BITCOIN REVERSAL SOON??? (rejecting $44,000 means this next)
Snipers.
You have to see what’s happening
to the Bitcoin price this Thursday is we
have rejected the 440 dollar
level quite a few times now.
And I am not liking the six hour candle
that we’re seeing here with this bearish
tail at the 50 period moving average
about to close in less than an hour.
So I needed to get this video out to you
guys to address a potential
downside scenario.
What are the most important
support levels to watch?
41,950, of course, we know is
an extremely important support level.
A lot of people are saying now
that on the hourly chart we have this
potential parallel channel,
this ascending channel, which is
typically bearish in a lot of cases.
And so this is something
we’re also monitoring.
You can see Bitcoin so far has held
this ascending channel support.
And so very interesting time here
in the cryptocurrency market.
One thing to note for sure is on the daily
chart, total market cap has came back up
to test its 200 day moving
average so far with a rejection.
But I wouldn’t call this
a decisive rejection.
I would say that we are having the best
opportunity and best chance right now
to seek continuation in the total market
cap to see further upside with the 200 day
moving average sitting at two point 15
trillion in our current market cap,
at two point 39 trillion,
we at least got back above 2 trillion,
which is a huge win for the Bulls.
And so we do have that potential death
cross coming up here for the total market
cap and Bitcoin price,
something that we want to monitor.
In the past, we’ve seen a death cross
for the total market cap and that is
only preceded with upside.
And so we don’t want to be too
concerned about this death cross.
But total market cap certainly nice to see
it tested its tuner day moving average.
Ethereum not yet testing
tuner day moving average.
Just close enough though, at 34.
54.
That’s the major resistance.
If we get above 34.
54, Ethereum has opportunity to see
massive upside and that puts it back
above its 200 day moving average.
It’s not a coincidence that there’s
confluence there with the 200
day moving average.
And in the theory of Bitcoin chart,
maintaining price action now
above the 100 day moving average.
And extremely important market structural
support, which is extremely bullish
for not just the theorem,
but the overall altcoin market.
I would say that we’re still seeing this
storyline continue with others
dominance factoring.
All coins outside of Ethereum still
showing strength,
wanting to move up towards the resistance
of this ascending triangle.
That if it were to break out,
would be a massive breakout for the all
coins and could really take that total
market cap into new price discovery
all time high territories.
But this is all going to depend
on what’s happening here with Bitcoin.
One thing to also note is the DXY broke
down for the first time in almost a year,
we’re testing this 100 day moving average.
The last time we came and tested the 100
day moving average as a support
was on April of 2021.
And since then we’ve stayed above
this 100 day moving average.
And you can see now for the first time
we’ve come and we’ve broke market
structural support and we are also
testing the 100 day moving average.
So the slowdown in the DXY
has been the direct
effect has been creating
a direct effect to Bitcoin.
Seeing some upside here at 41,950.
And so that’s something
that we want to monitor.
I think that on the micro time frames we
go into the 15 minutes chart,
we’re starting to see sellers
come in before 44,800.
That’s another puzzle piece to mention.
We didn’t get to test this major
resistance at 44,800 before seeing some
sell pressure come in and bring
Bitcoin back down below $44,000.
So we are continuously rejecting this
$44,000 area before
even getting to 44,800.
In my opinion, that is a bearish puzzle
piece, so it’s really
a draw here with Bitcoin.
I think with the total market cap testing
the 200 day moving average, we’re getting
the best opportunity that we can.
But with the six hour candle potentially
closing bearish, we have
to really monitor 41,950.
As long as we stay above 41,950,
the likelihood we could see
some upside is on the table.
But we come back down
to 41,950 for another retest.
That’s not going to be the best
case scenario for Bitcoin.
We can potentially come down to 38,000.
34,788 if 41,950 breaks with hourly
and four hour confirmations.
What do you guys think about that?
I’d like to see who’s on our livestream.
Marco Marcelo on the live stream.
I wonder what your opinions are.
If you have any questions,
feel free to drop them.
And I’m going to quickly wrap
up with talking about Altcoins.
Cardano did break out above one point $25
and now we’re staying above this level.
And so with this upside move that we
recently saw,
one thing to note is that we’re seeing
some strength and some all coins.
Cardano testing its 50 day moving average,
maintaining price action
now above one dollars.
25 not the only all coin we look
at Shibu Inu breaking out of this falling
wedge or this flag,
this descending flag formation.
We predicted this because we were
sitting at this major resistance.
We finally got above
and we’re staying above.
And so are we seeing the early signs
of a continuation all Quinn season
for us to break out into further highs.
I think that’s something
to keep on the table.
Ship against Bitcoin,
you can see breaking out of this
descending channel that was forming
and then we even look at the Cardano
against Bitcoin chart.
Testing prices above this major channel
resistance right now actually testing
the 100 day moving average for the first
time since August of 2021.
So very good to see
Cardano testing this 100 day moving
average right now as a resistance.
It’s interesting because the DXY is
testing it’s 100 day moving average as
a support, while Cardano after a bearish
couple of months is testing the 100
day as a resistance right now.
Are we seeing the early signs of maybe
an inverse correlation here
with the D-X-Y, and the crypto market
where we’re going to see things flip back
into the favor of crypto and traditional
markets, we get back above
this 100 day moving average.
That’s a huge puzzle piece
for the Cardano US dollar price or Cardano
against Bitcoin, which will
lead a lot of other altcoins.
And so I think that there’s a lot
of interesting puzzle pieces on the table,
but nothing too significant to say that we
have failed to see a reversal
on the bottom here.
I think that with the hourly volume
that we saw below 40,000 and since then
we’ve only seen upside,
I think that was a very positive sign
at this range here,
which was below 41,950,
we have yet to see cell pressure equate
to that amount of buy pressure that came
in, and so on the micro time frames,
I would say that we’re still slightly
in the favor of the Bulls,
but in the macro we’re obviously
in the daily chart, almost
bearish trend right now.
So we have to keep these
downside scenarios on the table.
If we see major support break.
There’s an area here right around 42,500
where there’s a lot of confidence
on hourly moving averages.
We get below 42,500,
that starts putting 41,950 back
on the table, and that’s going to be
exactly what we don’t want to see
if we want to continue to upside.
So at some point or another in the short
term we need to start getting
back towards $44,800.
We need to come test this level.
I think that’s extremely important right
now for Bitcoin, and then we can
potentially assume some upside here.
Rick says if Cardado can’t close
the monthly above one dollars 32,
you think EA heads back down to 0.5?
Well, I come from traditional markets
and when an asset breaks a dollar
for the first time,
especially Penny stocks, they typically
will never come back down below a dollar.
And so with Cardado already breaking
a dollar actually reaching $3 and now back
down to a dollar 25,
I think that it’s quite clear here
that Cardado does not want
to get back below $1.
And so we’ve seen major support here
many times, almost a dozen times.
We can count probably twelve different
times the Cardano found
support at a dollar.
And so I don’t think it would be possible
for Cardano to get below one dollars.
I know that’s a bold statement,
but I truly believe that we’ve seen a very
bearish market for some of these altcoins
like Cardano over the last few months and
that they are at areas of accumulation.
I don’t see Cardano coming
down to $0.50 whatsoever.
When an asset breaks its previous all time
highs in the crypto market,
it typically does not come back
to that area enters a new matrix is what
we like to call here
on the Cypress Channel,
on the four dimensional channel,
where price action just doesn’t go back
to the area in the chart that it was
previously at years ago,
especially like here with Cardano.
We look at what was going on here in
late 2019, early 2020,
when Cardinal was under $0.50. That was
its own area of price action and matrix.
And now we’ve really gotten ourselves
to a whole another area above a dollar,
I think is going to be quite
a strong support there for Cardano.
Resmito says does Bitcoin have any
more CME gaps that need to be filled?
There are many CME gaps for Bitcoin,
but they have never been good indicators
for price action, especially
in the short term and even in the macro.
We’ve seen many gaps come in and not get
filled, and so we’ve stopped
looking at CME gaps.
Lord says, thanks
for the BNB tip years ago.
Absolutely.
We’ve been talking about BNB
for over three years now.
Northern Light says,
when is my Shibu going to take off?
It’s starting to move very well.
We were up 10% over the last
48 hours, which was amazing.
Rick says that one dollars
support is a huge support.
Thanks for the answer.
Absolutely.
And Wixer says you do this every day?
Yes.
We go live.
We make a video every single day here
in the Sniper channel
for the last three years.
We’ve been doing this since 2017.
So remember to smash the like button
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because I appreciate each
and every one of you snipers.
If you guys enjoy this content,
show your support like the video,
and I’m going to just wrap up here.
Thank you all for tuning in today.
41,950 is very important
in the short term.
The six hour does not look like
we’re getting a nice close here.
It looks a little bit bearish.
So we have to keep some downside
scenarios on the table right now.
If 41,950 gets breached for a second time,
I think that we have to start putting
back the scenario of 38,000 34,708.
But I don’t see this happening right now,
especially in the next few hours.
I think that we’re going
to stay above $41,950.
I think that we’re going to really flirt
inside of this range of 44,840
1950 for at least a few more days.
And is that the best thing for Bitcoin?
I wouldn’t say that that’s the best thing.
I would say that getting above 44,800
at some point or another,
at least testing it is going
to be the best case for Bitcoin.
But we know how this market works.
We know how the whales like to trick trap
and frustrate traders,
and so I wouldn’t be surprised if they
kept prices between 44,840, 1950 for a
while before making a decisive move.
Every time we see a significant six hour
candle with any sort of symmetry
that might be concerning or might be
bullish, I’m going to make sure
to update you guys on that.
And so we have this potential bearish
six hour candle about to close.
Very important to note there.
Wixer said, you’re the only one
that does this for free, man.
Is there a time that I
will come every day, bro?
Well, as long as you get on the discord,
you guys will have an idea
of when my new videos are out.
Federico says, Cheers.
Name old subscriber here.
Good to have you on Northern West
is 90% of Bitcoin has been mined.
What does it mean when
100% of it is mined?
Well, it means that it’s going to continue
to become more and more scarce as
an asset and as a storage of value.
And I don’t see Bitcoin being
a currency in the future.
I certainly see it as
an alternative to gold.
It’s funny, Ray Dolly,
I was watching an interview recently,
was talking about what his preferred
hedges in alternative markets.
And he’s like, yeah,
currency has to be something that not just
stores its value,
but also something that can be
easily transacted, easily portable.
And he’s like explaining everything.
Bitcoin embodies.
But then he’s like, no,
but I like gold better.
I’m like, this guy is really
on something right now.
He’s been changing his opinion on Bitcoin
for quite some time,
but he’s definitely said that now he
believes Bitcoin is an alternative to gold
and that he sees it very similar to gold.
I think that’s a very positive thing.
One thing I want to say about Ethereum is
we failed to test 200 day
moving average and 34.
54 just like Bitcoin
failed to test 44,800.
So those are signs of weakness
in the short term.
But the total market cap did get
to test it’s 200 day moving average.
And so we at least got the test of the 200
day on the total market cap and we
didn’t get a rejection yet.
So in the next 24 to 48 hours,
I think we’re going to get some answers
here, at least to see if there’s going
to be a true rejection or if we’re
going to see it break through.
And that could lead the Altcoins
and Bitcoin to continue to see upside.
Well, any short opportunities
with all coins?
A two s says, I would not be shorting
right now at these price levels.
With Bitcoin at a 40% discount,
I would say that it’s time to be closing
short positions or entering
into long positions.
We’ve been entering into a lot of long
positions in our discord for all
coins as we saw this bounce.
So we’re going to continue to monitor all
coins and where the volume is so that we
can see where the opportunities lie
and with that, I think
we’re going to wrap up.
Thank you all for tuning in today.
I appreciate each and every one of you
on the live stream and all of you
that watch the replay here on the sniper
shadow and we’ll see what happens here.
Bitcoin 44,840 1950 Expect the whales
to keep Bitcoin in this range to flirt
with these extremely important
support and resistance levels.
Keep traders on their toes.
The trick trapped and frustrated crew
would love to do that with a six hour
candle potentially in the short term.
Right now, closing bearish.
What we really want to monitor is 41,950.
As long as we stay above that,
we’re going to be fine.
Get below that,
things would get concerning
44,800 is the major resistance.
We need to conquer that sometime soon.
And before I wrap up four hour each andoku
Cloud, you can see we’re currently
testing as support previous resistance.
And so that’s also another thing
to mention here showing confluence with
the 50 period on the four hour chart.
So very interesting place here.
We have to see this reverse soon
if we’re going to see it reverse.
I don’t see anything outside
of the cryptocurrency market that would
justify Bitcoin breaking
back below 41,950 right now.
Dxy actually looks pretty good for Bitcoin
coming down, breaking major
market structural support.
Smp 500 chilling at its previous weekly
open above its 20 week moving average.
China is starting to slip down,
but nothing decisive yet.
But we need to monitor China.
I think that could be a big puzzle
piece for the Bitcoin price here.
We’re coming down potentially
breakdown into new territory of lows.
And so I’m going to continue to monitor
that, but nothing to be concerned
about outside market environments.
All coins were able to break out
from major structural levels
or maintaining those gains.
Total market cap came to test it’s
200 days haven’t been rejected yet.
Things don’t look too bad.
I don’t think 41,950 can be
justified to be broken right now.
That’s just my opinion.
But things could change.
A six hour candle does look
pretty bearish right now.
If we close with this bearish tail,
the larger the body of this candle
becomes, the worst it’s going to be
for Bitcoin, so it’s not looking good.
If we can at least get this body to move
up a little bit,
at least close above 43,000,
I think that would be a lot nicer.
I don’t want to see this candle close here
in the next 40 minutes below
43,000 on a six hour chart.
It’s just not looking good.
That would be pretty much
at the top right there.
Six hour top candle at a very important
range where it could easily break
Bitcoin down to lower prices.
So very important candle closing
right now in the 6th hour.
It’s going to be interesting
to monitor this.
I’ll keep you guys updated on the discord.
Keep on the chat.
I know Tara has been on there and Shannon
has been on looking at your conversations
and I think somebody called out flat top
or something recently so
I’ll be on the discord.
But with that, thank you all for tuning
in at Cypressant so I’m going
to wrap up any other questions?
How did you learn the skill
and how long did it take you?
We’ve been making videos on Bitcoin
for the last four years now,
but I come from traditional markets
in 2014 actually and so it’s been quite
a while, almost a decade
that I’ve been trading markets.
Lord says you think we are
in the extended cycle.
I think we’re still in the bullish
cycle for the cryptocurrency market.
I don’t see a reason for Bitcoin right
now to top out at $69,000 on the dot.
I think that it was almost a joke to see
this at $69,000 and since then we’ve seen
downside 40% discount
with a joke of a top at $69,000.
I think that now is the time to be looking
at potential areas at the bottom
so it’s going to be interesting.
Thank you all for tuning in today.
I will see you guys tomorrow on Friday as
we head into the weekend,
the markets are the most manipulated due
to see the futures we really want
to maintain 41,950 through this weekend.
With the six hour candle closing here
in the next few hours,
it’s going to be interesting to see what
happens and with that,
thank you for tuning in today.
See you guys tomorrow.
Snipers out.
