BITCOIN READY FOR THIS EXACT PRICE TARGET (analysis & chart)
Snipers.
You have to see what’s happening
to the Bitcoin price this Saturday is
we’ve yet to break through $56,000
with today’s candle and that put us below
the candle high of yesterday at 56,100.
But we did have a bearish tail yesterday
with Bitcoin daily candle and so are we
gonna be getting the rug pulled on us
at some point or another to retest this
market structural support at 49,700.
I want to talk about the potential
scenario and I said to hold off
on shorting Ethereum yesterday,
and of course, that proved to be a great
move as Ethereum is still
trying to come up and test 36.
50.
But the question is with this bearish red
candle from yesterday,
is it going to be time soon to take
a short position on Ethereum
for a potential drop to 34.
54?
All of that is gonna have to do
with whether or not Bitcoin is
gonna come and test 49, 700.
But remember this Ethereum to Bitcoin
chart for the first time crossing
650 Satoshis is a huge puzzle piece.
We are below the 50 day and 100 day moving
average, and if we cross back below 650
Satoshis, that is a confirmation not just
for Ethereum but other altcoins that we
are potentially seeing Bitcoin strength
into the next two to three months.
Let’s say maybe even six months because
this would be a more macro
support if we break it.
It’s a macro shift in the market,
and we’re already seeing the effects
of this with the chart that factors in
altcoins outside of Bitcoin and Ethereum.
Ow, the 50 day moving average only forming
a lower high so far on September 6.
And of course, the total
cryptocurrency market cap.
That something that we’ve been closely
monitoring over the last three days is
testing this extremely
important resistance.
If we break above this, that means
we’re gonna be seeing new all time.
Yes, for the total cryptocurrency market
cap car, it’s a very important day.
I want to talk about what’s happening.
The markets are the most manipulated
on Saturday and Sunday due
to CME futures being closed.
There’s a lot of rumors saying
that Bitcoin ETF is coming out.
Should we be longing Bitcoin right now
buying the Hype and then
selling the news sell.
We’re gonna talk about that today.
For those inside of the discord group,
we’ve already taken nine day trades on all
coins like Harmony Sell Network Acropolis.
I even took a day trade for Shiba Inu
and they are been hitting targets.
Of course, we have the best
trade signals in this market.
The link is in the description below.
And with these altcoins moving,
does that tell us that there still is some
gas left for this upside move sell
that’s certainly on the table.
Let’s dive into this Bitcoin Intraday
analysis first and foremost,
let’s start on this weekly chart because
tomorrow this weekly candle closes and we
have a very strong body,
a very strong continuation candle.
But we’ve seen these candles in the past
when Bitcoin is consolidated and we’ve
failed to actually see a real continuation
from these type of bullish
continuation candles.
So the question is,
what is Bitcoin next move?
There’s certainly a lot of traders
undecided with whether or not Bitcoin is
gonna be able to cross back above 58, 300,
because if that happens,
that’s the next major resistance.
If we can get above that potentially
new all time highs are on the table.
And that would also assume the total
market cap tart is moving up.
But Bitcoin dominance for the first time
since January of 2021,
when altcoin season started has come
above the 20 week moving average.
And that would typically only happen if
we’re gonna be seeing downside in the
total cryptocurrency architect chart.
Like what happened in 2018 when we started
to see Bitcoin dominance move away
from this 35% dominance level coming all
the way out to this 72% dominance level
at the peak around January of 2021,
and we actually reached that level
as sell in September of 2019.
So the question is, are we seeing Bitcoin
dominance move up because the total market
cap is ready to move down, or are we gonna
be rejecting this 20 week moving average?
This is also going to be an extremely
important weekly candle to monitor into
tomorrow’s close with Bitcoin dominance.
This is the biggest puzzle
piece that we have to monitor.
And when we look at the six hour chart
for Bitcoin, notice how right now we
are sort of moving up little by little.
We’ve yet to see sellers come in,
but we do have descending by volume.
And why is that important?
Well, we have descending by volume,
but we have higher high forming
that’s called a bearish divergence.
Now understand this when you start to see
this descending volume,
let’s look at this move that Bitcoin had
here on September 6 where it
came to 530, then dropped 19%.
This was certainly a rug poll.
If we were to just take away this volume,
I’m gonna actually move my face
because you’re gonna want to see
the volume before the move.
Notice how if we look at what happened,
we also had descending buy volume
in the six hour chart before the major rug
pool and the 19% drop,
something similar is happening right now.
So does that mean that it’s just gonna
come unexpectedly sell for those
in the discord for damn sure you’re gonna
be getting those signals because we have
a dozen analysts including myself
monitoring this market 24/7.
And I’d love to see more
participation in the crypto chat.
By the way, we have the number one
community in this market and we’re seeing
charts every single minute being posted.
Look at this 1035 right now.
It’s 1045 minutes ago.
Tim Kate posted a chart.
Look at what is he saying here?
We’ve got an ABC correction.
Potentially,
I’d love to see more participation
in the discord we have 25,000 members,
one of the largest crypto discords
in the world, and certainly the number
one crypto discord in the world.
Now, with this descending by volume
similar to what happened when Bitcoin
came to 53,000, then saw that 19% drop.
Is that a concern as an umpire in my books
certainly is now understand this.
We did see on this daily chart for Bitcoin
a red candle already
from this move to the upside.
Right.
So I think that that’s certainly
a puzzle piece from October 7.
And then the Parish tail.
We’ve yet to break the candle body
highs with today’s candle.
And so are we just going
to be seeing consolidation?
Well, understand, this Bitcoin
stays between 53,050 6000.
The likelihood of Ethereum
moving above 36.
50 becomes lot more probable because we
know what happens when
Bitcoin consolidates.
It gives the opportunities
for altcoins to move up.
And so that’s why I’ve been very cautious
right now with shorting up them.
We’ve already taken two shorts.
They’ve already hit targets
as we moved up to 35.
Seven initially and then
came back to to 34.
99.
We took that short shorts position.
You want to be in and out of quick?
Of course.
Now, with this Bitcoin range that we’re
in at 530 to 560, how are the smaller
timeframes reacting to this?
We go into the three hour chart.
Notice we’re certainly in a channel so
far, candles are just forming higher lows.
That typically says that there are
people still buying these dips.
There’s not much ascending sell pressure
on the three hour chart,
which tells me that this weekend anything
could happen if we break above 56,000.
The next level resistance is 58,353.
Are we going to be seeing Bitcoin move
to the upside,
or is it just going to consolidate
to the side for all coins to move before
maybe the last breath and then
a move to the downside?
That’s certainly on a table as sell.
Remember this ascending support level
that we’ve been monitoring as well on this
three hour chart when Bitcoin first came
down here and tested this $41,000 level
and then it came and tested 47,000.
We’ve yet to test this ascending support
level that showing more vertical
price action right now.
Sell me things are still
bullishn at any point.
We can come and test the support level.
And now we have some room for Bitcoin
to see some downside,
but not necessarily see a dump.
And so this is a very interesting time.
The biggest concern I’d say I have
today is the descending by volume.
We’ve yet to see ascending pressure.
And that’s exactly what happened when
Bitcoin tested that $53,000 level.
When we look at what’s happening
to Ethereum, we’re also seeing this sort
of curvature here this channel resistance.
We’ve already started
to have this cup of copy.
You know, pretty much the last four
days here you have a cup of coffee.
That means it’s not the final destination.
You’re either gonna turn back around or
you’re going to continue to move
in the same direction,
which is actually the more probable
scenario when you’re
having a cup of coffee.
Are we going to be seeing
Ethereum move to the upside?
Very funny.
If you look at the candle three days ago,
it was an indecision candle between 36.
50 and 34.
54.
So I think that patience is the name
of the game right now,
specifically for the Intraday traders.
For the swing traders entering long
positions at these higher levels.
I would say maybe waiting for Bitcoin
to make another move and then finally
seeing some relief would be the time
for swing traders to get into positions.
Of course, for those in the discord,
we have not just day trades for Intraday
traders, but we also have our swing trades
under crypto signals, and those
go for a lot higher targets.
And so I think that it’s certainly a time
not just for swing traders,
but for date traders to show some patience
because let’s go into
the 15 minutes chart.
Notice how we’re starting to see actually
some increased volume at these higher
prices. And so with this increased volume,
why wouldn’t we start to see a move to the
upside until we see the rug get pulled?
Which if its gonna happen,
its probably gonna happen in the next 24
to 48 hours because it’s the weekend.
But we’re seeing gold volume right now
at the higher price ranges that can
typically drive price up right now
with all of this indecision
between 530 and 560.
What are the other revolving
parts of this market?
Because we’re a four dimensional channel
that we really want to watch right now
because the other parts of the market are
certainly going to be affecting Bitcoin
in the total market cap over this
move that we’ve seen to the upside since
we came down from around
41,000 up to 54,000.
I’ve been very concerned with what was
happening to the S and P 500 crossing
below the 100 day moving average,
closing daily candle bodies below this
level for the first time
since October of 2020.
And now you can see we closed the week
below the 50 day moving average.
So what did that actually
put on the weekly chart?
Well, it put an indecision candle sitting
right at the 20 week moving average,
which we haven’t necessarily
seen in a very long time.
For the Spy 500.
We know this is a very correlated market
is Bitcoin in a them just gonna range.
Maybe this Bitcoin gonna range and a theme
is gonna move up into Sunday before we can
actually get an answer
from the traditional markets.
That’s also a puzzle piece on the table,
because this is the first time we’ve
really seen this much in decision around
the 20 week moving
average for the Spy 500.
So that’s been a certainly a concern
for me from this upside move for Bitcoin
because we know the markets
are very correlated.
And then the other concern has been
the DXY, of course, moving above 93 82.
And with such a strong correlation
to Bitcoin dominant,
the DXY already double bottomed and has
maintained price action over the 20 week
moving average since June of this year.
Bitcoin dominance is just now showing that
it is double bottomed because guess what?
We’ve yet to form low since May,
and that was when we saw the 64,000 top,
and now we finally came and tested
this 20 week moving average.
This was actually one of our most boldest
predictions recently,
and this was awesome because a lot
of analysts were expecting this
to continue down Bitcoin dominance.
And I said no, the DXY double bottoming,
it’s so correlated makes no
sense for that to happen.
So a big question, Adonis,
and I actually have because I guess you
can say we’re the philosophers
in the discord man.
I love our discord community,
but I’m telling you,
we have the number one crypto currency
trading community in the world,
and I’m going to be speaking
on stage tomorrow about that.
And so Adonis and I had two big questions.
Is the DXY decoupling away from Bitcoin
dominance or is the DXY going to come
back below 20 week moving average?
For those that are assuming that Bitcoin
dominance is ready to actually see further
downside and for gold coins to continue up
because a lot of people have that opinion.
So that would assume,
as a philosopher that there’s gonna be
a decoupling for the first
time ever and ever.
I don’t think there’s ever been
a decoupling between Bitcoin dominance
and DXY assumes that happens.
Or it assumes the DXY crosses back
below the 20 week moving average.
Those are two very gold predictions that I
think are very unlikely because
those are not patterns of the past.
And when you’re looking at markets,
the past typically repeats itself.
And so I think that that’s huge for us
to watch right now with the DXY
as a revolving part.
And then, of course,
when we look at commodities,
gold did end the week pretty stale,
along with us oil actually showing
strength some other commodities
have been doing sell.
If you look at the total commodity index,
they’ve been very strong.
Commodities strengthening aren’t typically
the best for traditional markets,
shows a little bit of fear
in more risk on assets.
As I talked about yesterday and then Japan
not looking gold to close the week below
the 20 week moving average and actually
closing the week below the 50 week moving
average with the negative puzzle pieces.
The real question is as Sunday and Monday
comes and we start to see
institutions place their bets.
Is that going to be
the decision point for Bitcoin?
And I think that that’s going
to certainly be the case.
If we continue to range about 530,
I would be very highly cautious
of shorting Ethereum,
especially as I mentioned earlier,
altcoins have been moving.
That’s why we’ve been
taking long trades on them.
And so this type of liquidity flowing
into all coins that typically isn’t
a sign of slow down just yet.
So the rug can get pulled at any time.
We’ll be monitoring in smaller timeframes
to ensure you guys get that notification.
Of course.
And with that being said,
I’m going to head out to White Dubai.
We have an event there today for those
that are part of the
Coin Agenda Conference.
Once again, too, I’m going to be speaking
on stage with Mm Crypto Carl the Moon
and DaVinci for those
at the Coin Agenda Conference.
I’d love to see you guys.
And for those not the conference,
I don’t think you can purchase
tickets at this point.
And with that, thank you all for tuning
in to the Snipers Channel
today until next time.
Snipers out.
