BITCOIN MAJOR MOVE IN THIS EXACT DIRECTION! (very important)
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02:55 bitcoin analysis
07:45 traditional markets
Snipers, you have to see what’s happening
to the Bitcoin price this Sunday as we are
currently playing inside the forty four
thousand eight hundred dollar and forty
one thousand nine hundred fifty dollar
range with the 200 day moving average
at the forty four thousand
eight hundred dollars level.
We also have the 20 week
moving average here.
So this is an important resistance
that we’ve yet to get above.
And that’s not a surprise for those
have been to near the Snipers channel.
We know forty four thousand eight hundred
is the level we need to get above if we
want to assume a potential break to forty
nine thousand seven hundred now.
The good news is because we’re having
a cup of coffee right now at the forty
four thousand eight hundred dollar level
that tells me that this is not Bitcoin’s
final destination and there still is
a potential we could see
a move to the upside.
If we start to see volume come in.
And remember this forty one thousand nine
hundred and fifty dollar level has
yet to be tested on the 4-hour chart.
So even if we see a garden variety retest
of this forty one thousand nine hundred
and fifty dollar level and we
continue further up, guess what?
The monthly open is sitting at forty one
thousand five hundred below this level.
And so we have a very clear path
for Bitcoin that we’re
going to talk about today.
And of course, we’ll also look at Altcoins
because it is Sunday and that means
that traditional markets are going
to start opening later in the day.
And that’s going to show us where
institutions are placing their
capital, where their bets are.
And we have this extremely bullish
continuation candle from yesterday’s close
making me assume that it wants to come
to thirty four fifty four and test this
extremely important resistance where we
now have confluence with this channel
support that would now
turn into resistance.
Notice how this channel for Ethereum
started here in the start of this year.
And since Ethereum has seen the run up
to new all time highs,
we’ve come back to this channel and it was
only that we saw Bitcoin come below 30000,
that we saw three a break
from this channel.
Are we going to get back to this channel,
potentially break out from this resistance
to see new all time highs for Ethereum?
We’ll talk about that today, Snipers.
But realize that with Ethereum at three
thousand dollars, this was when Bitcoin
was at sixty two thousand dollars
in the previous cycle,
if that’s what you want to call
it when we saw the run up in May.
So Bitcoin is definitely not at sixty four
thousand dollars or sixty two thousand
dollars, but it is at three thousand.
And the reason it’s like that is because
of the three a Bitcoin chart and this is
a leading indicator
for a lot of other Altcoins.
So I’m going to talk about the Ethereum
to Bitcoin chart,
what to expect here and then how that’s
going to affect others dominants,
Bitcoin dominance and the total
And then what I’m looking for as
traditional markets open, you guys
are watching the Snipers channel.
My name is Naeem Alobaidi on a Sunday.
Remember to smash the like button
for the YouTube algorithm.
I hope you guys enjoy
the thunder in the background.
So first, let’s talk about the weekly
Candles that’s about to close
in one hour and 56 minutes.
We have a test of the twenty week moving
average, up forty four thousand eight
hundred for the first time since May
10th when we saw this bear market start.
And so this is an important level.
But the fact that we’re at the twenty week
moving average, but not above it, is
really what the bulls need to understand.
If they want to assume a successful rescue
operation, we have to see the price get
above forty four thousand eight hundred
now forty nine thousand seven hundred is
still on the table if we stay
above forty two thousand.
But remember, guys, as price goes up,
we’re going to start going to the smaller
time frames where everything will morph
in these time frames and then they’ll show
themselves in the larger time frames.
The daily chart
is rejecting this 200 day moving average
since we’ve started
to move up with Bitcoin.
When we tested this twenty thousand dollar
level, I told you guys thirty four
thousand seven hundred and eighty
eight was my line in the sand.
And then we got above thirty thousand.
Then I said thirty thousand to my line
in the second guess what,
we never came below that.
Yesterday I talked about forty
thousand being my line in the sand.
The higher we put the line in the sand,
the less risk we have in our positions.
Today the line in the sand has risen
and that is now at the monthly open
at forty one thousand five hundred,
just below forty one
thousand nine hundred fifty.
I love this play here because guess what?
Now, if Bitcoin decides to test forty two
thousand US dollars, in my opinion,
a garden variety retest,
the forty one thousand nine hundred fifty
to see continued upside is
totally valid for the Bulls.
We could even just continue to break
out when this new weekly Candles opens.
But if we see price action below forty one
thousand eight hundred fifty, we really
need to monitor the smaller time frames.
In my opinion, if we go below this monthly
open and this major support at forty one
thousand nine hundred fifty,
the likelihood of us seeing.
New lows for Bitcoin this year becomes
way more probable below forty one thousand
nine hundred fifty at this point.
So just keep that in mind.
I’m not going to go into more
of the downside scenarios here
because I’m just being an umpire.
But realize my line in the sand is
at forty one thousand nine hundred fifty
if we want to assume continued
strength for this uptrend.
And we can just look at this potential
support here, showing
conflicts with this level.
So there’s a lot of reasons
it’s at this level right now.
But that’s what I’m watching.
And regardless of what Bitcoin is doing,
the great part about it is if we do break
out to forty nine thousand seven hundred
now, we have the chance to test the forty
four thousand hundred dollar level.
We have the 20 week moving average
and finally see act as a support again.
And now we can potentially talk about new
all time highs for Bitcoin
if that scenario occurs.
So those are the very clear
patterns that I’m seeing now.
Altcoins are going to be led by Ethereum,
which is the biggest Altcoin.
So it’s a great leading indicator,
obviously way more strength than Bitcoin.
This is a very bullish chart, regardless
of what Bitcoin does at this point.
Ethereum is playing in a range from thirty
four fifty four all the way down to 1980.
Green Line isn’t going to matter
as much as the previous week.
The Open, which is going
to change tomorrow.
So realize this range is massive
from 1980 to thirty four.
Fifty four, seventy three percent
and from our current price action at three
thousand dollars with a Ethereum
on target, still thirteen
percent to the upside.
And like I said,
when Bitcoin is trading at sixty two
thousand dollars is when the theme was
running up to the three
dollar level in May.
So the fact that bitcoin is nowhere near
sixty two thousand but Ethereum is up here
in thirty or three thousand dollars
level is a major puzzle piece.
And a lot of this has to do
with the theme, the Bitcoin chart,
which I think is going to be a great
indicator regardless of what Bitcoin
in Ethereum do to see how our
other Altcoins going to perform.
If we break sixty five thousand satoshi,
I would be worried if we don’t expect
Altcoin season to continue and that’s
translating in the others
dominance and Bitcoin dominance.
But first, I want to show you
the total cryptocurrency market.
Since we’re so far and above
the 200 day moving average.
Here’s another major puzzle piece
we’re going to be watching.
This new weekly candle
opening here in an hour.
Are we going to stay above this twenty
week moving average for the total market
cap at one point seven Trillion if we do.
This could assume that Altcoins are going
to rally to a new all time
highs and Bitcoin may not.
I’m saying this because Bitcoin dominance
is still rejecting the 20 week moving
average and others dominance is having
a cup of coffee at the
Tony Bitcoin beverage.
But it’s sitting
at this 200 day moving average.
It’s slightly coming down today.
So we’ll monitor this.
The stock could break down, who knows?
But for now, it’s consolidating
and tightening in a range.
So not much to talk about there.
And then here’s what I’m watching
for traditional markets, the DXY it
out of nowhere saw a bullish
continuation can on Friday.
And you can see this new
Candles has already opened.
We’re above ninety
two point six to this previous
weekly open does not matter anymore.
So our range now is all the way to this
ninety three point eight two level.
If we break this ninety three point two
candle high from the 20th of July
for the DXY, that’s new yearly highs.
In my opinion.
That’s going to be a major, major
warning for every other market because,
you know, with this close that we saw
on Friday, look what happened to Gold.
It pushed down U.S. oil pushed down,
and the S&P 500 has yet to push down.
But trust me, it’s not going to last
too long DXY to really see strength.
So we want to monitor this.
If we start to move back down,
that’s the preferred scenario.
But if we move up, this is
not what we want to see.
So I hope you guys
enjoyed today’s analysis.
It’s a Sunday.
I hope you guys are having a fun day.
And I want to give away one of my favorite
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yesterday and then we’ll
wrap up this video camera.
Run says, thanks,
Naeem for the puzzle pieces on the table.
Love the extra lesson on the trading
view to keep them coming.
Thank you, Kyra.
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until next time Snipers out.