BITCOIN INFLECTION POINT RECLAIMING THE 50D MA! BULLS READY?
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03:33 btc analysis
10:23 altcoin updates
Snipers, you have to see what’s happening
to the Cryptocurrency market today as
Bitcoin has reclaimed the 50 day moving
average for the first time since
the start of this bear cycle.
And today is officially an inflection
point for the Cryptocurrency market,
because now that we are here at this 50
day moving average for the first time
since the start of this consolidation
that took us down to that thirty thousand
dollar level, we can now start mapping
out, strategizing and talking about how
a successful rescue operation
is going to look like.
If we can continue to see momentum,
then we can potentially start assuming
that we could start seeing Bitcoin take
the ladder up potentially towards this
forty four thousand eight hundred dollars
level, which would be
my first upside target.
If we are able to get above thirty four
thousand seven hundred and eighty eight
where we have confidence that the previous
weekly open and the monthly open.
So I want to talk about the scenario.
Remember, it is the weekend,
so we have to take everything with a grain
of salt because the markets
are the most manipulated.
With futures markets being closed,
it’s not going to be an easy run
for Bitcoin to get above thirty
four thousand seven hundred eighty.
There’s still is a potential we could be
seeing a garden variety pullback
to test the weekly open.
For example, at thirty one
thousand eight hundred.
I’m going to talk about the scenario
for Bitcoin, but realize it
is an inflection point today.
We could assume that with Elon Musk,
Jack Dorsey and Cathy Woods coming
together, this is now turning
the storyline around for Bitcoin.
And just like we’ve been talking about
and notice how a lot of analysts now are
switching their opinions about
Altcoins Ethereum showing more strength
on Bitcoin heading towards the monthly
open at twenty three hundred US dollars
with the Ethereum to Bitcoin chart coming
back to test this monthly open, getting
above this fifty day moving average.
And that is reflecting the total
Cryptocurrency market cap chart now
testing the fifty day
moving average as well.
For the first time since the start of this
bear cycle, we weren’t at this typically
moving average since the 17th
of May when we crossed below it.
Now we are finally testing
it for the first time.
It is truly an inflection
point in the markets today.
Other’s dominance showing strength above
the 200 day moving average,
causing us to see Altcoins run.
Now, if we’re really in a bear market,
why are Altcoins doing so well?
Is this just a mid cycle correction
for Altcoins to see continued upside
and potentially with Bitcoin now above
this fifty day moving average
or at least testing it?
And if we get above it,
or are we going to be seeing the signs
of a rescue operation to take us to this
200 day moving average where if we pull up
the weekly chart, remember home base,
the 20 week moving average,
if we ever get above the 20 week moving
average, we’re back in a bullish trend.
This is also showing confidence
at forty four thousand eight hundred.
That’s not a coincidence because
our numbers on the Snipers channel
are always exact and they matter.
Unlike other analysts,
I have nothing against them.
But we really
consider the levels on our chart,
specifically the ones in red,
because those are not only important
support and resistance levels,
but also where there is volume.
If we were to pull up a volume profile,
which is a little bit more of an advanced
indicator, we could look at that.
But I’m going to stop rambling and we’re
going to just dove into this Bitcoin
analysis because this is a momentous day
for the Cryptocurrency market
is an inflection point.
Now that we’re testing the 50 day moving
average, we can start assuming what would
a rescue operation look like from here?
You guys are watching the Snipers
channel on a Saturday.
My name is Naeem.
Alobaidi smashed like one for the YouTube
algorithm, one one hundred
thousand Snipers on this channel.
We’re almost at fifty thousand.
So with Bitcoin, we’re not going to spend
too much time on this weekly chart because
we talked about putting this to the side
yesterday because of the weekly open is
actually showing confluence where this
fifty week moving average is sitting right
at the thirty two thousand dollars level.
And I told you guys on the 4-hour chart
yesterday, if we were going to maintain
ourselves at this
area and hold this weekly open at thirty
two thousand, then we could have assumed
a long position here, which of course,
for those in the Discord, you know,
we’ve been taking a lot of long positions
specifically on Altcoins, as you can see
here, since the twenty first of June.
You can see we’ve got Monero Lugnut
zero X, the graph stellar.
All of these Altcoins have hit
pretty much all of their targets because
we’re seeing so much strength
in the Altcoin market despite
Bitcoin slowly moving itself up.
And if you guys looked at the trade
that I talked about yesterday.
We held thirty two thousand
and that caused Bitcoin shortly after
my video to start pushing its way towards
that thirty four thousand seven hundred
eighty dollars level,
exactly as we predicted.
Now, here’s what we need to monitor.
We want to start strategizing
what a successful rescue
operation would look like.
We know Altcoins are going
to be performing very well.
We would actually pull up
this chart of Altcoins.
You can see a lot of Altcoins here,
up seven percent against Bitcoin.
Some of these Altcoins are up
three percent against Bitcoin.
a transition away from projects that are
less fundamentally sound into projects
that are very fundamentally sound
for the future of decentralized finance,
for example, or decentralized
These are where we’re going to be seeing
institutional and retail capital flow
towards while Bitcoin is consolidating
because we have to realize that Bitcoin
can go all the way to forty thousand
U.S. dollars at this point.
And we are still in a consolidation and we
know when Bitcoin consolidating
Altcoins tend to outperform Bitcoin.
So regardless of what happens to Bitcoin,
I just want you guys to realize that
with Bitcoin moving higher,
the opportunity may not be in Bitcoin more
than it is in other parts of this market,
as we’re still in a consolidation phase
and Altcoin season is still intact.
We’re only halfway through this year.
let’s get back to this analysis.
If we want to start assuming a rescue
operation here for Bitcoin
thirty four thousand seven hundred
and eighty eight is where we have
confluence with this monthly open.
This previous week,
we open the real level,
thirty five thousand three hundred.
If we start to move up and see our the 4
hour Candles above thirty five thousand
three hundred, in my opinion,
that tells us that the rescue operation is
in place and that we are going
to start seeing the bulls fight back.
And you can see on the six hour chart
that would put us above all of these
which we weren’t able to get above
throughout the whole consolidation.
Now we’re testing this two hundred period
on the 6:00 hour, we get above this.
There’s no coincidence why there’s so much
confluence at this thirty five thousand
three hundred lower level,
thirty four thousand seven hundred eighty,
whatever you want to call it,
it’s all within a few percentage points.
We get above this range you where there’s
so much confluence that could start the
momentum that we want to see for Bitcoin.
And our first target, in my opinion,
if we break through this thirty five
thousand dollar level where we have all
this confluence is going to be this 200
day moving average sitting at that forty
four thousand eight hundred dollars level.
And that would assume about a 30
percent upside for Bitcoin.
That means 60 percent,
70 percent upside for Altcoins.
Does that sound familiar, by the way?
70 percent upside for Altcoins.
What are we watching with a Ethereum?
We’re watching for a potential 70 percent
run to that thirty four thousand four
hundred and fifty four dollars level.
We’re going to look
at Altcoins in just a second.
But that’s the upside for Bitcoin.
We get above this area where there’s so
much confluence, then that’s going to be
the place that we want to be to start
assuming strength and a
real rescue operation.
So thirty five thousand three hundred is
where I’m going to place my number,
because that’s where that puts us above
the monthly open and previously been,
of course, above the thirty four thousand
seven hundred eighty eight dollars level.
And 4-hour an hourly confirmations above
that level will assume that we could start
potentially coming towards this forty four
thousand eight hundred dollars level.
I don’t think these resistance areas will
act too much as resistance if we can get
above this area because there’s so much
pressure here that could
really push us further.
Now it’s the weakness.
We have to take everything
with a grain of salt.
I want to discuss what a more
likely or potential
neutral situation would look like here.
If we’re not able to cross this thirty
four thousand seven hundred eighty dollars
level, we start to see some weakness then
I’m OK with that up until this weekly open
here at thirty one thousand eight hundred.
Understand that tomorrow I’m going to be
changing all of our previous weekly opens
and this is going to move down here.
So this is going to become an important
level tomorrow for the rest of this week.
And so if we start seeing Bitcoin cool
down the trick trap and frustrate
who coming in,
what we want to monitor thirty one
thousand nine hundred, we stay above
thirty one thousand nine hundred.
In my opinion,
the likelihood of us continuing
further up becomes a lot higher.
But if we breach this hourly and 4-hour
Candles at thirty one thousand eight
hundred, that’s where I would throw this
upside scenario to the side for now.
And then we could potentially start
talking about this just being a rejection
of the fifty day moving average.
And that would be a different story line.
But I don’t want to go there yet.
We’re following the price action.
I’m here to be your umpire, I’m not
trying to give you a biased opinion.
And the fact of the matter is the price
action is at the 50 day moving average.
So till we start to see this play out,
we’re not going to go into it.
But if we do get above or below thirty one
thousand eight hundred, understand,
that is where my area of concern would be
that this was a rejection,
not actually a rescue operation.
And let’s talk about Altcoins.
We’re seeing momentum with Altcoins.
It’s not every Altcoin, of course,
but we’re seeing a lot of Altcoin showing
that some like Ethereum, for example.
And notice how we’re above 1980.
This is a major level because remember,
this green line is going
to move away here soon.
Tomorrow it’s going to be down here.
And what’s going to happen is if we see
Bitcoin really start to see momentum,
Ethereum now has a chance to test this
monthly open at twenty to seventy.
If we get above this monthly open now,
the door opens to 3500 U.S. dollars.
And it’s not a coincidence.
On August 4th is also
the London Hard Fork’s.
I guarantee you investors are going to be
wanting positions into a theory
before this hard work on August 4th.
We really need to monitor this area here.
Above this monthly open,
we get above 20 to 70.
That’s a confirmation that not only is it
there, I’m going to do about Cardano may
do a lot of Altcoins will do well because
Ethereum is the largest Altcoin
and it will lead the other Altcoins.
Now we get back below 1980
and that changes the scenario.
We get below 1890, which is
the weekly open, just like Bitcoin.
Then that would also change a scenario
that would be a little
bit more of a concern.
But for now, we have to be the umpire
and realize that this is
the level for us to break out.
And so that’s what I’m
watching here for Ethereum.
And then if we look at the Ethereum
to Bitcoin chart quickly, just talk about
the sixty five thousand Santoshi level.
There’s not a coincidence
that the monthly open is sitting here.
We get above sixty five
thousand to Tosches.
That’s a strong confirmation for Altcoins
and we look at others dominance and we’re
seeing that translate with others
dominance holding this 200 day moving
average, getting back above 12 percent.
That tells me that we’re
still in this bullish trend.
And this could potentially have just been
a very bullish flag after the start of all
coincident to then continue further up
because garden variety market behavior
says that previous resistance at this 12
percent level will turn into support.
And so if that’s the case,
then this should hold.
And every analyst said
that Altcoin season is over.
And I told you guys,
I don’t care what they’re saying,
I’m going to just be your umpire.
I thought Altcoin season was still intact.
And now guess what?
Everyone’s switching their opinion.
It’s not a coincidence because remember,
this is the most bullish chart
in the market sitting right here at this
twenty week moving average,
Bitcoin, twenty week moving averages
at forty four thousand eight
hundred one, nowhere near it.
So this is more bullish
than Bitcoin chart.
It’s one of the revolving parts
of the Cryptocurrency market
and it’s important to watch.
So we’ll watch Bitcoin dominance as well
as we see Altcoin dominance unfold.
And then with the Gold to Bitcoin chart,
I’m not going to go through
Tomorrow we’ll talk about
But notice how
this had this ascending triangle that had
the chance to break out from and it failed
and it’s starting to break through and
it’s coming down to Texas Monthly open.
I’m going to be watching this area.
We break this monthly open, in my opinion,
that says that we’re going to be seeing
more capital flow into Bitcoin
and that Gold was just playing games here,
trying to come back to test this twenty
eighteen support that is now
obviously going to be resistance.
And it didn’t even get
the chance to get tested.
That’s a positive sign for the narrative
Bitcoin being a store of value similar
to Gold, but being in its earlier phases,
which means that there’s more upside.
So a lot happening in the markets today.
We really want to monitor
what happens to Bitcoin here.
Remember, this area has so much resistance
and confluence that will translate
into a lot of pressure to the upside.
If we can break thirty five thousand three
hundred, we get above that monthly open
thirty four thousand seven
hundred eighty eight.
That’s going to be
a huge play for Bitcoin.
And of course, if we stay above thirty one
thousand eight hundred,
things are fine because that’s
where the weekly open is in.
And the previous week we open here is
going to be here tomorrow, tomorrow,
because those are going to reset
and we can use that as an area of
monitoring in order to assume where
there’s going to be
a downside scenario or not.
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until next time Snipers out.