You have to see what’s happening
with the Bitcoin price this Friday as
we’re heading to the weekend where
the cryptocurrency market is the most
manipulated as you guys know
on the channel due to CME features being
closed, we’re testing 60,700 right now,
which is the previous weekly open.
Its not a coincidence.
Today’s daily candle low is at 60,730
and heading into the weekend,
this is a four dimensional channel.
We have something to talk about with the
DXY today forming a new yearly high.
This is a major puzzle piece of the market
environment outside of the cryptocurrency
market that we want to discuss today
because this is coming after the Feds have
announced that they were going to begin
tapering away asset purchases this month.
And this is the first time we’ve seen
the DXY come and form
a new yearly high in quite some time now.
And so coming into the weekend
with the DXY and the US dollar strong
and Bitcoin below 61,800,
which for the Bulls, if we want to assume
further price discovery for Bitcoin,
we have to conquer 61,844.
This is an extremely important resistance
now and we need to see Bitcoin’s price
action get above 61,800 if we
want to assume further upside.
And here’s the other problem
that I’d like to address here
for the Bulls
58,353 right now is the support level
in the range that we’re in between
61,800 and this $58,300 level.
And the $58,300 level is extremely
important because if we see 60,700 break
where we have this previous weekly open
and we come to test 50,300, the gap
down between 50,300 to 49,700 is about 15%
potential downside for Bitcoin
because there’s not much volume in this
area, which means as the price
sliced to the upside through this range,
it could also slice to the downside.
So the $15,300 level is extremely
important as a support.
But of course,
the Bulls obviously have control right
now and are winning the battles.
And of course, we’re still above
the previous week, we open a 6700.
If that changes,
we’re going to address that on this
channel, but just realize how important
50,300 is and 61,844 has
pretty much been exhausted at this point.
But we certainly took advantage of all
of the upside momentum that Bitcoin
has seen over the last few days.
For those inside of our discord group,
we’ve had an amazing
week of altcoin trades and we’ve seen
a lot of profits come from even
legacy coins like VChain and Amisco.
We have the number one cryptocurrency
trading discord group in the world.
And now that we’re seeing these
red candles, we have to be more cautious
and that is because we are in a sort of
dilemma with Bitcoin dominance,
as you guys know, with Bitcoin dominance
potentially being correlated with the DXY,
but showing weakness right
now below a major support.
Are we going to be seeing continued
downside for Bitcoin dominance?
And if that’s the case
where is that money going to flow?
That’s all going to be determined here
by watching the chart that factors in all
coins outside of Bitcoin and Ethereum
forming new daily highs today, which means
that all coins are seeing some momentum.
But the question is with the total market
cap still on its
consolidation to the upside,
where is the money going to be flowing
to all coins or Bitcoin that is going
to come with Bitcoin dominance.
And of course Ethereum
is also showing strength.
But I want to really address here
when we look at the theorem to Bitcoin
chart being a leading indicator for most
we could assume that since we’re
back above all these daily moving
averages, all coins may
start to see strength.
And if that’s the case,
then which all coins are
going to show strength,
most likely the fundamentally sound
altcoins infrastructure projects
and things of that nature.
So if the theme to Bitcoin
continues to see strength, we can assume
other altcoins will see some strength
and Bitcoin dominance as
they continue further down.
And that would actually be against
the thesis that the Bitcoin dominance
chart is correlated with DXY.
Now understand that obviously Bitcoin has
been moving to the side,
and it’s good to take advantage
of the upside momentum when it’s there.
But when there’s downside momentum,
that’s when we have to be more cautious.
And so the DXY being a revolving part
outside of the cryptocurrency market,
we have a four dimensional channel here
showing new yearly highs today.
That’s a puzzle piece saying that the US
dollar is truly continuing its uptrend and
S Amp P 500 not really reacting to it.
And of course coming in to close the date
with new alltime highs,
it’s going to be an interesting weekend.
And of course it’s going to be very
interesting to see how things
open up on Monday as well.
So stay tuned to Snipers Channel.
International markets are quite slow.
Your 100 performing new highs today.
Gold did move up to end the week
actually moved up quite hard back above
the 200 day moving average, but nothing
breaking resistance or market structural
significant levels, which means
that we’re still consolidating there.
And then the goal to Bitcoin chart.
We will be monitoring this to see if we
can form further lows or come and get back
towards the 50 day moving average, because
both of those would be a confirmation
either continued upside
if we break the lows against gold
or potential downside if we get to the 50
day moving average and with that I
will be on my way to Tulum today.
And so I’ll have a video out tomorrow.
we have the number one cryptocurrency
discord trading group in the world.
People are talking about Shibu UNU right
now and a lot of old coins are still
really in the conversation.
I think that that usually happens when we
see days of positive
green for Bitcoin but then we have
to be careful when there’s red.
I think that we’ll certainly monitor
the $60,700 level and the $61,844 level
is the most important one for the Bulls.
And with that,
thank you all for tuning
in the sniper channel today.
I think I wrapped up everything
I wanted to go over.
And if you’re not subscribed
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I’m going to be shifting our video
as we progress over the next few weeks
to maybe cater towards more newer viewers
so that we can grow the channel
to 100,000 subscribers.
And I’m working with the team
right now to accomplish that.
So just a quick update for you guys.
And with that, thank you for tuning
into the sniper channel today.
I’ll give you guys
an update dates as it goes.
And until next time.