BITCOIN DUMP INCOMING? A BIG WARNING (& ethereum prediction)
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https://youtu.be/j-xhUSTDVxE (Charles Hoskinson Interview)
Timestamps!
00:00 bitcoin analysis
03:45 altcoin predictions
06:50 traditional markets
Snipers, you have to see what’s happening
to the Bitcoin price this Thursday as we
have broke the forty four thousand eight
hundred dollar support level,
meaning that we are now below the 200 day
moving average and we are testing
this 20 week moving average.
Notice how the 20 week moving average is
currently sitting at forty three
thousand three hundred US dollars.
And remember, we have this forty one
thousand nine hundred and fifty dollar
level as our make it or
break it for Bitcoin.
So now that we are not seeing the best
case scenario, which was for Bitcoin
to maintain forty four thousand eight
hundred and see a push to forty nine
thousand seven hundred so that we could
just come and confirm that forty four
thousand eight hundred is
no longer a resistance.
And now we support this is now off
the table and we are now playing inside
of the range of forty four thousand eight
hundred and forty one thousand
nine hundred and fifty.
And the reason this is significant is
because in between this range,
we also have this weekly open sitting
right here showing confluence with the 50
pierde moving average on the 4-hour chart
at forty three thousand eight hundred.
And in my opinion,
we have a very small channel between this
weekly open and forty four
thousand eight hundred.
And if Bitcoin starts to see decisive
price action below the forty three
thousand eight hundred dollars level
at this weekly open, in my opinion,
this would be the early signs that we are
coming to test forty one
thousand nine hundred and fifty.
And if we do not hold forty one thousand
nine hundred and fifty, this is
my make it or break it for Bitcoin.
So understand that what we’re seeing is
totally garden variety market behavior.
It’s not the best case scenario that we
wanted with Bitcoin moving to forty nine
thousand seven hundred before testing
forty four thousand eight hundred.
However, we still have to monitor what’s
happening to this major support area where
there’s also confluence with the monthly
open sitting just below forty one thousand
nine hundred and fifty at forty
one thousand five hundred.
Of course, if we come to test this area,
the key here is to monitor the smaller
time frames to see if volume is going
to come in in order to defend the forty
one thousand nine hundred
and fifty dollar level.
If we can stay above forty one thousand
nine hundred and fifty,
especially if we get back above forty four
thousand eight hundred and we
stay above the weekly open.
Now, this is the best case scenario
because we brought forty
four thousand eight hundred.
The best case scenario is now that we
at least hold the weekly open at forty
three thousand eight hundred.
So that doesn’t happen.
Of course, now we need to monitor forty
one thousand nine hundred and fifty
because if this level breaks,
the likelihood of Bitcoin seeing further
lows towards Q4 of this year becomes
highly probable and on the table,
because with this forty one thousand nine
hundred and fifty dollar level breaking
where we have this monthly open,
the likelihood of us coming to test thirty
four thousand eight hundred
becomes way more probable.
So regardless of what’s happening,
a Bitcoin though,
we’re still seeing strength with Altcoins,
especially Bitcoin stays above forty
one thousand nine hundred and fifty.
And even better, if it gets above forty
four thousand eight hundred again,
we’re going to start seeing
Altcoins outperform Bitcoin.
And that’s just the truth of the matter.
As many analysts that have been saying
Altcoin season is over,
we have maintained ourselves
saying Altcoin season is not over.
And so the last thing I wanted to point
out with Bitcoin is if we get
below this week, we open.
That also puts us below this
twenty week moving average.
So that’s why it’s such
an important level.
And then of course forty one thousand nine
hundred and fifty is certainly
below the twenty week moving up.
So that’s what we need to monitor.
But realize this,
just like we talked about yesterday,
we’re seeing a theory,
a move into Cardano and we’re using
the price as a gauge of
how much a Ethereum is moving it
to Cardano because this is
a good indicator of that.
Notice how we’re continuing to see
strength here, indicating that we’re
potentially seeing people right now take
profits from Ethereum, moving
in into Cataldo, expecting further highs.
And I don’t blame them because look
at Cardano breaking one dollar
and eighty three cents.
This is the major resistance that pushes
us in this channel to take us to two
dollars and forty seven cents,
the same way that Ethereum was able
to push itself above nineteen eighty.
And then we talked about
being above nineteen eighty, opened
the door to thirty four fifty four.
Guess what happened.
We saw that occur and it happened
to a Ethereum first because Ethereum is
the leading Altcoin you guys keep telling
me why don’t you cover
more Altcoins Naeem.
I’m covering Bitcoin which controls
Ethereum which is the largest Altcoin
and is a leading indicator
for every other Altcoin.
So when I’m covering a Ethereum, I am
covering Pochoda, I am covering Cardano.
Right.
So yes, I could go more technical
in the charts to show you guys
the major support resistance.
And I’d love to do that,
and I probably will start doing that,
but realize that if you understand this
more than we realize, Ethereum is
a leading indicator for other Altcoins.
And so with Ethereum to Bitcoin chart,
this is really the main chart to watch.
If we stay above sixty five thousand
to Toasties, expect Altcoin season to stay
intact regardless of what Bitcoin does.
Of course, Bitcoin moving about forty four
thousand eight hundred will most likely
take a Ethereum now at this point above
thirty four fifty four in my opinion.
But if we stay below forty four thousand
eight hundred, we test forty one
thousand nine hundred and fifty.
I think the area that I’m watching
for Ethereum to potentially see a pullback
is going to be this two thousand five
hundred dollar level where we have this
one hundred day moving
average and the monthly open.
So if Bitcoin breaks forty one thousand
nine hundred and fifty, expect the retest
of this monthly open for Ethereum.
If we stay moving to the side,
then we could in Charly’s towards.
Higher levels, that’s all going to be
determined on Bitcoin, of course,
but the fact is we’re seeing strength
with Altcoins and the total Cryptocurrency
market cap chart is showing more
strength than Bitcoin because of that.
Notice how we are way above this.
One hundred, two hundred and fifty period
moving average on the daily chart.
But more importantly,
the 20 week moving average we are holding
above the 20 week moving average Bitcoin
really testing the 20 week moving average
and others dominants reflecting
with showing strength to the
upside towards the 20 week.
And that’s causing Bitcoin dominance to
stay below this 20 week moving average.
So until this changes on Bitcoin
dominance, until we see any sort of
potential signs of a reversal,
Altcoins are in favor.
And that’s the clear path there.
And I want to talk about traditional
markets because they are
going to have an effect here.
And the DXY is still in a very concerning
range at ninety two point six to to ninety
three point eight to any point.
If this moves to the upside,
that could cause markets like the S&P
500 and Bitcoin to move to the downside.
And so we want to monitor this because
the S&P 500 did not react to this move
here and Bitcoin reacted
by seeing strength.
But what we did see is Gold and all you’ll
react to this move
pushing to the downside.
And so commodities can sometimes be
a leading indicator
for traditional markets.
So since the S&P 500 has yet to see
the move and the effects of the DXY,
the question is,
is that on the table sooner than later? Is
that going to affect Bitcoin? I’m going
to leave you guys with that to go home.
And then I do want to say this
with Bitcoin understand,
we are at a very critical point right now
at the 200 day moving average
in 20 week moving average.
The key right now is
to watch this 4-hour chart.
And once again, I’m just
going to emphasize this.
We’re playing in a range at forty four
thousand eight hundred to forty one
thousand nine hundred and fifty.
At this point, we do not want to break
forty one thousand nine hundred
and fifty no matter what.
We stay above the weekly open at forty
three thousand eight hundred.
That’s even the best case scenario
for Bitcoin to see further upside.
But if we come down,
there’s still potential,
but we don’t want forty one thousand
nine hundred and fifty to break.
That’s the point.
If this breaks, we are going to start
looking at downside targets.
And so that’s just me being the umpire,
giving it to you how it is,
as we always do on the Snipers channel.
I hope you enjoyed today’s analysis.
I want to give away one of my favorite
books on investing to one of you,
Snipers watching in the comments.
Oh, look.
One hundred and eleven likes.
I like that number.
Let’s see if we can hit
200 likes on this video.
Harman says great content keep
on track and Cardano please.
Cardano is the future.
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We pretty much have wrapped up here.
So until tomorrow,
where traditional markets are going
to start closing their Candles we enter
the weekend where the Crypto
markets the most manipulated.
It’s going to be a fun time.
And the question at this point is because
we’re not seeing the strength of Bitcoin
at forty nine thousand seven hundred
to at least have the chance to turn this
forty four thousand eight hundred
dollar level into a support level.
And that we are seeing this rejection.
I wouldn’t call a rejection,
but we’re seeing a little bit of
pushback by the bears here.
If we don’t hold forty one thousand nine
hundred and fifty, that means this could
have just been a potential relief rally.
And the only way for us to assume this is
a reversal is to hold forty one thousand
nine hundred fifty and then to confirm it,
get above forty four thousand eight
hundred and then turn it into a support.
This means we’re at a reversal.
This means.
It could just be a relief rally, so
I’d love to hear your thoughts
in the comments below.
I might be wrong.
Who knows?
We’ve been very good over
the last few weeks on Bitcoin.
So with that, I’ve rambled
on until next time Snipers out.
