You have to see what’s happening
with the Bitcoin price this Saturday as we
have a weekly candle that’s
going to close tomorrow.
And so far it’s a very
big indecision candle.
But we know that the body of last week’s
candle closed above 41,000 thousand, 950.
And right now we have price
action above $41,950.
So far, it looks like we’re getting a very
nice potential weekly candle close.
As long as we don’t break 41,950,
then we’re going to be stuck in this
range with the resistance of 44,800.
As you guys know, if we get a confirmation
above that, we can
potentially see $50,000.
But if we go into this hourly time frame,
a lot of people are talking about this
ascending channel that Bitcoin
has been following.
We actually broke the initial support
level from this ascending channel,
but now we created another support level
getting back inside of the channel.
With the midpoint currently acting as
a resistance level,
Bitcoin could not be more undecided
on a Saturday than it is right now
inside of this range of 44,840 1950.
But I think we can get a couple of hints
as to what’s going to happen here.
Based on how volume has
been on the hourly chart.
A lot of people are saying Bitcoin found
a bottom as it came below 40,000 tested
we saw a very nice institutional spike
of buy pressure come in,
and only since then have we seen
price action stay above 41,950.
Well, we have to talk about
what happened yesterday.
We tested $41,950 and we didn’t see too
much solution, but we also didn’t
see the craziest amount of buyers.
And so what that tells me,
as I’ve mentioned yesterday,
is that 41,950 now is a make it or break
it point for Bitcoin, whether we
even get four hour confirmations.
If we come back to 41,950,
we could potentially expect a downside,
as I talked about yesterday.
But being above this level now,
we have the midpoint of this range here
of the ascending channel right around
the $44,000 level, just below $44,800.
If we can start seeing some bullishness
into the weekly candle close and the new
weekly candle opening tomorrow,
we just need to start seeing
price action about $44,800.
And we could potentially
call this the bottom one.
Interesting headline that I saw about
Bitcoin today is the Bitcoin
outflows from Exchanges.
You can see here it says it’s rocking
crypto exchanges, and this is
potentially a bullish sign.
You can see in this article,
it says over 26,300.
Bitcoin was taken out
of exchanges on Wednesday.
The last time such a huge depletion
happened was in September 2021,
ushering in a Bull market that saw
price search by over 66%.
So they’re referring to when Bitcoin
finding the bottom around that $28,000
level from the initial high
that we formed of 64,000.
We haven’t really seen exchange outflows
since September of what we’re seeing now,
and that was a bottom and Bitcoin
eventually created new all time highs.
Could this be a higher low
for us to see further upside?
I think that’s exactly what
the article is stating.
And we know Bitcoin in the past has had
these head and shoulder type of patterns
in the macro that just
don’t necessarily play out.
And that’s exactly what’s
happening right now.
We have this head and shoulder pattern.
Is it going to play out or not?
41,950 is the neckline for a reason,
so that’s going to be that make it or
break it point for Bitcoin,
but inside of the hourly time frame,
I wouldn’t say that we’re too concerned.
A lot of people say that these ascending
channel formations are bearish, but that’s
exactly what we need right now.
In order for us to see some upside,
we need some ascending prices,
we need some higher highs forming.
We need to see price action
for to get about 44,800.
And that’s going to be the confirmation
that we could be seeing the bottom here.
But until that happens,
41,950 is more fragile than ever.
Heading into Sunday,
it’s still the weekend markets are also
going to be manipulated,
so we just want to be cautious of that.
And I’m going to do a separate video
for some altcoin analysis because a lot
of people that are dollar cost averaging
into all coins right now want me to look
at different altcoin charts and stuff.
So I’m going to be doing
separate videos for those.
But just remember here,
the 200 day moving average for the total
market cap has been acting as a level.
With the price action
blowing onto this area.
Yet to really free fall away from its 200
day moving average, the total market
capture only more strength than Bitcoin.
Could this initiate a massive run for all
coins if we get above
the 200 day moving average?
I think that that’s certainly on the table
with the altcoin chart that factors
in the coins outside of Ethereum being so
bullish inside of this ascending triangle.
And then we look at Bitcoin dominance
coming down, testing levels below 40%
right now, as we speak,
potentially going to be seeing you lows
in the theory of Bitcoin chart,
staying bullish, maintaining price action
above the midpoint of its channel,
and staying above this market structural
support that we talked about yesterday.
That’s why we’re going to be looking
at separate all coins and different
videos here in just a second.
But I just wanted to wrap up this Bitcoin
analysis by saying, as I talked about over
the last few days, 41,950 is an important
level and it’s more sensitive than ever.
Now with price action already
testing this area quite a bit.
We need to see price action
now get towards 44, 800.
The faster the better.
And that could be
the confirmation for upside.
But until then, 41,950 maintains itself as
an extremely important
support in the short term.
And with that, thank you all
for tuning into today’s video.
I appreciate each and every one
of you snipers tune into the channel.
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because of lighting issues and stuff.
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I can’t wait for that and stay tuned for
these altcoin prediction videos as well.
Until next time snipers out.