BITCOIN IS EXTREMELY CONCERNING BELOW $35,000 (no volume…)

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Timestamps!
00:00 video summary
07:00 bitcoin concern
08:35 ethereum entries
09:05 altcoins
09:30 traditional markets
10:54 conclusions

Snipers, you have to see what’s happening
to the Cryptocurrency market today as

Bitcoin is slowly seeing more and more
Celsi pressure below the thirty five

thousand dollar level where we have
the weekly and monthly open and we’ve yet

to see Bitcoin take the elevator
and really see downside pressure.

But we know that we have this twenty nine

thousand dollars support,
which is this lower low that we could

potentially form to stay inside
of this flagon consolidation.

But what I want to talk about today,
a lot of you guys have been asking to show

the volume profile that I’ve been talking
about over my last few videos for those

that have been tuned
in the Snipers channel.

So I want to pull up this volume profile

today to talk about why I am concerned
when Bitcoin is below thirty five

thousand,
because a lot of people that are new

to technical analysis will like to draw
dozens of support and resistance levels.

And you see all of these
lines on their charts.

But what they’re not keeping in mind is

where there’s accumulation
and distribution within an asset.

And you can see here where the volume

really comes into play is where we see
Bitcoin see fast price movements,

and that’s where we start
to see transitions in price.

So notice how right now,
below the thousand dollar level here,

there is no volume all the way down to
this twenty four thousand dollars area.

So what we call this in technical analysis

for those that are a little bit more
advanced is called a pass through zone.

And what that means is

because we’re below thirty five thousand
where the majority of the volume is at.

And this is also an important support
and resistance level that if any

extreme sell side pressure comes
into the order books at any point in time,

Bitcoin’s price is extremely vulnerable
inside of this range to see the price

potentially come down
to the twenty four thousand dollar level,

because that’s really where there’s volume
anywhere above that.

There’s no volume because of how fast
Bitcoin passed through these levels.

So below thirty five thousand is certainly

a concern that we’re going
to talk about today.

And we want to understand the volume
and importance of this,

because without one understanding
of the volume, the support and resistance

lines that you have on your
chart don’t necessarily matter.

And that’s why the numbers on our
charts are extremely important.

I see that time and time again,

and our trades are always specific to the
exact number because numbers do matter.

And so we’re going to talk about
what Bitcoin is doing right now.

Obviously, we’re seeing
the sell side pressure.

Nothing new here for those have been
tuned in below thirty five thousand.

It’s a tough game for Bitcoin.

And now we have this
monthly weekly open here.

We’ve yet to see any price action test,
thirty four thousand seven hundred

and eighty eight over
the last twenty four hours.

That’s a sign of concern

for those that have their limit
orders below twenty six thousand.

Keep those on the order books,
because remember, at any point in time,

if we see downside pressure, we test
the twenty eight thousand dollars level.

It doesn’t hold.

There may be a wick all the way down
to the twenty thousand dollars level.

This area here has volume, there’s
distribution, there’s accumulation.

We know institutions are going to be
buying Bitcoin at these levels.

So we’re going to talk about more of the
environments outside of Bitcoin today.

I don’t want to go too much into Bitcoin

because of course,
for those that have been saying

in the comments, man,
the videos are getting redundant.

I understand that, but it’s because
the price action is getting redundant.

And so I’m not going to sit here and just
change my opinion every single day because

I want to give you guys
something interesting.

I’m going to just be your umpire and tell

you exactly what I’m seeing and how
it is with an unbiased point of view.

And when we look at Altcoins like

a Ethereum, we’re seeing the downside
because a Bitcoin remember, those

1760 entries that we got are not as good
if we see more downside pressure.

Because the fact of the matter is
we already tested this area twice.

You can see we saw this initial week here

in late May for a Ethereum
to the seventeen hundred level.

And then in June we saw the

price action kind of have a cup
of coffee before reversing.

If we come down again below nineteen

eighty, I wouldn’t be
looking at this area.

I would start looking at the sixteen

hundred to fourteen hundred dollar range
where we have the previous all time high.

That’s going to be a preliminary
for Ethereum if we really see

that downside play out now
I definitely don’t expect the theory

to come below the previous all
time high at fourteen forty.

We know that Ethereum is the stronger
asset right now because we look

at Ethereum to Bitcoin chart,
there’s clear strength.

You’re above the 50 day moving average
trying to come up and break out of this

towards the eighty six
thousand Santoshi level.

We stay above sixty five thousand satoshi.

It’s the strongest asset
we get below this.

We could see some more
pressure with Altcoins.

I wouldn’t be too concerned if
we saw the Ethereum to Bitcoin.

Come down one last time to form another
low here, that wouldn’t be a big deal.

I still think in the macro towards 2022,

we’re going to definitely see a Ethereum
outperform a lot of the other

Cryptocurrency total Cryptocurrency
market caps are nothing new.

Camping out, having a cup of coffee
here at the 200 day moving average.

Others dominance, showing strength if we
see another pullback

will come back down to twelve point
two percent and totally fine with me.

Fact of the matter is,
we’re above this 20 week.

Moving average is the only chart

in the Cryptocurrency market when it comes
to the different revolving parts like

Bitcoin dominance total Crypto
market cap Bitcoin Ethereum.

This is the most bullish chart,
the other’s dominance chart,

because it looks like it wants to come in
for either a Lower High or Higher High.

We’ll talk about that.

I do want to address what’s
happening to traditional markets.

Remember, this does matter.

Effect’s Bitcoin,
the VIX up 18 percent today.

Why the S&P 500 down a percent today,
just like we’ve been talking about.

We saw that initial candle
here on the 6th of June.

The low was breaching the Friday close.

And that I told you guys,
was a sign of a break down.

We’re seeing the breakdown tested
below the monthly open today.

This is definitely showing more of a

medium term consolidation
potentially here for the S&P 500.

That might not be the best for Bitcoin.

So the melting pot

with the VIX showing lots of volatility,
the DXY, it’s not as strong as, you know,

we talked about yesterday above
ninety two point six two.

But it’s already in this higher range and
we’re already seeing the S&P 500 react.

If we push higher,
that could be even bloodier

for traditional markets when
the dollar pushes up value.

The fact of the matter is we start
to see a pullback in everything.

Look at us oil pulling down right now.

So you guys are watching
the Snipers channel.

We have a lot to talk about today.

My name is Naeem Alobaidi, as always.

Remember to smash the like one
for the YouTube algorithm.

It helps our channel.

And I already talked about
this volume profile.

And it really does matter that we’re

in a range right now that we could at any
point see Bitcoin pass through

this thirty thousand dollar level
coming all the way down here.

The problem with this and why it’s

a concern is below thirty
thousand in this path.

Pass through zone is only
a 17 percent range here.

But that’s quite significant for Bitcoin

because a seventeen percent range
could cause Altcoins to come down.

Thirty percent.
Right.

So right now we really need
to be careful and monitor.

If we start to see any volume to the cell

pressure come into the order books,
that’s going to start assuming that we’re

going to see some sort of
downside for Bitcoin.

Twenty eight thousand is the first area
that I’d see some sort of support.

But based on the volume profile,
it looks like we could potentially come

down to the twenty six thousand
dollar range test this area.

The fact of the matter is
there’s just no volume.

So we have to address that.
So I, you know, notice how there is no

volume between the forty two thousand
to forty five thousand range.

So we never stayed in that range.
Look at that price.

Just slice through.

So we don’t want to see
that same thing happen here.

Right.

And you don’t want to be in a position
for just slicing through.

And then we start to come up,
have those entry set in place below twenty

six thousand so
you can catch those Wick’s.

If they do occur

for the upside, get us above thirty four
thousand seven hundred and eighty eight.

Now we have the fifty moving average here.

We’ll talk about upside.

Until then, I’m going to be the umpire.

We’ll have another video
out here in a few hours.

We’ll talk about upside if it’s there.

But right now we have to address
what the blueprint is showing us.

A Ethereum obviously pulling back because

a Bitcoin, like I mentioned
from the intro, we get below 1760.

That’s the prime entry I’m
looking for here for Ethereum.

I definitely think we’ll get back above
three thousand at some point

into the later parts of this
year into twenty twenty two.

So let’s watch that here.

If Ethereum to Bitcoin gets below sixty
five thousand Tosches,

that’s going to assume we’ll see weakness
with Altcoins at least for the short term.

For the medium term.

What we’ll have to watch
is others dominance.

Right.

So we see we’re above this multi-year
support we get on the weekly chart.

We’re sitting at home base.

We don’t want to come too far below this

area if we want to assume continued
strength to the latter part of this year.

So we’ll monitor this as we start to see
what happens with Bitcoin at the thirty

four thousand dollars level,
which is really where it’s sitting.

But Bitcoin dominance obviously falling
down because of what’s happening

to Altcoins showing strength,
traditional markets, oil pulled back.

It was the first one to pull back.

Commodities usually are leading indicator,
and that’s why we said the S&P was going

to pull back, even though it
wasn’t pulling back yesterday.

Today it did.
And so that was the confirmation testing,

the monthly open we get below here,
this monthly open at forty to ninety.

That’s going to show some very weak signs
here that we could come down to test this

fifty day moving average at forty
to ten for that SP500 that right there.

Just downside percentage about.

Two percent not crazy for the S&P 500,

but quite significant,
to say the least, and it’s a big market.

The VIX up here looks like this might be

the end of this volatility,
but these times typically make you

reevaluate your assets and your positions
because you see this VIX up 20 percent.

Something’s happening.

And so obviously the institutions
are moving their money somewhere.

DXY still showing strength.
We need to monitor this.

As long as we’re in this range,
that’s the best thing we can see.

If we get below ninety one point
nine to, that’s even better.

But if we hold ninety one point nine two
and we start to see upside whenever we

really start to cross this ninety two
point six two range with strength,

that’s when we really need to start
ringing the sirens.

Right.
So I hope you guys enjoyed today’s video.

I appreciate each and every one
of you Snipers tune into our channel.

Of course, I hope you like
the volume profile today.

We’ll keep it on our charts always.

But sometimes it’s
important to keep it there.

And I want to give away Principals

by Ray Dalio, one of my favorite
books on value investing.

If you want to win this
book, comment below.

Share this video,
you have a chance to win.

I’ll pick a winner from our video
yesterday and will wrap this video up.

Just Herbits says ETH leading the pack.
Let’s go.

Altcoins thinks they send
me a message on Instagram.

Brother, you want a book?
And with that, thank you all for tuning

in to our channel today
and until next time, it’s Friday.

Tomorrow.

It’s going to be an interesting week as we
head into the weekend where the markets

are the most manipulated due
to see futures being close.

I can’t wait to see how markets close
tomorrow and then we can play Bitcoin

during the weekend, whether
it’s to the upside downside.

We’ll see.

Thank you for tuning in today
until next time.

Snipers out.

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