You have to see what’s happening
with the Bitcoin price this Thursday
with an extremely important candle closing
yesterday and a candle high of $69,000
with a pullback down to 62,822.
This was no surprise for those that been
tuned in to the we talked about
the outside environment being
not in the favor of Bitcoin seeing upside
yesterday with the DXY
pushing up to see new yearly highs
after the inflation numbers came out.
We also saw another push
to the upside with the DXY today.
And so this is a huge
puzzle piece to talk about.
And it is more important than ever
to discuss the range that Bitcoin is in
with a retest of a market structural
support level, which was
And of course, this is showing confluence
with where the weekly open is at 63,300.
This is a very critical range for Bitcoin.
And I want to talk about some
of the institutional time frames because
the six hour chart is showing that we are
seeing rising cell pressure,
and now we’re seeing the most amount
of volume that we’ve seen since the start
of this consolidation when Bitcoin first
tested $68,000 and the fact that this was
a sell candle tells us that this is
a very critical area for Bitcoin.
But the question is,
is Bitcoin really going to top out
at $69,000 for the short term?
Or is this just a garden variety pullback
in a retest of a support level
before seeing continued upside?
I had to get this video out to you guys,
especially after seeing everyone
in the discord talking about this move.
We have the number one cryptocurrency
discord community in the world.
We’re going to go into an
Intraday analysis here.
And first, I want to talk about the range
that we’re currently in when it comes
to support and resistance levels.
You can see our chart has been exactly
on the dot with this retest of a market
structural support level.
The next area of support that Bitcoin
currently needs to hold
is going to be the $61,844 level where we
have the monthly open
just below this level.
And I would say that this is the support
level in the range that we’re in being.
The fact that yesterday’s Kindle did
Pierce through 64,855,
but realize this 64,855 was the previous
all time high on April 14 for Bitcoin.
And this is also
an extremely important area.
And right now on the four hour chart,
which for those that have been tuning
into the Cypress Channel for quite some
time, you know, we wait for four hour
candles, full body
and Wicks for a confirmation of a breach
of a level or a breakout of a level.
We have yet to see a full four
hour candle closed below 64,855.
But I had to get this video out with this
new four hour candle just now opening here
in the last seven minutes
below the $64,855 level.
If we’re not able to get back to this
extremely important price range.
In my opinion, the retest of the monthly
open becomes highly likely
and that we could potentially
come down to test 61,844.
And of course, we will have to hold this
level if we want to assume further upside
for Bitcoin now for the Bulls,
if we can get back above 64,855.
As a matter of fact,
if we can just have a cup of coffee here
and just sit and consolidate in this
level, that would be the most bullish case
for Bitcoin right now to then continue
to see further upside.
But when we look at the environment
outside of Bitcoin right now,
we have to address the fact that the DXY
is pushing up and we’ll talk about
how the SP 500 is reacting to that.
But right now with this four hour candle
that we’re currently watching,
we need to get back above 64,855
and preferably a confirmation of more
upside at this point is going to be
the candle high that we saw here
at $65,600, because if we can get above
this, we can move away
from this consolidation range.
And then we don’t have to assume
that we’re just seeing another
flag to potentially see a continuation
in the same direction.
And so 64,855 is extremely important
right now alongside with 61,844.
If we see any further momentum
and specifically a full four
hour candle close below 64,855.
But if we can just get above 65,600,
then that could really change
the storyline here, and the Bulls can get
back in control and in the driver’s seat.
So that’s what we’re
watching here with Bitcoin.
And remember what I talked about
with the Ethereum to Bitcoin chart,
seeing some downside with the move
that we saw to the upside for Bitcoin.
And then with Bitcoin seeing a red candle,
notice how the Ethereum Bitcoin price
is still right now below its weekly open.
And so that is a sign of weakness when it
comes to Ethereum’s value against Bitcoin.
And of course, this is a leading
indicator for all of the other altcoins.
When we look at the chart that factors
in the altcoins outside
of Bitcoin and Ethereum,
notice how we are showing weakness even
further below the weekly open than
the theorem in the Bitcoin chart.
And we’re actually sitting
at this monthly open.
And so this is a very big puzzle piece,
because if Bitcoin were to continue to see
downside, that would assume
that we’re going to see more volatility
and downside for the altcoins.
And with the theorem to us dollar price
back inside of this extremely important
the theorem of US dollar price is
certainly going to be affected by the
Bitcoin price getting back above 64,855.
So if we want to continue
price discovery for Ethereum and Bitcoin
64,855 is the major level to watch.
But regardless of the fact that theorem
to Bitcoin chart is certainly
the more important chart here.
Now, I do want to talk about Bitcoin
dominance really quick,
because we’re also seeing some weakness
here with Bitcoin dominance,
but not necessarily anything to go
home and tell Grandma about.
We are still potentially
in the early signs of reversal here
being the fact that we’ve yet
to cross the lows that were.
And so with Bitcoin dominance still
potentially in a double bottom formation
to see upside and follow the DXY as it
usually does, we have to realize the fact
that Bitcoin is the stronger player
in the market right now,
and there’s certainly a lot of capital
flowing away from all coins into Bitcoin.
But I think the biggest thing to realize
is the six hour chart right now
showing this institutional timeframe
with sell pressure at $69,000.
This is going to be a big puzzle piece
if we start to see any further downside,
because that could have been the start
to something even bigger when it
comes to a potential downside move.
And so things are really
starting to brew in the market.
I think the outside environment is more
important than ever for those that have
been tuned into the cyber channel.
You know why it’s so important to watch
some of these other assets and some
of these other charts,
because that’s how we predicted this
move to the downside for Bitcoin.
Yesterday, I said specifically
that the outside environment just
was not looking in favor of Bitcoin.
It was the first time I said that because
the DXY was calm
throughout the last few weeks.
But it wasn’t until yesterday that we
saw that new yearly high up there.
Inflation numbers came out,
and today we’re seeing a continuation
of that move,
validating the fact that DXY still wants
to push further and is potentially
on the way to 95.885. And with the US
asset prices naturally will come down.
And with the SFP 500,
you can already see the effects of this
because we are not above the weekly open,
and we have two red candles already
looking like we want to come
and test this monthly open.
If we see any further downside with SB
500, that could also
affect Bitcoin’s price.
So this is a very critical moment.
And when we look at some
of the international markets like Japan,
China, and the Euro 100, not necessarily
seeing anything significant.
The Euro 100 did form new highs today.
So that is something to note,
but this has been the weaker market
outside of the S and P 500 when it
comes to international markets.
And so seeing some upside here doesn’t
necessarily bring so much positivity.
But gold is pushing to the upside.
And this is also a huge puzzle piece
that we talked about yesterday,
and this was not a good puzzle piece
for the cryptocurrency market to see
for the website, because when gold moves
up, it shows that there’s more
fear in institutional capital.
And so we’re going
to continue to monitor gold.
And when we look at this
gold to Bitcoin chart.
This has been probably the most
chart to watch over the last few days,
because I specifically said that what I
was watching with this candle low
that was on October 28, just at that 26.
69 level is if we were to breach this
it would have been a confirmation
that Bitcoin had a lot more gas
left in the tank to see outside.
But it wasn’t a coincidence
that on November 9,
we saw candle low just one unit shy
of this candle low, but it did not breach
this low, which tells me
that this is a chart that institutions are
watching right now, and there was a reason
that gold moved up specifically when this
chart was coming back down to potentially
form further lows and has
yet to form further lows.
And so this is going to be something we’re
going to monitor as well,
because if we start to see strength here
for gold against Bitcoin and we move
towards this 50 day moving average,
realize that that was the exact
thing that happened on April 14,
when we initially predicted the short term
top for Bitcoin and as soon as we crossed
the Bo, the 50 day moving average
with the gold against Bitcoin chart,
that’s when we saw the short term top.
And so this is going to be a very
important chart to watch over the next
few days and the next few weeks.
And then, of course, we get back to this
total cryptocurrency market cap chart.
We have yet to see new highs here,
and so we cannot assume new money
is coming to the market just yet.
But we are starting to see
this show more strength than the Ethereum
of Bitcoin chart above the weekly open,
telling me that there’s certainly
capital flowing around in the market.
But if Bitcoin is not able to rescue
itself about 64,855,
that is certainly going to be a very
big puzzle piece to keep
in mind throughout this week.
And so it is more important than ever
to monitor this consolidation range.
If we cannot get back above 64,855,
then the next level of support is 61,844,
which has to hold
if we want to assume further upside
for Bitcoin, and then the door opens
to potentially come down to test 58,353.
So this is a very important
video to throw out right now.
As soon as this four hour candle closed
fully below 64,855,
I knew I had to get this video out to you
guys, and you can see our
candle high right now.
64,836 just a couple of dollars shy
of our extremely important level.
You all know here on the Cypress Channel,
every single red line here is the most
important price for Bitcoin because these
are extremely important support
and resistance levels based
on volume and accumulation.
the wrap up here is 64,855 extremely
important 61,844 extremely important.
And then for us in the more macro
to see further upside we have to at least
get above 65,600 at this point to see
the continuation of price discovery here
for Bitcoin and the other all coins.
And this institutional timeframe is also
going to be a huge deal over the next few
days, being the fact that the most volume
that we’ve seen so far inside this
consolidation was a sell candle.
very important stuff.
And I’m going to continue
to monitor the discord chat.
Remember, we have the number one
cryptocurrency discord group in the world,
and I’m learning a lot from you guys
talking in the chat.
You can see.
Even right now, we have conversations
going on with Buzzby Uriel Seven Tarabad,
one of our great contributors.
And so I appreciate each and every one
of you guys that are
a part of our community.
And with that being said, thank you
all for tuning into the video today.
I’m actually staying in Mexico
for a couple more weeks.
I decided to extend here in Tulum.
It’s an amazing place to be
a lot of awesome energy.
And so expect the video tomorrow,
right on schedule.
And until next time.
Thank you all for tuning
in to the sniper rush handle today.
That’s it for today.