BITCOIN MAJOR NEWS!!! (live analysis after inflation report)
Snipers, you have to see what’s happening
to the Bitcoin price this Wednesday,
as we had inflation data come out
and in direct reaction to that,
the DXY dropped below this extremely
important support level at 95 five,
causing Bitcoin today to be up over 2%.
Ethereum up over 4%.
But that’s not
all that’s on the table.
Look at what’s happening here to some
altcoins ship to the US dollar pairing
breaking out of this falling wedge pattern
Cardano starting to break above
an extremely important level at one point
$0.25. And we’re starting to see some
of the puzzle pieces that we’ve been
monitoring here over the last few weeks,
tilting back into the favor that the total
market cap can continue further up Bitcoin
dominance, rejecting its
50 day moving average.
And we’re starting to see this chart
that factors in all coins outside
of Ethereum trying to move up further so
it can break out of this
There’s a lot of puzzle
pieces to talk about today.
We’ll cover Ethereum and the
total market cap as well.
But first I want to dive into Bitcoin here
we’ll take some live audience questions,
as we always do in our livestreams.
But right now,
Bitcoin is inside of the range of 44,800
as a major resistance and 41,
950 as a major support level.
And so I want to keep
that on the table now.
The question is,
are we seeing the potential short term
bottom of this downside move for Bitcoin
to continue back further above its 200 day
moving average, potentially getting itself
back above the 20 week moving average
with a 200 day sitting at 48,400 right now
and the 20 week moving average,
which is an extremely important checkpoint
that we want to eventually
conquer in the more macro term.
Sitting at 52,400,
we’re currently at $43,600.
And so the likelihood, in my opinion,
that we could get back towards that 20
week moving average is going to become
more probable and in favor of the Bulls if
we can get above 44,800 at this point
because we know this right here is
an extremely important checkpoint
that opens up the door
for Bitcoin to retest $50,000.
So if we get hourly and four hour
confirmations above 44,800,
we could expect 50,000 to come
on the table and for us to get back
towards that 200 day moving average.
Now, if at any point in time we come back
we’re going to have to expect potential
downside, because at this point we’re
getting our best opportunity
to see this reverse to the upside.
And if we cross back below 41,950, that
would be a very big sign of weakness.
And then we could expect $38,000 in this
lower price range to come on the table
with 34,788 being the worst
case scenario for downside.
But I don’t want to talk about downside.
It’s time to talk about upside
targets on the four hour chart.
Notice how we are now facing this each
emoku cloud that we were watching
that was acting as resistance.
And if we get towards 44,800,
it puts us fully above the four
hour each and OKU cloud.
So that’s also another reason why
44,800 is more important than ever.
And as I’ve been saying,
because the puzzle pieces are still
in the favor of altcoins, we’re seeing
momentum here with a lot of altcoins.
Now I want to address this really quick
for Bitcoin to get towards
this monthly open.
It’s sitting at $46,200.
I think this could be a potential short
term upside target that’s on the table
for Bitcoin to at least
come and retest this area.
And guess what,
if we get towards that monthly open
to retest it now we’re fully above 44,800,
we can potentially see 44,800 turn
into a support level rather than
a resistance, and for a continuation of us
to even get above this
monthly open at $46,000.
I think that that’s potentially what the
short term price action could look like.
One prediction that I’m going
to just throw out there.
But 44,800 is going to be that major
level that we have to get above.
If you want to assume further upside
on the volume notice here on the hourly.
This is what we use to confirm
the potential bottom.
When we first crossed below 40,000,
we saw some hourly by volume
institutional type of buy volume.
Right now we’re seeing nice spurs of buys
coming in and we’re not seeing
sellers react to the buy pressure.
I think that as we start to see more
and more of this by pressure come in,
it’s going to keep stairstepping Bitcoin
to higher price levels as long as we don’t
see sale pressure come
in in reaction to the by volume.
So we’re not seeing anything
significant when it comes to volume.
We’re not seeing the craziest
institutional type of accumulation
here at these price levels.
I would still say that there’s still a lot
of sale pressure when it comes
to the institutional basket of volume
because we’ve only seen large
spikes of sale pressure.
We haven’t seen large spikes of buy
pressure on these institutional
time frames like the six hour.
But on the micro timeframes,
we’re starting to get the early signs that
we could potentially be reversing here.
And so that monthly open retest is
on the table for us to get above $44,800.
And I want to talk about this total
cryptocurrency market cap chart because
guess what, we’re already pretty much
coming to retest this
200 day moving average.
And so the total market is showing
more strength than Bitcoin.
And that’s not a surprise that happens
when there’s a continuation
in altcoin season.
And when the thesis is that the total
market cap wants to continue to price
discovery and see further highs,
we’re going to see strength with the total
market cap against Bitcoin.
And then that would also assume altcoins
are going to show strength with the theory
of bitcoins are being the leading
indicator for us on the snipers
channel for the rest of the altcoins.
We’re seeing exactly what we’ve been
waiting to see,
which is this market structural previous
resistance now acting as a support.
For the first time we saw a garden variety
retest of this area right around that 100
day moving average at 75,000 Satoshi
and now we’re seeing upside of the thermal
Bitcoin chart, allowing the theorem of US
dollar price to also come towards this
200 day moving average, which guess what?
It’s showing confluence here with 34.
54, which is the major resistance that if
Ethereum can conquer and get above 34.
54, the likelihood that we could continue
into price discovery and senior all time
highs becomes way more favorable
and probable in the bullish case.
And so I think that 34.
54 is going to be an extremely important
breakout level to watch for Ethereum.
It’s an extremely important area here
and that’s clearly proven here with a tiny
day moving average now showing confluence
in this area and Bitcoin dominance as
we’ve been expecting as much as we saw
a little bit of upside recently
crossing back below 40%.
The reason we’ve been expecting weakness
here is we recently breached yearly lows
with Bitcoin dominance and so coming back
above, it’s totally garden
variety market behavior.
But the macro is already clear that we
could potentially and easily see further
downside with Bitcoin dominance,
which is actually a pretty good thing
because that assumes that all coins,
including Ethereum and outside of Ethereum
continue further up and this
chart is still extremely bullish.
Seeing some upside today,
it looks like it’s at some point or
another going to break out
of the suspended in triangle,
which would be huge for all coins.
Now why is this all happening where
the DXY is starting to correct?
So one thing that we have to monitor right
now is this ascending
support level for the DXY.
As you can see,
we’re currently testing this area.
And so if we breach below this extremely
important ascending support level,
what we could assume is that we
potentially have a slowdown now
with the strength of the dollar
and that traditional markets
cryptocurrency market could continue
further up if we see a breakdown
with the DXY and this would actually be
garden variety market behavior for the DXY
to have breached a major macro market
structural support level after what we saw
in 2020 and the dollar seeing a lot
of weakness in 2000 and 22,021
recently starting to reverse.
Guess what we already got back to test
this extremely important support
that broke as a resistance now.
And so in the macro,
we could potentially assume that this
might be the most amount of upside
that DXY sees in the short term
to midterm, and that would also be
in favor of the cryptocurrency
market continuing up.
So one thing we need to monitor right now
is this move for the DXY going to be truly
breaking this important
ascending support level.
If that’s the case,
the strength of the dollar could have
potentially topped out in the midterm
and that could be extremely bullish into Q
two and Q three for the cryptocurrency
market and traditional markets.
S Amp P 500.
I’ve been telling you
guys has stayed bullish.
We are above the 20 week moving average
now retesting previous weekly open.
We get above this area here at 40.
715 on the Eminence’s contract.
We can see continued price
discovery of S and P 500.
Assuming that Bitcoin also wants to get
above its 20 week moving average.
Now we’re also seeing a reaction
in commodities to what’s happening to the
DXY, which further legitimizes the move.
Notice how gold moving up right now and US
oil potentially retesting these previous
yearly highs where we topped out around
the $85 per barrel level
currently at $82 per barrel.
Are we going to be seeing
continued momentum to the upside?
Is inflation going to continue
to affect US oil prices?
I think that that could certainly be
on the table and that would also
be extremely bullish for Bitcoin.
Now we’re finally starting to see Altcoins
move as well, which is an extremely
positive sign because that also
further legitimizes this move.
And I say that with Cardano right now
breaching back above 120 $0.05,
this is an extremely important level.
It puts back a dollar 50 on the table
for Cardano to come back towards
this extremely important area.
And we’re also seeing this translate
with the charts that are against Bitcoin.
The Cardano to Bitcoin chart back above
its 50 day moving average for the first
time since September of 2021.
That’s an extremely positive sign
for the momentum of Altcoins,
with Cardano just being one example
and then Shibu Inu, check this out,
breaking out of this falling wedge,
descending flag, whatever you want to call
it, that’s an extremely positive sign
that shows that there is some strength
on the retail end of things and even
the ship against Bitcoin chart breaking
out of this descending channel.
That’s also a very positive sign
for the momentum of all coins.
So everything has to date
kind of come together.
It seems like everything is tipping back
into the favor of the Bulls,
and I think that that is an extremely
positive sign for the cryptocurrency
market more than ever.
We want to monitor this range between
44,800 as the major resistance and 41,950
for Bitcoin, but we’re already starting
to see the bestcase scenario
come into fruition with Bitcoin
staying above $41,950.
Now another piece of confirmation that we
want to look for is going to be some six
hour by volume to compare to the amount
of cell pressure that top Bitcoin
out around that $69,000 level.
You can see when it comes to volume.
We’ve yet to really see that,
and that’s going to be another
confirmation that we could
potentially see in the bottom.
So a lot happening.
I’m going to take a couple
of questions from our live audience.
Let me pull up our livestream
and then we’ll wrap up this video.
Remember to smash like one
for YouTube algorithm.
If you guys appreciate this content,
I certainly appreciate each and every
one of you tuned in the channel.
Freedom Channel says this thing is going
to roll over big A says will Bitcoin
dominance continue to fall
and start another all coin cycle?
I truly think that Bitcoin dominance is
hinting that it wants to see further lows.
It wants to show weakness.
And I say that because it’s quite clear
at this point in 2017,
Bitcoin dominance was extremely
correlated to the strength of the dollar.
But this year it’s been a completely
different scenario and that could be due
to the fundamentals of this Bull cycle
being a lot different
than the last Bull cycle.
Now we’re seeing D, five gain
Fi NFPs and a lot of use case.
And so the DXY and Bitcoin dominance,
I believe, have already decoupled.
And with Bitcoin dominance breaching lows
recently, that tells me that it
can easily see further downside.
And if that’s the case,
that does mean that we’ll see
a continuation in altcoin season.
We’ll see a continuation with the total
market cap potentially moving further up,
because if all coins are going to be
expected to gain dominance in the market,
that’s new liquidity and new capital
that could potentially be coming
into the market into Q two of 2022
driving altcoins further up.
And I don’t believe Bitcoin has too much
downside on the table at these current
prices being below the 200 day moving
average with the fundamentals still
clearly bullish for Bitcoin,
we’re seeing a lot of news shift
back into the favor of the Bulls.
I think that the likelihood that if all
coins continue further up,
Bitcoin will also continue further up.
It just won’t see as much upside.
It’s a larger market cap.
And so the opportunity, I believe,
is still going to be in all coins here.
And that proves to be true.
But the Bitcoin dominance still showing
weakness and all coins outside of Ethereum
still showing strength,
and the theory of Bitcoin start leading
the altcoins outside of Ethereum
to see further upside.
And that’s clearly shown
with the theorem of Bitcoin chart.
And for the comment of the individual said
that you think that things are just
going to roll over a freedom channel.
I don’t believe that that is
the case right now.
I think that we’re truly starting
to test important levels.
And I think that’s clear on the four hour
each emoji cloud we’re
back inside of the cloud.
Now we get above 44,800,
we’re fully above the Hmocal cloud
and this heat emoji cloud
in the past has rejected Bitcoin.
And so right now it’s
not rejecting Bitcoin.
We’re seeing some strength.
We’ve seen many rejections here.
And so I think that being inside of this
cloud right now is a very positive thing
in the short term to assume that we’re not
going to be rolling over and that this
could be a real move to the upside
and the hourly volume that we saw
that confirmed this move
was also a very good sign.
Roberto says, are you shorting
the market right now?
I think this is the worst
market to be shorting.
If you’re going to be shorting,
I would be shorting
value stocks because I think that,
as Kathy Wood says,
Tech right now is in deep value territory,
and that includes Bitcoin.
So you don’t want to be shorting,
something that has already seen over 40%
downside from its previous all time
highs and is still a very bullish asset.
Fundamentally, that’s not
the time to be shorting.
So I would not be shorting.
Matter of fact, we’ve been going long
on many different altcoins because we know
that’s where the money is moving
and that’s where we’re going to see
even further upside than Bitcoin.
So for those in the discord,
we’ve been taking a lot of long
positions on all coins.
So very nice to see this with 44,800
as the major resistance.
That’s all we need to do to confirm
potentially 50,000 back on the table.
We just have to get above 44,800 hourly
and four hour confirmations,
and we’ll be good to go.
And with that, thank you all for tuning
in to Cypress Channel today.
I just wanted to throw
out this quick update.
We’re seeing exactly what we want.
All of the puzzle pieces are starting
to fall into the favor of the Bulls,
seeing a reversal here with Bitcoin,
and so it’s going to be exciting to see
how this plays out over the next few days.
The XY dropping today with inflation use
was also a very positive sign
for the cryptocurrency market
in the short term outlook.
So with that, I appreciate each and every
one of you snipers tuning in the channel.
I’m going to wrap up this live stream.
I’ll see you guys on the
discord until next time.