You have to see what’s happening
to the Bitcoin price this Tuesday as we
have this candle high now 64,486,
about $400 shy of the previous
all time high at 64,850.
If we are able to break above,
this Bitcoin will officially
be back inside of price discovery
as that would be breaching the previous
all time high here that we
had on the 14 April.
So this is a very interesting day today
and it is actually a full moon.
And so we’re going to be seeing a moon
cycle as well here on October 20,
it’s going to be interesting to see here
if Bitcoin is going to close itself above
this major resistance at $64,855,
what price discovery will
actually bring on the table?
Remember, there’s still that potential we
could form a higher high, but I don’t
think this is a likely scenario.
I think that if Bitcoin breaches 64,855,
that is a very clear sign that it
wants to continue further up.
And at that point we will start looking
at Fibonacci targets based
on the retracement that we initially had
here from the $64,000 level on April 14
down to this low that was formed
here on the $28 to $29,000 level.
So that’s really what we’d focus
on if we started to move into price
discovery now for the bears
that are in this market,
I want to address this weekly open also
showing confluence here with $61,844.
That is going to be the major
support at this point.
If we see candles start closing below
this, this is the floor, in my opinion,
to not assume this is a lower high
and that we are going to be
seeing some downside.
So I think that those are the two clear
scenarios for the bears and the Bulls.
Of course, that’s what’s going to affect
the rest of the all coin market.
I think if this scenario moves
to the downside, Ethereum will obviously
take the fall with it.
But if we are able to break into price
discovery, the Ethereum
price is going to potentially be able
to come back and test itself above
the $4,000 level and maybe come towards
this 43 73 area where it has
its previous all time high.
But until we can start assuming some
strength with the theorem in the Bitcoin
chart, we have to be cautious.
I think with all coins more than anything,
if there’s any shorts being taken to this
market, it shouldn’t be
in Bitcoin for sure.
I would be maybe focusing on some old
coins if we start seeing downside
because of course, all coins will see more
downside because they have two different
ways of seeing downside,
not just from the US dollar pairing,
but also through the Bitcoin pairing.
So that amplifies the shorts
positions for all coins.
So we need to monitor the theme Bitcoin
chart below this 200 day moving average.
We’re going to see a rescue.
It’s going to have to be soon and so
if we can start getting back above
the weekly open at 62,457, that’s also
where the previous weekly open sits.
I think that could be a positive thing
here for the 381 charge,
but so far it looks like the print is down
and it wants to continue further.
A lot of all coins are way in below
their 200 day moving average.
The DXY, of course,
very correlated Bitcoin dominance.
Bitcoin dominance still showing strength.
Next target is 48 point 94,
currently sitting at 47 point 38.
And when we go into the outside
of Bitcoin, nothing different.
It’s also showing weakness a little
bit worse than Ethereum right now.
That’s going to be interesting to monitor.
Dxy is showing calmness, but we’re
not continuing further down yet.
If we do break this candle low here
at 93 point 504, then that could
assume some downside for the DXY.
But up until that happens,
We could see the DXY
range below this monthly open,
and that could bring calmness
to the cryptocurrency market once
the Bitcoin decides whether or not
want to move it to price discovery.
of course, all coins are going to be
interesting to follow if that happens,
because if we assume Bitcoin down is going
to move up and from there,
we’ll have to assume that all coins
will come a little bit later.
And so that’s going to be art of timing
and nothing really going
on traditional markets.
US oil is strong.
The gold to Bitcoin chart
also has yet to break in.
Uh, if I were to actually invert this
chart, it would be kind of interesting to
see we’ve yet to break the high as well.
So we’re going to be monitoring this.
If this breaks out before
the US dollar value,
that could be a confirmation that we could
be seeing that price discovery scenario
depending on how that plays out.
So we’ll monitor this as a potential
correlation to predict something.
If we start seeing price action first, so
that’s it for today.
I know there’s a quick analysis.
I’m still getting on track here
in Los Angeles with the new time.
So I know this is a shorts video,
and I’ll monitor everything.
Of course, if something changes
and we start seeing price discovery
for Bitcoin, I’ll definitely
get a video out immediately.
If you start seeing the downside scenario,
just keep that weekly open in mind
showing confluence with that extremely
important support at 61,844 point.
Thank you all for tuning the snipers
sandalse until next time.