BITCOIN DUMP CANCELLED??? IMPORTANT CONFIRMATION OF TREND!!!
Snipers, you have to see what’s happening
to the Bitcoin price this Thursday’s.
We’ve yet to see continued momentum
from yesterday’s Candle Hi 55, 750.
But for the first time since January
of 2021, we’ve come above the 20 week
moving average for Bitcoin dominance.
And so this is an extremely important
video because we’re gonna talk about
exactly what we’re gonna be monitoring
heading into the weekend where
the cryptocurrency market is the most
manipulated and knowing that Bitcoin
dominance is moving above the 20 weeks
moving average, we are currently below it,
but that’s totally expected after coming
above it for the first time since
the start of this altcoin season.
There is a lot of important things to talk
about today and notice how with Ethereum
and some other altcoins,
we’re starting to see some momentum
Ethereum forming a new high
today from yesterday with 36.
42 acting as a resistance
just shy of the 36.
50 major resistance level that if we
break, could potentially take
a them back towards four $0.
I want to talk about whether or
not this is on the table or not.
And then, of course,
we have to start looking at what’s
happening in traditional markets because
the reason we were fearful about this move
to the upside is because Spy 500 is
showing so much weakness
over the last two weeks.
But guess what?
We are back above this
100 day moving average.
And with traditional markets starting
to calm down with the Spy 500 above the 20
week moving average,
is it time for Bitcoin and other altcoins
to start seeing some momentum
to the upside without too
much cautionary approach?
That’s something we’re
going to talk about today.
And of course, we’ll also take a look
at what’s happening to the DXY because
we are starting to see the DXY cool off.
We’ve yet to form new highs since the high
that we formed on the 30 September,
and we are currently consolidating between
the monthly and weekly open
that gives the opportunity for assets
to see some breathing room.
So things are certainly changing.
It’s a very dynamic environment.
But what we do know
is that the chart that factors in all
of the altcoins outside of Bitcoin
and Ethereum is breaking down after
forming the lower high on the 6 September.
Notice how we are between the 50 day
and the 100 day after testing the 100 day
moving average for the first time since
we got above it in on the 15 August.
There’s a lot of revolving parts
that we’re going to monitor over the next
few days as we head into the weekend where
the cryptocurrency market is the most
manipulated and we’re gonna first dive
into this Intraday analysis for Bitcoin.
And by the way,
for those that are in Dubai,
I’m gonna be speaking on a panel
with Mm Crypto, Carl the Moon
and DaVinci on October 8 to the 10th.
If you want to come.
The link is in the description
below to get 50% off your tickets.
It’s gonna be a fantastic event
with a great amount of thought leaders
in the sphere attending this event.
And so let’s just first dive into this
Bitcoin analysis and talk about what
type of price action we’re seeing today.
A lot of people are talking about the one
$3 billion that poured into the market
from an unknown buyers,
driving the price up 8% on the 6 October.
There’s a lot of fundamentals that are
obviously in the favor of Bitcoin seeing
upside, but we also have to address
the revolving parts that matter.
But with the Spy 500 above the 20 week
moving average, the likelihood right now
that Bitcoin has the opportunity to test
58,353 is becoming more and more likely.
And so that’s one of the positive things
that is happening with the traditional
market starting to show
some more positive signs.
And when we go into the smaller
timeframes, notice how on the three hour
chart we’re not seeing too much sellers.
We’re also seeing ascending by volume.
That, to me, is a very good thing.
And that tells me that this upside move
has probably not been exhausted just yet.
If we were to actually just draw this
ascending support level,
notice how we continue to go more and more
vertical when we first came down
towards it 470 and started moving up.
We’ve yet to come test this
ascending support level.
And so Bitcoin is becoming more and more
bullish as it moves into this range
between 49 to 750 ETH 353,
and with the traditional markets,
if they’re not going to just get the rug
pulled over the next few days heading
into Friday, I think that this could be
a very positive thing
for the cryptocurrency market,
but we do have to address the fact
that with this type of sell pressure
that we’ve seen since Bitcoin first tested
530, we’ve yet to see
by volume equate to this.
So just because we’re seeing ascending
by pressure doesn’t necessarily mean we’ve
seen the complete move here,
knowing the fact that we’ve yet to see
the buy volume that brought us down
from 530, because that’s what I’ve been
waiting for to assume that we’ve
cleared out ETH bears in this range.
And so that’s something I’m going to be
monitoring on a three hour chart.
We go into the three minutes.
So I’m going to skip
the 15 minutes time frame.
Notice how we’re seeing a lot of spikes
here of sell pressure and by pressure
is not equating to this.
But when we saw that massive by order
that obviously brought in so much volume
that we’ve yet to see
anything compared to that.
But since this move, we’ve really
just seen Bitcoin move to the side.
And so I think that we’re
in a very critical area.
And what’s most important in my opinion
right now is we just want to monitor
the effects of Bitcoin dominance
over the next few days.
When it comes to Bitcoin price and the alt
coins, because today obviously
Bitcoin didn’t move up further.
But we were able to see baskets
of altcoins move to the upside.
And that caused Ethereum to see some
strengtht above this channel
resistance coming towards 36.
For those in our discord group,
we did take a shorts on a there
when it first tested 35.
It went all the way down below
3500 and that hit all targets.
We have the best signals in this market.
This is not the only short we’ve taken.
The question is Where’s
the money play going to be.
And so that’s what we’re
Now, when you take short positions,
you want to be in and out of those.
So I’m glad that those hit profits.
We’ve also been taking long
positions on coins like die decks.
That has already hit three targets.
And so there’s all coins that are moving.
But the real question is,
is there going to be a rug pool at some
point or another, and if that happens or
we can have our positions and for those
in the discord group, we have the number
one community in this market.
You’re sure is how is going to be getting
that signal when that time comes.
But when we look at the team in a Bitcoin
chart, notice how we broke below
the 65,000 Satoshi level yesterday.
This is a major puzzle piece.
Now, of course, we’re seeing a garden
variety push back to the ETH
side after testing.
A major support question is if we come
to this monthly open at 690 Satoshis,
are we gonna reject
and continue further down?
That is something I’m going
to be monitoring into this week.
So just to kind of consolidate what is
most important to monitor right now,
the theme of Bitcoin chart testing 69
thousands Satoshis is going to be
something that we’re going to monitor
because a theorem is a leading indicator
for the mid cap, all coins
like Cardano and polka dot.
Of course, there’s always those isolated
cases like Shiba Inu seeing like over 70%
gains in the last 24 hours or whatever is,
we actually did take a trade on ship.
Like I said, we have the best
trade signals in this market.
It’s not just me.
It’s a dozen of our analysts.
We did take a longs entry
on ship at nine and 65.
So all coins that are more isolated
and smaller market cap gold
always break you all time highs.
That’s not a surprise for those
who have been in this market.
But when we talk about altcoins,
we are talking about the mid cap,
the larger caps like Ethereum
and the Bi NASS coin.
And so I think we really want to monitor
690 Toshi and then the other aspect
of this market that I think is
extremely important to monitor.
This is a revolving part part of the four
dimensional, you know,
aspects here is the DXY
are we going to be continuing this move
to the upside now that we’ve broken above
93.82, I think that that’s an extremely
important thing to monitor.
And then obviously,
if we break below 93.82, that’s
something we’re going to be watching.
So the DXY continuing to left side or
breaking down is extremely important.
We’re going to be monitoring
the the Bitcoin chart, and then
the Spy 500 is the last
most important aspect that we’re going
to have to monitor over the next few days
because we’re seeing, you know,
the early signs of a potential rescue
operation taking it above
the 20 week moving average.
But is this going to move back down?
That’s what we’re gonna be monitored.
I think we can get above this previous
weekly open at 44, six or 4446
for the Even futures contract.
This right here would be the most positive
thing for the cryptocurrency market
to have some breathing
room to see some upside.
Today is one of those days where we just
have to know what to watch over the next
few days, because yesterday was
a momentous time this year
with Bitcoin dominance moving
above the 20 week moving average.
That was a huge puzzle piece,
because now it really looks like
we’ve double bottomed here.
And as I’ve been saying on the channel,
there has to be a narrative
attached to any major move.
And so since we’ve double bottom
of the Bitcoin dominant and it looks like
Bitcoin dominance wants to move up,
what’s the narrative that gold
be attached to this?
I don’t think that the total
cryptocurrency market cap moving further
up is a reason for Bitcoin dominance
to move up, because if that’s going
to happen in this total market cap chart
starts to break this market structural
resistance and sees new all time highs,
then altcoins should do very well.
Bitcoin dominance has no reason to go up.
I think that Bitcoin Dominus would only
go up if the total market cap comes down.
And so that’s why it’s going to be
important to monitor the fact that Bitcoin
dominance came up with its 20 week moving
average for the first time since the start
of this year, because if it continues
further up, then the narrative that I
would attach to that is that total
market cap starts to come down.
The last aspect that we have to watch over
the next few days is the total market
cap testing this major resistance.
How is that going to affect Bitcoin
dominance, Bitcoin price and the Altcoins?
These are all very important things
to monitor with Damon and Bitcoin crossing
690 Satoshis or rejecting 69,000 Satoshis
is what we want to watch or if
it comes below 65,000 Satoshi.
That’s also going to be a confirmation
that altcoins are not
going to be doing so well.
And then, of course,
total cryptocurrency market cap are
braking their structural resistance here
right around that two, three, $5 trillion
level is what we want to monitor.
We want to watch Bitcoin dominance.
Is it gonna get back above
the 20 week moving average?
And then, of course, Spy 500.
Is this truly a rescue operation?
Could we get back above
this previous week lobe?
Now we’ll put us above
the 50 day moving average.
And then, of course, lastly, the DXY.
How is it going to move
over the next few days?
And then I wouldn’t say much is
happening in international markets.
They’re just kind of moving to the side
and then other commodities, gold and oil.
Not necessarily doing much.
And so not much to talk about there today,
but very interesting time in the market.
Thank you all for tuning
in the ciphers channel today.
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and every one of you guys.
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And so thank you all for tuning
in today until next time.
I hope you enjoyed this analysis.
I’ll see you guys later.