BITCOIN EMERGENCY MOVE RIGHT NOW AFTER REACHING PRICE TARGET
You have to see what’s happening
into the Bitcoin price this Sunday as we
have yet to test the previous weekly
at 49,300 with today’s daily candle low
just shy at 49,450 with
a candle high of 50,500.
We’ve also yet to see strength above
the $50,000 level,
and that has been a concern for me.
We know Sundays are the most manipulated
due to SM futures being closed.
So the question now is are we going to be
seeing the trip trap and frustrate crew
bring the price down as futures markets
start to open, we start to see where
institutions are placing the ETH, or are
we going to see a breakout to the upside?
Because we do have this range that could
potentially take us to this $58,000 level.
It’s the weekend.
I’m going to be more free style
my analysis and we’re just going to cover
both ends of the equation at this point
being the fact that Bitcoin is still
having a cup of coffee at this extremely
important resistance at 49,700.
And then we’re gonna take a look
at Bitcoin dominance as we are
seeing some lows right now.
And so this is either
coming towards a point where we’re going
to see Bitcoin dominance break the lows
from May and this would be extremely
interesting for this to happen
with the DXY pushing up.
We know this is extremely
correlated with the DXY.
It would be odd to see this happen.
We’ve been expecting this to reverse
at some point or another.
Is this the last mile for the DXY before
reversal and for Bitcoin dominance
to also follow that path?
Where are we going to be seeing Bitcoin
dominance decouple away
from that correlated
asset, which is always been correlated
to the DXY since the first Bull market.
When it comes to the DXY and Bitcoin
dominant is moving together.
A lot of that has to do with fear
in the cryptocurrency market, bringing
capital from altcoins back into Bitcoin.
When the dollar strengthening, we just
start to see institutions more risk off.
So I want to talk about this,
since Bitcoin down is making further lows
and then this is a huge puzzle piece.
The Ethereum dominance chart,
sort of this ascending triangle.
This could potentially lead other
altcoins in the same direction.
The altcoins outside of Ethereum
and Bitcoin is also pushing
out of this channel.
Is this also the final mile here?
Are we going to just form a lower high
to see downside here, or are we going
to come up and form another higher high?
I think a lot of this will have to do
with whether Bitcoin is able to see
strength above 49,
700 or if we break down.
And if we first look at what’s
happening here, it’s a Bitcoin.
It’s not a surprise at this point
that we’re sitting at 49,700.
This has been a level that has been on our
charts for months,
and it was our initial target.
If we were to break out of 38,000 so far
we’ve only been able to really have a cup
of coffee at the resistance level
without seeing strength or volume.
That’s a slight concern.
When you reach a destination,
you either turn right back around or you
have a cup of coffee
and then turn back around.
And so if we’re breaking this $49,700
lovable and not seeing strength like we
first tested it here on August 23,
didn’t get to break out,
and then we started to come back up during
the 1 September still didn’t
get to see any decisive move.
To the upside, the question now is if
Bitcoin comes to 49,700,
are we going to be seeing volume
to the downside pressure Bitcoin to come
down below the 200 day moving average
to 44, 800 because that is a possibility
of 49, 700 breaks because we have
the previous weekly open, the weekly open,
and the monthly open and 200 day moving
average all inside of this range.
But we know the major support is actually
44, 800, so I wouldn’t expect any other
level here to really gold as a support if
we break 49,700 at this point,
because that would truly be a failure of a
trend because we got about 49,700.
But we didn’t see strength.
And so this is really I’d say, the final
chance for Bitcoin at this point to show
whether or not the Bulls are
ready for higher price levels.
And if not, it could start
to see some downside.
And here’s the thing
that I’d be concerned about.
Let’s just say,
regardless of what happens after I
posted this video, we stay above 49,700.
Then we need to start moving
up at some point or another.
But if we’re coming back down towards
41,700, maybe by the time I post this
video where below 49,700, who knows,
then that’s a huge concern for me,
because the problem with that is
the buyers are going to easily be able
to come back down to 200 day moving
average since it’s above
the $44,800 support level.
And so I would expect
44,800 to come into play.
And who’s to say that?
As I’ve been saying over the last
few days, the beers can get us here.
Why wouldn’t they take us lower?
And so that’s my concern right now.
49,700, we’re not able to see some
decisive and intentional
price action to the upside.
And so once we see a downside move
for Bitcoin, whether it’s now or whether
it’s later is when we’re going to really
be able to test our altcoin prediction.
So as much as Bitcoin dominance is still
seeing some loads,
we haven’t gotten the true test.
The Ethereum chart, though,
is giving us some interesting puzzle
pieces, because since we broke out
from the 1760 support,
now we’ve come up to form this lower high
so far, and it put us back
inside of this channel.
That’s been long
with holding here with the Ethereum price
since the initial breakout
from the start of this year in January.
This has been a very, very
fair market value for Ethereum
while it’s inside of this channel.
And it’s nice to see if they’re back
in this channel,
but is it now going to act as a resistance
for those that were in our discord?
We did take a short position here right
around that $4,000 level
pretty much just below it.
And I know some people
still have that open.
This is a major resistance at 39 59.
If Bitcoin starts to push below 49,700,
it could get ugly for your four Ethereum.
What would really want it watch
at that point is Ethereum to Bitcoin
and then also the Ethereum dominance
chart, and then the altcoins outside
of Ethereum when that happens.
So is this just going to be a lower high
before further downside,
or are you going to come up for new all
time highs and maybe a higher high
that has to really depend on if Bitcoin
can see some strength about 49,700
and then the theorem to Bitcoin chart,
we’re still inside of this higher range,
but we haven’t broken any highs that would
really characterize this move as
something significant, just ETH.
It could just be another lower high.
So we really want to monitor this.
Yes, we’ve isolated Ethereum and I think
we’ll continue to do that moving
forward when it comes to dominance.
And I know I said that there is
a potential when we saw this bullish
continuation candle at six to five0
associates at Ethereum was gonna
see some strength beyond Bitcoin.
That did end up coming true.
But now that we’re having a cup of coffee,
you have to B like Bruce Lee and be
a little bit more dynamic here on the four
hour chart, we’re seeing the higher high.
This is indicative of a bearish flag.
What’s gonna happen here?
I think this is really waiting on Bitcoin
and so we’re at a very critical point
where I think things
could change really fast.
And when we see the next move,
we want to monitor the theorem, dominance,
Bitcoin dominance and altcoin charts.
I’m going to be changing my previous
weekly opens on the chart tomorrow,
so stay tuned for that.
We’ll start to see traditional markets
open up, not just futures markets.
And that’s going to give us a really good
idea of how this market
is going to play out.
So futures are going
to open here real soon.
It’s gonna be interesting to see where
things head and with that,
I appreciate each and every one
of you snipers tune in the channel.
We want to hit 100,000
subscribers on this channel.
I’m gonna just read out
some of the comments here.
I don’t have a book to give
away on me right now.
And let’s see switch Cottage says yes,
that was a top sell BTC now and buy back.
And when it goes higher sell, you know,
dollar cost averaging is never a bad idea.
But being able to get some gold positions
we need all across average
is also a great thing.
So with that, thank you all for tuning
the ciphers channel this Sunday.
Have a fun day and I’ll see you
guys at the start of the week.