Snipers, you have to see what’s
happening to the Bitcoin price.
Today is its turn around Tuesday.
And it’s not a coincidence that Bitcoin
has stopped at the major support 58,300,
where we also have confidence with the 50
day moving average exactly as we talked
about yesterday as the worst case scenario
for the breakdown from the $63,300 level.
But with this extremely important support
level being tested,
remember what I said two days ago
that this was a very significant area
because if Bitcoin does break down
from 58,300, there’s a 15% gap down
to 49,700 as the next
potential downside target.
And so this is a very important area
for Bitcoin, and we’re going to start
looking at some of the micro time frames,
because now that we’re testing 58,300,
we can look inside of the five minute
chart just to see how volume has come
in for the first test of this
extremely important support level.
And that will give us an indication of how
much strength there is
right now at this area.
And notice here how when we first came
down to test 58,300, we didn’t necessarily
see the type of buy volume compared to
the amount of sell pressure that came in.
There was a lot of sell pressure,
maybe institutional sell pressure.
But there wasn’t buyers to equate to this,
and now we’re coming
out for a second time.
But we’re seeing some more
buyers than sellers right now.
So this does tell us that we could
potentially have a break here at 58,300
and move sideways, potentially even come
up and test this monthly open at 61,300
before we’re really going to get an answer
as to whether or not Bitcoin is going
to continue further down from 58,300 or if
we’re going to eventually see Bitcoin back
above its monthly open,
because that’s going to be the most
important resistance level right now
in the range that we’re in, which we could
consider 61,300 as the major resistance.
And of course, 58,300
is the major support.
And I talked about this
yesterday on the six hour chart.
If we were to come down to test 58,300,
which we already did,
what I’m going to be looking for is
the type of volume that we saw here when
Bitcoin initially topped out at $69,000.
But instead of selling pressure,
I’d like to see the same amount of volume
until we start to see volume that can
equate to this type
of institutional sell pressure.
In my opinion,
we cannot assume that Bitcoin has yet
bottomed out with this
downside move so far.
And so I think that that’s very
important to address here.
And if we were to go into this weekly
chart, we’re going to have to start
watching this 20 week moving
average if we break $58,300.
It’s also not a coincidence that’s sitting
right at the next major level at $49,700.
So that’s also a big puzzle piece
on the table with this downside move.
And as I talked about yesterday.
We always wait for full four hour
confirmations below major level.
But a lot of times when the break is
to the downside, you’ll see
the elevator get taken.
And that’s exactly what
We didn’t get to even get that four hour
confirmation before we already
came below the $61,000 level.
And so the monthly open is going to be
huge, not just for Bitcoin,
but as we move into what’s happening
to Ethereum, notice here how Ethereum is
actually showing more weakness than
Bitcoin, seeing more of a percentage
of downside after breaking down from this
major structural level
following Bitcoin’s path.
And now you can see we’re also
below this monthly open below 43.
73, which is also
an extremely important level.
And so the next level
for Ethereum is going to be 39.
59 as a major support.
And you can see with theorem
to Bitcoin chart.
I said that the biggest thing with Bitcoin
dominance potentially moving up
in the more macro term is that we will
potentially see altcoins
fall further than Bitcoin.
I think it’s a very big puzzle piece
that Bitcoin made it below the monthly
open, because now we know
that’s the major resistance.
So if we get above the monthly open
at $61,400, that would be
the most positive case.
And as I promised you guys,
if we were going to see the downsides
near, we were going to start
taking short positions.
So we have the number one cryptocurrency
discord group in the world.
And we did take a short
position today on V chain.
It’s a self stop order.
So this is waiting for a breakdown right
now, and we’re getting a lot of people
in our community talking
about the price action.
We have the number one
community in the world.
And so that’s exciting to see.
And I want to talk about what’s happening
to traditional markets,
because a lot of this is going to really
come together when we look at the DXY
pushing up once again to form new highs,
and it actually broke a major resistance
with this push up, telling me that this is
actually a very strong move to the upset
DXY is currently experiencing after we saw
those inflation numbers
come out a few days ago.
And so this is what we’ve been tracking.
And then we’ve also been tracking the gold
to Bitcoin chart, which if you notice here
with the gold to Bitcoin chart,
this is going to be a huge puzzle piece
to monitor over the next few days because
it’s potentially coming up to test
this 50 day moving average.
And if you remember what happened on April
14 and Bitcoin hit 64,000 for the first
time when we got above this 50 day moving
average, we knew here on the Snipers
channel that that was potentially a short
term top, which it actually was a short
term top for almost six months before we
finally saw the higher high
form at 69,000 recently.
And so notice here how we were watching
this chart to see whether or
not we’d form further lows.
And now we’re coming towards
the 50 day moving average.
If you get above it,
that is going to say that Bitcoin could
potentially could have seen
a higher higher at 69,000.
And it’s going to be sometime
before we see further upside.
But if we don’t get above the 50 day
moving average of the gold to Bitcoin
chart and we break these lows,
that will confirm that there is more fuel
for Bitcoin to continue
to price discovery.
And then notice here with the S Amp P 500
in reaction to this DXY,
it’s actually not necessarily showing
weakness, but we failed to break
the previous all time high here.
And so that’s a puzzle piece for now.
We want to monitor whether or not this is
going to continue to see new all time
highs, because if it does, that would
actually be a good thing for Bitcoin.
But if we start to see this top out
and come back down towards the monthly
open, that would be a negative puzzle
piece for the cryptocurrency market.
So Bitcoin dominance as well.
Just so you guys can see here is also back
above this 100 day moving average,
and it’s starting to form these
higher lows as we’ve been watching.
So it looks like it’s healthy and it’s
looking a lot healthier than
at the end of the Bitcoin chart.
We’re just kind of doing the opposite,
forming this lower high.
And so that’s going to be something
to just continue to watch.
And that confirms our thesis
that the altcoins outside of Ethereum are
potentially also going to follow
that Ethereum to Bitcoin chart.
You can see also forming these lower high
highs, and it typically follows Ethereum
to Bitcoin chart because Ethereum is
leading altcoin and then not much
going on with international markets.
I would say that the Euro 100 did
form some new yearly highs today.
That’s something that we want to notate.
But remember, the European markets have
been the weakest international markets
over the last year to two,
and so it’s not necessarily surprised
to see it moving up right now.
It’s about time, actually,
that the Euro 100 is starting to move up
and you can see gold here with the DXY
pushing up actually saw
a little bit of a pullback.
And so that’s something to note here.
The DXY will affect the prices of assets.
You can see it’s affecting Oil’s price
right now below the weekly
and monthly open.
So a lot of big things to watch.
And I think the biggest thing is going
to be the Bitcoin support here at 58,300.
If we get above the monthly open
at 61,300, that could be a confirmation
that we’ll start to see further upside.
So that’s going to be the most important
range to monitor here right now
on the smaller time frames.
It doesn’t necessarily
look too good at 58,300.
That’s definitely something
I want to mention.
Just based on how we saw that volume come
in and just keep in mind that with Bitcoin
seeing any downside,
all coins will most likely bleed further
against Bitcoin just due to the fact
that the Bitcoin dominance
chart is moving in an uptrend.
So I hope you guys enjoyed today’s
video was a little bit late.
I just really wanted to ensure that I had
all the content for you guys after seeing
this downside move that we
And if you enjoyed this video,
remember to smash the like button.
Let’s hit 1100 likes
and until next time, snipers out.