BITCOIN PRICE TARGET!!! CLEAR TECHNICAL PATTERN NOW EMERGING
You have to see what’s happening under
the Bitcoin price this Tuesday is we have
this bullish tail with this daily candle
about to close and a candle high of 57,680
just shy of the $57,800 candle
high that we saw yesterday.
Now, what’s extremely important today is
the revolving parts like the DXY that I
want to talk to you guys about because we
are seeing this continuation
move to the upside.
And of course, we know the next target
here for the DXY is all the way up here
at 95 885 and the DXY being a correlated
chart to Bitcoin dominance,
that assumes that Bitcoin dominance has
its leeway to continue further up
and that we could potentially
see Altcoins continue to bleed.
But with Bitcoin maintaining price action
above 53 $0, the question is,
are we gonna start to see some altcoins
run up for those inside of our discord?
Rio just posted this ascending
triangle for she Bueno.
And of course, I want to talk about
whether or not the potential potential
of Altcoins continuing
to breakout is on the table.
Remember, we have the number one
cryptocurrency discord in the world.
The link is in the description below,
and this is a statement that I kind
of want to start the video off with.
I think that a Bitcoin maintains
price action about 53,000.
This is something that I mentioned.
And really, if we maintain price action
above 54,700, this is a little bit
more of a confident prediction.
I believe that the opportunity
for Altcoins to see some
upside is on the table.
Now, if at any point in time we do cross
below this $54,800 level,
we have the weekly open.
That could be a major concern because
remember when Bitcoin dominance is moving
up, the real concern is when there’s
downside moves for Bitcoin because
that’s what affects altcoins.
And so I just want to throw that out there
with Bitcoin not really doing much today.
It’s kind of sitting inside of the same
body of the candle from yesterday.
We actually did form a little bit of some
further lows today with a low 53,879.
Yesterday we had a low 54,400,
a little bit of weakness.
Of course, we talked about the bearish
tales that we saw yesterday with the daily
candles from earlier in the week.
And this was really last week.
And so that tells me that above 53,000
and this weekly open at 54 800, we’re
starting to see a little bit of weakness.
But we do have this 58 $300 level.
Once again, as this major resistance,
we’re able to get above this level,
that’s gonna be an area that I can expect
volume to come in for Bitcoin,
because once again,
as we’re starting to see on the daily
chart, we do have some rising by volume,
but as this by volume is come in,
we also have rising sell pressure.
Sell pressure is still certainly there.
And you can see this a little bit more
clearly on the six hour chart,
and this will actually transition us
straight into this Intraday analysis.
Notice how we actually have descending
by volume, but we also have
descending sell pressure.
But the sell pressure is there a we just
want to kind of throw that on table.
It’s the reason we’re seeing these little
pockets of red as we’ve maintained
ourselves above 53,000.
And of course, yesterday we did see a lot
of downside here to this weekly open,
and now that’s sitting at 34,800.
So I think that there’s two
very clear scenarios here.
We do have the six hour chart,
six hour candle closing with a bullish
tail right now with an hour left.
That’s a very positive thing,
I think coming into the daily closes.
And so that could assume that there’s
a potential we test this
daily open here at 57,500.
But the real scenarios, I think,
are going to be
determined based on this weekly open as
the major support at 54 800,
and then we have 58.
353 is the major resistance.
I think if we’re able to get towards 58
353, once again, that’s gonna be the area
that we could expect some volume to come
in, and the next level
of resistance is at 61 844.
And that puts us just shy of the previous
alltime high at 64, eighthundred and 55.
Assuming that happens.
That also assumes the total cryptocurrency
market cap chart potentially
breaks into new all time highs.
So there’s really two ways this Bitcoin
dominance puzzle piece
could affect the market.
it’s an indicator that institutions are
essentially hedging their altcoin
positions into Bitcoin
in expectation of something.
As I talked about yesterday,
and as we saw in 2018,
that expectation of something turned out
to be the total market cap coming down.
And so that is certainly a potential
thesis that we could draw and assume
based on the double bottom
here with Bitcoin dominance.
Now, every analyst is talking about,
and we’ve obviously predicted that since
September 6, that gold coin season
was potentially running out of steam.
And we saw what happened in 2018,
and what that narrative actually turned
out to be was the total
market cap dropping.
Now, the other narrative that I think is
least likely just because of the revolving
parts like the DXY
and the Spy 500 is that Bitcoin is
entering into a new Bull cycle.
Now, if that’s the case, what would
happen is Bitcoin dominance moves up.
Altcoins don’t really see movement to the
upside, and then altcoins will follow.
And that is certainly on a table.
And that would be in line with a thesis
that the total market cap chart is ready
to break the structural resistance around
$2.4 trillion to see
some new all time highs.
I think that that’s
scenario that’s a little bit less probable
because of the strength of the dollar and
the way that it’s moving up right now.
We saw what happened in 2018 when Bitcoin
went against the US dollar, of course,
the US dollar one in that case.
And so that’s certainly on the table
because of what Bitcoin
dominance is doing.
But the narrative, I think,
is more likely because of what’s happening
to the DXY, and that’s be
500 not to be bearish.
Just being the umpire is that institution
are expecting some downside in the total
market cap because we’ve already come
below this major support
at 2.259 trillion here.
Even today’s daily candle came below
that at some point and the reason they
would be hedging altcoins into Bitcoin is
an expectation of some
downside in the total market.
And of course, Bitcoin would see
a lot less downside than the altcoin.
So I think those are the two main
scenarios on the table,
but realize that if Bitcoin is truly able
to get to 50 ETH 353 and break this
resistance, that would be huge
for the total cryptocurrency market cap.
And that could assume a new bill cycle
for Bitcoin because that puts it so close
to this previous old time high at 64 855.
And a lot of people have been asking me,
do you think there’s a potential we just
form a higher high?
I don’t know if that would be the case
because once again,
once you break a previous all time high,
you enterprise discovery for the most
part, now there is still a potential we
could form a higher high,
and there also is a potential we gold form
a double top. Now,
I don’t know if that would really be
likely breaking 50,353,
because if that’s the case,
why wouldn’t they just continue
to drive price up above 66,000?
Is it possible to 70 and $80,000 range?
So I’m just addressing the Bulls
and the bears today because we haven’t
seen much price action with Bitcoin.
Of course, the daily Candle did come
a little bit lower than yesterday,
and then with the downside scenario,
of course, the weekly open
here once again 54 800.
If we see this level break at any point
with hourly and four hour candles,
the concern I have is number one altcoins
will bleed because Bitcoin dominance
is above its 20 week moving average.
And then, of course, Bitcoin next downside
target would be the structural support
here, which was previous resistance, also
showing confluence here with 49, 700.
But with the SNP 500 below
its 50 day moving average.
And you can see here below
the 100 day moving average.
And for that 500 being a correlated asset
to Bitcoin in a lot of cases
we saw in March of 2020.
We saw that in 2018.
I think that Bitcoin targeting the 50 day
to the 100 day moving average is
also on the table for the downside.
And so remember on this three day chart,
we do have confluence here
with the monthly open and this 100 period
moving average on the three day chart,
which is also showing confidence ETH
the 100 period moving
average on the daily chart.
So this is an area of interest
when it comes to the downside.
If we get to 49,700.
So we can certainly see 49,
700 Aces, some sort of support.
And then if the downside does occur,
maybe we reject the weekly open at 540
before seeing that downside move.
And that’s why I thought a
couple of days ago or maybe even a few
weeks ago, I said the more Bitcoin moves
up, the better for the downside scenario
because it puts the floor a lot higher.
So it’s obviously institutional capital in
this market, and we have to address that.
So I think that those are the two
primary scenarios there for Bitcoin.
And then with Ethereum, this is
a little bit of a gold statement to say.
But if Bitcoin is able to maintain above
that previous weekly open and the $53,000
level, really that $54,800 level where
the weekly open is,
I think that there’s still a potential
for all coins to see some highs.
You know, Ethereum can certainly
start to move above 36.
50 at some point,
potentially test the $4000 level,
but that’s only if Bitcoin can maintain
itself above that weekly open at 54,800.
At any point we come below that.
It would be a very big sign of concern,
because now we could expect potentially
this $3,000 to the $900
level to come into flavor.
We have the monthly open,
the 100 per moving average,
and potentially even come down
towards the 200 day moving average.
Knowing that there is a more
volatile asset in a break of 34.
54 would put us back into a range
with the next support at 1980.
And that’s why it would make sense
that of course, Bitcoin Dominus could
certainly rise if these altcoins start
to see downside, and a lot of all coins
will follow Ethereum path being
the leading indicator for altcoins.
Looking at the theorem in Bitcoin chart,
we’ve already broken the major support
at 650 Satoshis, and now we’re starting to
really test this 200 day moving average.
Things are just not looking good here
for the theme to Bitcoin chart being
leading indicator for the mid cap altcoins
like Cardano Polkadot and so forth.
But of course, like Ariel posted Shibui
a meme coin, a small market cap
and actually take a top eleven.
Now, these type of coins can certainly
start to see movement to the upside
because it’s easier to push
those small market altcoins up.
And so with Bitcoin about 54, 800,
it’s still on the table now with Bitcoin
dominance, we are
certainly seeing strength.
I think a lot of analysts have made
that clear now, finally,
and we’ve been maintaining that thesis
on the channel since September 6
when we assume that Bitcoin was ready
to double bottom here,
and we saw that lower high form at 530
and that 19% drop for Bitcoin price.
That to me,
a as an indicator that something just
happened and really was that Bitcoin
Dominus most likely just bottomed out.
And so now we’re testing this 200 day
moving average of break above
that takes Bitcoin dominance to 48.
Really, the expected target for Bitcoin
dominance is where it lovesto have its cup
of coffee like we saw here in 2019 to 2020
at the 200 week moving average,
it’s always a good place for Bitcoin
dominance to kind of start resting itself.
And that’s at 57%.
So that would be the number one upside
target with Bitcoin breaking now above
this 20 week moving average, which on the
Snipers channel we like to call Homebase.
You’re above the 20 week.
You’re in a bullish trend, you’re
below it, you’re in a bearish trend.
So we’re certainly seeing this weekly
candle maintain itself above the 20 week
moving average we come below
that would be interesting.
Another scenario is if people really think
Bitcoin dominance can continue further
down, that would potentially assume
the DXY breaks down below
the 20 week moving average.
And I don’t know if that could happen
since the DXY has been
above it since June.
And so this being the correlated chart,
we have to just continue to watch this.
And this is actually how we predicted
the double bottom for Bitcoin dominance,
because once again, money can’t
just move to two places at once.
But there are certainly correlated assets.
And that’s how you can
predict these things.
And that’s how we predicted it here
on the Snipers Channel with this four
dimensional view of the market
on many other analysts.
And just to show you guys this chart
of the altcoins that are outside
of Bitcoin and Ethereum,
we have a bearish tail with a very bearish
candle pointing down at this
20 week moving average.
And this is pretty much all
of the altcoins outside
of Bitcoin and Ethereum and USDT.
That tells me that over the next few weeks
that we potentially could be seeing some
downside here towards this 50 week moving
average at 27%, currently
sitting at 33 point 75%.
If this weekly candle that we’re seeing
right now can change that,
then we will address it.
But for now, it’s bearish.
And with S and P 500,
the reason I believe that the total market
cap is going to have a tough time breaking
new highs is we’re below the 50
and the 100 day moving average.
And we have to realize that a risk
on asset like the cryptocurrency market is
certainly similar to the Spy 500,
which is also a risk on asset.
And we’re starting to see a little bit
of some movement with gold coming to 1760,
that kind of shows indication of fear,
but it hasn’t really moved yet.
So it’s still very neutral.
And once again, yesterday I talked
about this silver to Bitcoin chart.
forming some new lows.
But now we’re seeing a little bit of some
strength here, but nothing really crazy.
This is actually how we predicted the top
for Bitcoin here on April 14,
when this broke out back above its 50 day
moving average for the first time
since it’s sort of the bowl cycle.
So that’s why it was a nice chart to watch
taking a hard asset and comparing it to
another asset that’s limited in quantity.
And then, of course,
everyone’s talking about oil.
I think that with Kathy Woods talking
about gold demand peaking in 2019,
111,000,000 barrels per month.
We do have this bearish tail here
that formed on the 11 October.
I think we can expect some downside
at some point here and some cool off here
for oil, especially if the demand still
kind of ranging around that 95 to 99
million barrel Mark per month.
And Kathy Woods is very adamant
on the fact that it’s probably never gonna
go and exceed the demand that we saw
in 2019 with electric cars and so forth
becoming the nuance and so traditional
markets outside of the cryptocurrency
market when it comes to the international
players, not really much going on,
but we are still weak.
And I say that because Japan,
the largest international market,
still below all daily moving averages.
So that’s some food for thought.
With that being said, I hope you
guys enjoyed today’s analysis.
Once again, we have the number one discord
community in this cryptocurrency market.
The link is in the description below.
Url thank you for contributing into our
crypto chat, and I can’t wait to see some
of you on the discord after
I close out this video.
I also posted my talk from Coin Agenda.
If you guys haven’t watched that, I’ll
put the link in the description below.
It was a talk that pretty much outlined
how we approach the market here on the
Cyber Channel in a four dimensional way.
And I talked about the two
most important things.
Number one, what to watch in the markets
and then also what markets are correlated
because that’s how you
can predict these moves.
And with that, thank you all for tuning
in to the Snipers channel today.
Our Bitcoin short, by the way,
did hit all targets.
We took a shorts at 57,470.
We’ve taken to buy stop longs trades so
far since then,
but we are really taking more swing trades
with some crypto signals being posted here
because of the downside
we’ve seen with Altcoins.
I think that until we really see this
chart that factors in all coins outside
of Bitcoin Ethereum break Deisel
blower the 200 day moving average.
these 20 week moving average,
we can still take some trades on these all
coins, especially with Bitcoin
above 54,800 on that weekly open.
If that comes down and that changes,
then that’s when we’re gonna be a little
bit more cautious with Altcoins
for the short term,
because that could assume some downside
and some potential vertical action versus
some linear action and some
potential breakout like we’ve seen.
Thank you all for tuning in today I hope
you enjoyed this analysis once
again and until next time.