Snipers, you have to see what’s happening
in the Bitcoin price this Saturday,
as we are still stuck to this $64,855
level, which we all know is
an extremely important level.
But because Bitcoin right now is sitting
at 64,000 and we have come to retest this
week open at 63,300,
we really want to discuss what
could happen here on the weekend.
As we all know,
this is the most manipulated time
in the market,
so anything could happen
on the six hour chart with some rising
institutional sell pressure,
we definitely want to address the fact
that if we’re not able to stay at 64,855
on the daily candles,
as you can see so far,
every daily candle has had at least
a Wicker body at 64,855, that is really
going to be the biggest sign of weakness.
But the longer we can have a cup of coffee
here, the longer we can stay
above the weekly open at $63,000 and
towards the $64,855 level, the better
the scenario could potentially be here.
And the Bulls still have that chance
to regain control for Bitcoin to continue
to move further into price discovery.
But of course, we want to always address
the downside scenarios here on this
channel because we want to
talk to the Bulls and the bears that are
watching and the weekly open right now
at 63,300, really, that $63,000 big even
is what we want to monitor.
If we see any full candle starting to get
towards this level,
then that starts to open up the door
to retest this very
important level at 61,844.
But I do want to mention that because
we’ve already come down and you can see
we’ve tested this market
structural support level.
Remember, trading is not just about price
action and support and resistance levels.
It’s also about market structure.
Two tests that we’ve already had here
tells me that a third knock on this door
will potentially break and because there’s
confluence here at the $61,844 level,
not just with the monthly open,
but this market structural
support for a third test.
I think that if we come down below
the weekly open at 63,300,
then that is actually going to be
a confirmation that will most likely
come to test 58,300 and not just 61,844.
just stick with me here
if we come to the weekly open now,
this is the biggest support
in my opinion, 63,300.
This is the range support that if we don’t
stay above this level,
it opens the door to that $58,000 level.
But if we can stay above this level,
if we can see more side of this price
action, we didn’t get
to surpass this candle high.
I talked about yesterday here
around that $65,$300 to $500 level.
And so because of that, you can see we
continue to reject the $61,144 level.
If we can get above 65,600,
then I think that that would be the
confirmation of further price discovery.
And you all time highs for Bitcoin so just
to simplify this, I know this was a little
bit more complex, but I wanted you guys
to understand the more micro
perspective to the macro perspective.
But just to clear things up,
what we really need to see right now
is Bitcoin move above
the consolidation that it’s currently
in when we go into these smaller
time frames, like the hour charge.
So the resistance of this range
is $65,600 and the support of this range
is going to be the weekly open at 63,300,
not 61,844 since that has
already been exhausted.
And for us to come there, we have
to break market structural support.
So this is a very tight range.
It’s always good to give you guys
a tight range so that you can
have the earliest confirmation.
So only about a 3% to 4% range here.
And so this is really what we’re
going to be monitoring here.
You can see it makes sense
with the candles you can see we’ve only
really seen one candle wicked below
the $63,300 level,
and then we haven’t had anything
towards the $65,600 level, so that’s the
range that Bitcoin is currently playing.
And of course, a break above will
move Ethereum to the upside,
and a break below
will actually move Ethereum
to the downside, and it will most likely
move to the downside more than Bitcoin.
You’ll see a larger drop
in percentage in Ethereum.
If we do see the downsides there,
just because of the fact that the theorem
to Bitcoin chart has been quite weak as
we’ve been following,
you can see we are still below this
weekly open continuing to reject it.
And so if we see some upside, though,
we can at least assume Ethereum
will see as much upside as Bitcoin.
And if not more,
if we can get above that weekly open
on the theorem to Bitcoin chart, but
that’s really the most important range.
I think that we want to watch here
into Sunday as we know that weekends are
the most manipulated here on the snipers
channel, and then the theorem
to Bitcoin chart.
if we do see an upside scenario,
if we want to assume strength for a theory
and we want to see it get above
the 73,000 Satoshi level,
or else it won’t necessarily
be stronger than Bitcoin if
we see that upside scenario.
But for the downside scenario,
it looks like we’re in a downtrend
of the theory of Bitcoin chart.
So Bitcoin does come down.
As I’ve mentioned, it could seem more
volatility just to clear that up there.
puzzle piece here just to talk about the
old coins outside of Ethereum
are actually showing some strength today,
and you can see with Bitcoin
dominance as well.
It’s also kind of floating
right above that 43% level.
But as long as we don’t see any decisive
price action to the downside here
for Bitcoin dominance,
we still can assume that since we’ve
yet to break any of these lows that we are
slowly trending up and that will
assume that Bitcoin dominance will
follow the DXY, which we’re not going
to go into traditional market
city because it is Saturday.
But we know just as a recap
for those that weren’t tuned in
during the week
after the inflation numbers came out,
the DXY did push up to show some strength,
heading towards a very big
resistance here at 95.855. And I
know somebody on the discord here.
Black Sloth said, BTC is doing the exact
opposite of what most think as usual.
But if you’ve been tuned
into Cypress Channel, Bitcoin has been
doing exactly what we’ve been expecting.
We even expected that push down
after we hit 690 before it happened.
Just by watching this DXY chart.
That’s why this is a four
We saw the new yearly highest
form on that daily candle.
And then that led to Bitcoin
rejecting a $69,000 level.
So we have the number one cryptocurrency
discord group in the world.
I didn’t want to call you out.
I’m seeing a lot of great conversations
here and once again,
I appreciate each and every one of you
tuning into the Cyprus Channel
and in our discord.
And so it’s going to be interesting to see
how this unfolds on the weekend,
but we know the DXY pushed up and that has
been a big puzzle piece here.
Lastly, the goal to Bitcoin chart.
The reason we really want to monitor this
is because so far it’s been giving
us a lot of great confirmations.
It helped us confirm April 1464,000 top,
and then so far, you can see
we knew Bitcoin didn’t have as much
gas in the tank to continue further
because we didn’t surpass this low.
That was formed on October 20.
So far, this has been
a very good chart to watch.
The current price action is going to be
very important for the next few
weeks because we either come down
further and gold sheds more value than
Bitcoin, or we test that 50 day moving
average, which would be
a different puzzle piece that we would
have to discuss at that point
if it were to happen.
And with that being said, thank you
all for tuning into the channel today.
Enjoy your weekend
and I’ll see you guys next time.
Snipers out bye.