BITCOIN DUMP AFTER SHORT SQUEEZE? (important btc prediction)
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04:44 bitcoin analysis
Snipers, you have to see what’s happening
to the Cryptocurrency market this Monday
as Bitcoin has broke out to forty thousand
five hundred and fifty with today’s daily
Kindle high testing,
the one hundred day moving average exactly
as we predicted yesterday after breaking
up of thirty four thousand seven hundred
eighty eight, we saw the momentum
in the volume come in.
Not a coincidence, but those have
been tuned into the Snipers channel.
And now the question is,
is this going to continue to see sideways
price action and maintain
itself inside of this channel?
Or are we going to see a true breakout
beyond this 100 day moving average to test
the 200 day moving average,
where we also have confluence now
with home base,
which is the 20 week moving average
at forty four thousand eight hundred.
And we all know here,
if you’re above the 20 week moving
average, you’re in a bullish trend.
If you’re below the 20 week moving
average, you are not in a bullish trend.
So this is the real area that we want
to get to if we want to assume a bullish
continuation to possibly even see
new all time highs for Bitcoin.
But none of that’s going to be
on the table until the bulls can
rescue Bitcoin above forty
thousand US dollars more.
We have the 100 day moving average in this
channel resistance that we’ve been
monitoring over the last two months.
Today’s a very important day because we
have a lot of things that are morphing
into different patterns and that is
changing the storyline about what we’re
going to be monitoring
over the next few weeks.
The first thing is Bitcoin is finally
above the 50 day moving average.
So now we can start talking about what
a rescue operation is going to look like.
And I talked about this forty thousand
dollar level yesterday being the target
where we’re going to see resistance.
And if we look at what’s happening
to the Bitcoin CME futures chart,
notice how we do have a gap now at thirty
four thousand four hundred and twenty,
all the way to thirty two
thousand nine hundred and thirty.
We want to keep this in mind.
However, see any gaps over the last few
months have really not been too reliable
actually throughout this whole bull cycle.
For Bitcoin CME gaps have
not been too reliable.
You can see we’ve had many gaps
that have not been filled.
And so, you know, in traditional markets,
we like to say that gaps
always get filled.
But this is not too big of a puzzle piece,
but it is on the table.
We also want to look at the Bitcoin
perpetual contracts on finance yesterday
with a candle high of forty eight
thousand one hundred and sixty eight.
This is a scam which in my books, this is
an abnormal wick that wasn’t
reflected on spot exchanges.
For the most part,
that’s a big puzzle piece where we just
clearing shorts to see further downside.
I want to talk about something
that happened in twenty nineteen
for Bitcoin when Bitcoin
initially had a death cross.
In twenty nineteen we saw a forty percent
rally to the upside in three days.
It was an abnormal push to the upside.
This is what we’re going
to talk about today.
Notice how we had this drop where we came
below 10000 US dollars in October
of twenty nineteen and in three days we
saw a 40 percent push to the upside above
all the moving averages right
when there was a death cross.
And we recently had a Bitcoin death cross.
And then from there,
we just kind of slowly it away
the gains until seeing further lows.
And then we started
to continue further up.
We just formed one lower low and then
the march twenty twenty came.
Of course, this could have
been deemed abnormal activity.
We potentially could have just continued
further up after forming this lower low
after the forty percent pushed the upside.
So does that mean that Bitcoin right now
is following a similar pattern where it’s
pushing to the upside,
but it’s potentially going to shed away
some of these gains and then continue back
down to test thirty four thousand seven
hundred eighty eight where we have
the monthly and weekly open to then
potentially slowly come down to finally
discover the twenty six thousand to twenty
four thousand dollar level
before seeing continued upside.
This is something that’s
certainly on the table.
We’re going to talk about this happening.
And then, of course,
we’ll also cover the revolving parts
of the Cryptocurrency market,
like Bitcoin dominance,
other’s dominance in the total
Cryptocurrency market cap chart
and then Ethereum,
which leads a lot of the Altcoins.
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Let’s first look at the weekly chart.
We really want to dissect
what’s happening here.
So I talked about forty four thousand
eight hundred U.S. dollars yesterday as
a potential upside target if we can
get above thirty four thousand seven.
But I also said that the first area
of resistance is going to come
at this forty thousand dollar level.
We know there’s a lot of people that got
into Bitcoin above 40 thousand or forty
thousand that have been
at a loss for quite some time now
that most likely wanted to exit their
positions when we saw
the price action get here.
And that’s why we saw rejection at 40000.
So far, we haven’t yet come
to the 20 week moving average.
That’s totally fine.
This is why we can now talk about
the scenario more in-depth.
We go into the daily timeframe where
everything from the smaller time frames
into the larger time frames notice how
Bitcoin whipped to this one hundred day
moving average and the forty
thousand dollar level.
And so far we have a daily with forty
two minutes left to close.
We do have a bearish tale.
This is something we have
to keep on the table.
That this is a bearish tale.
Daily Candles closing right now
on the 4-hour chart.
If we were to look at where the volume is
at Noticia, we didn’t see spectacular
volume in this push to the upside.
And we came up and we immediately got
rejected here at the channel resistance.
So here’s what I’m watching at this point.
There are a few ways this
is going to play out.
If it’s going to play out the way that it
played out in twenty nineteen,
we’re going to at some point come back
down to thirty four thousand seven hundred
eighty eight to test the monthly
and weekly open, along with the extremely
important level here at this point,
because we finally saw
a push of almost 40 percent, literally
thirty nine point three two percent.
If Bitcoin continues below thirty four
thousand seven hundred eighty at this
point, I believe there is
a potential we will see further
price levels to the downside at some point
or another in the next
few weeks or months.
But here’s where this could change
if Bitcoin maintains thirty four thousand
seven hundred eighty,
especially if it maintains thirty six
thousand five hundred and
definitely if it maintains thirty eight
thousand, we are seeing strength
that could potentially retest the forty
thousand dollar level
in the next few days to continue
to that forty four thousand eight hundred
dollar level could happen
at any one of these levels.
But we just want to know that the real
level that needs to hold is thirty four
thousand seven hundred and eighty.
At this point, the CME gaps
actually are below this level.
So that’s some food for thought.
But I don’t believe that if Bitcoin
has a garden variety retest of thirty four
thousand seven or eight and it does break
that, it’s going to just
continue further up.
I think that if this breaks one more time,
we’re back inside of this range.
We already saw the 40 percent push.
There’s a very high chance we see one more
lower, low form and that’s on the table.
That’s what I’m monitoring right now when
it comes to the new schematics
that are forming after this breakout.
And it’s crazy because
literally within hours after making
my video yesterday, I said there was going
to be a Bitcoin move if we broke thirty
four thousand seven hundred eighty eight,
the momentum was going to come
in because we’re so much conflict.
And guess what?
That’s exactly what happened.
So congratulations for those that have
been tuned into the Snipers channel.
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So let’s look at the
Bitcoin USDOT Perpetual Contracts chart.
Why did we see WEC all the way up
to the forty eight thousand
dollars level when SPY exchanges
weren’t reflecting that?
I’d love to hear your thoughts
in the comments below.
To me, this says that we potentially could
have just been clearing shorts
to potentially see further
downside that’s on the table.
We have to keep that in mind.
Then we have the Bitcoin CME Gepps.
Now, how are the revolving
parts reacting to this push?
Well, interestingly enough,
as soon as we started talking about
Bitcoin dominants potentially seeing
a reversal here soon to test the 20 week
moving average, we’re now inside
of this ascending triangle.
And it really looks like Bitcoin has
the chance to test this fifty week moving
average or this twenty week moving
average, which is home base.
This is going to be something we want
to monitor over the next few days
into the next few weeks,
because if we break above now,
we can talk about potential rescue
operation for Bitcoin dominants.
This would also change
the mindset with Altcoins because it
doesn’t mean occurences is going to be
over, but it does mean that
it might not be the.
Highest performing asset in the market,
because Bitcoin could still outperform
some of these assets if it
starts to increase in dominance.
And sometimes when there’s a lot of fear
in the market,
you need these type of relief rallies
for Bitcoin dominance to bring back
confidence of the storage of value
in the Cryptocurrency market.
This is the alpha dog
and the Alpha Assa of the market.
So it’s never a bad thing for Bitcoin
dominance to see strength.
I’d love to see this 20 week moving
average get tested and broken.
That would be really cool.
We can start monitoring what
Bitcoin Dominants is planning to do if
it’s going to be a true reversal or not.
So I think that’s the big
thing to monitor.
But others dominance is
not becoming bearish yet.
We’re still having a cup of coffee
this 200 day moving average.
That’s a positive thing.
So we want to monitor that along
with Bitcoin dominance and the total
Cryptocurrency market wicking into the 200
day moving average,
around one point six Trillion,
but back down below one point five
close to the monthly and weekly open,
that doesn’t look too good. So really,
the question is, where’s the volume at?
The theory of Bitcoin Char is holding
this previous weekly open right now.
So we want to monitor this.
If we see continuation to the downside,
fifty three thousand five hundred is next,
that could potentially garner more
to the US dollar price.
Tried to get above the monthly open.
Didn’t really get there.
Only Wickett above it now
on this daily candle.
So that’s some food for thought.
Some very interesting
things unfolding right now.
And a lot of this has to do
with what’s happening to DXY.
And I want to really emphasize right now
that the DXY is testing ninety
two point six right now.
There’s a reason that body this Candles
if this is a garden variety retest
to continue further up,
that’s the worst case scenario
that we want to see for Bitcoin.
The best case scenario is going to be if
this ninety nineteen point six two level
breaks in the DXY comes back down to just
continue to be calm inside of this channel
range instead of this channel range.
That’s what we want to see
for the potential for Bitcoin
to continue further up.
But if we see the scenario
of this channel being,
you know, the playfield that the DXY want
to play, and that could certainly hurt
the Cryptocurrency market and the Gold
to Bitcoin chart we’ve been monitoring.
Check this out.
Had this ascending trial on this cup
and handle formation,
but now it’s breaking down this Candles
today muchin below the Candles
low of this initial handle.
This could be invalidating the cup
and handle pattern and we could be seeing
Bitcoin regain itself against Gold.
That’s some good food for thought there
when it comes to where you want
to allocate some of your positions
that you’re potentially trying to hedge
away from traditional markets like we
know institutions are going to be doing.
And this week, traditional
markets are, of course, open.
So we’re going to monitor the S&P 500
a little bit further as we head
into the depth of this week.
But for now, the major levels for Bitcoin
thirty eight thousand thirty four thousand
seven hundred and eighty eight,
I think we get back above thirty eight
thousand 4-hour an hourly Candles.
There’s a high chance we could test forty
four thousand eight hundred because
that could put us back
towards this resistance.
You knock on the door for a second time,
the likelihood of that breaking
becomes highly likely.
But if we stay below thirty thousand,
this daily candle closing in thirty five
minutes, we have this bearish tale
that we have to keep on the table.
And we know that the next area that will
potentially come in test is this thirty
four thousand seven hundred other level.
And this is going to give us the make or
break moment because if we break below
this, we also break back below
the fifty day moving average.
That’s not what we want to see.
We really want to see this floor hold.
And with that, I appreciate each and every
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again until next time Snipers out.