BITCOIN IS NOT LOOKING GOOD…EMERGENCY DXY UPDATE (and eth)
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00:00 video summary
02:59 bitcoin prediction
09:25 traditional markets
Snipers, you have to see what’s happening
to the Cryptocurrency market this Tuesday
as Bitcoin is rejecting the thirty four
thousand seven hundred and eighty eight
dollar resistance level, where we also
have the weekly and monthly open.
And currently, today’s Daily Kindle has
a bearish tale, and it looks like Bitcoin
is pointing itself to see further
downside, potentially to test this
twenty eight thousand dollar level.
But more importantly,
what I want to talk to you guys about
and something that’s unique to our channel
is that we like to correlate
the traditional markets to what’s
happening with the Cryptocurrency market.
And the DXY is doing exactly what we don’t
want, which is coming back up
to test ninety two point six two.
And now we’re seeing the VIX
spike up over 10 percent today.
The S&P five hundred starting to come down
looking like we’re going
to see a breakdown.
You can see today’s Daily Candle,
a breakdown candle all the way below
the closing Candles low from Friday.
This is a major puzzle piece
that we have to discuss.
And then even commodities like US oil are
seeing a massive bearish top
candle, whatever you want to call it,
because of what’s happening to the DXY.
This is a critical moment for Bitcoin
at thirty four thousand eight
hundred showing weakness.
The Bears have defended the fifty day
moving average throughout
this whole consolidation.
We’ve never had the chance to test it.
Does that mean Bitcoin is going to see
the twenty eight thousand dollar level
and then form one last lower low inside
of this channel that’s on the table?
But remember, guys,
there’s a lot of volume
below thirty thousand and a lot
of cell pressure above 40000.
If we see enough cell pressure to fill
the order books,
there is still a potential we could see a
test of the twenty thousand dollar level.
This is a multi-year support level
that dates back to the March
twenty twenty drop.
And this is exactly where we’ve stayed
with Bitcoin never breaking
this support throughout the
know cycle, not just through this bullish
cycle, but even the March
twenty twenty bottom cycle.
And so this is a major support level
that we need to watch here at this
twenty thousand dollars level.
If we get any sort of price action below
twenty six thousand, I stand true
to my opinion that I believe
there’s going to be a very limited amount
of time that the price will
be below twenty six thousand.
You need to have those buy
limit orders set in place.
And I just wanted to throw
that in the start of this video before we
get into more of the micro analysis,
because that’s the most important thing
you need to know right now
with where Bitcoin is that.
And you guys are watching
the Snipers channel.
My name is Naeem Alobaidi.
Remember, dismasted like one
for the YouTube algorithm.
I’m already so into this Bitcoin analysis.
I want to go into this 4-hour chart
and talk about why our levels are so
important here on the Snipers channel,
thirty four thousand seven hundred
and eighty eight has been a level that
I’ve talked about for over three months.
And this is why we wait for confirmations
when observing price
action at specific levels.
Notice how the 4-hour was not able
to close above thirty four thousand
seven hundred and eighty eight.
And what I said yesterday is if we don’t
get 4-hour closes above, that’s bearish.
And guess what?
We’re seeing rejection.
All we saw throughout this weekend was
trap and frustrate crew.
Now we’re seeing some real price action.
Reject this thirty four thousand seven
hundred and eighty dollars level.
We have the monthly and weekly open here.
It’s not looking good for Bitcoin.
I’m just being honest as an umpire.
Now, we know there’s a lot
of volume below thirty thousand.
So here’s how I think this is
going to have to play out.
Obviously, the market wants lower prices.
I’m sure a lot of us maybe
waiting for lower prices.
You can definitely tell who’s sitting
in Teather when you’re
in the Discord chat, right?
They love when the markets are going down.
And and of course, Bitcoin is the
major player in this market.
And we need to monitor
what Bitcoin is doing.
And if we see sell side pressure come in,
I think at this point
it’s going to have to come hard
and it’s going to have to come quick.
And we know there’s institutional and
retail pressure below thirty thousand.
So maybe Bitcoin just needs one last push
down before we can really start to see
the end of this bear market so that
towards winter, where the Cryptocurrency
markets tend to do well,
we can finally start coming back towards
the forty thousand dollar level.
But right now,
the melting pot outside
of the Cryptocurrency mark,
when we look at traditional
markets are not looking good.
So I’m going to address
this downside scenario.
It is what it is we get about.
Thirty four thousand seven hundred
and eighty eight, we can assume
some upside pressure, right?
We really just want to get to this thirty
six thousand five hundred dollar level.
At this point, it’s above the 50
day moving average, unfortunately.
So notice how the more time that goes by,
the faster these moving averages come down
to these major support
and resistance levels.
And now Bitcoin,
if it doesn’t get to this monthly
and weekly open above thirty four thousand
eight hundred any time soon,
it’s really starting to run out of time.
And we’re going to see the move here soon,
in my opinion, especially because it’s
a 50 day moving average
coming towards price.
And the bears have clearly said we don’t
want Bitcoin to test this 50 day
moving average, at least for now.
So that’s what I’m looking at for Bitcoin.
I’m not being bearish.
But what I am saying is if we see
any downside, it’s going to be fast.
So have those orders in a Ethereum,
of course, doing very well.
Altcoins in general have been doing
extremely well for those in our Discord we
sent a signal for ofay comp,
not we, but our analysts see ocean.
We entered AbbVie yesterday at two hundred
eighty nine bucks compound
four hundred sixty three.
But all of these Altcoins
are doing extremely well.
And we look at the Ethereum
to Bitcoin chart.
We’ve been monitoring this to assume how
Altcoins are going to perform as a leading
indicator. This has been moving
very fast and now guess what?
We’re above the 50 day moving average.
So tell me this isn’t the most
bullish chart Crypto.
It looks like we want to come up
and test eighty five thousand.
Tosches I think that whether we see
the downside scenario with Bitcoin,
it’s good to obviously
affect the whole market.
Maybe we get a retest of this channel
before we see one last
push to the downside here.
Who knows if this happens?
The entry for Ethereum on the US dollar
price, regardless of what this Ethereum
to Bitcoin charge is doing, we know
Ethereum is stronger than Bitcoin.
Get your Ethereum entries
is the message here.
If Ethereum, hopefully,
you know, if this does happen,
you have your buy limit set in place.
This would be a great scenario for those
that have yet to get your entries,
get entries below 1760,
because if we see nineteen eighty break
confluence with the 200 day moving
I believe that you might as well wait
for this test of this range from 1716,
the previous all time high at fourteen
forty because we already came
down to seventeen sixty twice.
It’s not going to be as nice
of an entry at this point.
So get those lower orders in Ethereum.
Six hundred and fourteen just in case
we could just start continuing back
to three thousand if Bitcoin decides
to get above thirty four
thousand eight hundred.
I think that Ethereum has already seen
the low I don’t think will come anywhere
between or near 1760 ever again,
you know, and so that’s really
up to Bitcoin at this point.
But Ethereum and other Altcoins clearly
the stronger performers,
the total Cryptocurrency mark catcha
looking like it wants to come up and test
this 200 day moving average a lot better
than how Bitcoin is looking way below
the 200 day moving average and then others
dominants back above thirteen percent.
As we’ve been predicting on the Snipers
channel, the twenty week moving average
at home base, we’re now above it.
So that means we’re soon extremely bullish
trend and our thesis
is now proven correct.
I mean, Altcoins have certainly
performed better than Bitcoin.
So congratulations for those have been
tuned into Snipers channel
since the start of this year.
We called the Altcoin market starting
in January and throughout this whole top
of Bitcoin where people were
saying Altcoin season is over.
I’ve always maintained myself saying as
long as you stick to Ethereum Cardano some
of the fundamentally sound points,
not the Naeem coin’s that, you know,
doge coins are the world,
then you’ll always be fine.
And if you’d stuck to that advice, then
Altcoin season has been fantastic for us.
And so I’ve maintained myself bullish,
even though we came down this week moving
average and now we’re back above it.
So congratulations artists was correct
and it was truly against
everyone else’s opinion.
But I knew I’ve been in this market.
I saw this cycle twenty,
seventeen, twenty, eighteen top.
We broke past it.
So this is awesome.
You know, certainly makes me feel
proud to see this confirmed.
So we were right on that prediction
because that was a strong one.
You guys remember for those have been
tuned in, Bitcoin dominants coming down,
of course, in reaction to others dominance
and then traditional markets,
oil coming down
over three percent of the S&P 500 looking
like it wants to start
seeing lower levels.
We had two very strong Candles for the
week, you know, the last two weeks.
But, you know, really, at this point,
the DXY is in control and the DXY has seen
stronger pushes to the upside
over the last few weeks.
And because of that,
it’s affecting markets.
And we go into the micro timeframes and we
look at what’s happening
to the DXY right now.
And it doesn’t want to come down.
It looks like it wants to push back up.
It didn’t test ninety one point
nine to at the support, so.
That obviously here means that there was
bullish pressure, it’s coming back,
you know, back up to test this,
this could start to push to the upside,
even though there’s a lot of bearish
divergences here for you to look at RSI.
I’m sure you see here we’ve got a bearish
divergence, but it really doesn’t matter
when Jerome Powell opens his mouth.
You know, this is turning into a volatile
chart and you don’t want to see the DXY
volatile if you want to assume
a healthy environment for their assets.
So we break ninety two point six two.
That’s an emergency
that’s going to affect not just
Cryptocurrency, but all other markets.
And we’re seeing that clearly showing here
with the VIX today up over 10 percent.
That’s a sign of fear.
We’re going to still trend
down for the long term.
you know, we just want to keep note
of these spikes because that typically
says, OK, look around what’s going on.
DXY is coming up.
Oil is dropping.
What’s the blueprint here?
Well, dollar value seems
to be strengthening.
Everything else is coming down.
That’s what it looks like.
And with that, thank you
all for tuning in today.
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