BITCOIN WARNING!!! BULL TRAP IN PROGRESS? (important update)
You have to see what’s happening
to the Bitcoin price this Sunday as we’re
above 47,240, heading towards 49,700
as the next major resistance.
But we really want to monitor this range
because realize this the week ended up
closing with the DXY
pushing above major resistance that we
haven’t broke above for quite some time.
We know when the DXY pushes up,
assets come down and this caused the Spy
500, which is the largest traditional
market in the world,
to see its first daily candle body closed
below the 100 day moving
average since October of 2020.
And this showing weakness here tells me
that the move that we’ve seen
to the upside for Bitcoin is either
temporary or or it’s a move
that is potentially going to decouple
Bitcoin away from the traditional markets,
which has never happened before.
And so this is a very critical time.
We’re not being bears on this channel.
I expect we’re going to hit 100,000.
I expect Bitcoin to hit a million dollars,
but it’s all about market cycles
and timing is a big part of this.
And so if Bitcoin is able to get to 49,700
and get above 49,700, then we could start
talking about $58,000 on the table.
But I’m gonna sell you this right now.
If we’re gonna come and test 49,700,
it has to be very soon, in my opinion,
because of the way traditional
markets are acting.
Unless that changes right now,
Bitcoin is in a very sensitive area,
and so realize this inside
of the range of 49,740 7240.
What I’m monitoring at this point is
the fact that we’ve yet to see
real volume come in on the six hour chart,
which is an institutional timeframe.
And this has been what I’ve been
monitoring in order to assume a bottom
for this recent downturn,
that Bitcoin solved from 53,000, taking
us 19% down below the $40,000 level.
And so with this move that we’re seeing
to the upside, the question is,
is this sustainable or not?
With the DXY pushing up the SMP 500
pushing down, that’s up
to you guys to decide.
But what I will say is that if we start
seeing hourly in four hour Kennels closing
below 47,240, that is assuming we’re going
to come back down and test this monthly
open at $44,000 just below
the $44,800 support level.
So we really want to start
monitoring this range.
I think it was extremely
important for me to get this video out
right now, being that futures markets are
going to be opening in a couple hours
and the traditional markets not being
in the favor of the cryptocurrency market
right now, at least for the Bulls,
is a big puzzle piece that’s on the table
for everyone here on the Cypress Channel
because we’re not going to sit here
and just call a hundred thousand dollars
as a target on the table in the next month
or so with the other revolving parts not
necessarily being in favor
of that and Ethereum chart you
can see is currently at 34.
This is a major resistance.
Remember, any price action below 34.
54 assumes the next supports 1980.
And so this is a major resistance.
Are we just going to be seeing Ethereum
get rejected this level
to see further downside?
I think a lot of that’s gonna have
to do with what happens in Bitcoin.
Of course, in the long term,
we’re extremely bullish,
but we need to be cautious of the current
price action based on what’s
happening in traditional markets.
Notice how Ethereum chart above the 50 day
moving average, but that’s 500 certainly
not above its 50 day moving average.
And if we saw what happened in March 2020,
we know these markets are
We have to take everything
with a grain of salt on a weekend.
And so breaking above 34.
54 assumes that Bitcoin breaks above
the $49,700 level in my opinion, and we
could potentially come and test 36.
But that’s gonna be the next road
block of resistance for Ethereum.
I’m not saying can’t happen.
What I am saying is we have to be cautious
of what’s happening right now just because
of what’s going on in traditional markets.
We didn’t see the DXY
pushing up and that’s M.
500 pushing down to end the week.
I wouldn’t be so
cautious of this upside movie seen during
this weekend, but that’s
very important to mention.
And I am gonna stick with our
prediction on all coins.
The fact that the theory to Bitcoin chart
has not formed any new highs since May
sell me that as a leading
indicator for all coins.
There is not much strength for all
coins right now against Bitcoin.
For the most part.
Yes, there’s Luna and Ax Infinity.
And there’s always these isolated cases
like we saw in 20 17 18 with Link.
Even during the bear market seeing new
highs, isolated cases
are always on the table.
But when it comes to the majority
of altcoins, we’re talking
about Cardano there.
We really want to monitor the term Bitcoin
charts, the leading indicator here so far,
not for me, any new highs with Bitcoin
dominant, not also forming any further low
since May tells me that we potentially
have a double bottom here
on the table for Bitcoin dominance.
And I’m gonna stick to that opinion
until we see the Malos break.
If that happens,
we could change that opinion.
But I just wanted to emphasize the fact
that I’m not going to be moving away
from my altcoin prediction just because
we’re seeing a couple altcoins break new
all time highs when we look at the
altcoins outside of Bitcoin and Ethereum
also has not formed any
new highs since May.
And so remember,
traders can control shorts term price
action, but the macro does not lie,
and that’s what institutions play off of.
And so I always play like an institution.
You can play like a retail trader.
And what it tells me right now on this
chart is that we’re not in Altcoin season,
and it’s potentially
in the early phases of a reversal.
And that did not come
on the table until September.
I wasn’t saying Altcoin season
was over back in July or June.
I was starting to say that once we formed
this lower high and we started to see some
downside, actually was exactly when
Bitcoin dropped 19% because those major
moves typically are either
a endpoint or a start point for a trend.
And so that’s why that’s always
going to be a food for thought.
And what I’m really going to be monitoring
as we start to see futures markets open is
How’s the DXY and S and P
500 going to be moving.
If they can start showing some different
directions of SB 500 can start moving up
and the DXY starts to cool off and pull
down, we could start changing our thesis.
But up until that happens,
I’m going to stick to my opinion that we
have to be very, very cautious of what’s
happening right now, in my opinion,
just being the umpire, we get to 49,700.
Let’s see how that reacts for Bitcoin.
We can break above it.
I’ll just be the umpire and say 49,700
hourly and four hour candles
58,000 potentially on a table,
but just giving you maybe a small bias.
What I’ll say is with the revolving parts.
I don’t know if that’s going
to be on the table right now.
So let’s see what happens.
We could be wrong.
We’ll have a video out tomorrow,
and I think that that will
really sell a lot of what’s
happening right now to the market.
And with that being said,
thank you all for tuning
in to the Cypress Channel today.
Remember Bitcoin to 100,000 to a million
guaranteed, in my opinion, at some point,
another two to five years.
There’s a very, very,
very positive horizon there for Bitcoin,
but we have to keep in mind what’s
happening with the outside markets.
That’s why this channel is always
going to be four dimensional.
And with that being said,
thank you all for tuning
in to the snipers channel today.
I know this is a quick Sunday update.
I hope you enjoyed it until next time.