BITCOIN BULL TRAP! IMPORTANT UPDATE (& altcoin season chart)
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https://youtu.be/j-xhUSTDVxE (Charles Hoskinson Interview)
00:00 bitcoin analysis
09:30 altcoin predictions
Snipers, you have to see what’s happening
to the Bitcoin price, the sun,
as this daily candle is about to close
in 40 minutes and notice how we have
a bullish test of the 200 day moving
average with a candle low of forty five
thousand five hundred and a high of forty
seven thousand three
hundred seventy two today.
The question is, are we going to be seeing
this new weekly candle open in less than
40 minutes, which is why we had to get
this up to you guys,
since we are fully above the 20 week
moving average with a bullish
Does that mean we are going to see
the final push to the upside for Bitcoin
to test our target of forty nine thousand
seven hundred to then potentially even
come back down to forty four thousand
eight hundred and then retest this as
a support rather than as a resistance
to confirm this is a reversal and trend.
We have to talk about what’s
happening to Bitcoin.
But if we look at the weekly candle,
we’re starting to get hints as to where
institutional capital is going to flow
in the Cryptocurrency market,
because notice how Bitcoin has this
bullish continuation body here.
But when we look at a theory weekly candle
that’s about to close in less than 40
notice that we have a bullish tale and it
looks way more probable for this to see
continued upside with strength
compared to Bitcoin weekly candle.
Does that mean that Bitcoin is going
to make a move to forty nine thousand
seven hundred and Ethereum daily Candles
today with this extremely bullish tale is
going to come up test thirty four,
fifty four as well,
and potentially even break up towards the
three thousand six hundred
and fifty dollar level.
And if we get there, look how close
that is to the previous all time high.
Does that mean
maybe towards the end of the week we could
see new all time highs here for Ethereum
notes that we have this
rocket on the chart.
I want to talk about this today because
we still don’t have a full
confirmation that Bitcoin has a
complete reversal in trend completed.
And the reason I see that is because
at the end of the day,
if this move to the upside that we’ve seen
over the last few weeks
is just a relief rally,
the likelihood of us coming down to test
the monthly open and the forty four
thousand eight hundred dollar
level becomes very high.
And if this level breaks,
there could be a possibility that Bitcoin
could see further lows
towards the end of this year.
We’re at such a critical point right now
to verify that this truly
is a reversal in trend.
And so we have to talk about what’s
happening to Bitcoin and we’ll cover
the other evolving parts
of the Cryptocurrency market,
like the total market cap chart,
others dominance and Bitcoin dominance.
And because we’re seeing Altcoins rally,
notice how dogecoin today
major push to the upside.
We saw notice how it’s 15 percent up right
now, but we saw candle high of 35 cents
for those that are in the Discord.
Of course, we entered a long position as
soon as we broke out of this channel.
This was our exact entry here
in the blue at 3:00 p.m. today.
And of course, that already hit
our profit targets, I believe.
Or profit target.
So we’re taking advantage
of these Altcoins.
But when Altcoins like Dogecoin start
to move, is that signaling that we’re kind
of getting overextended in our rally?
You know, first we saw Bitcoin,
then we saw Ethereum, then Cardano,
just like we predicted.
Now we’re seeing Dogecoin.
Of course, we’re taking advantage of it.
We’re making money with it.
That’s the best part about this market.
There’s always money to be made.
But the question is, does it signal that
we might be seeing
the early signs of a pullback?
There’s a lot to talk about today,
as you guys already know now.
So you guys are watching
the Snipers tonight.
I want to dove into this Bitcoin analysis.
First and foremost, I was already rambling
on getting excited with the other charts.
we’ll start with the weekly chart because
it’s closing here in thirty three minutes.
And I had to get this update to you guys
before this closed, because
the fact of the matter is Bitcoin does
look very good right now above this twenty
week moving average. Does that mean
that the possibility of us coming back
down to test the twenty week
moving average is off the table?
No, I think that’s very, very likely.
And we’re currently sitting at forty
three thousand eight hundred one.
We have the twenty week moving average.
That’s also the previous week open.
That’s why there’s a green line here.
And so we go into the daily chart.
It looks like Bitcoin has the chance
to come to forty nine
thousand seven hundred.
But I want to maintain my prediction that
if Bitcoin does come up to test forty nine
thousand seven hundred,
I don’t believe we’re going to see
a decisive breakout immediately from the.
Resistance level, so
we are currently in a channel.
Which forty four thousand eight hundred is
a major support level,
but I wouldn’t consider it as important
as where we have the previous weekly open
at forty three thousand eight hundred,
because this is also where the 20
week moving average is sitting.
So I would say that the channel we’re
really playing in is forty three thousand
eight hundred to forty nine thousand seven
hundred now because there’s just kind
of this minimal room for upside with about
six percent until Bitcoin is
going to face major resistance.
The question is,
does that signal that we’re going to see
more of these Altcoins like Dogecoin,
up 15 percent today,
outperform Bitcoin while it’s moving
sideways, which, you know,
it’s not surprising for those
especially attitude to this channel.
We know that’s what Altcoins do.
They tend to perform better than Bitcoin
when Bitcoin is moving sideways.
the question right now is this what is
intention with this move to the upside
that we’ve seen over the last few weeks?
Is it a reversal in trend or
is it just a relief rally?
And this is exactly what you want to watch
in order to get this confirmation.
If we come up to test forty nine thousand
seven hundred at any point in time,
that would be the best case scenario
that would allow Ethereum to get
potentially above thirty five hundred US
dollars, allow other Altcoins to perform.
And if we see a garden variety retest
the forty four thousand eight hundred
at any point in time,
and it could even be before the test
of forty nine thousand seven hundred,
this level has to hold.
If it doesn’t hold,
the likelihood of us seeing another push
to the downside becomes highly probable
due to the fact that with the forty three
thousand eight hundred dollars level,
we have the 20 week moving average here.
And if this level breaks,
that could signal the confirmation
that this move that we’ve seen
to the upside was just a relief rally
for Bitcoin to potentially start its way
back towards the forty or the thirty four
thousand seven hundred and eighty dollars
level, which would be the target,
in my opinion, if Bitcoin breaks
forty three thousand eight hundred.
So forty three thousand one hundred
breaks, thirty four thousand seven
hundred eighty is back on the table.
Now, if forty nine thousand seven hundred
breaks, that’s a different story.
I’m going to maintain my prediction that
I don’t believe we’ll see a major breakout
about forty nine thousand seven hundred.
If we do, it’s going to be a wick.
I think we’ll at least just come to test
it casually as we’ve casually
tested every other resistance level
throughout this push to the upside.
And if that occurs, we really need to keep
our eyes out on these Altcoins because
that’s where the money has been flowing.
So if you’re just sitting here waiting for
Bitcoin, you might not have a good year.
You know, at least a year,
a year better than somebody that is
also open minded to Altcoins.
Bruce Lee B like water.
I love that quote.
So when water enters the glass,
it doesn’t matter what shape the glass is,
is going to conform
to the shape of the glass.
So we just have to adapt to Bitcoin price.
We get about forty nine thousand seven
hundred with decisiveness,
4-hour and hourly Candles.
I’ll make the call here that will most
likely see new all time highs
before the end of this year.
So I’m just going to put
it to you guys like that.
We’re in a strong channel.
As an umpire, I need to make a strong,
And so at this point,
forty nine thousand seven hundred is
the major resistance that we have to get
above with strength to confirm this is not
just a relief rally and this
is a reversal and trend.
If at any point in time we come down
to forty four thousand eight hundred
and then we get down to forty three
thousand eight hundred twenty,
moving average is sitting and it breaks.
Then I also believe that the next downside
target is going to be thirty four
thousand seven hundred and eighty eight.
And with that,
what does that mean for Altcoins?
if Bitcoin does see the continuation
to forty nine thousand seven hundred,
the chance of a Ethereum right now
breaking towards thirty
four fifty four becomes
pretty much guaranteed.
So we get to this level.
Nothing’s a guarantee.
Of course, this is not financial advice.
Thirty four, fifty four breaks.
There’s now a potential we could be seeing
new all time highs for Ethereum and
I think this would play out as we would
come up and form a Higher High
and that would be a very bold statement
that Ethereum would make
to the Cryptocurrency market that.
Bitcoin is topped out,
and when Bitcoin was at sixty four
thousand dollars in Ethereum was
three thousand four hundred dollars
worth sitting at right now,
a couple of months later,
really, you know, halfway through twenty
one now, Ethereum is back
to three thousand four hundred.
A Bitcoin is not back to 64000 and then
breaking thirty four fifty four I think is
indeed the confirmation that Ethereum is
on its way to make a bold statement
to the Cryptocurrency market by forming
a Higher High and seeing
new all time highs.
And so that’s what I’m
expecting here for them.
If we don’t get towards thirty four,
fifty four, we have this huge,
huge channel here down to 1980
that Ethereum can just play around with.
It’s a more volatile asset.
Don’t be surprised if
this becomes a storyline.
And this would especially happen
if the Ethereum to Bitcoin chart
fails to stay above sixty
five thousand satoshi.
We want it and we have to stay above sixty
five thousand satoshi to some
Altcoin season still intact.
And that would know certainly affect
dogecoin of course, but more important,
the effect Cardano porked
some of these other coins.
So this is a confirmation and leading
indicator for Altcoins staying above sixty
five thousand satoshi we stay
above that eighty six thousand.
So she comes into the equation.
This chart, though, is extremely volatile.
So realize this.
What is the potential of Ethereum
seeing new all time highs
dependent on what Bitcoin does?
If we break forty four thousand eight
hundred, I think the likelihood
becomes less likely.
If Bitcoin stays between forty four
thousand eight hundred, though
in forty nine thousand seven hundred.
I think the potential for Ethereum to see
new all time highs is very possible.
We just talked about this
Higher High scenario for me.
If Bitcoin breaks forty nine thousand
seven hundred with decisiveness,
it’s almost a guarantee, in my opinion,
that Ethereum is going to see new all time
highs in this Higher High
is going to form.
So I just want to also throw
that perspective out,
because a lot of you guys watch Bitcoin
to determine what you
want to do with Ethereum.
And so, you know, we have to dance
properly with those assets.
And so the total Cryptocurrency
market cap chart showing strength.
This is what I want to see on the weekly
chart for weekly candle closing above
this twenty week moving average.
That’s why we’ve been trading Altcoins.
But now we’re starting to see, you know,
some of the less
fundamentally sound coins.
I know Mark Cuban and Elon Musk
have a thing with Dogecoin.
But, you know, let’s get
serious here, you guys.
You know, I’ve been around the top guys
in this space, Charles Hodgkinson’s
and some of these figures
that you guys have heard of.
you know, we know it’s a fundamentally
sound project and what’s not so.
I’m not, you know, put that statement out
there, and by the way,
I know I bashed Ripple the other day when
I pulled up my Altcoin list,
realized this is my fault.
These are all what I hold.
The only reason I bashed Rip on that video
is because this is our only project,
not focusing on decentralization,
but REPL certainly has the
network effect in centralized finance
that it could see a bright future.
I mean, you know, I’m not going to bash,
so I want to just throw that out there.
Some people said I was bashing REPL
because I, you know,
kind of put it on the spot on my video
the other day when I was talking
about which Altcoins were performing.
So Noticia, the others, Don,
is testing the 20 week moving average.
And this is an interesting puzzle piece
because Bitcoin dominance has also
rejected its 20 week moving average.
So I think that this is going to be
an interesting thing to watch here.
The real, you know, a
place that we’d have to kind of sound
the alarms if Bitcoin Dominants moves
above the 20 week moving average
or if the other dominant chart moves above
the 20 week moving average,
then there are some, you know,
theories that we can start coming up with,
like, for example, others dominance
coming up to form a Higher High.
Maybe this would correlate with the theory
of doing that and seeing
new all time highs.
And so look at that.
It’s all making sense now that we’re
looking at all these other revolving
parts, which is why I love doing that.
So I think this was a really
good Sunday update.
I hope you guys enjoyed it.
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I hope that I gave you
some perspective today.
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Until next time Snipers out.