BITCOIN EMERGENCY UPDATE!!! EXACT TARGETS FOR NEXT BTC MOVE
Snipers, you have to see what’s happening
to the Bitcoin price this Saturday,
as we have yet to see decisive price
action above 61,844,
which is the last roadblock left before
Bitcoin could potentially retest its
previous all time high and reenter price
discovery to see New York all time highs.
And because of this,
we have taken a short position at 62,130.
For those in the district, we have
the best trade signals in this market.
This has already hit all targets.
And as a trader in this market,
we want to take advantage of not just
the upside volatility,a
but also the downside volatility.
And there is a very specific
reason we took this short that wasn’t just
based on technicals and fundamentals,
despite the likelihood of Bitcoin
into new alltime highs.
I still think that there is potential
to play both sides of the equation.
And I want you guys to realize
is the most important aspect of a market,
and we have to assume
that at these higher price levels,
there are going to be some
sellers in the market,
regardless of whether or not we believe
Bitcoin is going to hit 1000
by the end of this year.
There is still potential
for us to see some downside action before
breaking into these new all time highs.
And so we do have 58,353 and the weekly
open at $54,800 as potential
downside levels that Bitcoin could
retrace to before seeing further upside.
And of course,
once we get to those levels,
if we get to those levels,
we’re going to have to determine what
the volume looks like, because we’ve
yet to see real decisive volume.
And remember, the path of least resistance
is always going to be sideways
to a little bit higher.
So until we really see the volume, we can
still play the long and short side.
And so I want you guys to realize
that this is the first
time if we were to actually factor time
into this chart,
that the individuals that have been able
to purchase Bitcoin
at the $10,000 level for you to take this
timeline here to 360 days,
which is one year.
And that’s important because
when people are making a decision
on whether or not to sell their Bitcoin,
they are going to think about
whether or not they want to trigger short
term capital gains or long term capital
gains, and realize this is the first time
that those who have purchased Bitcoin
at the $10,000 level back in October
of 2020 have the opportunity to sell
above the $60,000 level with triggering
long term capital gains, which is pretty
much half of short term capital gains.
And so that’s actually one of the big
reasons we decided to take
a short $62,000, and of course,
that has already hit all targets.
You want to be in and out of short
positions because there’s always
more downside for short positions than
long positions because it’s unlimited
downside with short positions while
long positions only have 100% downside.
And so realize that we have to really
consider the Bulls and the bears
when looking at today’s price action.
And at this point we can only assume
that this right here
is going to be the level that a lower high
because if we get above 61,844,
Bitcoin pretty much is on track
of going back into price discovery.
And so if we were to just assume
that this is the level
that we’re going to start to see some
sellers in the market, then we start
needing to look at some
of the potential downside targets.
And we’ll certainly
look at upside targets.
But I want you guys to also realize the
total market cap did form a higher high.
And so that is a very big puzzle piece.
Despite Bitcoin not being able to form
a higher high, the total cryptocurrency
market cap entering price discovery
maybe is a less exciting thing to happen.
So could we assume that the whales
have psychologically allowed the total
market cap to form a higher high while
only allowing Bitcoin to form
a lower high so far before
starting to see a little
bit of a cool off?
Of course, October 18,
we have the ETF approval coming.
A lot of people will typically buy
the Hype and sell the new so all
of these things are on the table.
And so it’s not that we’re being bearish
in any way, but we want to address
the Bulls and the bears on this channel.
And so we’ll also look at the revolving
parts of the market
like Ethereum to Bitcoin being the leading
indicator for all coins
still showing weakness at this 200 day
moving average, and this market structural
support that it’s testing
for a third time.
You knock on a door multiple times.
The likelihood that breaks becomes
highly likely being below 65,000.
Satoshi’s, 53,500, Satoshi
is the next downside target.
So we want to talk about what’s happening
with the revolving parts.
This also influences the altcoins outside
of Bitcoin and Ethereum actually being
fully below the 200 day moving average.
Those are two charts that are going
to really give us an idea of how all coins
are going to be acting,
regardless of whether or not Bitcoin
is seeing upside or downside.
And with Bitcoin dominance moving
above this 200 day moving average,
maintaining price action above the 200 day
moving average, there are two
reasons this could happen.
Number one, Bitcoin enters into a new Bull
cycle and all coins follow later,
or we’re seeing all coins hedge into
Bitcoin in expectation of some downside.
probably going to see less
downside than the altcoins.
these are all evolving parts
that are in the market right now.
The DXY, of course,
Wayne above the 280 moving average, a very
correlated chart to Bitcoin dominance.
We can only assume Bitcoin dominance,
for sure, is going to be moving up
when it comes to the price of Bitcoin
and the price of all coins,
that is certainly going to be a more
And being on the snipers channel,
we have the best technical analysis
and the best discord community.
Like I said, we have the number one
cryptocurrency trade signals in this
market and then our community
is just on fire.
Adam is actually putting up this
target of $115,000 for Bitcoin.
I think that all of this is certainly
possible with Bitcoin above $58,353.
Realize that we came
to this level on a Friday.
It wasn’t a weekend.
So this is real price action.
And another interesting fact is if we look
at the S Amp P 500 on
April 14 when Bitcoin topped out.
So if we were to actually just go back
here to April 14, SNP 500
is right around that 41.
80 on the Emini Features contract.
And right now we’re sitting at 44.
So does that assume that Bitcoin also has
the chance to continue
to see further highs because we’ve been
correlating S Amp 500
with Bitcoin for quite some time,
and I saw somebody in the chat say that,
well, if Bitcoin topped out on April 14,
but the SP 500 didn’t.
Does that mean that Bitcoin still has
fuel left in this cycle?
I think that that’s certainly a puzzle
piece on the table
to justify the fact that SMB 500 now is
back above the 20 week moving average
with a bullish weekly candle.
And that tells us that the environment
outside of Bitcoin is starting to look
good for Bitcoin to see further highs.
Even Japan, the largest international
traditional market above
the 20 week moving average.
These are all factors that we want
to consider because it looks like Bitcoin
wants to reenter price discovery at some
point or another, and it’s
going to happen very soon.
Does it mean it’s going to happen
in the next 24 to 48 hours?
I don’t know.
Once again, the psychology of the market
tells us that this is an opportunity
for people to sell their Bitcoin
that purchased around the $10,000 level
in October of 2020 and only trigger long
term capital gains now for the first
time at the $60,000 level.
So I think that that could certainly be
on the table for some investors
and realize that with this gold to Bitcoin
chart, we predicted the top on April 14
when we were forming this wedge pattern
and about to get above this 20 week moving
average that ended up being the top here,
even on the daily chart.
This was actually how we predicted it.
We saw how close the 50 day moving average
was to this
pattern that was consolidating,
and that ended up being
the top on April 14.
But because Bitcoin against Gold
is now continuing the trend down,
that also can make us assume that Bitcoin
wants to reenter price discovery.
So there’s a lot of factors now
on the charts that is assuming Bitcoin is
potentially entering into a new
phase of price discovery, and that could
be why Bitcoin dominance is moving up.
The one odd thing about all of this is
the fact that the DXY moving up
and showing strength in the past,
like in 2018,
was a factor of the market that ended up
bringing the total
cryptocurrency market down.
But could there be a potential decoupling
effect happening because
Bitcoin is being more legitimized as
an asset with an ETF about to launch?
I think that that fundamental factor
can certainly outweigh
the technicals from the past.
And so with that opinion in mind,
let’s look at some of these Intraday
aspects to talk about.
If we are going to really see this
breakout to new all time highs in the next
24 to 48 hours, or if there’s certainly
going to be some short term downside
before we break into price discovery.
But I think it’s quite clear that Bitcoin
is showing strength right now.
Until that changes,
we have to assume that it wants
to get into price discovery.
if we were to look at just the daily time
frame so far, the candle body has
only stayed within the previous candle
body from the 15 October,
which means we haven’t really seen
much price action to justify
a trend continuing further just yet.
And if we look at the six hour chart,
we do have some red candles coming in,
but we have yet to really see a lot
of sell volume, and we’ve also yet
to really see a lot of buy volume.
We actually still have
descending by volume here.
We don’t necessarily have
cell pressure either, though we
have descending cell pressure.
And so that tells me that volume
is certainly starting to wane off.
That could certainly change on October 18,
when the ETF has launched once again,
a lot of people like to buy
the Hype, sell the news.
And so we go into the three hour time
frame and we look at the current candle.
We do have this sort of bearish Wick.
It looks like we’ve not necessarily
rejected 61,844, but we’re having a cup
of coffee at this level, which tells
me it’s not the final destination.
We go into the hourly chart.
This is where we can start getting
a little bit more of an idea of
a confirmation of an important resistance
or support level being conquered.
And we like to find full hourly
candles body and Wicks above the level
to assume that confirmation
we have yet to see full hourly body
Wicks above this level pretty much got one
on the 16 October with a candle low
of 61,856, so that we could assume is
a full hourly candle above this level.
And that tells me that Bitcoin
is not rejecting the level,
but it’s having a cup of coffee here.
And so with this in mind,
does that make us assume that we’re just
going to go ahead right now
and start to see price discovery.
I think that another hourly candle above
61,844 could strengthen that thesis.
And then, of course, a full four hour
candle is really what we want to see.
We’ve only seen Wix above 61,844 so far,
but with one, two, three Wicks above this
we could assume once again that is showing
strength and Bitcoin having a cup
of coffee at this level typically will
indicate it’s not the final destination.
And so I think that what’s extremely
important to watch in terms of ranges
at this point is 58,353
is a major support level.
As long as we stay above that,
the likelihood of Bitcoin breaking
into the new all time highs above
64,855 become highly likely.
61,844 is the resistance
that we’re facing right now.
If we can start getting four hour candles
above this level,
we have the market structural resistance
now that we could assume
is going to break.
If we start getting those four hour
candles above $61,844, we’re in a very
tight range in terms of percentage.
We are only talking about a 6% range,
and so as you guys know,
for those in the discord,
you’re going to get the long trade
and the short trade when they come.
We have the best signals in this market,
and we have the best community
in this market.
One of the largest
cryptocurrency discord groups.
I love seeing the participation once
again, and the charts being posted
in real time on the chat link
is in the description below.
For those not in the discord.
And so with that being clear,
the range of 61,844 is the resistance
and 58,353 as the major support.
Let’s look at how all coins
are reacting is a theory.
I’m also going to be ready
to break out because a lot of all
coins have shown a lot of weakness.
Well, we rejected 39, 59, but we saw
sort of a decoupling effect
with this move to the upside when Bitcoin
didn’t actually move to the upside.
And there was a reason we didn’t take
a short on Ethereum, but we
did take one on to Bitcoin.
And now with Ethereum back below
this market structural resistance level,
we have to be a little bit cautious
with the theorem because against Bitcoin,
it is still showing weakness.
And if Bitcoin is truly an enterprise
discovery, the total market cap
is going to continue further.
I think that we have to be more patient
with all coins to follow a little bit
later versus just assuming they’re
going to follow immediately.
And so with this a theorem to Bitcoin
chart showing weakness so far,
that is still the valid thesis
that all coins are just not going to be
performing as strong as Bitcoin right now.
And it makes sense that that’s the case,
because whether or not Bitcoin breaks
into price discovery and then moves
the rest of the altcoin market
up with it later,
or if Bitcoin sees some downside
the institutions hedging into Bitcoin is
the right decision, because
there’s downside, they see less
downside in their portfolio.
And if there’s upside, they still
can take advantage of the upside.
Because if we’re assuming that all coins
are going to be moving up,
we’re assuming that Bitcoin will also move
up being the fact that it controls
the majority of this market.
So I think that it’s quite clear
that being a Bitcoin right now is
the solid decision.
Is it now the time to start
moving all coins into Bitcoin?
I don’t know.
I think that has already kind of passed.
We said that that time was on September 6,
when we started to assume
that season was in its
and we were very clear on this channel
that it was time
to hedge all coins into Bitcoin,
and that, of course, became true.
And we were one of the only channels
predicting this double bottom for Bitcoin
dominance all the way in August.
And then we confirmed that opinion
in September when we saw that 19% move
to the downside with Bitcoin at 53,000.
Because when you see those volatile moves,
it typically means something
is happening within the revolving parts.
And so this ended up being the best time
to move those altcoins into Bitcoin.
When I say that that time
is now, I don’t know.
With the altcoins already
shedding away so much value against
Bitcoin, I think it’s time to really
be patient in the market.
They’ve done a study on
portfolios for investors.
I think they took, like, almost 100,000
portfolios, and they saw what
traits that the best
performing portfolios have.
And it was interesting.
I think this was in the book
The number one performing portfolios
were those of deceased people because
they didn’t touch their portfolio.
So I think that that’s an interesting
thing to consider when
it comes to the macro.
But things are looking very good.
I think the revolving parts are
now back in the favor of Bitcoin.
As long as the DXY doesn’t continue
to move up with strength,
it almost seems like it doesn’t matter.
It almost seems like there’s
a decoupling effect happening right now.
But I think that one of the biggest things
to consider is what I mentioned
from the start of this video.
If we look at the timeline
and we go 360 days back
and we look at where Bitcoin’s price was
around this time, we are talking $10,000.
And for those that had Bitcoin positions
at this level, of course,
I had certainly had a lot of Bitcoin
positions entered at this level.
We’ve been making videos on Bitcoin for
every single day of the past four years.
So you’re damn right we’ve had
positions at these levels.
This is really the first time that they’ve
been able to reap the full advantage
of the higher price levels at $60,000
right now, with the opportunity to sell
and only triggering long term capital
gains versus short term capital gains
which they would have
triggered back in April.
And so I think that that’s
something that maybe not many analysts
have brought to the table
just to understand the psychology
of Bitcoin at these high price levels.
So that doesn’t mean it’s not
going to reenter price discovery.
I’m just saying that it’s
never a bad thing to play
the long and the short side.
Just remember when you’re playing
the short side, there’s unlimited downside
because price can go as
high up as it wants.
While when you’re playing the long side,
it’s a lot less risky because there’s only
100% downside, because asset
can only go down 100%.
So you want to be in and out
of those short positions.
And for those in our discord, you know,
you’ll be getting the signals as we have
the number one discord
trading group in the world.
And with that being said, thank you all
for tuning in the separate channel today.
It’s going to be interesting
to see how Sunday plays out.
It’s the most manipulated on the weekend,
so this market can really do anything.
I think that we can expect a lot
of volatility heading into this ETF
launch on the 18 October.
It seems like Bloomberg and other analysts
are very confident with that prediction.
And with that being said,
thank you all for for tuning into the
sniper’s channel today until next time.