BITCOIN LONG SQUEEZE??? WEEKEND MANIPULATION (total new ATH)
Snipers, you have to see what’s happening
to the Bitcoin price this Friday is we are
one roadblock away from the previous
all time high of 64,855.
The question is, are we seeing
this rally as people are buying the hype
of the Bitcoin ETF set to be approved
on October 18 to then sell the news,
or is this truly going to be a breakout
to new all time highs and for Bitcoin
to reenter price discovery?
Because guess what?
So far, we have a new all time high
in the total cryptocurrency market cap.
What a momentous time for this market.
That is a very big deal.
But until we can continue to see price
action above this two point $59 trillion
level, we can only assume so far
that we have a higher high forming
and so far with Bitcoin, we only have
a lower high that has formed up until we
can see continued price action.
To the upside now,
we’re entering into the weekend,
which is the most manipulated
in the cryptocurrency market.
So the question is, what do the whales
have in store for us this weekend?
We’re going to talk about that today
and the potential scenarios that Bitcoin
could follow with our daily candle.
First and foremost,
if we were to just kind of Zoom in here,
it sort of is an indecision candle
bullish continuation body.
And I would say that at this point
for Bitcoin,
it is clear that Bitcoin dominance wants
to move up and that we know
is already set in stone with Bitcoin
dominance now moving above
the 200 day moving average.
So it’s currently following the path
of the DXY, which is totally expected
as they are correlated assets.
It took Bitcoin a little bit longer
to get above this 200 day moving average.
But notice what happened to the DXY once
it got above the 200 day moving average,
it stayed above the 200
day moving average.
And we know there are two different
reasons that Bitcoin
dominance could be moving up.
Number one,
we are entering into a new Bull cycle
for Bitcoin, so that would assume
that the total cryptocurrency market cap
breaks out to New York Times,
which it has,
and that Bitcoin will also follow
to see itself reenter price discovery.
And at that point we could potentially
assume 75,000, 100,000 and so forth.
But until we can see
confirmation and continuation,
we have to only assume so far we have
a lower high that’s formed with Bitcoin,
and that’s totally a garden variety
market
retest of a previous high.
And if we cannot see continuation,
especially as we head into this weekend,
October 18 is the day,
then that could be a problem for Bitcoin.
So I’m going to address the Bulls
and the bears on the sniper
channel as I always do.
And it is also quite clear now
that Ethereum is certainly showing
weakness against Bitcoin
coming down and testing this market
structural support for a second time.
You guys know when you knock on the door
multiple times, the likelihood of that
door breaking becomes a lot higher.
And now we tested even below
the 200 day moving average today.
So what is that doing
to the Ethereum price?
Well, Ethereum facing this market
structural resistance that dates back
from the alltime high,
and also when we retested $4,000 and we’ve
yet to break through to actually break
the highs from the September 6 rally.
And a lot of all coins have yet
to break that high from September 6.
Some have the smaller market caps.
And Interestingly enough,
one of the contributors in our
Discord Buzzby posted this chart today
about all of the liquidations
when it comes to the perpetual
contracts for Bitcoin right now.
Pretty much saying that shorts have pretty
much all been liquidated at this point.
And now there are a lot of long positions
that could potentially be liquidated here
if Bitcoin just moves down below $55,000.
So that is also some food for thought.
And because of this, you guys know we’ve
been taking day trades on Altcoins today.
We took eleven day trades Maddock Network,
the graph, a lot of them hitting targets.
We’re still seeing upside.
And remember, we have the best
discord trade signals in the world.
The link is in the description below,
and the best discord cryptocurrency
community in the world.
And the reason we’re taking all coin
trades is with this chart that factors in
Altcoins outside of Bitcoin and Ethereum.
We have been above the 20
week moving average.
But you can see today we are starting now
to move below the 20 week moving average.
And so if this candle body closes fully
below this 20 week moving average,
that might change our stance on long
positions for these altcoins.
But until that happens,
we have to still assume that we could
find some breakouts with these altcoins.
This chart is also telling us that this
could potentially be a leading
indicator for what’s going to happen
to the theorem to Bitcoin chart.
As you can see, a theme of Bitcoin is
the leading indicator for all coins
already fully below the 20
week moving average.
And so both of those charts showing
weakness below the 20 week moving average
is a puzzle piece heading into next week
that assumes that Bitcoin dominance wants
to continue further up being
above the 20 week moving average.
So we may be seeing the last
breath here for all coins.
But the other scenario that could
justify why Bitcoin dominance is moving up
is that Where’s the liquidity for this
rally for Bitcoin coming
from potentially the all coins.
And if that’s the case,
at some point, the gas war on out.
And if we start to see downside,
what’s going to happen is all coins will
bleed even further than Bitcoin does,
because of course, Bitcoin
has a way larger market cap.
And that is what happened in 2018 when
Bitcoin dominance moved up,
so that would be a pattern of the past
playing part,
and a lot of that is going to have to do
with whether or not Bitcoin can
reenter price discovery or not.
Now, is there a potential Bitcoin
to potentially even just form a higher
high and then get the rug pulled?
Well, I think we’re going to find that out
this weekend, but for now we have
to assume that we have a lower high.
The total market cap has a higher high,
and until that changes,
that’s the schematics we’re looking at
now, when we go into the revolving parts
that matter closing the week, the DXY
did close again above 93 point 82.
So this range between 93 point 82 and this
95 point 85 level is the worrying
range for me when it comes to justifying
higher prices in the
cryptocurrency market.
And that slowed the S Amp P 500 down.
But we closed above the 50 day
and 100 day moving average.
The S Amp P 500, which is a good
puzzle piece coming into the weekend.
And on the weekly we are back above this
20 week moving average with a bullish
tail and a bullish body for S Amp P 500.
So that is a positive thing.
We look at international markets like
Japan closing itself back above the 20
week moving average as well,
which is extremely positive.
China’s yet to get there,
but it follows Japan in a lot of cases.
And then the Euro 100 is now back
above the 20 week moving average.
So revolving parts actually don’t look too
bad coming into the weekend gold
rejecting the 20 week moving average.
I would say that’s a good thing being
the fact that it shows that there’s not
too much fear with institutions
closing the week, it did run up to the 20
week moving average before we closed,
but now it’s back below it.
And then we look at the chart that has
been very interesting, which is
this gold to Aetherium chart.
And then I’ll show you the gold
to Bitcoin chart in just a second.
But this gold to Ethereum chart notice
how it just broke this market support,
indicating that we’re
going to see continuation
to the downside, which means that
obviously gold is becoming weaker
and weaker against Ethereum
and then gold against Bitcoin.
Also looking like it wants
to continue further down.
So if Bitcoin does reenter price
discovery, that would certainly justify
this breaking
the low that was formed on April 14 when
Bitcoin topped out at 64,000,
and we could see
obviously Bitcoin Act as a better storage
value than gold into two,
three and two, four of this year.
So this was the chart we used to predict
the top for Bitcoin when we started
to come back above this 21 moving average,
forming this wedge because
that’s what happened in 2018.
And so it’s very interesting what’s
happening in the market right now.
I think that we’re really at a make it
or break it moment here for Bitcoin.
And
when there’s an ETF coming out
on October 18 and we’re heading
into the weekend, I can only assume
there’s going to be a lot of volatility.
And so when it comes to altcoins, though,
as long as Bitcoins above this week,
we open at 54,800.
As I’ve been saying, I think there’s still
a lot of opportunities for all coins
until we get below.
This is when I’d be a lot more concerned.
So expect to still see some trades here
for all coins and it’s going to be
interesting to see what happens here.
We go into the more micro time frames.
Notice how we are still seeing
continuation to the upside,
we’re really just facing
this roadblock right now of $61,844.
If we can start to see a four hour candle
close fully above 61,844,
I think that’s going to be a very positive
thing to assume that the price discovery
scenarios on the table,
but until we can get four hour candles
closing above 61,844,
we have to assume that the range
that we’re currently in is $58,353
and the $61,844 level,
and then the next roadblock after 61,844
is going to be the previous all time high
at 64,855 for the Binance USDT
pairing for Bitcoin.
So very interesting weekend.
Very nice to see Bitcoin
at these higher levels.
And once again, the higher Bitcoin goes,
the downside scenario becomes a lot better
because the floor will continue to rise
at any point in time if
we get below 58,353.
Now,
that’s going to be the biggest concern
because now we have only just the weekly
open to hold us and then
even further downside.
Potentially so
very nice range for Bitcoin to be
in 58,353 testing 61,844 with the next
roadblock as a previous
all time high at $64,855.
Let’s see what this weekend has in store
for those tuning in cyber channel.
You know, we’re going to be covering
the market as always
and the revolving parts to ensure
it’s a four dimensional analysis.
And I love seeing
the participation in the discord.
Once again.
Thank you, Buzzby, for posting
that chart for the perpetual contract
liquidations and we’ll continue
to monitor the discord chat.
I love reading your guys’opinion
and seeing what’s happening in the chat as
price action is moving because it’s always
nice to see it in real time.
And so for those not in the discord
link is in the description below.
Thank you all for tuning
into the sniper’s channel today.
I hope you enjoyed today’s analysis.
It’s going to be a very interesting
weekend coming up.
And with that until next time.
Snipers out.
