BITCOIN EXTREME GREED!!! WARNING🚨 (altcoins going to bleed?)

Naeem Al-Obaidi
9 min readAug 24, 2021

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00:00 cryptocurrency market analysis
02:33 bitcoin analysis
06:12 altcoins

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Snipers, you have to see what’s happening
to the Bitcoin price this Sunday.

Is 49,700 is truly acting
as a resistance level.

Exactly as we talked about yesterday
with the four hour bear flag that we saw,

we are now starting to see a slight
breakdown of this actual market structure.

But more importantly,
what we want to talk about is if Bitcoin

starts to move down towards this weekly
open at 47 $0, are we gonna be seeing all

coins bleed against Bitcoin for the first
time since the start of altcoin season?

And notice how if we look at our leading

indicator for altcoins, Ethereum
to Bitcoin is starting to breach 650.

Satoshis, On I’ve been saying,
despite every analyst saying that Ethereum

is gonna outperform Bitcoin,
that we might be in the early stages of a

flight of capital going back
into Bitcoin from all coins.

And this Ethereum tie Bitcoin chart being
the confirmation of this breaking 650.

Satoshis, we want to monitor this as we
start to see traditional markets open.

With more liquidity coming
into the market’s, institutions will start

making their bets and then others
dominance and Bitcoin dominance.

More importantly,
Bitcoin dominance on the weekly chart,

coming towards this 20 week moving average
at 46.7% dominance is the exact place

that we want to watch coming
into Monday and Tuesday.

Because if we start to see this reversal,

that’s the full confirmation after the
Ethereum in the Bitcoin chart breaks 650.

Satoshis, that our thesis is correct
here on the Snipers channel.

You guys know, I throw
out gold predictions.

I watch every other analyst on YouTube,

and I’ll sell you right now, everyone’s
saying Bitcoin dominance is coming down.

Now, we’re starting to see some
people switch their opinions.

But of course,
here on the Cypress Channel,

ever since Bitcoin broke 380,
we told you guys,

49 700 was the next target, and we’d
most likely see some resistance here.

Now we’re starting to see
the early signs of this.

I want to talk about what the chances
are for Bitcoin to break above 49 700.

If we look at the Crypto Fear and Greed
index, we are at extreme fear right now.

And remember,

everything more from the smaller
timeframes into the larger time frames.

And we do have this
weekly candle closing in.

Oh, look at that number.

2 hours and 22 minutes.

And so this is gonna be a big puzzle piece
as well as the new weekly candle opens.

Are we gonna be able to stay at this 20

week moving average or
at least above it at 43 300?

That’s gonna be important as we go
into the smaller timeframes, you guys,

or watching the Snipers channel,
let’s dive into this Bitcoin analysis.

So first and foremost,

49,700 is a number we’ve had on this
chart since Bitcoin dropped to 28,000.

This was our target.

If Bitcoin were to get above 380,
we were talking about 49,700.

And yesterday we looked at the four hour
time frame and we saw that the initial

test of this level was a bearish tail,
and the body of every other four hour

candle couldn’t get towards this $49,700
level, assuming that we were coming

into the week ETH or coming
into the weekend with weakness.

Now we’re starting to see
Bitcoin starting to come down.

Nothing to go home and sell
grandma about yet, of course.

But this could start to turn
into something a little bit more severe.

And this is why it’s extremely important
now that we watch this weekly open here

at $47,000, this green line on our charts,
it’s always the previous weekly open.

So this is gonna move up here,

and I’m gonna update the other assets
after this video.

But realize 47,000 is gonna be a
significant level coming into next week.

And a lot of the whales will typically

like to test previous weekly opens after
the week opens because most traders are

looking at the current
weekly open once this reset.

So 47,000 at this point is my make
it or break it for Bitcoin.

I know that as Bitcoin has been moving up,

we’ve been increasing our make it or
break it point, I guess you can say.

And initially it was
at 41,950, then 44,800.

Now it’s at 47,000.

And the reason we like to continue
to bring that up is because for those

that have been tuned into our channel
since the entry that we took at 31,004

Bitcoin and then the Ethereum entry
at 1760,

if you have yet to take profits on those
positions and you want to take profits

on those positions,
raising your make or break it point is

important, or having an area where you
want to start hedging your spot positions,

which shorts could also
be a place that you could

still increase your capital in the market

with the market still
coming down, of course.

And so 470 breaking, in my opinion,
is gonna be the first sign that we’re

gonna come and test 41 950,
where we also have the monthly open.

Now, the problem with this is if we break
470 and we start to see the sentiment

in the market shift towards more fear
coming towards 41 950,

the likelihood of us coming further
ETH down becomes highly probable.

And now we want to start monitoring
the $34,788 levels of potential dont

target or even new lows for this year
26,000, potentially if we break 47,000.

So that’s why this is such
a critical level now.

So we’re gonna want to monitor this level,

and then, of course,
we break above 49,700.

We can at this point assume that there’s

a potential Bitcoin can
come to test 58,353.

Now, the way this would most likely play

out is if we get above 49,700 at any point
in time, then

what typically happens when you have
a large range and this is a 16% range

from 49,700 to 58,000 is sell come
to the midpoint of the range to first test

that level, so we can expect the potential
target of 54,000 if 49,700 breaks,

and then I would probably expect us
to come back down and test 49 700,

and then we may be in the early
signs of starting a new impulse.

So that’s what I’m monitoring.

But we can’t just throw this upside

scenario on the table without looking
at the revolving parts of this market,

because realize that at any point in time,
Bitcoin starts to move down.

This could be the first time since
the start of all Quin season that altcoins

don’t perform as much as Bitcoin with the
theory and Bitcoin start breaking 650.

Satoshis, we want to monitor this.

We’ve already tested it, which that means
our predictions already came true.

Despite every analyst saying this was
gonna break to the upside, we’ve said, no,

this is gonna break to the downside,
because our Bitcoin dominance prediction

is that Bitcoin dominance is gonna start
rising back up, forming this sort of flat

bottom since we’ve yet to form
any further lows for this year.

So coming into this week,

we’re gonna monitor this 20 week
moving average with Bitcoin dominance.

If we start to get above this 20 week
moving average,

there is a potential Bitcoin could be
returning to homeostasis,

which means it comes back to the 200 week
moving average and just sits there

for a while like it usually
does after we see a local top.

And so that’s what I
want to monitor there.

And then with the total cryptocurrency,

market caps are still a large
range where it could go sideways.

And so that also justifies the fact
that altcoins could see liquidity flowing

back in typically cause here’s kind of how
I’m looking at it at this point,

because we peaked at this two
point, $56 trillion level.

All the market action that we’re seeing
right now in the market is just liquidity

that’s already been in the market
flowing into different coins.

And that’s why you see a lot of these low

market capital coins
breaking to new all time.


Because it’s easier to take some Bitcoin
and then flow those into those altcoins

for them to just see you all time high
since their market caps are so low.

And so that’s why I’m playing it

as if we’re just seeing capital
move in different areas.

And so you know what that means first
and foremost is we don’t want to be ever

shorting Bitcoin with Bitcoin
dominance this low.

If you’re gonna be shorting,
you want to shorts specific all coins

that are in the stages of seeing that sort
of manipulation from the market capital

that’s already in the market flowing
into them, because then that typically

sees capital flow away
from them to other coins.

That’s kind of the thesis.

If we’re really confident on this Bitcoin

dominance prediction is the fact that this
season of the market

should be open to shorts for all coins,
not shorting Bitcoin taking strategic long

position on Bitcoin and then
stacking up your capital with those short

term gains to enter longs term
positions when the time is right,

like when Ethereum hit 1777 and we
interpositions or when Bitcoin hit 310.


So I hope you guys enjoyed
today’s analysis on a Sunday.

If you want to win one of my favorite

books on value investment
principles by Ray Dalio.

All comments are illegible.

And remember to smash the like
button so we can break it.

Let’s see here.
Spy Trader is name.

Love the technical analysis.

By the way, when you say Bitcoin dominance
is possibly reversing,

do you mean from it recently running up
and it’s going to reverse back down?

Or do you mean reversing from the last
couple months when it took a beating

and we will possibly see a reversal,
meaning another altcoin season.


But so what I mean by that and by the send
message on Instagram, you want a book?

So what I mean by Bitcoin dominance

reversing is this, the DXY is
an extremely correlated chart to Bitcoin.

And we were the first channel to cover

this with Jerome Power announcing
interest rates possibly increasing.

We’ve seen the DXY starting
to move to the upside.

And then they started pulling out

of the Afghanistan war that strengthens
the US dollar as the biggest budget.

Eth biggest expense in a country’s
budget is war expense.

And then if we start to see more interest

rate hikes, they’re talking
about taxing crypto.

All of these things lead
to the dollar seeing strength.

And if that’s actually the case,

what we do know is that when the dollar

then we start to see capital
in the cryptocurrency market hedge away

from higher risk assets like Altcoins
back into Bitcoin as a storage of value.

Kind of like what gold access

in traditional markets when there’s
a little bit of uncertainty.

And so there’s a strict correlation here
between Bitcoin dominance and the DXY.

And so what I’m saying is
the DXY is already moving up.

Bitcoin dominance is yet to really see

the move to make everyone start saying,
oh, Bitcoin dominance is now back

in the bowl ETH season because all
those analysts are two dimensional.

We’re more three and four dimensional

on our channel looking at other markets,
looking at all revolving parts.

So we’re saying that we’re in the early

signs of this happening
in the more macro term.

And if that’s the case,
if we see this happen to Bitcoin

dominance, this is a different way
to play the market than this right here.

So basically, when the Altcoin season
started in January and I said, okay,

all coins season in here,
we only started taking longs on Altcoins

and just taking spot positions,
taking day trades on Altcoins.

And then even since we saw the top four

Bitcoin, we’ve still been taking longs
because this is where most analysts were

faked out because once again,
they’re two dimensional.

And they said, oh, Bitcoin topped.

So altcoin season is over.
We said, no, no, no.

Altcoin season is still intact.

And that would have been a gold decision
if you’re watching our channel.

Because throughout this whole period,

if you held your Cardano, for example,
now you’re seeing new all time highs,

but your Bitcoin isn’t
seeing you all time highs.

But now I’m saying because we’re three

and four dimensional,
that this right here,

this higher low that’s forming right
now is the end of altcoins season.

So we’re not being too dimensional.

We’re saying, no, yeah,
Bitcoin topped out.

Big deal.

Now, this is the inflection
point we’ve been waiting for.

Now we want to start changing
our strategy, right.

So hopefully that makes sense.

And with that, thank you all
for tuning ETH the channel today.

Until next time.
Snipers out.



Naeem Al-Obaidi

Traders Profit Club (SnipersTube) is a community dedicated to creating knowledgeable & profitable traders in all markets.