Snipers, you have to see what’s happening

to the Bitcoin price this Thursday is
we’re back below $61,844,

which we all know here is the most
important support level for Bitcoin

to conquer in order to see continued
price discovery to the upside.

And with the low volume that we talked
about yesterday, I think it’s going to be

very important today to address
more of a macro view of what

major support levels
could potentially be there for Bitcoin.

And if those support levels fail,
what that scenario could turn into.a

But we’ll also talk about the bullish case
because, of course,

with the total cryptocurrency market cap
still showing strength,

you can see just yesterday
forming new highs

that tells us that there’s certainly
new money coming into this market.

But what is kind of concerning to me is

just the volume that we’re
seeing here with Bitcoin.

So knowing that 61,844 is the major level,

we want to start talking about
the two different scenarios that could

happen here for Bitcoin,
for the Bulls and the Bears.

And we also have some other puzzle
pieces to talk about today.

As you guys know,

we have a four dimensional channel
with the DXY pushing up

after the Fed’s announcement
that they’re going to start tapering away

asset purchases from the FOMC
meeting that was yesterday.

This is a big fundamental puzzle piece

because we all know government
policy affects the markets.

And I want to talk about

what I’m expecting here with the DXY,
and then, of course, we’ll talk about

the altcoins and other revolving
parts as we always do.

But first I want to talk
about Bitcoin really quickly.

We’re going to skip the micro time
frames because there’s low volume.

So it’s not as efficient

to really look at those time frames
because we’ll get more of an understanding

of what could happen here
on the larger time frames.

And so at this point, 58,353 is

the range and support level
that we’re currently in.

And I say that because we’re below
61,844 with current price action.

But that doesn’t mean

that we’re not going to get back above
61,844 with a new moon tomorrow.

Or actually tonight,

this could certainly change
the motions in the market.

And so we have to talk about 61,844 right

now because we’ve seen a lot
of light volume here in this range.

And when we start to see the next daily

candle open, we really want to start
monitoring how it reacts to 61,844.

With this daily candle closing in 2 hours
and 27 minutes,

the preferred scare for the Bulls would be
that we start to get back up and test

61,844, which shows that there’s still
some strength with this move

to potentially see price
discovery continue for Bitcoin.

Now, if we start to see more downside,

the first area of concern for me is
going to be the $60,000 big even.

And I say that because we
have the previous weekly

weekly open and monthly open

just above this level
very close to this level within $1,500.

All of those important

levels are sitting at that $60,000 level.

If we start to see candles cross $60,000,

that would be an early sign that 58,353
is going to come on the table.

And this is the most important
support level to watch,

because any downside scenario is going
to first stop at 5353,

at least for a few hours,
a four hour candle potentially

before seeing continue downside,
and so 50,000 would be the next level

support to 50,353 breaks, which is
why we’re in such a critical range.

But so far, Bitcoin forming

these higher lows,
and of course we were able to form

a higher high here from the consolidation
after we dropped from the all time high

that was just made
tells me that there’s still some strength

right now and that the path of least
resistance, as we all know when there’s

light volume is going to be
sideways to a little bit higher.

So even if we see some more downside
action, there’s still potential.

We could see more sideways price action,
and I think that that’s important

to know because sideways price action,
of course, is there for a reason.

And a lot of times what we’ll see
with the total cryptocurrency market cap

chart is if Bitcoin is moving to the side
and the total market is actually

moving up, that means that the altcoin
market is extremely healthy.

The chart that factors in the altcoins

outside of Bitcoin and Ethereum forming
new daily candle highs here over the last

two days tells me that there’s
a potential it could follow.

The Ethereum to Bitcoin chart,

which we all know is a leading indicator
for all coins to really get above all

of its moving averages
and see some more strength.

And if that’s the case, then that could
be very positive for all coins.

But we really want to start monitoring
the theory of Bitcoin chart as well,

because yesterday’s daily
candle did have a bearish tail.

So I think that this is an important thing

to watch with Bitcoin
dominance, as we know,

testing a very important support level

and being very correlated with DXY,
which is still showing strength.

We are at the last point of support

to verify whether or not we’re going
to see continued downside here,

or if we’re truly going to be seeing
upside for Bitcoin dominance.

I think that this

factored in with the old coin chart is
very important to watch now in the next

few days, because if we see continued
Bitcoin dominance weakness,

that could be a very big puzzle piece
showing that Bitcoin dominance potentially

is decoupled away from the DXY
and that there is a lot of room left

for all coins to see more
liquidity flow into them.

And so the the US dollar price.

I don’t know if we’re going to see

continuation to the upside
until Bitcoin can get back about 61,844.

If it does we break 4700.

We know that’s the major resistance

that could potentially take
a theorem to 5000 or even further.

So we’ll monitor Bitcoin because
that obviously affects Ethereum.

And then with the traditional markets,
the DXY and the Feds announcement,

we’re seeing a push up to the above,
the monthly and weekly open today.

This is a very big puzzle piece because
fundamentals affect this chart

and the strength of the dollar
affects the price of assets.

So far, the S and P 500 moving

even further into new all time highs
isn’t necessarily reacting,

but we have to keep in mind
that still light volume here.

So we’re not seeing a

sort of institutional reaction
more so probably a retail reaction.

And so institutional reactions are what

we’re going to be monitoring here
in the next few days,

because at some point with Bitcoin showing
low volume and traditional markets showing

low volume, I think
that something’s going to happen.

Japan moving up today, forming some new
highs from the last few weeks,

it’s been struggling to get up,
and now it’s starting to get up.

China still calm your 100 new all time
highs today, just like S amp P 500 is

quite strong, but really it
was the last one to recover.

And so this is expected to see here
with Europe because it was

just recently that it came back
above its February 2020 highs.

And then we look at gold being calm,
us oil also being calm.

Here we are seeing a little
bit of a pushback with us oil.

More importantly,
the gold to Bitcoin chart is what we’re

monitoring right now because this
is going to be a huge puzzle piece.

If we see continued lows, which we’ve yet
to see, that could be a confirmation.

Bitcoin has a lot more room and momentum
and gas in the tank to continue further.

So we’re going to monitor this chart if we

start to move back above 50 day moving
average, that could be a sign of concern.

And I know a lot of you guys have
been taking our altcoin trades.

We have the number one cryptocurrency
trade signals in the world.

We’ve had a very successful
week of all point trades.

We took advantage of the sandbox with over
15% gains and tons of other altcoins.

And this is a very positive thing
with Ethereum to Bitcoin moving

to the upside, we were very
comfortable sending all coin trades.

So Congratulations to those
that have done well with these all coins.

I know in the Cryptocat we have a lot
of people posting charts about Bitcoin.

That tells me that a lot
of the retail market is


interested in what the next
move is going to be here.

And so Urio seven posting this Fibonacci

retracement and Eliot
analysis here for Bitcoin.

That tells me that silence price action is

probably the most likely
scenario here over at least the next 24

to 48 hours with a lot of analysts
still undecided the next move.

It’s going to be interesting
to see what happens.

And with that being said,

I love interacting with everyone
in our discord chat.

Thank you all for being a part

of the number one cryptocurrency
discord community in the world.

And with that being said,

it’s going to be interesting to see how
Bitcoin reacts to 60,000 to 61,844

back in this extremely tight range
that we’ve been monitoring for several

days now and sooner or later,
the volume is going to come in,

and that’s going to give us more
answers to what’s coming next.

With that.

Thank you all for tuning in to
Sniper Channel today until next time.

By the way, I am here in Cancun,

but I’m going to be leaving to Tulum
tomorrow and I made sure there was some

strong Internet so that we
can have our daily videos up.

So for those not subscribed

to the channel, remember to subscribe
to the channel, but we’ll have a video out

tomorrow as always,
and wish me a safe trip to Tulum.

Thank you all for tuning
into the channel today.

I’ll see you tomorrow.

Bye snipers Ouch.

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