BITCOIN PUMP AFTER NEW MONTHLY CANDLE? (important btc chart)
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09:05 traditional markets
Snipers, you have to see what’s happening
with Cryptocurrency market this Thursday
as we head towards the end of the week,
Bitcoin is showing weakness right now
below the thirty four thousand seven
hundred and eighty
dollar resistance level.
This is an extremely important area.
And it’s no coincidence that the monthly
open that just reset today and the weekly
open is at this thirty four thousand
eight hundred dollars level.
I want to talk about why this level is
so important, what it means for Bitcoin.
And with today’s Daily Candle
so far showing a bearish continuation
potentially coming towards this twenty
nine thousand dollar level, it looks like
Bitcoin is aiming towards this area.
I want to talk about
the potential downside scenarios.
I’m watching for Bitcoin how that’s
going to affect the Altcoin market.
And then we’ll look at traditional
markets, because the reason Bitcoin is
down today is the DXY is pushing up
with the new monthly open as well.
We’re seeing a test of ninety two point
six to if this level breaks for the DXY,
which is the strength of the U.S. dollar.
There is a big range here to the ninety
three point eight to area that we could
see strength here for the dollar.
That would be extremely detrimental
for Bitcoin and traditional markets
and commodities, because when the U.S.
dollar value comes up for those that have
been tuned into the Snipers channel
for quite a while, you know,
the value of assets come down.
So we’re going to be monitoring this DXY
chart after Jerome Powell announced
that interest rates towards twenty
twenty three are going to raise.
That’s when we saw this rocket start
to launch just a few days ago.
And so this is an extremely important
Thursday heading into Friday and then
the weekend where the Cryptocurrency
markets are the most manipulated.
We need to talk about what’s happening
to Bitcoin because the fact of the matter
is going to be the umpire,
as I always am for you.
Snipers giving guys a neutral perspective.
We came towards this
fifty day moving average.
We were able to test it.
You could see we saw a reversal
before the fifty day moving average.
That’s a sign of weakness.
And so the fact of the matter is
the bears are still in the driver’s seat.
The next support level is going to be
the channel support around this twenty
nine to twenty thousand dollar range.
And we also know that we have the twenty
six thousand dollar level,
the twenty four thousand dollar level
and the twenty thousand dollar level where
there’s going to be a lot of volume
because below thirty thousand there is
clearly volume on the six hour chart.
Every time we’ve come below the thirty
thousand dollar level,
you can see a lot of buyers come
in with no sellers to match the amount
of buyers below thirty thousand.
I want to talk about why this weekend
could be a prime opportunity
to enter a Bitcoin position.
If we see sell side pressure below thirty
thousand where we know institutions are
going to start looking to enter positions
in the high twenty thousand dollar range
potentially towards this channel support
at twenty nine thousand
to twenty eight thousand.
I want to talk about the downside
in upside scenario because obviously we’re
in the middle of this channel and so that
means that the price could go either way.
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your favorite Altcoin.
I want to first dove straight
into this Bitcoin analysis.
We’ll talk about a Ethereum and Altcoins
and how Altcoins are going to be
reacting to Bitcoin’s price action.
And then of course,
we’ll look at traditional markets,
as we always do with Bitcoin back inside
towards the apex of this magical
triangle, another bull trap.
With this head and shoulders pattern
forming over the last two days,
we are seeing the break to the downside.
I told you guys thirty four
thousand seven hundred eighty.
That’s the important level.
There’s no coincidence the monthly
and weekly open are now at this level.
We have to address the fact that this is
a new monthly candle forming and so far
at last month’s candle
was an indecision candle.
And so we’re still playing
at the lower end of this wick.
There is this major gap to twenty six
thousand or we going to see another test
to the downside before we see a push
to the upside that’s
on the table for this month.
I want to talk about
what we’re going to watch on the weekly
time frame, because everything more
from the smaller time frames
into the larger time frames.
That’s a principle that works from the one
minute chart to the two minute chart
to the five minute chart to the fifteen
minutes out to the 4-hour chart,
to the daily chart, to the weekly chart.
And then what happens on the weekly
chart morphs into the monthly chart.
It’s the beauty of
understanding technical analysis.
And when we look at the weekly Candles
last week, we did see this bullish tale,
but we closed red.
And the fact of the matter is,
so far we have a bearish tale with this
week’s candle heading back towards this
fifty week moving average
at thirty thousand US dollars.
It looks like there’s a potential Bitcoin
wants to come down, test this channel,
support again around the twenty
nine thousand level.
But don’t be surprised if we don’t get
there, because remember, guys,
we know on the six hour chart there is
a lot of volume below thirty thousand.
So when we address the downside scenario
today and people are going to be asking,
where do you think the best entries are?
Well, let’s look at this.
if Bitcoin comes down to thirty thousand,
we know there’s volume below this area,
we need to see a lot of sell side volume.
We want to break thirty thousand.
We know there’s a lot of buy
pressure in this zone,
in my opinion.
As I mentioned a week ago,
it would be foolish not to have entries
at twenty six thousand
twenty four thousand twenty thousand just
in case a wick comes down in this area.
But for the downside scenario,
below thirty two thousand,
which is the triangle support,
if we get below thirty two thousand hourly
and 4-hour Candles,
I at least believe the least severe
scenario that we’re going to see is
the fact that we can at least come down
to this channel support
come right below thirty thousand again,
maybe at twenty eight thousand.
This is the least severe scenario.
I’ll put it in yellow.
Now, the most severe scenario,
in my opinion, would be more south side
pressure coming at thirty thousand.
We know there’s a lot of volume down at
these lower areas, so there’s
going to have to be a wick.
And so I think the worst case scenario is
we could see a week all the way down
to the twenty thousand dollars area.
But don’t be surprised to see the volume
come in at the twenty six thousand dollar
range, the twenty four thousand
dollar range and the twenty thousand.
That’s where really solid entries are
going to be if we see this
downside scenario play out.
So there’s the red and yellow scenario,
the most severe and least severe
for this downside so far.
Now, when it comes to the upside,
just get above the thirty four thousand
seven hundred eighty eight
dollars level Bitcoin.
Now we have the weekly
and monthly open here.
Now we can start talking
about upside scenarios.
But the fact of the matter is we didn’t
test the fifty day moving average.
We rejected it before we
even got to test that.
That’s a sign of weakness.
We’ve yet to test that
throughout this downtrend.
in umpire’s point of view, says that
Bitcoin wants to test some lower levels.
That’s what I’m looking at for Bitcoin.
the overall markets are going to follow
a Ethereum coming up in Bitcoin dominance
over the last three days,
just like we’ve been talking
to on the Snipers channel or
Altcoins following this trend.
Maker Dow up already over thirty five
percent Altcoins or the opportunity
right now in Q3 and Q4.
Even if Bitcoin comes down,
notice how we’ve already gained ourselves
a safety cushion with Ethereum
moving up in Bitcoin price.
It was worth point five Bitcoin.
Now it’s worth point sixty three
of a Bitcoin it Bitcoin comes down.
The three U.S. dollar price once again
is at a very sensitive area.
At this 200 day moving average.
I believe the best entries are
still below 1760 to fourteen.
For the any time
price gets below this area,
I think that that would be a solid
opportunity getting into Ethereum.
So that’s what I’m watching for.
The downside, for the upside,
we’ve really come up
to test this 20 to 40 area.
I told you guys a 4-hour confirmation
means we go to the moon.
But guess what?
We didn’t get the 4-hour confirmation.
That’s why our levels are so
important on this channel.
So the fact that we’ve yet to get a 4-hour
above twenty four or 20 to 40,
it puts the upside scenario
off the table for now.
We’re going to come and test this.
We grew up in nineteen eighty.
I don’t know if that’s going to be
the best time to be entering because
Bitcoin is already way below the weekly
open and so Ethereum has the chance
of getting below their two Bitcoin really
does truly see some downside pressure.
Total Cryptocurrency market cap chart
with Altcoins performing
stronger than Bitcoin I think it’s fine
between one point one three Trillion
one point four seven Trillion.
A break of either of those levels
are going to assume more volume coming
into the market to the same direction
of what level we’re talking about.
At one point one three Trillion we
break to the downside one point.
Fortunately, we break to the upside.
Others dominants maintaining
twelve point two.
That’s exactly what we want to assume
that we’re going to see a reversal here,
the most bullish chart and Crypto now
others dominants never testing the 200 day
moving average that this whole bear market
and then Bitcoin Dollman still
showing signs of weakness.
Now traditional markets heading
into Friday, DXY pushing up.
Still a rocket here.
We break ninety two point
six to emergency lights.
Come on, be careful.
That means the dollar
value is really changing.
That’s a lot of volatility for the DXY big
range here above ninety
two point sixty two.
That’s not just going to be
detrimental for Cryptocurrency.
They’ll be detrimental
for traditional markets, even Gold.
Which we’re already seeing the effects
of this with Gold already at seventeen
seventy five, reversing back down,
failing to break out,
possibly coming towards seventeen hundred
S&P 500 forming new all
time highs every day.
That’s going to end if that DXY breaks.
So let’s continue to watch this.
You guys are watching the Snipers channel.
Thank you all for tuning in.
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Let’s go ahead and see here.
Mr Wallace says you’ve been
all over those numbers.
Naeem great, sensible analysis, as always.
It’s all about.
The numbers, that’s why it’s so important
to trade using buy stopped by limits,
by orders, there’s different trading
styles for breakouts, breakdowns,
for instance, entries, trend reversals,
price action, skalp trading.
It’s all about the numbers.
The numbers count.
There’s a reason the monthly and weekly
have been at thirty four thousand
seven hundred and eighty eight.
That’s because our numbers here are the
Snipers channel are extremely important.
The only level below this now is 26000.
This is a big range,
dangerous game to play.
That’s why we’re talking about
the downside scenarios right now.
It’s not a coincidence that they’re in US
dollar price didn’t get 4-hour
confirmations above 20 to 40.
The technical analysis works.
And with that, thank you all for tuning
in today until next time Snipers out.