BITCOIN WEEKEND MANIPULATION! MY PREDICTION FOR BTC (& alts)
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02:22 btc analysis
06:39 altcoin updates
08:43 traditional markets
Snipers, you have to see what’s happening
to the Cryptocurrency market this Friday
as Bitcoin is the most manipulated
on the weekend due to futures
markets being closed.
And notice how today’s daily
Candles Fulvia above the weekly open right
now with a candle high just below
thirty three thousand U.S. dollars.
And we have also had 4-hour confirmations
above the 50 week moving average
at thirty two thousand three hundred.
It’s not a coincidence.
That’s exactly where we
have today’s daily open.
And notice how we have this for 4-hour
candle here that closed above the thirty
two thousand three hundred dollars level.
And now we’re starting to come up and we
want to start heading towards this thirty
four thousand seven hundred and eighty
eight, all the levels we
talked about yesterday.
But we’ve yet to really see
the volume and momentum come in.
We still sort of have this chart on this
flag formation that has many higher
highs and a lot of higher lows.
That’s not necessarily the best formation
that we want heading into the weekend,
but the markets outside of Bitcoin
aren’t looking too bad.
So I want to talk about what’s happening
here with the S&P 500 today,
forming new all time highs,
moving up on the daily chart.
Notice how we have this bullish
continuation candle today.
And the DXY is also inside of its range,
but it’s showing calmness.
We’re not seeing the candle highs
from three days ago get breached.
We’re just chilling here.
Having a cup of coffee, very similar
to how the Bitcoin chart is looking.
That’s just some food for thought.
So what we’re going to look at today
alongside the traditional markets are
the revolving parts
of the Cryptocurrency market.
Since it is coming into a weekend,
we want to know what side we want to be
on and what we’re expecting
during this weekend.
So we’ll look at Bitcoin dominance,
other’s dominance in the total
Cryptocurrency market cap chart and then
cover a Ethereum in depth because Ethereum
is showing more strength than Bitcoin.
That’s not a surprise for those
tuned in to the Snipers channel.
Notice how we’re sitting
at this 200 day moving average.
Testee it now as a resistance.
And this is not the first
time that this has happened.
We already came down below the two day
moving average on the
twenty fifth of June.
We had a full candle below, but we
still were able to get back above that.
So the market’s in a very interesting
place heading into the weekend.
And of course, the London hard
forecast coming here for Ethereum.
So let’s first take a look
at what’s happening to Bitcoin.
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We’re almost at fifty thousand Snipers.
So that’s amazing with Bitcoin right now.
We talked about this weekly open
and the fifty week moving average sitting
right around that thirty two thousand
at thirty two thousand three
hundred dollars level.
Now we have a full daily
Candles above the weekly open.
Now here’s what I like about this setup.
If we were to assume a long position here,
which we’ve been taking long positions
on Altcoins because they’ve certainly
been outperforming Bitcoin.
But let’s say that we have a position here
for Bitcoin I’m expecting this thirty four
thousand seven hundred and eighty dollars
level to get tested
at some point or another.
If we stay above thirty two thousand US
dollars where we have the weekly open.
So instead of looking at the fifty week
moving average at this point,
because yes, we want to reclaim that.
But now that we have a 4-hour confirmation
above the fifty week moving average,
we can kind of put it to the side and look
at the daily chart,
everything more from the smaller time
frames into the larger time frames.
And now we have this risk to reward ratio.
Well, we have about a two percent risk to
a ten percent upside here with Bitcoin.
If it stays above 32000, that thirty five
thousand dollars level comes into play.
Now, here’s the cool thing about this.
If we’re able to hold thirty two thousand
through this weekend,
if we don’t hold thirty two thousand,
that’s going to change the scenario.
We’ll quickly talk about the downside.
But I’m being your umpire.
We have to follow the price action.
And right now, since we’re above 32000,
we can assume that we’re heading towards
thirty four thousand seven
hundred and eighty eight.
We go on to a 4-hour chart.
Notice how we have this cup of coffee
right now above this weekly open.
Once again, this isn’t the best flag
that I’d like to see,
but that is not as important as the major
support and resistance,
especially with that fifty week moving
average in the weekly open here.
If we come up to test thirty four thousand
seven hundred and eighty eight and we
retest this fifty day moving average,
it’s the first time that we get above this
or at least test it throughout
this whole bear cycle.
That would change the whole dynamic of.
What’s happening to Bitcoin,
because that would be a major win
that the bulls have not had throughout
this whole consolidation, so
it would be very nice right now
for Bitcoin to just continue up
and follow the path of least resistance.
we’re heading into the weekend and that’s
where the trick,
trap and frustrate crew like to come in.
So I’m going to look at the bearish
scenario and I’m just
trying to be your umpire.
So we’ll pull up the Ichimoku Cloud
on the 4-hour chart.
Notice how it looks like Bitcoin is
starting to get above these clouds.
It’s still kind of acting
as resistance here.
And we have this flag now.
Once again, it’s more of a burish
flag than a bullish flag.
Here’s what would happen if this
was going to come to the downside.
Right now, these 4-hour Candles
have stayed above this weekly open.
If we start getting any hourly and 4-hour
closes below 32000, that I would throw out
the scenario that we’re going to just see
this push back up to thirty four
thousand seven hundred and eighty eight.
US breeching thirty two thousand at this
point would be concerning because the
problem right now is there’s no volume.
And when there’s light volume,
the path of least resistance is
sideways to a little bit higher.
But if so, volume does come in,
then the path will become different.
So we need to monitor the week.
It tends to bring volume and
it’s the most manipulated data.
Futures markets being closed.
We break thirty two thousand.
Then we have to put back the scenario
that we can potentially come test twenty
eight thousand and even potentially wick
all the way down to twenty six thousand.
Twenty four thousand or
even twenty thousand.
Because here’s the thing.
If we get below thirty two thousand,
the likelihood of us taking the elevator
becomes a lot higher.
And at any point we have
to be prepared for that.
Staying above 32000 is what we really
want to see come into this weekend.
If we just want to assume that we’re going
to be seeing strength with other parts
of this market, like Altcoins,
which has certainly been where
the momentum has been favoring.
We look at Ethereum today up more
than Bitcoin just a little bit.
But some other Altcoins are
doing very well against Bitcoin.
And we look at this London
hard for come in August 4th.
I’m sure investors want
some positions in a theory.
And before that we’re above 1980.
We stay above 1980.
Bitcoin starts to head towards thirty four
thousand seven hundred and eighty eight.
We really want to start watching this
chart because now we’re starting to talk
about this potential run to thirty
five hundred four Ethereum.
We get back below nineteen eighty.
Then we have to keep in mind that below
seventeen, sixty to fourteen
for two previous all time high.
And this is the pocket we want to be in
if we do see the elevator
get taken at any point.
But it’s really a fifty fifty
coming in this weekend.
It’s not like every other weekend.
The signs outside of the Cryptocurrency
market are not that bad,
as I sort of mentioned will
go more into just the second.
And then we look at the Altcoin markets
Ethereum Bitcoin being
a leading indicator.
We’re squeezing this fifty day and one day
moving average we get above sixty five
thousand Satoshi this weekend,
Bitcoin starts to move above
thirty two thousand
with some aggression towards thirty
four thousand seven hundred eight.
This could be the play here for Ethereum
because you know,
there’s confluence with the theory going
from that 2000 other level to three
just like this chart with Ethereum
to Bitcoin has a thirty
percent range to the upside.
But once again, if we don’t see the upside
scenario, there’s a chance this continues
to discover a little bit of some
lower price levels for now.
And that seems to be the blueprint
for most of the Altcoins because total
market cap chart not doing much.
We’re just still sitting
inside of this range.
But others dominance is showing strength
fully above its 200 day moving average.
That’s not a surprise.
We want to see if this is going to trend
up over the next few days because
we are at a critical point.
This is the first time we’re coming
out of twenty day moving average.
So that’s what I’m monitoring still.
And then Bitcoin dominance will move
in accordance to what happens
there to others dominance.
And then we’re closing the week here at
the DXY above ninety two point sixty two.
That’s not what I wanted.
But I also said that if we’re not going
to see aggression here breaking these
previous candle highs,
that’s a positive thing.
So this could still be considered calmness
because of this S&P five hundred
inched its way to new all time highs.
That’s what we wanted come
into the weekend to assume
that Bitcoin has a chance of upside.
And so that’s a good puzzle piece.
The Gold to Bitcoin are also breaking
down from this ascending triangle.
That’s also the puzzle piece that we
want to see heading into the weekend.
So it’s really a draw here.
You know, we know there’s very light
volume right now here for Bitcoin.
We go into the micro time frames.
It looks like it’s having a cup of coffee
and not really being rejected
at this weekly open.
Looks like it has the chance to come back
up to thirty four thousand seven hundred.
If it does, we’re now above the fifty day
moving average, and that’s the first
time it’s going to be like that.
So is this just going to crawl its way
back above the today moving average?
That’s going to be interesting to watch
throughout this weekend,
I think regardless until we get above 30.
Five thousand and we stay in this range
Altcoins are going to be the play, as they
always are when Bitcoin is consolidating.
And with that, I appreciate each and every
one of you tuned in on a Friday
to Snipers Cardano remember to smash
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