You have to see what’s
happening to the Bitcoin price.
we’ve seen a slight rejection
of the $61,844 resistance level
with today’s daily candle low
just shy of the $50,350 support level.
I had to to get this video
update out to you guys.
With our weekly candle closing in less
than 3 hours, I told you guys I was open
to short positions as Bitcoin
crossed above 62,000 because we knew
the only next roadblock would break
Bitcoin into price discovery.
And of course,
for those inside of our discord group,
we took that short at 62,130.
We’re still inside of the short position
since Bitcoin has yet
to get back to this price.
Since we entered this position.
For those that are not inside of our
discord group, we have the best
short and long trade signals in this
and I want to talk about whether or not
we’re going to continue
to see downside for Bitcoin,
what the downside targets may look like,
or if we’re going to be able to rescue
this extremely important support level
as we head towards this test of it.
And if that’s the case,
does that mean Bitcoin is going to be
ready to move into price discovery?
Well, that’s going to be
the main topic of today’s video.
By the way, I’m not going to have
a video out in the next 24 hours.
I’m flying back to Los Angeles from Dubai,
so I just wanted to throw that out there.
There’s going to be a little
bit of a time lapse.
I didn’t want any of you guys to get
worried if I didn’t post a video
in the next 24 48 hours.
But I definitely want to talk about what’s
happening here to the market,
and I’m going to give you guys a very
starting with the weekly chart,
because so far we have a Wick inside
of this range above 61,844.
The reason we took a short position
at $62,000 is because I was assuming
that there was a potential of a lower high
forming here, knowing that the next
roadblock would have broke Bitcoin
back into price discovery.
And this is the first time that
those that have had positions in Bitcoin
since October of 2020,
when it first broke $10,000,
they now have the opportunity
to sell Bitcoin above $60,000 and only
trigger long term capital gains, which is
half the tax of short term capital gains.
And because psychology
is the primary part of a market,
we took that short position and we’re
still open to long
positions as we always are.
We actually take a lot more long positions
than short positions, being the fact
that long positions have only 100%
downside because an asset can only go down
100% versus short positions,
which are extremely high risk.
With an asset potentially going up to
Infinity, there’s an infinite downside.
You want to be in and out of those short
positions, but because Bitcoin is
yet to get back towards $62,000?
Is this the money play that we’ve taken
here at 62,130 for those that moved their
stop loss to break even once we broke down
below $61,844, we’re going
to talk about that today.
But on the weekly chart,
we don’t have too many hints right now
as to where Bitcoin wants to head
into the next weekly candle.
But here’s what we do know.
The total cryptocurrency market cap
did form a new all time high,
and a lot of people will say when any
asset forms a new all time high,
it enters into price discovery.
Well, guess what.
The total cryptocurrency market cap
isn’t necessarily an individual asset.
And so that was also part of our thesis
when we took this short position
that it wasn’t going to be that exciting
for the total market kept to form a higher
high and break into new highs
versus if Bitcoin as an individual asset,
were to actually go and break
into new all time highs.
And we also talked about the psychology
of the Bitcoin ETF on October 18,
investors buying the Hype
to sell the news.
These are all things
that are still on the table.
But what we know for a fact
is that Bitcoin dominance
is on its way up,
and there’s only two reasons Bitcoin
dominance would start to move up
with decisiveness the way it is above
the 200 day moving average, and that’s if
Bitcoin is ready to enter into a new Bull
cycle, and of course,
Altcoins will follow later.
Or if we’re seeing Altcoins hedge
into Bitcoin in expectation of downside
within the total cryptocurrency market.
And so we’re going to really get that
answer in the next two weeks, I believe.
But what we do want to start monitoring
is the micro time frames,
because the range that we’re
playing in is 61,844 and $58,353.
the rule on the sniper’s channel is we
wait for first an hourly confirmation
and then a four hour confirmation.
And when I say confirmation,
a full body and Wick above those
levels or below those levels.
And so when we move into the four hour
chart, notice how we have yet to get
a full four hour candle above $61,844.
That was another reason we took that short
position right here at 62,100 ish
and Bitcoin is yet to even
get back to that price.
Now, the $50,353 level is
the next major support.
If we see a test of this level
into Sunday heading into the Bitcoin ETF
news on October 18,
we must hold four hour candles above
58,353 if we don’t want to assume
that Bitcoin is going to break back
into the range with a potential support
level of $49,700,
that would potentially bring a downside of
15% to Bitcoin’s price breaking $58,353.
So I’m a little off on my charts.
I haven’t slept in 24 hours
as I head into this flight.
what’s important to note is 58,353 is
the major support level and 61,844 right
now is the major resistance, and that’s
the range that we’re playing in.
So that’s what we’re going to be
monitoring here on the Snipers channel.
Now, let’s talk about
some of these revolving parts that could
give us some hints
as to what Bitcoin wants to do.
Now that you guys understand
where we stand in this market here
on the Snipers Channel,
we’ve been saying that Ethereum
is most likely the last all coin that is
going to be able to see strength against
Bitcoin, being that it’s the largest all
coin and that we’re still going
to potentially see weakness
with the Ethereum to Bitcoin chart,
which is why the Bitcoin
dominance chart is able to rise.
And that has certainly proven true so far.
With Aetherium failing to break
the highs from September 6,
when we actually started to see the whole
schematics of Bitcoin dominance moving
decisively above the 20 week moving
average and all coins starting to wane off
which was on September 6.
That was pretty much the day that altcoin
season started to slow down.
I don’t want to say it’s ended yet because
that will get a confirmation
of in the next two weeks, I believe.
But because Ethereum for the US dollar
pairing has yet to break the highs
from September 6,
that validates our thesis that we’re
potentially seeing weakness here
and that is going to prevent the theorem
US dollar price from breaking
above this September 6 high.
If that changes, then we can start
assuming a different opinion.
But we like to predict the markets based
on correlations because we know that money
can’t move to two places at once here
in the Cyprus Channel,
it moves to one place.
And if that place that it moves to has
a correlated asset,
then we can predict that that correlated
asset is also going to see
that type of price action.
And so at this point,
if Ethereum is not able to get above 39.
59, the next major support
level is going to be 36.
But really, it’s the 34.
Being the Ethereum is
a more volatile asset.
We break 34.
Now we have potential
downside towards $1,980.
We break above 39.
That can change the story,
and we’re always catering towards
the Bulls and the bears on this channel.
We’re never just going to be bullish,
and we’re never just going
to be bearish on this channel.
If Bitcoin does go into price discovery,
you’re damn right that we’re not going
to be taking short positions on Bitcoin.
Why did we take a short
position at 62,130?
Because it just made sense to and there’s
money to be made on the short
and the long side in this market.
And so with Ethereum right now testing 36.
50, this is a big puzzle piece.
The most important chart to look at when
observing all coins is always
their Bitcoin pairing,
because that’s where you see
the manipulation number one
and number two,
you get the real understanding
of the strength
and notice how we’re seeing
Aetherium to Bitcoin
testing this major support area
where we have the weekly open the market
structural support and the 200 day moving
average with the chart that factors in all
of the altcoins outside
of Bitcoin and Ethereum.
It’s a custom chart already below
the 200 day moving average.
The question is,
do we expect just a theorem one altcoin
to decouple away from every other
altcoin and move to the upside?
I don’t know
that’s up to you guys to determine,
but in my books,
we like to look at the patterns
of the past, and we like to stick
to the fundamentals of the market.
And as Kathy Wood says,
when Bitcoin dominance is moving up,
there’s no altcoin that is safe
against Bitcoin dominance.
Of course, there’s always isolated
cases like we saw in 2018 with Link,
but for the most part,
when it comes to the mid caps
and the large caps,
those are going to follow the patterns
of the past for the most part.
when it comes to the revolving parts like
the DXY, the SP 500, the international
markets, we’re not going
to get too far into them.
But I will say this.
The DXY is calm right now.
It’s not moving up decisively.
That’s a good thing.
That’s in P 500
reclaimed itself above the 50 day and 100
day moving average and 20
week moving average.
That’s a good thing.
gold to Bitcoin chart is
still showing weakness as if it
wants to continue further down.
Why is this chart important?
Well, on April 14,
when Bitcoin hit $64,000 for the first
we started to notice how close we were
getting to this 50 day moving average with
a hard asset like gold against Bitcoin.
And we started to draw out this wedge
and say, if this wedge breaks out,
I think that we could
potentially be seeing a top.
Because, as I mentioned earlier,
what do we do on this channel?
We look at the patterns of the past.
We look at correlated assets,
and we predict what’s going
to happen based on that.
And in 2018, when Bitcoin topped out,
it did the exact same thing.
It was the first time we crossed back
above the 50 day moving
average against gold.
And so the difference this time, though,
is we didn’t come back down immediately
to see further strength
for Bitcoin against gold.
This time we are.
And so this is a little bit
of a different playbook.
Could that be because maybe
the ETF is going to legitimize Bitcoin as
storage of value more than it did
in 2018 when there were rumors about it.
I don’t know.
But what I will tell you is
if I’m going to be buying Bitcoin,
it’s not going to be through an ETF.
It’s going to be on a spot exchange
and then putting it
into my ledger or my treasure.
But what we will talk about is the chart
still showing a possible continuation.
That’s a good thing.
And so it looks like the 4D
environment outside of Bitcoin
looks in the favor of Bitcoin.
But the question is,
how is Bitcoin going to react inside
of the range of 61,844 and 58,353?
In my opinion,
there’s a very high chance we could break
into a new Bull cycle at any point.
But we have to consider the timeline.
With October 18 approaching
and the excitement already there,
what is the next move over the next few
weeks for Bitcoin to see a push down or to
just drive straight into price discovery?
I think we’re going to find
that out here real soon.
For those inside of our discord group.
we send out the best cryptocurrency trade
signals in this market to know
when to long and short the market.
The link is in the description below
and I’ll see you guys in the discord.
We had an amazing
live call yesterday
with some of our members.
I was answering questions
about how to use three commas.
What exchanges are preferred right now
with finance implementing withdrawal
limits, a lot of people are moving
to cucoin and so I love our community.
It’s also the number one cryptocurrency
discord community in the world.
Our crypto chat is just going crazy
every single minute you can see even
right now 552, it’s currently 552.
We’ve got one of our best contributors,
Adonis, who I appreciate so much already
in the chat,
and so I’m going to be monitoring
the discord while on my flight
back to Los Angeles.
Once again, if I don’t have a video in the
next 24 to 48 hours, don’t be worried.
of the time lapse and literally going
across the world
and so bear with me there.
And with that, I hope you enjoyed today’s.
Snipers Happy Sunday
to you all have a fun day.
And until next time.