BITCOIN MOVE IN THE NEXT FEW HOURS (and altcoins prediction)
My Interview w/ Founder Of Cardano & Ethereum!
https://youtu.be/j-xhUSTDVxE (Charles Hoskinson Interview)
Timestamps!
00:00 cryptocurrency market analysis
03:55 bitcoin analysis
06:12 altcoin prediction
08:50 traditional markets
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Snipers, you have to see what’s happening
to the Bitcoin price this Monday.
As we have seen the break, about $50,000
breaching our $49,700 resistance level.
And now the question is,
since we only have a Wick on this daily
candle that’s closing in 30 minutes,
is this going to act as a true resistance
or if we see a continued breakout?
Because on the four hour chart,
Bitcoin is sort of having a cup of coffee,
which means this is not
the final destination.
Are we gonna see a break to 58 $0,
which is the next upside target
for Bitcoin above 49 700?
Of course, we need to start maintaining
price action above 49 to 700
to assume that break.
This is a 16% range.
And the largest range that we’ve broken
through previous to this was when we got
above the 200 day moving
average from 44,800 to 49,700.
It’s about 11% range.
This was the largest range.
It was a little bit larger than
this 38,$000 to $41,950 range.
And notice how when you break
into a larger range, at least so far,
what we’ve seen with Bitcoin,
when it breaks a larger range,
it goes to sort of the midpoint
of the range,
and then it starts to see a push back,
have a cup of coffee, come back,
test the range support before
breaking to the next level.
So this is what I want
you to pay attention to.
Are we gonna be seeing Bitcoin do the same
thing, break towards the midpoint of this
range, a $54,000 level to then find
support at 49,700 to continue further up.
That’s certainly on the
table for the Bulls.
But I also want to address what’s
happening here for the Bears,
because on the four hour chart,
since we’re looking at the daily chart
with a Wick above 49,700,
but nothing more than that,
we did have two full four hour candles
close above 49,700 on the URL chart.
Of course, we’ve got a lot more
candles closing above this level.
That’s a great sign for the Bulls.
Volume hasn’t necessarily
picked up just yet.
And so because we’re sitting here at 49
700, the fact that Bitcoin is right now
at 49 700 tells us that is
the important level to watch.
I want to talk about exactly how
to play this range for Bitcoin.
And then our expectations is that if
Bitcoin sees any sort of downside
this time around, we may not necessarily
see all coins outperform Bitcoin,
because the there in a Bitcoin chart is
back down towards the 650 Satoshi level,
our leading indicator for all coins.
If we break 650 satoshis,
that’s the confirmation that altcoin
season could be cooling off.
So far, we’re doing fine.
We’re maintaining 650
satoshis that’s on the table.
But we cannot
just ignore the fact that Bitcoin
dominance has not formed any further lows
since the top in May,
or at least the local top.
And because of that,
there’s still a potential here that this
chart could correlate itself to the DXY,
as it has in the past, where it starts
to move up if we see any downside.
So I don’t necessarily think Bitcoin
dominance would move up if we
continue further up for Bitcoin.
I think all coins will sell see strength,
because in order for Bitcoin dominance to
come up, there has to be a reason for it.
And the reason for this would be fear
altcoins seeing more downside than
Bitcoin if we start trending down.
And so I think this would be the only
reason we’d see Bitcoin
dominance start to come up.
And that’s what we really want
to monitor here over the next few days.
And we’re gonna cover gold,
the S Amp P 500 and the gold to Bitcoin
chart, because these are
revolving parts that matter.
You guys are watching the Snipers channel.
Let’s just get back into this four hour
chart for Bitcoin because
we talked about this $49,700 level
yesterday and we tested it with this Wick.
We started to see some price action
to the downside, but then we’ve quickly
seen ourselves come back above this level,
and I’m not surprised to see that.
I mean, it was only really
a 4% move to get above 50 $0.
But what I am concerned about right now is
this Wick on the Daily Candle
that’s only above 49,700.
If we’re not gonna see more strength above
49,700, then what we really want
to monitor is 47,000 at this point.
And so 49,740 7000 is the range.
47,000, by the way,
is the previous weekly open.
And so 49,700 is the resistance that could
break us towards 58,300 in the midterm.
But like I say earlier in this video,
what we’ve seen with Bitcoin is when
we’ve broken through these large ranges.
The largest one being 44,800 to 49,700 is
when we come towards the midpoint
of the channel is where we
start to see a slowdown.
And so if this scenario
happens again for Bitcoin,
what we could expect is that $54,000 level
to come into the equation and then
a retest of 49,700 to then see whether or
not we truly be able to hold this level.
But so far, things are going good.
Bitcoin is certainly
trending up right now.
And since we’ve yet to see downside or
prediction about Bitcoin,
dominance has yet to be tested.
But we really want to monitor this,
because at any point in time,
right now, there’s low volume.
The path of least resistance when there’s
low volume is always side
has to a little bit higher.
Isn’t that a coincidence?
Right?
And so we really want to monitor
the volume as well,
because since we’ve yet to see some strong
volume from institutional players,
I guess you can say that’s gonna be
a puzzle piece when it does
come to continue to monitor.
But so far, as long as we stay about 49
700, we could assume some volatility
to the upside four Bitcoin towards 540.
And we know 580 is the next real target
for the potential midterm,
but 470 is the big support right now.
If we break 470 at any point, that could
start leading us towards lower level.
So that’s what we’re
monitoring here for Bitcoin.
When we go into Ethereum,
we’re looking at the theory to Bitcoin
chart to get this confirmation because it
leads altcoins, and we
are seeing weakness.
Our prediction that this wasn’t going
to break out what’s true,
it did come back down to test 650.
Satoshis, we really want to monitor what’s
happening here, because if we continue
further up above 700 Satoshis,
then the scenario Bitcoin dominance
starting to trend back up.
And Altcoins not seeing as much
strength can come off the table.
And we could potentially say that all
coins, gold continue to see strength.
But if we break 650 Toshi’s,
that’s our first area of concern.
And then we want to monitor this Bitcoin
dominance chart to see if that would cause
Bitcoin down to get up a 46%,
which it’s only at 44% right now.
That’s not going to be
hard for that to happen.
And that puts us above
the 20 a moving average.
And now we’re back in a bullish trend,
and now we we can start saying, okay,
there’s a potential reversal,
and that’s when you’re gonna sell the two
dimensional analysts start saying
that there’s a reversal here.
But on our channel,
we’re three and four dimensional.
And so we monitor all the revolving parts.
And so I’m not gonna be too
concerned about others dominants.
For now, we are above the 20 week moving
average for that doesn’t mean much right
now, at least because this could just be a
lower high that forms
or maybe a higher high.
I mean, this would be a very interesting
scenario to see if we see a higher high
form, but we’ll monitor that total
cryptocurrency market cap chart at two one
2 trillion in the range of two
two 5 trillion and 178 trillion.
We’ve yet to form any further highs.
We could just be forming a lower high or
potentially a higher high at this point.
So we’ll continue to monitor this,
and there’s still that possibility.
We see continuation, right.
I think Bitcoin sees that strength about
49 700, that becomes more and more likely.
And with Bitcoin not getting above 49 700,
I don’t expect the theorem
to get above 34 50.
I’ll say that, too.
And so if we want Ethereum above 34 50,
I think we really need Bitcoin to get
about 49 700 with strength
and decisiveness, not just a
daily candle Wick.
And so that’s really what
a monetary for Ethereum.
If we see any downside for Bitcoin towards
the $44,800 level, let’s say, or 47,000,
what we want to monitor for them is
the $2500 level where
that monthly open is sitting.
And then look at the dominance to see.
Okay, if we start to trend down,
is Bitcoin dominant strengthening.
If so, then maybe this monthly open
at 2500 for them is not the best place
to get in because we could see further
weakness for them against Bitcoin.
Maybe it’s just wise to long
Bitcoin in that case.
So we’ll monitor the that, of course.
And then the DXY is pushing down today.
So this is interesting because what it’s
doing for the SMP 500 is it’s allowing it
to come up to seeing you all
time highs and that’s gold.
We’re seeing strength.
That Spy 500.
But we’re also seeing
some strength with gold.
We cannot ignore gold right now.
And so the fact of the matter is because
gold on this weekly chart specifically
notice how we had this massive
bullish tail from this weekly close,
and then following that,
we have now broken back above this
resistance as acted as a very important
level for gold for a while
now that we’ve rejected.
So this tells me that we’re knocking
on the door so many times we could
potentially start breaking up
if gold starts to move up.
That shows uncertainty
in traditional markets.
I mean, it’s typically
used as a hedge, right.
And so we want to monitor that because
that could be an interesting correlation.
And then the gold to Bitcoin chart is
where we predicted the local top four
Bitcoin 640 when this started to break
above the 50 day moving average in May.
Now let’s back down here
below all moving averages.
This is gonna be very interesting to watch
if we break these lows here
for the gold to Bitcoin chart, that could
be a very interesting scenario.
We’re certainly testing this 20 week
moving average right now and really
putting this chart on the edge of not
seeing the complete reversal here.
And so that could lead this to come
further down, which would
be very good for Bitcoin.
So that’s a very interesting
food for thought.
But that chart gold change quickly
depending on what happens
to Bitcoin price action.
So I hope you enjoy today’s analysis.
I appreciate each and every one
of you snipers tune into the channel.
I want to give away one of my favorite
books on value investing
principles by Ray Dalio.
I don’t have it on me.
So what I’ll do actually
give away mastering Bitcoin.
I haven’t given away one of these books
in a while by Andres Entre Penales.
You guys, if you watch this channel is
such an amazing YouTuber Tanha says,
Great analysis.
Now meme, you called it a Quin season not
being over in May, and you are
the only one on this BCD call.
Thank you.
You want a book Twan for having
a comment on our video?
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I’d love to hear your thoughts about
our video in the comments below.
And with that, thank you
all for two ing in today.
Tomorrow’s turn around Tuesday.
So let’s be careful.
This Wick above 49,700 is not much to talk
about, but if we start to see more
decisive price action above it.
Then we can start talking
about 54,000 with that.
Thank you all for tuning in today.
Let’s monitor that $47,000 support level.
If we see any downside that’s
the previous weekly open.
It’s going to be
an interesting couple of days.
And with that, thank you all for tuning
into the snipers channel until next time.
Snipers out.
