You have to see what’s happening
to the Bitcoin price this Sunday as our
daily candles trying to get above
the $61,844 resistance level,
we know we’re able to get above that.
We have the previous all time high 64,855
as the next potential area that we can
start to see price discovery
for Bitcoin continue further.
But since we’ve yet to get some strong
candles above $61,844,
we do want to start addressing the major
support levels because notice here
on the six hour chart,
we’ve yet to get a full candle body
and Wick closing above 61,844.
More importantly, the time frame that is
more popular with retail traders.
Here the four hour chart.
We’ve yet to get a full candle
above this major level.
So I had to get this video out to you guys
before we started to see the next four
hour candle open up, because if
we start to see a full four hour candle
open up above $61,844,
the likelihood that we can start
continuing into price discovery
becomes a lot higher.
But if we see any sort of rejection,
58,353 is the major support.
If that door opens, we have a potential
gap here of about 15% downside that they
could see if we breach 58,353.
So it’s Sunday.
The waters have been calm
so far on the weekend.
We know it’s the most manipulative
CV features being closed,
but we’re starting to see
traditional markets open up.
So we’ll start talking about
what’s happening there,
but just realize the range that we’re in,
as I’ve been saying,
is 58,353 and $61,844.
Of course, if we can get above $61,000,
then we can start to talk about the
$64,855 resistance, but it’s just so much
more likely for us to come back
above the previous all time high.
If we just start getting candles
like the four hour closing above 61,844,
I want to make that very clear
now with the old coins.
We’ve had a thesis on this channel,
which has been very good,
and that’s the fact that all coins season
is slowing down because Bitcoin
dominance is moving up.
And notice how with Ethereum so far, we’ve
yet to really breach this level of 41.
65 where we haven’t seen much
price action above this level.
And we have some attempts of breaking this
level with some daily
candles trying to get above.
But we’ve yet to really see strength here,
and I think that a lot of that has to do
with the theorem in a Bitcoin chart,
where it’s starting to see some strength,
but at the time that Ethereum needs
it the most, it starts to pull back.
We’ve yet to get above this monthly open,
which I told you guys was a major level
here for the theory of Bitcoin chart.
We need to monitor this.
If we get above this,
it’s a very positive sign for not just
the theory, but all other altcoins
being the leading indicator.
But if we reject it will
strengthen the thesis that all coins
are either not going to be moving up just
yet with Bitcoin continuing to price
discovery, or there’s a potential
for some downside in the market.
And that’s why Bitcoin
dominance is actually going up.
We did get below the 200 day moving
average, but we’ve stayed above the 20
week moving average,
which is the most important
support right now for Bitcoin dominant,
so it still looks bullish.
We cannot deny that fact unless we get
below the 20 week moving average
and then the old coins outside of Bitcoin
and Ethereum a lot weaker than
the theorem to Bitcoin chart.
So the environment
not just within Ethereum,
but outside of it is actually
just not doing so well alone.
And so we’ve yet to even get
above the 100 day moving average.
And that’s quite expected because
the theorem is going to be the strongest
altcoin and so forum already at the 50 day
moving average, but the altcoins outside
of it not being able to get the 100 day.
That is a bearish puzzle
piece for all coins.
So just keep that in mind.
We’ve been very accurate with our altcoin
and I love in the discord you guys are now
posting the profits that you’re making
from some of our old coin trades.
There have been tons of opportunities
with Bitcoin stand about 58,300.
So we have the number one cryptocurrency
discord community in the world.
The link is in the description below,
and if we pull up traditional markets,
I want to start addressing
the revolving parts.
The DXY looks like it wants to calm
down and push down somewhat further.
We’re still above the 50
day moving average.
Let’s watch this chart as we potentially
come and test the 50 day,
but with this column is it’s allowing SP
500 to sit at its previous all time highs,
potentially going to move further up,
making the environment
for the cryptocurrency market
to not necessarily see any sort of major
volatility to downside a lot
more likely, which is good.
And so we want to see calmness or
some sort of strength with traditional
markets to assume that risk on assets are
in the favor of institutions
with the overall market,
since money likes to flow from different
assets, but it never flows to
two places at once.
So that’s why
we cover all the markets to see
Where’s the money flowing at the time.
China is still below some of the moving
averages, but I’m going
to be watching gold here.
It’s trying to get above $1,800
if it gets above, that could
be a breakout here for gold.
Gold moving up shows that there’s less
confidence now in traditional markets like
SMP 500 and starting to see money
flow into a hedge like gold.
And that would be interesting for Bitcoin
as well, because
Bitcoin I would consider right now
more correlated to S Amp P
500 than it is to gold.
But it is outperforming gold right now,
which is something to note as well.
very interesting stuff here on a Sunday.
Hope you guys are enjoying
your Sunday, by the way.
So 58,300 is the major support.
And then we have 61,144 right now
that we are fighting to get above.
Getting above that starts to make
the likelihood of the momentum coming
back for Bitcoin and upside a lot higher.
But getting below 58,300 is going to be
a big concern of mine if that happens.
So thank you all for tuning
into Cyprus channel today.
Until next time.