
the Bitcoin chart is starting to show
signs of life back at this
100 day moving average.
I don’t think this is anything to go home
and tell grandma about yet, but you know,
there’s still potential we could
see further downside here.
I think this is all going to have
to do with what happens to Bitcoin.
So we really need to monitor
the others dominance chart,
because if we stayed above the 200 day
moving average, that could potentially
signal that we are seeing the end of this
downtrend here because we came up,
we formed this bullish type of flag
and this could break out indicating
Altcoin are going to be seeing strength.
Whether Bitcoin goes up or down,
this could go up.
So we want to monitor this as Bitcoin
decides to either get above thirty two
thousand three hundred to test thirty four
thousand seven hundred ninety or if
it wants to continue further down.
And I think that’s what’s going to move
these revolving parts like others,
dominance and Bitcoin dominance.
Now, when we look at traditional markers,
the DXY showing some calmness today coming
down down point two percent,
testing the weekly open.
We don’t want to ignore the DXY,
but it’s good that we’re coming down.
If we start coming back up,
that’s where I’d be concerned.
The point is, though, we are in this range
aiming towards these higher levels.
That could be
the catalyst to see the S&P 500 come back
down and retest this
fifty day moving average.
If we come a second time,
we’re potentially going to come down
to this one day moving average.
I just want to throw that on the table
because U.S. oil is a commodity.
Sometimes that’s a leading indicator.
And you saw that the same thing.
The S&P.
Five hundred is when it came above
the monthly and weekly open after
seeing this like potential top.
And then it kind of faked everyone out
and came all the way back down towards
this one per day moving average.
Is that going to happen here to the S&P?
Five hundred.
I think that we need
to monitor that scenario.
So if that happens, that’s
not going to be the best.
This could just be another relief
rally before more downside.
But if we can start breaking some of these
candle highs and seeing more strength
that we want to continue price discovery,
that’s the best case scenario for Bitcoin.
So that’s what I’m going
to be monitoring here.
And then the Gold to Bitcoin chart still
fighting inside of this ascending
triangle to monitor this.
This is going to be an interesting chart
to see how it’s going to push down or up.
Right.
So very good timing for Elon Musk,
Kathy Wood and Jack Dorsey
to get on the news.
Right.
Thank you all for tuning
into the Snipers channel today.
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And with that,
I will see you guys tomorrow.
A lot’s going to be changing
here in the next few days.
Let’s really monitor
what’s happening here.
Or are we going to be able to reclaim
thirty two thousand three hundred?
That’s a huge puzzle piece right now
because that gets us above
the 50 week moving average.
That’s where we want to see hourly
and 4-hour, Candles right
now to assume some upside.
Thank you all for tuning in today.
Until next time Snipers out.
