Snipers, you have to see what’s happening
to the Bitcoin price this Wednesday
with less than a minute left with today’s
daily candle closing with a low of $58,000
breaching the major support of 58,300.
I had to get this video out to you guys
because this is an extremely important
support here at 58,300.
If we start to get hourly and four hour
confirmations of candles closing below
the potential for raincoat to drop 15%
to $49,700 becomes highly probable.
We really need to start monitoring
the four hour and hourly time frame
with Bitcoin testing $58,000
and with the candle from yesterday because
it just closed right now with a bearish
tail and a body that’s red, of course,
pointing down towards $58,300.
That’s a very interesting puzzle piece
to just start the video off with.
And then we go into the six hour chart
and we’re starting to see
rising sell pressure.
But we’ve yet to see buy pressure
really come in and take advantage
of this major support at 58,300.
If we start to see four hour candles
and hourly candles close below $58,300,
that would be a major
concern for me so far.
Our four hour candle that just closed
does look sort of bearish you can see here
as a bearish tail
pointing down towards 58,300,
and a lot of people are saying that.
Okay, well, we might find
support at 54,000 or 52,000.
I’ve said this many times on this channel.
If we see any sort of candles start
closing below $58,300 and that would start
opening up the range that we’d start
playing in the game field
of 58,300 to 49,700.
Typically, the midpoint of the channel
will act as some sort of shorts term
support around that 54 $55,000 level.
So if we start to break down,
expect some volume to come in at 54,
$55,000, but realize that now
49,700 is the support level that we’re
in and 58,300 becomes a resistance.
I think that what we really want
to see right now is 58,300 hold.
And if it doesn’t hold,
that could certainly be a bad
way to come towards Thursday and Friday
of this week for Bitcoin
heading into the weekend downside
is still potentially on the table.
Remember, we also have this potential
head and shoulder pattern.
We can draw the schematics of what
the potential target would be if this were
to break down, take the top from the
head and then bring it down to the base
and that neckline looks exactly
like the target that we’ve
been saying at $49,700.
That’s another puzzle piece on the table.
we really want to start seeing some
price action come here at 58,300.
If not, I believe 49,700
comes on the table.
If we can start to see candles get back
above 61,500 or we have
the previous weekly open.
Really the $61,844 level.
That’s when we can start talking about
some upside scenarios here for Bitcoin,
because then we can get back
and potentially test
the previous all time high.
I think that that’s also
certainly on the table.
And the reason I say that despite
the candles being bearish,
remember what happened here?
And we talked about this when Bitcoin
initially moved from the $28,000 range
to the $54,000 range,
we had the strong level of support just
like we do now that eventually broke.
And once it broke, Bitcoin just channeled
to the side for a bit
before seeing continued upside.
So the other potential scenario is maybe
we do come below 50,300 briefly,
but we really just channel
move sideways in this range.
And if you guys don’t remember
September 7 when Bitcoin first saw this
downside move is when we started
to see Bitcoin dominance rise.
And so that started shedding away altcoin
gains against Bitcoin as
the total market cap moved down.
And guess what’s happening right now.
Ethereum already breaching its major
and that was before Bitcoin,
which means that we’re seeing a sell off
not just in the Theorem US dollar price,
but in the the Bitcoin chart
because Bitcoin damage.
We’ve been seeing that.
And so notice how we already came down
and formed a lower low right now in this
four hour and now we
breached fully through 39.
We don’t have a full candle yet
body and Wick below the level.
But now we’re starting
to open the door to 36.
50 here we do have this market structural
support here sitting right
at the previous week over at 38.
We want to watch that area,
but really the range that when it comes
to major accumulation and volume
is going to be 39.
59 to 36.
So that would assume that the theorem
Bitcoin chart sees weakness.
And I think that that’s exactly what we’re
seeing here with the Theorem Bitcoin chart
coming back to test this
extremely important level,
which is the weekly open at 67,000.
So she’s we start to move
below that now 65,000.
So she comes back on the table.
You guys know how important 65,000 Satoshi
is because we get back below that.
Now we have a very big downside range here
for the theme against Bitcoin chart,
indicating that that could be the reason
Bitcoin dominance continues up as
it has been over the last few weeks
to Bitcoin chart at 67,000 societies where
we have the week we open is extremely
important to monitor for altcoins.
And I believe that the theme of Bitcoin
chart will be a leading
indicator for most altcoins.
So it’s the one that we want to watch
and notice how with Bitcoin dominance
what really matters now is we look
at the 20 week moving average
and we’ve stayed above it.
And so that’s a huge puzzle piece.
We haven’t really come below it.
That could have been a garden variety
retest of an important level
to continue further in the trend.
Since this is the first time we started
to reach 21 moving average,
which is Homebase.
You get above it.
You’re now back in a bullish trend.
And all of this is reflecting
with the chart that shows the all coins
outside of Bitcoin theorem below.
It’s 20 week moving average right now,
showing even more weakness
in the theme of the Bitcoin chart.
We come into the traditional markets.
Dxy is moving up.
It’s not necessarily going crazy.
So that calmness is not a bad thing.
We like to see the DXY.
Com s Amp 500 starting
to just kind of slow down,
but still nothing crazy yet.
We just recently formed new highs here.
So we’re going to be watching this weekly
open for the Emine
features contract at 45.
But I would say that traditional
markets are quite calm right now.
The crypto market is the only
one that’s really going crazy.
China did drop today
and we’re seeing
some drops across the board
over the last two days.
Even US oil coming down,
gold also coming down.
So nothing really too concerning
here with traditional markets.
But let’s watch this gold to Bitcoin chart
as well, because we came here, we did form
a new low, but is this a double bottom?
And that’s something we want to monitor
here at the 50 day moving average,
because that predicted the top for 64,000
when Bitcoin reached this on April 14.
And so this moves above
the 50 day moving average.
That could have predicted
another top there.
That’s what we used to predict
the first top with Bitcoin.
with that, thank you all for tuning
into the Sniper’s channel today.
And I mentioned this as well yesterday.
As longs as Bitcoin is about 58,300,
we don’t mind taking trades on all coins.
We took this trade on Shibu Enu again
hitting all targets
and our crypto chat has been going crazy.
We have the number one discord
community in the world.
Everyone’s talking about Sheba.
So we started taking trades on it
and it’s been working well.
Bitcoin reaches 58,300.
All coin market won’t look so good
on the way down,
but there could definitely be
opportunities on the way back up.
As we’d like to see
happen in all coin market with Bitcoin
tends to consolidate to the side, so
very interesting price action.
Let’s see 58,300 can hold.
Obviously, we’re seeing some buyers
here at this new daily candle.
So you guys are going to get the answer
before the next video.
And with that, thank you all for tuning
into the Snipers channel today.
Hope you enjoyed today’s
analysis until next time.