BITCOIN EMERGENCY AFTER WEEKLY CANDLE FAILS TO TEST 20W MA!
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02:48 bitcoin analysis
07:55 ethereum update
11:45 traditional markets
Snipers, you have to see what’s happening
to the Bitcoin price this Sunday as we are
starting to see the forty one thousand
nine hundred and fifty dollar resistance
level come into play here with today’s
Daily Kindle High at forty two thousand
six hundred and a low
of forty thousand on the dot.
Notice how we broke out of this market.
Structural resistance tested forty
one thousand nine hundred fifty.
And now we’re seeing a garden variety
retest of this previous resistance, which
now could potentially turn into support.
There’s a lot that we need to look
at today to talk about whether or not
we’re going to see the continuation
for Bitcoin to test the 200 day moving
average in the 20 week moving average
at forty four thousand eight hundred,
because we have failed to test
this 20 week moving average.
And this is a major puzzle piece
on the table right now because this
weekly Candles closes in 56 minutes.
I had to get this video out to you guys.
And this right now is just showing
indecision, still looking like it’s
inside this consolidation range.
And because Bitcoin is yet to see this
push above the forty one thousand nine
hundred and fifty dollar level,
we’re now seeing a rejection
with the Bitcoin dominance chart
at the 20 week moving average.
This is a huge puzzle piece because
guess what’s happening now?
We’re seeing the momentum with Altcoins as
Bitcoin is still showing sideways price
action Ethereum reaching our target
that we talked about yesterday
with a Candles high of twenty seven
hundred today, exactly what we predicted.
And now we’re starting to see
the slow down with Bitcoin.
And because of that,
Ethereum is starting to slow down.
And the reason we knew that Ethereum was
going to reach that twenty seven hundred
level is because of the
Ethereum to Bitcoin chart.
We were watching the sixty five thousand
Santoshi level and that’s exactly where
we’ve seen today’s daily Khandahar High
here at sixty five thousand fifty three oh
on the dot in our numbers on the Snipers
channel sometime impress me
and that is just phenomenal.
All of our numbers are extremely
important on this channel.
And so because futures markets are open
now, the DXY, the S&P, five hundred
and commodities like US oil and gold.
I want to talk about what I’m watching as
we start to see institutions place their
bets, because that’s going to give us
a good idea as to how the Cryptocurrency
market is going to unfold
through this week.
So we’re going to discuss the revolving
parts, others dominance and the total
market cap chart, as always,
and first of all, dove into what’s
happening in the Bitcoin.
You guys are watching the Snipers channel.
My name is Naeem.
Alobaidi smashed it like one
for the YouTube algorithm so that we
can hit 100000 Snipers on this channel.
So with Bitcoin right now showing some
weakness here at the forty one thousand
nine hundred and fifty dollar level,
this is a puzzle piece because we were
hoping that this daily candle that we saw
on the 30th of July with this
bullish tale and a very nice body
approaching the forty one thousand nine
hundred and fifty dollar level was going
to at least give us the chance to test
this two hundred day moving average
and the twenty moving average at forty
four thousand eight hundred,
because until we get above this
twenty week moving average,
these curtains behind me are
not going to change from red.
The reason these kernels are red right now
is because as soon as Bitcoin came below
the 20 week moving average,
I changed the curtains to red.
And the reason it’s like that is because
until you were above the 20 week moving
average, you are not in a bullish trend.
And we clearly can see that here.
When Bitcoin first got above the twenty
week moving average in April of twenty
twenty, we went from the five to six
thousand dollars level to sixty
four thousand US dollars.
And since we’ve been below the 20 week
moving average from the 10th of May,
we’ve seen sideways price action
allowing Altcoins to see momentum.
And here’s what I think is very
interesting about what’s
happening right now.
The Bitcoin price.
We want to watch Bitcoin dominance as
Bitcoin is testing this one hundred day
which is showing confidence
with the market structural support
at the forty thousand dollar big even.
That’s why today’s daily Candles
those forty thousand on the dot.
Now, if we break down from this area,
here’s what I think is very interesting.
I’m going to just talk about Ethereum,
but this applies to other Altcoins if
Bitcoin starts to see downside a Ethereum
because it’s come up so much
during this sideways price action
for Bitcoin Bitcoin can come back
to thirty four thousand seven
hundred and eighty eight.
But a theory might never get back
below 2000 US dollars at this point.
So this is what I mean by Altcoin season’s
not over and we have to be strategic
with where we’re placing our bets because
we need to understand how
institutions are playing Q3 and Q4.
And with Bitcoin testing this one hundred
day moving average and this market
I’m totally cool that we call this garden
variety market behavior
on the Snipers channel.
Now we get below 40000.
That’s going to be
the first signs of concern.
We have thirty eight thousand is a major
support and then thirty
six thousand five hundred.
And then the most important levels,
thirty four thousand seven
hundred and eighty eight.
We don’t want to get below thirty four
thousand seven hundred and eighty eight.
So this is going to play out in
a couple of different ways.
We either hold this structural support at
forty thousand, continue further up now.
We have a monthly open here
at forty one thousand five hundred.
We’re going to be changing our previous
weekly opens as well, which is
always green on our charts tomorrow.
So lot is shifting on the charts.
This is going to be an interesting week.
Don’t get confused, though.
Follow what I’m saying here.
We test forty thousand.
We can continue 4-hour up,
we test thirty eight thousand,
we can continue further up.
We can even test thirty six thousand five
hundred and continue further up
now testing thirty four thousand
seven hundred eighty eight.
That’s a different scenario.
We have the fifty day moving average
now sitting here showing confidence.
I believe if we’re testing thirty four
thousand seven hundred and eighty eight
again, we’re going to see further yearly
lows for Bitcoin potentially towards
the twenty six to twenty
four thousand dollar range.
I’m not going to talk about that.
I’m being your umpire.
What I do want to talk about is what’s
happening on the micro time frames
while Bitcoin is testing forty thousand
because everything more from the smaller
time frames into the larger time
frames on the 4-hour chart.
When it comes to volume,
I don’t see any concerns here.
I see good buyers.
I see a moderate on a sell pressure
and on the Candles we’re just seeing
a garden variety retest of forty thousand,
which is totally fine right now.
So the 4-hour doesn’t look bad.
We break forty thousand now we have this
fifty period moving average on the 4-hour
chart sitting right around
thirty nine thousand.
That’s going to be another
sign of concern once again.
Thirty eight thousand can be tested
and we’re totally fine with that because
since we started this week in the range
that we’ve been playing in has been
the thirty thousand to forty one thousand
nine hundred and fifty dollar level.
Regardless of what other analysts say,
that’s our Snipers chart levels.
So that forty thousand dollar
level right now is significant.
We go on the hourly chart,
there’s not much to talk about.
We’re still seeing light volume.
So remember, the path of least resistance
when there’s light volume is always going
to be sideways to a little bit higher.
So so Bitcoin even coming down to thirty
four thousand seven hundred eighty eight
would justify sideways price action.
where’s the real opportunity right now?
While Bitcoin is just kind of flirting
at these levels between forty one thousand
nine hundred and fifty
and thirty eight thousand?
guess what, Ethereum Candles have twenty
seven hundred today,
up six percent against Bitcoin.
This was a big puzzle piece.
If we start to see Bitcoin cool off below
the forty thousand dollars level,
we can expect the Ethereum
to cool off a little bit.
Right now we’ve got a weekly
open at twenty one eighty.
That’s something to keep in mind.
The monthly open sitting here showing
confluence with the one hundred day
moving average at twenty five forty.
So these are some levels that we’re going
to be watching throughout this week.
I expect this is just continue further up
right now, Wolf, Bitcoin doesn’t get above
forty one thousand nine hundred fifty.
I don’t think Ethereum is going to get
to thirty four fifty four if Bitcoin goes
to the side and doesn’t see too much
downside price action below thirty six
thousand five hundred,
it is a possibility.
But I think that if Bitcoin is going
to start moving to the side,
we’ll also see Ethereum kind
of follow that story line.
I don’t know if we’ll just start to see
this breakout, but the range that we’re
playing in with a theme is nineteen
eighty to thirty four fifty four.
So Ethereum can just kind of rollercoaster
its way through this range
as much as it wants.
And it’s a more volatile asset and it
might just be the funner asset
over the next few weeks.
So the Ethereum to Bitcoin is probably
going to be
giving us more henson that the US dollar
at this point, now that we’ve tested
twenty seven hundred
one to monitor sixty five thousand Satoshi
level break above sixty
five thousand Satoshi,
no matter what Bitcoin is doing,
could certainly justify a Ethereum getting
to the thirty four hundred dollar level,
because this means that not only are we
in a range from 1980 to thirty four, fifty
four on the same, the US dollar price.
But on the theme to Bitcoin chart,
which is even more significant
in my opinion,
we enter a range of sixty five thousand
to eighty six thousand stoushes,
but until we get above sixty five thousand
satoshi with decisiveness,
we’re not in that range.
We’re still in the range of sixty five
thousand and fifty three thousand Satoshi.
maybe nothing to go home and tell grandma
about tonight, but give
it a couple of days and.
Stay tuned to the channel.
I think we’ll start to see some fun
things happening on these charts
first to cover the total
Cryptocurrency market cap chart.
What I do like is that we’re above this
200 day moving average,
but we have yet to get to this 20
week moving average and get above it.
It looks like we’re just
seeing a test of this.
The weekly Candles closing here.
Forty seven minutes.
I don’t know if this is just
going to continue further up.
That one point seven Trillion is crucial.
Now, we want to get above that level
if we don’t with this weekly candle than
sideways price action,
maybe the story storyline into this week.
Now, here’s what I’m really monitoring
others dominance testing this
morti year support level.
That was previous resistance three
times since twenty seventeen.
We’ve been very bullish on Altcoins,
despite analysts everywhere saying awkward
season is over because Bitcoin topped out.
I’ve stayed true to my analysis,
saying that it’s the most bullish
chart in the Crypto market.
Has it yet gotten fully above
the 100 day moving average?
But we’re above the 50 day and 200 day
right now where we’re really starting
to see this effect is
on the Bitcoin dominance chart.
And this is what we want
to monitor this week.
Did we just come up this week to test
the 20 week moving average to see
continuation to the downside where
Altcoins are still going to outperform
Bitcoin as they have been?
That’s what we need to monitor this week.
We get back above this 20 week moving
average up forty eight point nine
four percent dominance for Bitcoin.
This is a big change in the storyline
because that could assume
a slowdown in Altcoins.
So that’s really what I’m monitoring.
And then to just wrap up with traditional
markets, the DXY
garden variety market retest right now
of ninety one point nine to we are above
the twenty week and fifty
week moving average.
This is a rocket that Jerome Powell
launched recently here when he announced
potential interest rate hikes
here and the start of June.
That’s when we started
to see the DXY move up.
We know that when this chart goes up,
assets tend to come down in value because
the US dollar price going up,
it brings asset prices down.
So I’m going to monitor the DXY.
We break below ninety
one point ninety two.
That’s very positive for Bitcoin
in traditional markets.
We break above ninety two point
six to that would be bad, right?
So that’s what we want to monitor the S&P.
U.S. oil and gold just kind of showing
sideways price action will cover
them more in depth tomorrow.
I think there’s a lot here on the charts
that are still in their early
phases of forming out for pattern.
I’m glad we caught the Ethereum
to twenty seven hundred.
There are a ton of Altcoins that also
moved with that specific move.
And with that, I think we’re
pretty much wrapped up.
I appreciate each and every one of you
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