You have to see what’s happening
to the Bitcoin price this Friday as we’re
heading to the weekend where
the markets are the most manipulated.
And so far we have two red daily candles
since Bitcoin broke it’s all time high.
And right now we are breaching the $61,844
level with our candle body
showing a bearish tail and a full body
below this major level actually even
breaching this weekly open at $61,450.
So I had to get this video out to you
guys heading into the weekend.
This is a very interesting
schematic you can also see here if we were
to take this ascending support level,
we have also breached this level.
And last time Bitcoin did this,
it was kind of similar to what happened
when Bitcoin moved from the $29,000 level
all the way up to that $52,000 level
where we had this initial support level,
which is extremely bullish for Bitcoin,
and then it started to break that level
and you can see it kind of just kind
of channeled away to the side for a little
bit for testing some highs and then
coming down a lot further.
And then, of course, that eventually
turned back into a bullish rally.
But now we’re seeing something similar.
Question is, are we going to be seeing
sideways price action similar to what
happened in late August,
where we stay above the $50,353 level,
which I think is important,
because if you look at this range here
and this is going to go more
into the Intraday, we have this pretty big
range from 58,353 to 50,000.
It’s a gap.
I would say that if Bitcoin would
pretty much go below 58,300,
there’s almost a 15% downside that could
immediately happened there, because
there’s really no volume in between
to justify maybe a support level.
We do have the previous weekly open
but that is going to be going away here
in about two days when this
new weekly candle opens up.
So I think it’s very interesting
to see what’s happening right now.
I think the biggest level for those
bears that are watching the channel,
I guess, is going to be the $50,353
level if we can stay above this level.
I don’t think the bears really have a real
plot to go by,
because at the same time,
we could just assume right now what we’re
seeing is just a flagship type of pattern
before another continuation
moved to the upside.
So I think that right now
58,353 is very important.
And then when it comes to the potential
momentum coming back for Bitcoin,
I think that first and foremost,
we need to get above $61,844,
because now that puts us above the weekly
open, which we’re going to have this
previous weekly open in Green,
always on the snipers channel,
move up to this level next week at 61,844
ish and that’s going to become
a very important support.
So we can get above 61,844.
I think that there’s still potential.
We could see further momentum for Bitcoin
to potentially even go into new all time
highs because of course, the only
roadblock at that point would be $64,855.
I think that’s really the biggest range
to keep in mind coming into the weekend
50,353 and 61,844 for now
and then maybe 64,855.
We can first get above
the weekly open here at 61,844.
So very important range
there are 58,353, 64,855.
The numbers here in the snipers center are
always exact and Adonis actually
posted this on the discord.
Bitcoin returns after fully
recovering from a 50% drawdown.
Very interesting chart on our discord.
Remember, we have the number one
discord group in the world.
One of the largest.
The link is in the description below
for those not in the group, thank you for
your participation, Adonis once again.
So I want to first look at what’s
happening here to Ethereum before we get
into some of the other revolving parts,
because I know this is a Bitcoin.
A lot of people are watching it and you
can see we’re retesting this market
structural support of this metrical
triangle that we broke out from and that’s
right around that 39, 59 support level.
So that’s going to be a very important
level for a theorem if we breach below
this, not only are you going to come back
down to test 36, 50, but that puts us
back inside of this market structural
which means we would have to now reconquer
this resistance and this could
have been a fake outbreak.
So I think that Ethereum is also in a very
critical position and it’s going
to most likely lead altcoins.
And really the determining factor for all
coins season is going to be
a Bitcoin chart.
I think because a lot of institutions will
follow a theorem is doing being
the largest altcoin when it comes to the
other positions they have in all coins.
So yeah, we saw relief rally today.
Solano moved up above 200, for example,
but it did not form a new all time high.
These are the things that really matter
in the macro and with the theorem, of
course we did form a new all time high.
I guess you can see with the theorem US
dollar price for maybe a couple
of minutes before that came down.
But what’s more important is this a theory
in a Bitcoin chart,
closing this daily candle
above the 200 day moving average fully.
And now we have a second daily
candle above the 280 moving average.
It’s a very critical period here
and place for Ethereum to Bitcoin.
If we can get above the monthly open
at $68,900, that’s going to be a huge
positive for all coins.
But if we start to see any weakness,
that’s not going to be a good thing.
And that would go in line with thesis
that Bitcoin dominance wants to continue
further up while all coins maybe
don’t see as much momentum as Bitcoin,
if it continues into price discovery, or
if we start to see Bitcoin’s price come
down, that brings the total market cap
and then all coins will not only bleed
into Bitcoin but also bleeding US dollar
pairing, which could also be the reason
Bitcoin dominance is moving up.
So we’re starting to get
the effects of this.
It’s like a Hurricane, almost.
It’s coming towards the coastline
or it’s like a tsunami, right?
It’s coming close to the tideline.
We’re starting to see
the effects of it, the floods
and how that’s
really affecting the old coin market
with Bitcoin breaking
pretty decently above its all time high
with theorem just kind of going
up and rejecting into it.
And so it’s going to be interesting to see
Bitcoin dominance here as well,
coming below the 200 day moving average.
If we stay below this level,
we’re going to watch 44 point
63 the previous weekly open.
If we get below this area,
that could be showing some weakness
and a slowdown in Bitcoin dominance.
So it’s going to be interesting because
this is something that is new here that
just came over the 200 day moving
after the first time this year.
And that was when all coins season started
might have ended.
So that’s why it’s important
now this chart is giving us a little bit
of a leading hint, possibly
to what Ethereum to Bitcoin wants to do
with the old coins outside
of Bitcoin and Ethereum
still below the 220 moving average,
trying to get above it, but a little bit
weaker than the theorem of Bitcoin chart.
And I would expect that if the the
chart is planning to come down further.
So that’s an interesting
correlation to get from this chart,
which is a very custom chart.
And then I’ll quickly go over
the revolving parts like the DXY,
still very calm, but sitting
below an important resistance.
So that is very good for assets like
the SP 500, forming a new all time high.
And that’s a huge dealso far.
It looks like it’s an indecision candle
coming into Friday,
but we can’t doubt the SP 500
every time it’s come to the
previous highs, it’s broken.
So I don’t see a reason
to doubt it right now.
It looks good.
Japan still very undecided Euro 100,
also forming new all time highs
and then gold pushing up above
the 200 day moving average.
And the week shows a little bit of
institutional fear in the market.
But is this something that really matters?
I think we’ll find that out next week
or is it just a Friday game show for
the retail traders by the institutions?
looking very strong new
all time highs there.
So commodities and inflation
certainly affecting commodities,
allowing Bitcoin to move up.
But Bitcoin is not just moving
up like every other asset.
It’s showing a lot of strength here.
Look at this.
Against gold breaking into new territory.
Hasn’t seen this for a longs, longs time.
This is initially where we topped out
at $64,000, but it’s clearly showing
strength against gold right now,
being able to break into new territory.
So thank you all for tuning
in the sniper’s channel today.
Hope you enjoy today’s analysis.
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for you guys each and every day.
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It’s going to be interesting
to see how Bitcoin reacts.
This chart that’s inverted.
I’m very interested to see how Bitcoin is
going to react here between the range
of $58,353 and the $61,844 level,
which we’ll find out real soon.
It seems like remember,
on the snipers channel,
we wait for those four hour and hourly
confirmations below those major levels.
We could say we have a four hour below it,
but we’re still just kind of
attached to the level, so it’s going
to be interesting to see where that goes.
And with that, thank you
for tuning in today.
By the way, have a great
weekend sniper’s out.