BITCOIN READY TO MAKE THIS EXACT MOVE!!! (altcoin emergency)
Snipers.
You have to see what’s happening
to the Bitcoin price this Monday as we are
still inside of this extremely
important range of 60,860 1800.
And this is going to determine whether
Bitcoin can continue in price discovery or
if we’re going to see a potential
breakdown for the shorts term here.
And I want to talk about something very
interesting that’s happening
here with Bitcoin dominance today.
It is sitting
right below the 20 week moving average,
but more importantly,
sitting at the 50 day moving average,
which if Bitcoin dominance truly is
in a bullish reversal on the macro,
this is the time it’s either going to see
a bounce to the upside
or if we break down,
what would that look like
for the rest of the market
when it comes to Bitcoin’s price and how
the altcoins are going to react to that?
Well, the Ethereum of Bitcoin chart,
as I’ve always talked about on this
channel, we love to look at correlations
is a leading indicator for all coins,
in my opinion, because it’s the largest
all coin and with the price action
currently above all daily moving averages.
But we’ve yet to see this move yet
for the all coins that are factored
in outside of Ethereum and Bitcoin because
we’re still below the 100
day moving average.
The question is, if Bitcoin breaks down
from the 50 day moving average,
does that assume we see a continuation
for all coins to move up in dominance
and Bitcoin dominance comes down?
Or are we going to be rejecting this 100
day moving average and is a theorem
going to also start to break down against
Bitcoin with Bitcoin dominance potentially
finding support and moving up for those
that believe Bitcoin dominance isn’t
a bullish trend, that’s a very important
question that I think we’re going to find
out here this week,
maybe in the next 24 to 48 hours as
we have this new monthly candle.
And we really want to start dissecting
these charts, including the revolving
parts, to really see what’s happening,
because a lot of the people on the discord
have been following our trades.
Of course, we sent a trade
for Decentraland Axe Infinity hitting all
targets yesterday and we’re seeing
a lot of success with all coin trades.
We’ve taken about nine or ten of them.
But why is the all point chart still
below the 100 day moving average?
Does that mean that money is
not coming into the market?
It’s just flowing from Bitcoin
to these other coins.
Well, that’s what a lot
of people have said in the chat.
There’s some discussions going on about
that, and it would make sense if we look
at our crypto signals,
which are swing trades.
For example, we’re seeing a lot of coins
against Bitcoin hitting 30 40% targets.
Why is that the case?
Well,
is that money being moved around in the
market but not coming into the market?
And if that’s the case,
are we running out of fuel.
These are all questions on the table.
We have to talk about what’s happening
because the total market cap is
also a revolving part that matters.
But let’s just dive straight into this
Bitcoin analysis because of course,
this video had to come out right now.
We’ve yet to break down
from the $60,800 level.
We’re testing it right now as we speak.
And I told you guys,
the more we see hourly and four hour
candles above $61,844,
the more likely it is.
We’ll start to see continued momentum
for Bitcoin and upside
because we’ve yet to see that we’re still
playing in this very dangerous range.
It’s a tight range about $1,000.
But if we start to move below this
previous weekly open at 60,800,
it starts to open the door to retest
58,300, where if this level cannot hold,
there is a major drop down to 49,700.
That’s on the table.
So this is an extremely important level.
We don’t have to address
the drop just yet.
If that’s not on the table, what is?
Well, we have this 200 period moving
average on the four hour chart.
We may find some local support here,
and if we consolidate further,
it would be very similar to how we
initially started to move
up when Bitcoin first moved
above 29,000 to 54,000.
It took a few weeks, maybe a month or two
before we were able to see
continued upside action.
Are we going to be potentially seeing
58,300 hold and a few
weeks of consolidation
before we see continuation of the upside?
That’s also on the table for the Bulls.
But if the Bulls want a case to regain
momentum for Bitcoin right now, we have
to get above 61,844, in my opinion.
And the lower we go below 60,800,
the more worrying it becomes because
58,300 is where volume will come in,
whether it’s the upside or downside.
And so we really want to start
monitoring this micro time frames.
And we could assume here
that if the Bitcoin dominance chart does
start to move down
and we start to see the others dominance
chart move up,
that could also be a reason that the total
market cap continues to go further up.
But that would require
new money coming into the market.
Right?
Because a lot of times what we’ll see is
the whales move around their Bitcoin
into these altcoins
to pump them for a little bit.
And we’ll see
liquidity flowing on the US dollar pairing
from retail,
and then the Wills will pull that out
and suck it away from the coin
by putting it back into Bitcoin.
That’s something we have to monitor.
But the total market cap is holding these
higher levels right now,
but we’ve yet to see strong momentum.
The upside.
The question is, when that strong momentum
comes, is it going to bring Bitcoin
dominance below the 50 day moving average
and take the old coins
back into another bullish trend?
Or are we going to potentially,
which I think is the most unlikely
case based on Bitcoin’s market cap.
See the total market cap
continue further up.
Bitcoin dominance still actually hold a 50
day and continue further up and all coins
continue further up.
That would require a lot of capital.
But that’s how the market was able
to continue to move up from when
Bitcoin topped out here on April 14.
That wasn’t the top here
for the total market.
We were able to see new liquidity flow in
and that was the start to altcoin season.
Right?
So it all makes sense when
you look at it in the macro
me dissecting.
It doesn’t confuse you guys,
but I do want to quickly talk about what’s
happening here to the theorem us dollar
price and we’ll move
into the theorem Bitcoin chart.
That’s the most important, but we’re still
seeing a struggle here just like Bitcoin.
It’s only formed a higher high so far,
so we couldn’t say that we’re in price
discovery and now below
the previous all time high of 43.
73.
Now,
if we want a theorem to continue to move
up, the best way to do that is to see this
Ethereum of Bitcoin
chart continue further.
Now, the question right now is
with most altcoins still suffering,
but with the Ethereum of Bitcoin chart
showing strength,
is this going to continue
further up and allow the other altcoins
to also move above their moving averages?
That’s something I think is
going to happen here very soon.
We’re either going to see this come down
or this move up with Bitcoin dominance
sitting at the 50 day moving average.
That might simplify what I’ve
been trying to emphasize here.
So this right now, as we speak this daily
candles first one testing the 50
day moving average Bitcoin damage.
It’s super important
to watch what happens here.
We look at the revolving
parts really quick here.
The DXY is still above the major
level, so it’s showing strength.
The S Amp P 500
is currently showing a red daily candle,
but we’re still forming new alltime highs.
Japan moved up today quite strong over 2%,
moving finally above all
of its daily moving averages.
And we look at what’s happening to China.
We’re still sitting below the 50 moving
average year 100, showing a lot
of strength to the new yearly highs.
And then gold moving
very sideways between its moving
averages at the 200 day to 50 days.
So not much there with commodities
oil trying to continue further up,
but we’ve yet to break the highs
that we saw on the 25 October.
And then, of course,
what will be monitoring as well is this
gold to Bitcoin chart
on the snipers channel.
You guys know I love this chart.
It will give us an idea of how much
momentum is inside of this rally Bitcoin
is currently in because right now
we’re sitting here at the previous
lows that we saw from April 14.
We start to see continuation
that shows a lot of strength
right now for this bold trend.
But if we start to move
back towards the 50 day moving average,
that’s how Bitcoin ended up topping out
on April 14, we want to start being
careful here, so I think that we’re going
to find something out here really soon.
Snipers,
just based on where Bitcoin dominance is
at and with our altcoin trades,
I’ve seen a lot of success here with
the swing trades of altcoins against
Bitcoin, and that usually is an indicator
that money is certainly
flowing in the market.
But because of the others dominance chart
that actually factors in the amount of
capital within the total altcoin market.
Not moving up while that’s happening is
a little concerning,
I just want to throw that out.
There’s a puzzle piece that some all coins
are moving up, seeing 30%
spikes and then dropping back
Bitcoin moving once again,
manipulation into the altcoin
and then moving out of it.
But no new capital like that, to me,
is just a puzzle piece I
want to throw out there.
But if we see this chart really follow
the Ethereum to Bitcoin chart,
that could change the story.
So very interesting stuff today.
Hope you guys enjoyed today’s analysis.
I know I jumped around everywhere,
and once again, we have the number one
cryptocurrency discord
community in the world.
I’m loving the participation in the chat.
I’m here every single day now
having fun with you guys.
Tons of laughs.
And it’s just so nice to see
people succeeding in this market.
And with that, I’m still here in Cancun.
And so I’m going to enjoy
the time here while I can.
And I’ll be back in the US here very soon.
And with that, thank you
all for tuning in today.
Happy Monday.
Have a great week until next
time I’m the snipers Ouch.
