Naeem Al-Obaidi
7 min readAug 5, 2021


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00:00 intro
02:44 bitcoin analysis
05:20 altcoins
07:45 traditional markets

Snipers, you have to see what’s happening

to the Bitcoin price this Tuesday as we’re
starting to play in the lower range of our

channel at this thirty thousand dollar
support level, rejecting the forty one

thousand nine hundred
fifty dollar level so far.

And I did talk about the scenario
for the last couple of days where we’ll

come and test this thirty thousand dollar
level, but we have to monitor the smaller

time frames and the volume
when we do test these levels.

And so today we can start looking
at the hints that we’re getting now

that we’re testing the thirty
eight thousand dollars level.

We’re not necessarily seeing
the buy volume come in here.

So we’re going to talk about the thirty
six thousand five hundred and thirty four

thousand seven hundred and eighty
dollars support level today.

Of course, these are two major areas.

And the bears, of course,

have been defending the 40000 big even we
got above the forty thousand dollar level.

Now we’re above the weekly open.

That’s the first sign of a rescue
operation, of course.

And so I’m going to talk to the bulls.

Of course, the bears also are important.

And I want to address both audiences,
as I always do in the Snipers channel.

And we’ll also take a look at what’s
happening to Ethereum, of course, because

Altcoins are potentially going to be
outperforming Bitcoin if we’re going

to continue to see this type
of sideways price action.

And when we look at what’s happening
to the leading Altcoin,

Ethereum to Bitcoin,
starting to see a little bit

of a rejection here at this
resistance of a symmetrical triangle.

I talked about the volume yesterday here

not being what I wanted to see
and that the breakout was nice,

but it was potentially not going
to be fulfilled to completion.

You can see on our chart,
we barely had a couple of Candles get

above there before coming back
to test this weekly open.

But we are seeing some good volume coming
on when it comes to sellers versus buyers.

This is a lot of retail volume here.

We’re not seeing as much institutional

but the retail volume says that Ethereum
is clearly the asset that a lot

of investors are looking at right now,
especially because we’re above sixty five

thousand Satoshi, which is
really the major level.

And of course, on the Snipers channel,

the red lines are always the most
important levels on our charts.

So we’ll talk about the revolving parts
of the cryptocurrency market,

like the total market cap chart,
others dominance and Bitcoin dominance.

And then we’ll wrap up the video looking
at traditional markets to correlate them

with the cryptocurrency market, as we
always do here on the Snipers channel.

My name is Naeem Alobaidi.
As always.

Remember to smash like one for the YouTube

algorithm so that we can hit one hundred
thousand subscribers on this channel.

So first, let’s look here at Bitcoin
testing thirty eight thousand.

This has been no surprise and I talked
about watching the smaller time frames.

We’re not seeing the buyers come in here.

So my expectation is the possibility

of thirty six thousand five hundred
and thirty four thousand seven hundred

and eighty eight getting
tested right now is high.

And here’s really where I
would have some concern.

Thirty four thousand seven hundred
and eighty dollars level is showing

confluence with this
fifty day moving average.

So that’s a puzzle piece that we
have to address on the table.

Thirty six thousand five hundred is

certainly a major level to watch because
notice here how Bitcoin

had this thirty six thousand five
hundred dollars level at this support.

You can see on these daily Candles
the majority of the body has always

maintained above thirty
six thousand five hundred.

Then we saw a breakdown and that caused us

to get below thirty four thousand
seven hundred and eighty eight again.

But then notice how it came back to act as

a resistance thirty six
thousand five hundred.

So the fact that it acted as a support

when we initially came down to test thirty
thousand in mid-May and then it acted as

a resistance in late June,
that tells me that thirty six thousand

five hundred is probably the level that we
really want to watch the micro timeframes

with to see if the volumes at least come
there, because the path of least

resistance when there’s light volume is
always sideways to a little bit higher.

So getting to thirty six thousand
five hundred, we can see some volume.

The forty thousand dollar level is the big

even that we want to see
Bitcoin get above.

If we want to talk to the bulls and we

want to assume a successful rescue
operation, we get above forty thousand.

We’re back above this 100 day moving

average that could potentially get
us to that 20 week moving average.

We’ll test forty one thousand nine hundred
fifty again and then potentially break

the level to get to the twenty
week and 200 day moving average.

But here’s the thing.

When it comes to the bears,
this thirty four thousand seven hundred

and eighty dollars level showing
confluence with this fifty day moving

average, we don’t see volume come
in at thirty six thousand five hundred.

The likelihood of US testing thirty four

thousand seven hundred
and eighty eight becomes higher.

We’re testing this level for.

I can’t even count how many times at this
point we’ve tested it so many times

that you knock on a door enough times,
I believe if thirty four thousand seven

hundred eighty is tested,
we could potentially see Bitcoin show new

yearly lows towards the twenty
six thousand dollar level.

And so that’s just
for the bears and the bulls.

I have to talk to both audiences.

You guys are both important and that’s
what I’m expecting here with Bitcoin.

Now, there’s not much to talk about when
it comes to Altcoins,

but there are some things I do want
to talk about here with Ethereum.

So notice how we are below the weekly
and monthly open,

which is showing confidence at the 100
day moving average at twenty five fifty.

Remember, if Bitcoin starts to cool down

the chance of this chart,
cooling down is very high.

The first level of interest that I have

here is going to be this 200 day in one
hundred or the fifty day moving average

because there’s confluence here
with the previous week we open at twenty

one ninety six with that twenty
two hundred dollars level.

This is going to be an interesting place
for Ethereum if we continue to see volume

come in at this level,
we could assume Ethereum is going to be

moving ahead of Bitcoin as Bitcoin
continues to move to the side.

So Bitcoin stays above thirty four

thousand seven hundred and eighty
eight and below 40000.

We really have to start monitoring these

Altcoins now we break below this
twenty two hundred dollar level.

That’s a different scenario.

We can talk about that if
it happens, of course.

But for now, this is an area of interest

that I have here at twenty one ninety four
Ethereum and the theory Bitcoin sharp.

Not much going on.

We’re sitting at sixty five
thousand Satoshi level.

We will monitor this.
We haven’t yet broke out.

You know, we want to see that decisiveness

to confirm the breakout and then the total
Cryptocurrency market cap chart below

the 200 day moving average
weekly open a monthly open.

Right now, it’s turnaround Tuesday.

I told you guys that yesterday we get back
above one point seventy five Trillion.

That’s where we want to go because

that gets us above the twenty
week moving average.

And that’s preferably what you’d want

to see here, because then we’d be above
all, daily moving averages and the twenty

week and we can assume new all time
highs for the Cryptocurrency market.

We see below this one point five trillion

dollar level and sideways price action is
highly justified with others dominance,

though we’re above the 200
day moving average.

So that’s interesting and above
the weekly monthly open.

So this is what I’m watching right now.

I’ve been talking about the dominance
levels being important this week,

specifically because Bitcoin dominance is
testing the twenty week moving average.

So far we’re seeing rejection.

This looks like we could see
continued year for Bitcoin dominance.

So far we haven’t gotten above
the twenty week moving average.

So that would be a big puzzle piece.

So traditional markets, the DXY
still showing calmness.

That’s what I want to see.

The S&P 500 still showing calmness,
sideways price action.

We do have some bullish Candles here.

Looks like we could see new highs here.

That’s not a bad thing.

The environment

outside of Bitcoin
being this good, in my opinion, gives us

the leverage that we need to assume
Bitcoin is not going to see

the thirty thousand dollar level or

the low thirty thousands
below thirty five thousand.

We start to see weakness in some of these

other revolving part outside
of the Cryptocurrency world.

Then we can start being
a little bit more concerned.

So it looks like this calmness

in traditional markets is going
to allow Bitcoin to to kind of,

you know, slow down a little bit.

And obviously that’s been the storyline

over the last few weeks with us
consolidating here at these lower levels.

So cool stuff happening.
Turnaround Tuesday.

We have a lot left for this week,
so stay tuned to the Snipers channel.

And with that, I want to give away one

of my favorite books on value
investing to one of you.

Snipers watching the channel.

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I hope you enjoyed today’s analysis
Snipers until next time Snipers out.



Naeem Al-Obaidi

Traders Profit Club (SnipersTube) is a community dedicated to creating knowledgeable & profitable traders in all markets.