You have to see what’s happening
into the Bitcoin price this Thursday as
we’re testing the 200 day moving average
at 46,300 along with the
$47,000 support level.
But we’ve yet to really
see a decisive break.
And we know this is an extremely important
support level, because if we break this
level, that could potentially put this
scenario for Bitcoin, it come down
to test the monthly open at 41,950.
Because, yes, we have
44,800 as a major support.
But if we get below the 200 day moving
average, we have to think about
the emotions in the market,
and the sentiment could potentially
break us down to the monthly open.
And who’s to say if we get to 41 950,
we’re not going to see the sentiment drive
Bitcoin price to potentially see
new further lost for this year.
Remember when you’re watching the Snipers
channel, we are three and four
dimensional with our analysis.
We’re not two dimensional analysts.
You might have analysts saying, oh, sell,
we’re gonna find support at 40,000.
We’re gonna find support at 41,000.
But that’s not really the full picture.
The real picture here is even if we come
to test 41,950 and it is a support level,
what is that going to look like in a more
macro sense when we include
time into the equation?
If we come down to 41,950,
like some of the two dimensional analysts
are saying, don’t you think the fear
in the market is going to potentially
reject 44,800 at that point?
And now we’re talking
about even further lows.
Jerome Powell is speaking tomorrow
at the Feds town hall at 07:00 a.m.
Prior to traditional market opening.
He has this meeting every single month.
And we know Jerome Powell is the reason we
saw traditional markets
and the cryptocurrency market bottom out
in March 2020 as they began buying up
bonds and mortgage backed securities.
A lot of the Feds in different States like
New York and other places like Virginia
are talking about the need to stop
tapering or start tapering off the
purchasing of the securities.
Let’s see Jerome Pale tomorrow at 07:00
A.m. Comes out and says, okay,
we are going to start tapering
or purchases of these bonds.
Now, what’s going to happen to the DXY.
We know what’s happening internationally.
There’s a lot of tension of sell,
what’s going on in Afghanistan.
And by the way,
my heart and my condolences go out
to the troops that were
unfortunately affected by the tragedy
that happened in Afghanistan.
I would talk about it more,
but we focus on technical analysis here.
I just want to throw that out there.
If you don’t know, don’t worry about it.
Just realize that there was
a major tragedy today.
And so let’s say that we
see the Feds talking about raising
interest rates tapering away.
Are we going to be seeing this DXY.
If this pushes up, we know what
happens to the Bitcoin dominance.
It pushes up.
There also has to be a narrative
attached to every move.
Of course, analysts that are just two
dimensional sell focus on the technical
analysis, which is black and white,
and that’s fine because that has rules
and it’s accurate and it’s technical.
But there’s always a narrative to why
the technical analysis makes sense.
If we start to see Bitcoin dominance go up
with the DXY,
the only narrative that we could think
of here on the at least in my view,
is that Bitcoin price is coming down.
Like what happened in 2018,
causing all coins to crash
and then causing fear for
the whales to take their Bitcoin
and Hoddle it and then take profits
on their altcoins by going back
into Bitcoin to Hoddle even a more
Bitcoin, causing the potential reversal
of Bitcoin dominance to come back
to homeostasis at this 200 week moving
average where we know it loves to sit.
If this happens,
I couldn’t see this happening
with the market continuing to go further
up, or at least Bitcoin continue go
further up, because if it happens,
all coins will do sell now.
There might be a DeFi summer,
a game Fi summer.
We might see that.
But the point is, if this happens,
altcoins are going to bleedi.
The confirmation of this is going to be
the leading indicator
Ethereum to Bitcoin chart.
Are we gonna break 650?
It sure is how it looks like we’re
really coming to test this level.
And if we knock on the door on the four
hour chart, notice how this is the second
time we’re coming here
to knock on this door.
Is Satoshi gonna open the door?
Sell, you come for a second time,
that likelihood becomes a lot higher.
You can see we’re just riding this 200
period moving average
on the four hour chart.
If this breaks down, that will
cause panic in the other altcoins.
Since the theorem is the largest altcoin,
so it’s a leading indicator.
And then that’s when we can start
looking at the Bitcoin dominance charto.
There’s a lot to talk about today.
It’s a very sad day with what
happened in Afghanistan.
the Spy 500 is also starting to sell off.
We also want to address like
we’re talking about right now.
Hot topic, Afghanistan.
Is that also a potential?
I’m not gonna say Black Swan event,
but what I will say is,
is that a potential threat ETH
traditional markets to see weakness.
We’re already seeing
Asian markets sell off.
Smp 500 is starting to sell off.
It looks like there’s a top here.
This looks like a very
classic top formation.
We’re just kind of rolling down over.
September ETH is coming.
That’s an anniversary for the Taliban.
I’m not trying to throw conspiracies out
there, but I’m just saying the next
two weeks could be very volatile.
Let’s just start there.
So we’re going to go just dive into this
Bitcoin chart so we can have a little
bit of some positivity in our day.
And we talked about the 47,040 $9,700
range yesterday, and we knew that was
the range that we were playing in.
Now, we’ve already breached
this market structure.
You can see we tested it right here.
We saw the fake out.
And now we came to knock on the door
a second time, and it opened.
So it brings us to this
$47,000 support level.
Now, 44,800 is significant.
But when you go into the daily chart,
why would Bitcoin
break below the 200 day moving
average to just come and test 44,800?
Yes, that’s a possibility.
But we’ve kind of, you know,
we’ve kind of slowed down here at this 200
day moving average, you have this
sort of kind of similar to the 500.
This top is short of formation.
That’s why we’re three
and four dimensional.
See how much correlation there is, right.
you know, the fact that we form these
higher high, that’s
always a bearish pattern.
We can pull up divergences
on the RSI if we wanted.
I mean, there’s a hundred things we could
pull up here, but you guys probably see
that with a lot of the two
dimensional analysts, we won’t cover.
What it I will say is this 47,000 breaks.
I don’t think that 44
800 is the next level.
I think we come to test the monthly open.
It’s a straight shot, 200
day moving average breaks.
Why wouldn’t we just come down
to test the 50 day moving average?
Totally garden variety market
behavior, if you ask me.
That’s also the monthly open.
Now, remember that date, September 11.
And remember tomorrow at 07:00 a.m..
Those are two important
things you want to keep.
If you leave with anything from this
video right now, here’s the thing.
A two dimensional announces will say,
okay, yeah, we come.
We test 41,950.
Yeah, you’re right.
We will see a bounce,
but markets are 80% emotion.
We come down to test 41 950.
There’s a potential we
Wick down into the 30,000.
Now we’re gonna start to see a different
type of market emotion play part.
And the same strength that brought us
up could potentially start a wave down.
And guess what?
This $49,700 level is not a new
level for anyone on this channel.
And I’m sure for even the two dimensional
analysts, we know this
is the gold en zone.
If we pull up Fibonacci retracement,
this is the gold en zone.
And by the way,
a lot of your analysts will love to pull
Fibonacci retracements, but they don’t
factor in time in their analysis.
If we were to take this tip speed
resistance band, what you’ll notice here
or the speed resistant fan,
they call it is if we take it
from the $64,000 top to the $28,805
bottom that we saw with this market move,
look where Bitcoin at.
We tested the six one eight.
We broke through it.
We came all the way above the blue zone.
Remember this blue zone that we talked
about from the 2019 move that was
extremely similar to this?
That blue zone is typically where
things become oversold if we come down.
I mean, look at where we
could potentially go.
If we were to just come down to the 50%
range here, that would
be the $38,000 level.
I mean, that could even be further down.
I mean, it really depends
on when it happens.
But just realize that we are
really starting to test this move
to the upside and the strength of it.
So that’s all I have to say with that.
Now here’s the thing.
At any point in time,
there is a potential that Bitcoin could
start moving up above
49,700 if that happens.
Well, that would be the best case
scenario, because we have the weekly open
at 49,007, 100 or just below it
at 49,000 and then $49,700 resistance.
And a second knock of this door
puts the upside scenario on the table.
And we can just say right now,
the next targets 58,000 will probably find
some room here at 54,000 to slow down,
but then we can come and turn 49,700
as a support rather than resistance.
But this is the gold en zone.
This is a market variety
test of the gold en zone, right?
We could even just kind of look
at this as a wedge, as sell.
We could do Elliot Wave analysis.
So 12345, we could just do
this a hundred different ways and talk
about how much resistance there is 49,700.
You just have to realize that if
the market starts to break this 200 day
moving average, it changes
the emotions, right?
It elongates the bear trend.
It elongates the emotions.
So I just think that that’s
very important to talk about.
So keep in mind, 07:00 p.m..
Eastern time tomorrow,
Jerome Pal opens his mouth.
We know that, you know,
always going to affect the market because
government policy fiscal policy is one
of the biggest factors of
what affects markets, right?
It’s not this news you see on CNN.
So Ethereum looks like
it has a double top.
You know, since the start of this push,
when we entered at 03:00 a.m. At 1770
and we got above 1980, I told you guys,
there’s such a large range here
that we’re going to come to 34 54.
Guess what happened?
This is exactly where we sat.
And he had a cup of coffee.
So, you know,
Bitcoin doesn’t get about 49,700.
Ethereum getting above
3400 becomes less likely.
Bitcoin breaking down
from 470 monthly open 2500.
We find support, and then we monitor
their theorem in Bitcoin chart.
If it’s below 650, Satoshis doesn’t
really pay to be in Ethereum.
We might want to wait
until we see the 1980s again.
And that happens if Bitcoin downside
scenario comes on the table, because
Ethereum will be weaker than Bitcoin ETH.
Same way this range took us to the upside
faster than anybody could expect when all
the two dimensional analysts
at all coin season is over.
And we said it wasn’t,
but that ended up being the nicest rally
you could have been a participant of.
Now, if we come down, the thing is,
my Bitcoin dominance prediction is true,
which so far, I haven’t seen
anything argue against it.
And we’re starting to even see 2d
analysts move with that opinion.
If Bitcoin dominance comes up
Ethereum to the US dollar price will
go down just as fast as it came up
through this range, unfortunately.
And so that’s what the truth is there.
If we see the rescue operation
for Bitcoin, about 49 700,
this gold all change.
So this is the confirmation
we’re gonna wait for.
We haven’t seen it yet.
650 associates brakes
that of a confirmation, in my opinion,
that this Bitcoin dominance charts coming
right back up to this 20 week moving
average, seeing it right
around that 46% level.
Currently, Bitcoin dominance
44% like yesterday.
And then let’s just kind of wrap
up with the traditional marks.
The DXY drone pal or
opens his mouth tomorrow.
This has been on a tear since he started
talking about interest rates coming up.
And then we saw this kind of push down.
And then when we saw what was going
on in Afghanistan,
they’re pulling out of the war.
War is a big expense for a country.
We started to see DXY move up even more.
And now we have Drone Pale
opening his mouth tomorrow.
We really want to watch
the DXY at 07:00 a.m..
It’s going to be a very important day.
Remember, cash is a position you don’t
always have to be
a participant in the market.
Sometimes the way that you can participate
is by being on the sidelines, right?
So there’s just certain times that you
just kind of have to see what’s gonna
be the narrative, right.
And then that narrative,
you attach it to the technical analysis,
and you go from there.
So with that, I appreciate each and every
one of you snipers tuned to the channel.
If you want to win mastering Bitcoin.
All comments are legible.
Pick a winner from yesterday’s video,
and we’ll wrap up here.
Dorian Carter says, hey,
I’ve been a snipers since 2017.
The growth of the channel
and discord has been amazing.
You will definitely
reach 1000 subscribers.
Thank you, man.
It’s been a dream ever since I was twelve
and I had my first gaming
channel on YouTube.
And so it would be amazing.
You see this channel and the
community grow to that level.
And with that, I appreciate each
and every one of you snipers.
Send me a message on Instagram door,
and you want to book.
And until next time, snipers out.