BITCOIN EMERGENCY!!! MOST IMPORTANT SUPPORT LEVEL TO WATCH
You have to see what’s happening
to the Bitcoin price this Thursday.
As we’re still inside of the range
of 58,360 1844,
we had a retest above the $61,800
resistance level today,
but our daily candle is now now about
to close here in less than ten minutes
below the $61,844 level.
So we’re inside of this really important
range where we have the previous all time
highs we’ve been talking
about here at $64,855.
And we’ve also got this major support
at 58,300 that if we break down from this
level hourly and four hour candles,
we could start to see a potential downside
towards the $50,000 level to retest
the 50 day moving average for Bitcoin.
We’re in a very important area here.
So I want to really address the bears
and the Bulls,
and a lot of people are talking about
all coins inside of our discord group.
We have the number one cryptocurrency
discord group in the world.
The link is in the description below.
A lot of people are talking about Shibu
and a lot of meme coins are really
in the light right now,
but Ethereum is really starting to test
this higher range here towards
its previous all time high 43.
The question is, are we going to be seeing
Ethereum break out
back inside of this range that Ethereum
has been able to get to numerous times
now, even on September 7,
we reached this range that dates back
to when Ethereum first
started moving above $700.
So if we start to see a theory and move
up, are we going to be coming
towards the $4,$600 to $4,800 range?
I want to talk about the bearish
and the bullish case, of course,
to address both sides and both audiences,
because really a lot of this has to do
with what’s happening
to the theory of the Bitcoin.
Trevor, notice how every candle spark
stuck to the 50 day and 100
day moving average.
So as much as we’re seeing some price
action above the 50 day,
this is a volatile chart.
I wouldn’t say we broke
out of this range yet.
Really, if we can get above 69,000 Satoshi
and start closing hourly and four hour
candles into the 71,000 Satoshi range,
maybe we could see a potential break here
to the upside for Ethereum to Bitcoin,
which would also break
a lot of the altcoins to the upside
that are outside of Bitcoin and Ethereum.
So I think that that is going to be
an interesting thing to monitor here over
the next 24 to 48 hours as Bitcoin decides
how it wants to react to this range here
with 58,300 sitting right there down as
major support level, we really want
to start watching this daily candles.
It’s about to close
the body below the weekly open
with a bearish tail right now,
so we cannot deny that fact.
So it’s going to be interesting
to see what happens here.
Just keep in mind,
58,300 is the major support.
total cryptocurrency market capital.
I do want to address this
really quick because
we’ve failed to form new highs.
We’ve formed a lot of lower high highs,
and that typically is a sign that things
are slowing down a little bit.
This is an interesting
schematic that I found.
It looks like we might have the ability
to come back test the $2.5 trillion level,
and if that doesn’t hold two point 25.
9 trillion comes on the table,
but this could all change.
If Bitcoin is able
to move up above $61,844,
we want to address
the bears and the Bulls.
Like I said, if we can get above 61,844,
we just need to see some
hourly and four hour candles.
There’s the potential we get back up over
the previous all time high,
and that certainly would move Ethereum up
in my opinion,
regardless of if the theorem Bitcoin
charge is not performing well.
So 61,844 is still the major love,
but we have the weekly open,
the previous weekly open,
and of course, the major resistance there
as a roadblock that we just need to get
above in order to see a retest
of previous all time high.
So that’s the one positive thing.
And with Bitcoin dominance at 44 point
44%, sitting right between the 201 hundred
day moving average,
if we look at the six hour chart,
notice how we’re starting to see some
bearish pressure with some new lows
forming right now,
but it does look like we’re still in this
flagship of pattern that could certainly
break out as it heads towards the apex
here, which could happen
here in the next few days.
I think the main thing to watch with this
charge, I’ve been saying is the 20 week
moving average, which we have been
mainly staying above.
We’re seeing some Wicks and tests
of the 20 week, but we’ve
stayed above it so far.
So if we can assume this is a level where
we could bounce, I think that that’s fair
to assume to retest this
sort of neckline of an inverse head
and shoulder type of pattern, maybe even
we can consider it a cup and candle.
So Bitcoin down is still bullish
in my opinion, especially
with its correlation to the DXY
and with the DXY we are pushing down
right now, but nothing significant.
We stayed above the 20 week moving average
and we’re staying pretty much
above the 50 days so far.
So we want to monitor this and see whether
or not this is going to break down
or to the upside, we break down.
That could be very positive for the SSP
500, which would also be positive
for the cryptocurrency market
to potentially see further
new all time highs.
Many features contract has continued to
prove itself to form you all time highs.
So we’re certainly seeing
the effects of asset
Gold is testing these higher levels
at 1800 and of course,
oil everyone knows has been moving up.
So very interesting chart with the gold
to Bitcoin chart that will
continue to monitor to see if we can
get above this 50 day moving average.
If we do, that could be an indicator
because on April 14 that predicted
the $64,000 top that we saw,
and so we get above that.
That could be a confirmation.
But if we see continuation,
it looks like regardless of what happens,
we’ve already proven
that Bitcoin is certainly
still has a lot of room to
go against with gold
to potentially continue
further and outperform gold
for several more years in the macro.
So I think that’s a good part of forming
the new low that we recently got
with Bitcoin forming a higher high so far,
if we can get about 61,844,
that could all change.
So this is going to be a quick video.
I’m going to be heading on a flight.
So I just wanted to ensure to get this out
to you before this daily candle closes
here in less than five minutes now.
And so I’ll have a video out as soon as
I’m back on East Coast time zone for now.
with that, thank you all for tuning
into the snipers channel today.
I love seeing the participation
in the discord.
I’m here every single day
chatting with you guys.
And like I said, a lot of altcoins are
being mentioned, and it’s fun
because we’re trading them as well.
So if you guys aren’t in the discord
link is in the description below.
With that, I’m going to go pull this
all nighter that I’ve been pulling and
head on this flight,
always traveling, always moving around.
But you got to stay active.
So thank you all for tuning
into the snipers channel until next time.