Naeem Al-Obaidi
5 min readNov 23, 2021

Snipers, you have to see what’s happening

in the Bitcoin price this Sunday,
with less than 2 hours left for this

weekly candle to close, we do have
to address the bears and the Bulls today.

We do have this very big Wick testing this
major market structural level

that we’re potentially going
to close the weekly candle with.

And the biggest thing to realize with this

WIC is the fact that the body
of the candle can potentially

close here in the next 2 hours
below the $64,855 level.

And the reason that’s important is because

that was the previous alltime
high here on April 14.

And because we’ve yet to see a weekly

candle body close above this level,
there is still a potential

of some downside targets
with our next weekly candle opening just

based on the candle symmetry that we’re
seeing here,

this is going to be a very important
video, but I’m still going to address

the potential upside scenario for Bitcoin
to, of course, get back up 64,855,

as we know right now because we’re having
a cup of coffee that tells us that at some

point or another we’re going
to see Bitcoin make a decision.

We have yet to breach our major support

at the weekly open right now at 63,300,
this new weekly candle opening.

I have to get this video
out to you guys, because

once again, the downside
scenario we’ll talk about.

But for the upside scenario,
if we can get back above 64,855 and we

start to see candles closing above this
level, then that could assume that we’ll

continue to see higher prices for Bitcoin
and it will continue in price discovery

and lead Ethereum and other
altcoins in that same direction.

But realize this right now if we were
to go into the institutional time frame

here on the six hour chart,
as we’ve been monitoring here

on the Cypressano, for those who didn’t
notice how we do have this large spike

of institutional sell pressure that did
top us out at that $69,000 level.

And so if we start to see any sort

of candles close above
the resistance of 65,600 that we talked

about yesterday, that’s when we
can assume an upside scenario.

But until then,

we have to monitor this weekly open as
this new weekly candle opens at 63,300.

If we start to get hourly and four hour
candles below this level,

then I do expect us to come and test
58,353, but that’s only if

we start to get hourly and four hour
candles below the weekly open at 63,300.

So this is a very important weekly candle.

And of course, there is a large Wick into
a very strong resistance area for Bitcoin.

So I think we may start to see some

volatility here as we start
to see futures markets open.

And of course, tomorrow
traditional markets will be open.

And so we’ll start to see institutional

capital and where they’re
hedging their bets.

And when we look at what’s happening
to the theorem to Bitcoin chart.

I just want you to realize here
that we’re still seeing weakness.

And I talked about us rejecting this
weekly open over the last few days.

And you can see the 73,000 Satoshi level
certainly has been a level of rejection

for the theorem to Bitcoin chart
currently at 71,000 Satoshis.

The reason this matters here is if we see
a downside theorem for Bitcoin,

this assumes that a theorem will see
more downside in percentage than Bitcoin

if the Ethereum Bitcoin chart is
not necessarily showing strength.

However, if we see price discovery

continue, we see that $65,600 level get
conquered by the Bulls.

Then we can assume that if we get back
above this weekly open at 73,000

Satoshi’s, Ethereum has the potential
to outperform Bitcoin, but until then,

we’re potentially
seeing a consolidation here.

Nothing bullish,
nothing necessarily bearish yet.

I think that if we start breaching

the 70,000 social level where we have
the monthly open,

we can start talking about potential
bearishness for the theorem of Bitcoin

chart, and that would affect the old
coins outside of Ethereum as well.

So that’s why this chart is
extremely important to monitor.

And then, of course,
we’re going to be monitoring the DXY.

And as traditional markets open up

tomorrow, just notice how over the last
three days the DXY has formed new yearly

highs after the Feds
announced inflation numbers.

And so that’s a fundamental
aspect of the market.

Government policy certainly
will affect the price.

And the DXY chart reflects the US dollar
strength against major currencies.

And of course, that also is what affects
the prices of traditional markets.

And of course, the S and B 500 is
certainly affected by the DX one.

You can see we’re still below our weekly

and we’re going to start to see

institutional capital come
to the market tomorrow.

So if we see a continuation for that NP

that’s what we’re looking for to assume

a positive environment for Bitcoin
to continue to price discovery.

But if we start to see a rejection down
to the monthly open for the SP 500

towards the 46 eight level
on the Emini futures contract.

And at that point we have to assume

that the environment is not
yet healthy for Bitcoin.

If we breach this monthly open for SP 500,

that would be a sign of
a lot of weakness there.

And so

nothing crazy happening
right now, of course.

But it looks like this next week will
bring some volatility just based on where

Bitcoin is at and then gold,
of course, ending the week strong.

That’s a very big sign of

institutional capital moving away from
other markets into gold hedging away.

And that typically happens when they
want to be more risk off than risk on.

And so that’s also

an indicator to me that we’ll see some
volatility into this upcoming week.

And then, of course,
we’ll monitor the gold to Bitcoin chart as

well, which has been the best confirmation
for us here on the Snipers Channel

when it comes to seeing how much fuel
Bitcoin has,

when it’s moving to the upside, as well
as when it’s starting to run out of fuel.

And we start to see Gold start
to take its value over Bitcoin.

And so that’s been a very interesting
chart to monitor as those of you

have been watching our channel
for quite some time now.

We have had many predictions based
on the Gold to Bitcoin chart.

And with that being said,

it’s going to be interesting to see what
happens here as traditional markets open.

I had to get this video out to you guys,
because the weekly candle looks like it’s

about to close with this Wick
and the body below 64,855.

And so we are still fighting to get above

65,600, which is a consolidation
resistance after we saw this rejection.

And now we have this Weekly Open
as our major support at 63,300.

A very nice range to watch here
on the Cypress Channel to get

an early indication of what
the next move is going to be.

So I’m always here trying to give you guys
the most simple analysis to get the best

for direction and price action.

And of course, with that,

thank you all for tuning
into the Snipers Channel today.

Have a wonderful Sunday,
and I’ll see you guys next week.

Snipers out bye.



Naeem Al-Obaidi

Traders Profit Club (SnipersTube) is a community dedicated to creating knowledgeable & profitable traders in all markets.