Snipers, you have to see what’s happening
under the Bitcoin price this Monday as
yesterday became just shy of the $58,353
resistance level with a
candle high of 57,839.
But I want to address some of these
bearish tails that we’ve
seen over the last few days.
And of course, we’ve already had one
and two red candles inside of this
range of 53,000, up to 58,353.
Those are some big puzzle pieces because
with all Altcoins seeing a dump due
to Bitcoin dominance moving above this 100
day moving average, looking like it wants
to come and test the tone today moving
average and above the 20 week moving
average, which is the most important
puzzle piece that we’re
gonna talk about today.
That tells me that we are seeing the early
signs of a shift in this market cycle
and that we could potentially be seeing
Ethereum and other all coins not perform
as well as Bitcoin over the next few weeks
and possibly into the next few months,
with Ethereum weekly candle closing red.
Of course, that’s also a big puzzle piece.
I reset it our previous
weekly opens on our chart.
By the way, that’s always gonna be
on green for those tuned
into the Cypress Channel.
And so with Bitcoin sitting at 570 right
now for those inside of our discord, we
already took a short position at 57 470.
It’s already hit three
targets down to 56, 770.
We have the best cryptocurrency trade
signals in this market and our discord
community has been blowing
up with this price action.
Notice how even right now we’re seeing
charts get posted,
which tells me that a lot of people are
paying attention to this price action.
The question is, what is the next move?
And I want to talk about exactly what
we’re watching here on the
Intraday chart for Bitcoin.
Let’s just go into the six hour chart.
First and foremost, we’ve yet to see some
real crazy volume come in,
have this descending by volume
that we’ve been watching.
That’s been a concern because we have
bearish divergence with price
action forming these higher high.
And of course,
as I mentioned from the start of this
video, we do have some bearish tails
on these daily candles that have recently
formed, and that’s telling me that we’re
starting to see some weakness
at these higher levels above 530.
But because we are still heading towards
50 ETH 353, what walks like a duck
and what quacks like a duck eight
out of ten times is a duck.
And until we are proven otherwise,
we have to look at what the potential
upside targets here are
gonna be for Bitcoin.
That’s why you want to be in and out
of those short positions.
58,353 is the major resistance for Bitcoin
right now, but we have to take
into account what’s happening outside
of Bitcoin in the other
revolving parts of this market,
because with Altcoins showing weakness,
Ethereum certainly also
showing some weakness here.
That’s a big puzzle piece.
And I’ve been telling you guys
with Bitcoin dominance moving up,
what does that mean, sell?
It typically means that institutions
that have capital inside of Altcoins are
possibly gonna be hedging
they’re positions back into Bitcoin
in expectation of some downside.
And because Bitcoin is a larger market
cap, it will most likely,
if not guarantee nothing’s, a guarantee
see less downside than these altcoins.
So that’s why people move into Bitcoin,
or at least the smart money does.
And so that’s what we’re going
to be monitoring here right now.
And if we go into this three hour chart,
we can start getting some hints as to why
the price action is showing some weakness
at these higher levels above 530.
That’s why we’re seeing these continuous
pockets of sell pressure just
kind of arise here for Bitcoin.
And as this by volume is increasing,
notice how the sell pressure
is also increasing.
So with Bitcoin right now trying to get
to 50 ETH 353, we have to realize this if
we can break 50 ETH 353,
that tells me that not only is Bitcoin
potentially gonna come up and test its
previous alltime highs at 640 855,
but the total cryptocurrency market cap is
gonna potentially break
into new all time highs.
We’re gonna look that in just a second.
But if at any point in time,
we start to see the rug get pulled.
The weekly open right now is what we’re
going to be watching as a major support
level, and that’s gonna be sitting
right at that $54,800 level.
This weekly open is gonna be a major
puzzle piece into the next few days as we
head into this week,
because this is really the only
area of support that we can watch.
You can see it’s showing confluence right
now with the 50 period moving
average on a three hour chart.
And so the first scenario is we break 50
to 353, the likelihood hat we come
and test the previous
alltime high becomes high.
But if at any point we come down and test
the $54,800 level and we see hourly and
four hour candles break below this level.
I believe that Bitcoin does have
a potential of coming down to 49 and 700
to retest this previous market structural
which will now turn into support
and the $49,700 major support level.
So that’s certainly on the table
as a scenario for the downside.
And keep in mind if we see downside
with Bitcoin dominance moving up,
altcoins will bleed, especially
Bitcoin dominance continues up.
That’s actually why Bitcoin
dominance typically goes up.
It’s because altcoins are
bleeding when there’s downside.
And so we really want to monitor 49, 700.
We start to see the rug get pulled at any
point, which is why we are just
open to shorts positions right now.
We’re still taking long positions.
our analysts decided to take some longs
positions on urine finance linear
Tokino Misco and they’ve hit targets.
But we are also now starting
to take shorts position.
So you can see yesterday we shorted
Flamingo Theta I shorted Tezo’s Ethereum.
Of course, we took along
on that two days ago.
And so right now we’re
in a very dynamic place.
And so if we were to pull up this three
day chart, I want to actually pull this up
because something interesting is also
happening here in this three day chart.
Notice how on the three day shorts we have
this 100 period moving average crossing
above this 50 period moving average.
That’s a very interesting thing.
And right now, this 100 period moving
average is sitting at the
monthly open at $44,000.
So remember when Bitcoin does come down,
it likes to take the elevator down.
And so as much as 49,
700 is an important level realize that
volume in this area has been cleared out.
And so the other concern is if we see
downside, we could possibly even go
lower than 49,700 pretty quickly.
And so I think that that’s also something
important to mention, especially
if we come down to test 49,700.
Who’s saying that we
can’t come down lower?
Because if we go on the daily chart,
notice how this 50 period moving
average is actually below 49,700.
And if Bitcoin is correlated to the SMP
500, which is the largest traditional
market worth, you know,
50 plus trillion dollars, and this
market is actually below the 100 day
moving average meme get
into in just a second.
When we look at the four dimensional
aspect of the outside environment,
then who’s saying that Bitcoin can’t also
go below this 100 day moving average if
they’re correlated in any sort of way.
And if that was the case,
that means Bitcoin could potentially if it
were to just copy that and P 500 come
down to the monthly open at 44,000.
We also have that 50 period moving average
or the 100 period moving average
on the three day chart and the 100 or
moving average on the daily chart.
So both of those 100 period moving
averages are showing Confluence ETH,
this monthly open, which I thought was
pretty interesting to just throw out.
There is a puzzle piece.
What’s happening here to the Altcoins
because obviously they’re seeing
weakness against Bitcoin.
I had a few very high level clients call
me today and say, Man,
I’m so glad I moved into Bitcoin.
What are you expecting now that altcoins
are actually dumping because they realized
that we were right about
We were one of the only channels saying
that Bitcoin dolmens was in the early
stages of reversal on September 6
when we saw the lower high form.
And so Interestingly enough,
we’ve yet to break that lower high
in the Total Cryptocurrency market cap
chart, which tells me, and this is a macro
aspect, because a lower high is something
that’s going to stay on the macro.
We’ve sort of doubled up.
We could say that maybe we broke it
by a few cents or whatever it might be.
But so far, we have not broken this
lower high in the total market cap.
So just because Bitcoin is broken
in the lower high, we haven’t
broken it on the total market cap.
So before we run and say there’s going
to be new all time highs in this total
market, why are we sort of
showing weakness here before breaking this
lower high that formed on September 6?
Another puzzle piece
for the total market cap chart.
Once again, the only reason I’d expect
between down is to move up is
the total market kept moving down.
So this is something we really want
to monitor this week at this resistance
level, it’s gonna be important to watch
the total market cap chart because
the reason it hasn’t formed
that new high above the lower high.
But Bitcoin has is because all coins are
moving into Bitcoin,
and that would only happen if there’s
fear, in my opinion,
if they’re moving into Bitcoin,
we want to go where the hockey puck is
going, not where it’s currently at.
And it’s obvious right now
that institutions because they’re the ones
that control the market as much as retail
loves the market, institutions control it,
it’s clear that the hockey puck
is in a place where they’re moving all
coins into Bitcoin
in expectation of something.
Question is, what is that something? Is
it a dump, or is it a new gold cycle?
Which means Bitcoin sees strength
for a few months between dominance moves
up, total market cap moves up altcoins,
kind of go linear the horizontal before
altcoins, then have another cycle.
That’s another scenario that’s
potentially on a table.
But is that really the most likely
scenario with the strength of the US
dollar moving to the upside?
And we know what happened in 2018 when
Bitcoin and the US dollare we’re
fighting against each other U.
And as it moved up from 20, 18, 20,
19 Bitcoin dropped,
is that the more likely scenario
with this US dollar strength moving up?
Who knows, if Bitcoin dominance is going
to come back below it’s
20 week moving average.
That would potentially also assume the DXY
and the strength of the dollar comes
below to 20 week moving average.
But it hasn’t been below it since June.
So I think that that would be a tough
prediction for those that are expecting
that just based on what
the markets are currently doing.
That’s why in my talk yesterday,
which I’ll post soon,
I said the reason correlations are so
important, like the way between dominance
is correlated is the DXY is because
money just moves in the market.
And that’s why this is
a four dimensional channel.
We look at all the financial
markets as money moves around.
And the importance of correlations is that
typically if there’s an asset that’s
correlated with an asset or we can just
say if there’s a chart that’s correlated
with another chart and we start
to see capital move into that asset.
But the correlated asset
has yet to make the move.
That’s where you can predict what’s going
to happen to the asset that has
yet to see the money flow to it.
And so money just moves around.
You can’t go to two places at once.
But if we know there’s a correlated asset,
then we can predict what’s going to happen
to the asset based
on the correlated asset.
Because money moves from one asset
to another, you can’t just
go to two places at once.
And that’s why correlations are the best
way to predict things in the market
based on the patterns of the past.
Now, what is happening with all of this
craziness with altcoins
and Bitcoin dominance?
Well, the chart that shows
all the altcoins outside
of Bitcoin Ethereum coming back down
to the 100 day moving average very bearish
right now below the weekly
and monthly open.
That’s a big puzzle piece.
So everything is just confirming
and strengthening the thesis
that we’ve had on this channel.
I think one of the strongest and boldest
predictions we’ve had as of recent has
been Bitcoin Dominis moving
over the 20 moving average.
Now the revolving parts out that outside
the cryptocurrency market
are still not looking good.
Spy 500 back below the 100
day moving average.
There’s another puzzle piece for you.
We look at Japan,
the second largest traditional market,
still below all daily moving averages.
That’s not a good puzzle piece.
We look at the DXY still showing strength,
looking like it wants to break
into new yearly highs.
That’s not a gold puzzle piece.
Here’s an interesting thing that I’d like
to show you if we pull up
silver against Bitcoin.
This is a puzzle piece for the Bulls.
Notice how we actually
just broke new loads.
And this is huge because we actually
predicted the top for Bitcoin
watching gold against Bitcoin.
Notice how are to take this horizontal
line the strength of Bitcoin actually,
right now today just broke below
the previous lows in April when
Bitcoin topped out on April 14.
That’s a very interesting puzzle piece.
It hasn’t done that with gold against
three coin, but sober against Bitcoin.
It has done that.
So that’s an interesting thing to just
keep in mind with that being said,
thank you all for tuning
in to the channel today.
I do want to quickly show you
guys Ethereum to Bitcoin.
This is a big deal,
has already moved below 65,000 Satoshi
and as a leading indicator for most Alt
that to me, is also not a good thing below
the 200 day moving average right now
that shows us that Altcoins are
potentially going to be seeing weakness
now against Bitcoin with the next
target at 53,500 Satoshis.
So none of this has been new for those.
I’ve been tuning this snipers channel.
Of course, once again,
we’re going to be monitoring the charts as
always for those inside of the discord,
you’ll be getting
the signals as they come.
Let’s see if we’re going to have to take
another shorts position or if we’re going
to see a breakout and we’ll have
to take more longs positions.
But on the daily chart, once again,
I’m quite concerned that we have all these
bearish Wicks here at these
higher levels above 53,000.
I think that that’s showing a sign
of weakness in this range
and that’s it for today.
Thank you all for tuning in to the snipers
channel today until next time.