BITCOIN WARNING!!! ⚠️ WEEKEND VOLATILITY IS COMING BE READY!
You have to see what’s happening
with the Bitcoin price.
We’re heading into the weekend where
the markets are the most manipulated,
and we are currently inside of the range
of our previous all time high from April
14 at 64,855 as a major resistance
and a major support.
we are just $1,000 shy of testing this
extremely important support level with
today’s daily candle low reaching 62,275.
This is an extremely critical video
to talk about the scenarios we
could expect during the weekends.
We know the markets are the most
manipulated and we’re going to discuss
the outside environment and talk about
how that’s going to affect Bitcoin.
But right now we can start going
into the six hour time frame.
And I talked about the institutional
volume that we saw
at this candle high here where we saw
the $69,000 level, and then we proceeded
to break down below 64,855
with the most amount of volume that we’ve
seen since the start of this
consolidation, when Bitcoin initially
reached the $67,000 level, that was
a very big puzzle piece yesterday.
And I talked about this also affecting
today’s price action to potentially
see further downside.
That’s exactly what we’re seeing.
We are seeing continuation down,
but right now we can actually
go into the 1 hour time frame and start
looking at more of the micro
movements here because at this point
we do have a weekly open that we could
consider as a very important level here,
and that’s at 63,300,
you can see Bitcoin right now is
fighting to get back above 63,300.
If we are able to get some hourly and four
hour candles above 63,300,
the assumption would be that we are
going to come up and retest 64,855.
And at that point we have to monitor
the volume and see if we can get back
above this level, because remember,
as I said yesterday,
64,855 is where the Bulls need to get
above in order to regain control
to continue price discovery for Bitcoin.
Now, this is all happening
after the inflation numbers came out
and the DXY formed new yearly
highs over the last two days.
And now that we’re ending the week and we
know 63,300 right now is the first level
that the Bulls need to conquer.
But more importantly, 64,855.
I also want to talk
about what would happen if we were to come
down and test 61,844 during the weekend,
because in the discord group,
you can see we’re having a ton
of conversations about Bitcoin potentially
being in an ABC correction.
Like Topanzi says here and then someone
also said here, according to my expert
calculations, if 62,000 doesn’t hold, 600
will come on the table,
and if 60,000 doesn’t hold,
we are in for the bone zone.
And so we have the number one
cryptocurrency discord group in the world.
I love reading your guys’conversations.
And so knowing the fact that 61,844 right
now is a potential level on the table we
have to realize why this is so important.
We have the monthly open sitting just
below the 61,300,
we could really assume that inside
of 61,844, 61,300 is where we’re
going to see a decision for Bitcoin.
And so if we come down at this point
to test 61,844 and we do not see volume
come in on the micro timeframes,
knowing the fact that on the six hour time
frame at the $69,000 level,
we saw a lot of sell pressure,
the likelihood that we come down
and test 58,353 comes on the table.
Now we do have an area of support here
before this level,
and that’s a market structural support
level just around
the $60,000 big even level.
that if we come down to this area and we
break 61,844, the concern that I have is
if we go into this four hour chart,
58,353 is a very big floor for Bitcoin
at this point, because if this level
breaks, there’s a 15% gap to the next
level of support, which is at $50,000.
And so this is going to be a very
critical range for Bitcoin right now.
And if we were to just kind of assume
a more macro range or a medium term range,
we could say that Bitcoin right now is
in the range of 58,353 is a major support
and the $64,855 level.
I think these are the two
biggest levels of support and resistance
right now for Bitcoin to get
a confirmation of the next move.
And of course,
I discussed some of the more micro
timeframe levels that are important,
like 63,300 right now that the Bulls are
trying to get back above so
that we can get towards 64,855.
But this is a very
critical time for Bitcoin.
Now understand this as well.
So far we have a rejection
of this market structural resistance
that dates back to the all time high
from April 14, and then we
formed the higher high.
And then now we have a rejection
of this resistance level.
And we also at this point have come down
and tested this bullish symmetrical
Triangle’s support twice already.
The more you knock on the door,
the more likely it is to break.
So these are just puzzle pieces I want
to throw out on the table
and realize this when we look at what’s
happening to the environment
outside of Bitcoin.
I do want to look at the total market cap.
First and foremost,
we are back below the weekly open,
which is showing some weakness
in the overall market.
There is a level of support here at 2.62
trillion where we have the monthly open
that we could potentially find some
support for the total market cap.
But we look at the theorem in a Bitcoin
chart, which is going to really give us
an idea of how all coins are going
to react to the next move for Bitcoin.
You can see we’re still showing weakness
on the chart, and I say that because we’re
below the weekly open at 72,900 Satoshi
is really that 73,000 Satoshi level.
And if the three minute Bitcoin
chart continues to show weakness.
But more importantly,
if we break below the monthly open right
around that 70,000 stochi level,
that would be a confirmation
that the all coins could potentially
bleed against Bitcoin in the next move.
And so if we want to assume strength
for all coins that they’re in a Bitcoin
chart needs to get above the weekly
open at that 73,000 Satoshi level.
And that could change the storyline
for the overall altcoin market.
And you can see this reflecting on this
chart that factors in the old coins
outside of Bitcoin Ethereum also below
the weekly Open,
the 50 day and 100 day moving average.
But it’s in a very tight area between
the 200 day and this extremely important
resistance right around that 35% level.
And so this is going to be a chart
to monitor over the next
few days into the weekend.
Especially Bitcoin starts to move further,
but Interestingly enough,
you can see Bitcoin dominance isn’t
necessarily showing the greatest amount
of strength, but we are above the weekly
open, and so when it comes to the weekly,
obviously Altcoins and the total
market cap are below the weekly Open.
But the Bitcoin dominance chart is above
the weekly Open,
so that can give us a little bit of a hint
as to the direction
this chart wants to go.
It seems like Bitcoin dominance is showing
more strength this week,
and this is all happening after
the revolving parts like the DXY started
to move up and form new yearly highs after
those inflation numbers came out,
and that’s how we were able to predict
that there was going to be a potential
pushdown for Bitcoin, and I do want
to quickly graze over a theorem here.
Notice here a theorem also coming down
below this major structural support level,
and that’s all because of Bitcoin not
being able to get back above 64,855.
If Bitcoin does start to cross below
61,844, I think the likelihood
that Ethereum comes down to test
42 90 where we have the monthly open
is extremely high and the theorem
to us dollar price, of course,
is going to be affected
by the Bitcoin to US dollar price.
But the theorem to Bitcoin chart is what
really matters more to determine
where there’s strength.
And so the DXY today not really moving up.
And so that’s a good thing coming
into the weekend, the SP 500
showing some relief back to test
the weekly open,
but because we are below the weekly Open
and we’re about to close the week
here below the weekly Open.
that is a puzzle piece that we have
to address, but we’re not seeing any
violent reactions right now
with the outside environment, so we could
assume that we’re starting to calm down.
This could be the worst of the downside,
but this all has to do with whether or not
Bitcoin can conquer 63,301st and foremost.
But more importantly, get above 64,855.
And then lastly, I do want to address
ending the week a lot of times.
What you’ll see is on Friday,
institutions will make their final
bets on commodities like gold.
You can see we’re showing strength here,
which means that there’s still some
uncertainty in the traditional markets
where capital is hedging into gold.
And if we look at the gold to Bitcoin
chart, notice how right now,
because we did not break
the lows from October 20 that we’ve been
we’re seeing a push up above the weekly
and monthly open,
which is a very big puzzle piece.
If this chart starts to move up even
further towards the 50 day moving average,
that’s going to be something that we
really are going to have to keep in mind,
because that is going to give us
a determination of how much
fuel is left for Bitcoin.
Moving above this 50 day moving average
wouldn’t be the best thing for Bitcoin,
but breaking these lows and continuing
further down, which showed there’s
a lot more gas in the tank.
So this is going to be a very
important weekend, that’s for sure.
Bitcoin right now
is testing some extremely important
levels, but we are still moving sideways.
And just remember the path of least
resistance when there’s low volume is
always going to be sideways
to a little bit higher.
And so even if we come down towards
58,353, we are still moving sideways.
And so there’s nothing
to worry about just yet.
I think that it would be very worrisome if
we get below 61,844, because then we only
have 58,353 left as a major support.
But right now it’s garden variety market
behavior, sideways price action,
and it doesn’t look like all coins are
ready to necessarily move just yet.
But if we do see some more sideways price
action, some green candles for Bitcoin,
then we really want to start watching
the theorem to Bitcoin chart,
because that could assume that all coins
still have some room to move to the upside
within this consolidation period.
So a lot happening.
Of course, we’re seeing a lot
of conversation in the discord.
I just wanted to throw this
quick update out to you guys.
Now that we’ve confirmed this potential
rejection here at 64,855 for the short
term, it’s going to be a very
interesting time here.
I think that it’s quite
a funny thing that Bitcoin at this point
has an all time high
of $69,000 on the dot.
I don’t personally think that’s where
Bitcoin will top out,
but in the short term it could potentially
be a level that we see some sort
of a slowdown because of the fact that we
saw so much institutional
sell pressure there.
And that is a very big puzzle piece.
With this rising cell pressure coming
in to the weekend, we have to be careful.
Remember, the weekends are the most
manipulated in the market.
We stopped taking all coin trades around
03:00 A.m. Today after hitting all targets
with our last two trades with Hashgraph
and DCentral and because of what we are
seeing with the markets,
but we will continue to take all coin
trades if we start to see
more green candles come.
And so remember, we also have the number
signals in the world world and the number
one community in the world.
And with that being said,
thank you all for tuning
in to the snipers channel this Friday.
I cannot wait to see what happens
this weekend and until next time.