BITCON ALL-TIME HIGH!!! NEXT TARGET FOR BTC *ethereum next?*

Snipers.

You have to see what’s happening
to the Bitcoin price this Wednesday is we

have officially broke in you all time high
with our candle high at $67,000

on the dot,
and that I don’t believe is going to be

where Bitcoin is going to stop because
we are now in price discovery.

For the most part,
as longs as this doesn’t

show up to be a higher high,
we could start expecting further upside

for a Bitcoin if we were to just take
the market structural

base of this metrical triangle to just get
an estimated target for this breakout.

We are looking at just below
the 80,000 US dollar level.

So that is potentially going to be this
upside target as longs as 64,855

is able to hold, which is
the previous all time high.

And with this move to the upside,

the biggest thing that we’re going to be
monitoring the Snipers channel

is going to be the effects of Bitcoin
dominance moving above the 208 moving

average on the altcoin market
as well as on Ethereum.

Specifically, it’s interesting because

for those inside of our discord group,
Adams posted that if we got to a $9

trillion total market cap with 25% ETH
dominant,

that’s potentially a $2.3 trillion
evaluation for Ethereum,

which is currently just at about
500 billion right now.

Adonis thank you for your
contribution and the discord.

We have the number one cryptocurrency
trading community in the world.

The link is in the description below.

And when we look at what’s happening

to Ethereum so far, in effect,
to this breakout for Bitcoin to new all

time highs, we’re also
breaking out of this triangle.

And if we were to actually just take
an estimated target based on the base

of this symmetrical triangle,
we are looking at a potential target here

that Ethereum could go potentially
just below that $6,400 level.

So it looks like we have a bigger
upside target.

And that would make sense because
Ethereum is a more volatile asset.

And I think the first level

resistance is this area where there’s a
lot of pressure for Ethereum in the past.

We’ve seen this area reject Ethereum here

on September 6, and that’s going to be
right at the previous all time high at 43.

73.
And so if Bitcoin continues to move up,

I think that’s the expected upside
momentum that we would see with Ethereum.

And so when we really dive into what’s
happening to the old coins outside

of Bitcoin and Ethereum,
we’re going to start talking about this

weakness that we’re seeing below the 200
day moving average and what that could

mean because I think that one of the best
predictions we’ve had as of recently

on the Snipers channel was the Bitcoin
dominance double bottoming and moving up.

And we talked about two scenarios
for this to be justified to happen.

Number one is what happened in 2018

when we saw all coins hedge into Bitcoin
when the total market was coming down,

and that allowed Bitcoin
dominance to move up.

And that also followed the DXY

double bottoming as well,
and moving back to the upside.

But the other

reason Bitcoin dominance could be moving
up, and this is what we talked about

is that Bitcoin is reentering into a new
bullish cycle,

gets back into price discovery,
and for the most part it will move first

before other altcoins will follow,
because first Bitcoin needs to now

discover its price before seeing, let’s
say, a rejection at some sort of level.

And then we can start seeing how all coins
are reacting or how Bitcoin dominance is

at that point,
because we do know for sure if Bitcoin

dominance is continuing to be bullish
about the 20 week moving average

and most likely wants to come to 57.2%
dominance,

at least in the shorts term to medium
term, because the 200 week moving average

is where it likes to sit when it
starts to see some bullish momentum.

And DXY is also moving up, which is a very
correlated asset to Bitcoin dominance.

And DXY has been above the 20 week moving
average since July of this year,

and so with the DXY already
above for over six weeks.

At this point,
I think that Bitcoin dominance already

confirming that it wants to follow
the DXY as it usually does.

And paired along with the fact that we are

starting to break out,
tells me that Bitcoin dominance is going

to see a continuation to the upside,
so it’s going to be very cool to see

the way the market is going to respond
to this over the next few weeks.

I think that’s the main thing that we’re
going to cover here on the Snipers

channel, and I think there’s
certain ways that this could go.

I think maybe monitoring the Ethereum

to Bitcoin chart is probably
to be the most important

chart to monitor to get

the conditions of the altcoin market
and get really the first indicator of how

altcoins are going to be reacting
to this Bitcoin dominance.

Moving to the upside.

I think that if we watch the Ethereum to
Bitcoin chart

as a leading indicator for most
of the other altcoins because it is

the largest altcoin,
then that’s going to be the best way

for us to analyze the effects of Bitcoin
dominance on this market, which is,

I think something we should prioritize,
especially with that being one of the best

predictions we’ve had as
of recently on this channel.

So with this 20 week moving average
and the price action currently below it

for the theory of Bitcoin chart,
the real question is is this the start of

altcoin weakness for a while
and then eventually they’ll follow or

is this going to be a little bit
different where all coins start to move

with strength as Bitcoin is

maybe laddering itself
towards those higher price levels?

I think that that’s all going to be
unfolding over the next week to two weeks

for us to start following and identifying
the true trend there.

It’s going to probably

be really soon that we find out what
to watch now with these all coins.

I think that it’s a very interesting time.

I think that there have been some
odd things in the market.

I think one of the oddest things
that we’ve seen

as of recently is the decoupling effect
of the US dollar strength against Bitcoin

in 2018, when the US dollar moved about

20 week moving average and started to move
up, also bringing Bitcoin dominance up.

It really hurt the Bitcoin price.

But what we’re seeing now potentially
is Bitcoin, especially with the futures

ETF here now launched,
and I think they had the second

largest launch of an ETF ever, with over
a billion traded on the first day.

That could have potentially
decoupled Bitcoin’s US dollar value

away from the strength of the US dollar,
because with the upside we’re seeing

with the US dollar, unlike in 2018,
Bitcoin is actually moving up with it.

So I think that that’s a very
interesting puzzle piece that has

certainly shifted
from a pattern of the past.

And so

with us currently monitoring this
target here potentially just below

$80,000, the question is,
how are the smaller time frames looking?

Because everything morphs from the smaller
time frames into the larger timeframes?

Is there any sign of weakness?

I think that that’s an important question.

When we go into the six hour trip.

I think that’s the best part to look at,
because this is an institutional time

frame that we like to watch
on the snipers channel.

We’ve yet to see anything
crazy in terms of volume.

Last time we saw a lot
of volume was on September 7.

That was sell pressure.

So the question is that these price levels
above the previous all time high

with Bitcoin and price discovery,
are we going to be seeing a large

spike of buy pressure come
in to really drive price up

potentially towards that $80,000 level.

And then from there maybe we see some sort
of consolidation

for us and then eventually see
continuation with retail

and then potentially see a slowdown
maybe towards the 80% to $90,000 range.

I think that that’s on the table,

depending on how this next
piece of institutional volume comes in,

because we really want to know what
institutions are deciding to do right now.

On September 13, when we saw this massive

sell pressure come in at 53K, it did bring
Bitcoin’s price below 40,000 from 53,000.

So I think that if we see sell pressure

at these higher levels, that would
be an interesting puzzle piece.

But with Bitcoin now above its previous
all time high,

the worst case scenario is becoming
less and less severe with the floor moving

up, that’s the big positive
about what’s happening.

So with the six hour wait,
we’re waiting for some volume.

I’d like to see some volume
in terms of market structure.

I think that when we’re in price
discovery,

we obviously want to try to assume some
targets based on market structure.

So we have that level just below 80,000

based on the Smashbox triangle
that we recently broke out from.

But I think that as we start to move up
and as we start to see more consolidation

with Bitcoin’s price,
I think we can start really looking

at different market structure
at these higher levels.

So I think that over the next few days

into the next few weeks,
a lot will be changing

with this chart, because

Bitcoin is currently in this
very tight upward channel.

And the question is, as we start
to move up into these higher ranges,

how is the market structure
going to unfold there?

So I don’t think it’s necessary to go

into even smaller time frames just yet
below the three hour,

just because we are above
the previous all time high right now.

But on the three hour, we do have so
far some descending buy pressure.

So that’s something to note,

but we don’t have ascending so pressure
or really even descending so pressure.

There’s just not much sellers on the micro
three hour time frame, which is,

I think, why we’re not seeing much
of some crazy volume.

But I’d like to see something
on the six hour here really soon.

I think that’s going to be
very important to monitor.

And then, of course,
as we talked about with the theorem,

we want to start monitoring the theory of
Bitcoin chart more than anything, because

we are the critical point here.

If we can start moving above 62,500
Satoshi,

that could show a positive thing
for altcoins,

and that could assume the altcoins are
actually not going to see too much

weakness, maybe move to the side and
actually see some strength with Bitcoin

dominance moving up,
because I think once again that’s the most

important thing to
sort of watch right now.

What is the effects of that?

And with Bitcoin dominance,
as longs as we continue

this strong uptrend, I think that
not much is going to change there.

And then the charts that show the altcoins
outside of Bitcoin and Ethereum

will monitor.

But I think the theorem to Bitcoin is
going to be more important right now.

The DXY is pushing down, which is
a very positive thing for assets.

It shows that as much as we are above
all daily moving averages,

the DXY is still not necessarily

in its strongest form, and that we
could potentially see a slowdown.

It’s quite clear because we’re above

the 20 week moving average,
probably an uptrend here.

But for now,

the downside and the strength of the US
dollar is allowing the traditional markets

as well as cryptocurrency market
to do very well.

And so the S Amp P 500 right now

looks like it’s ready to see you all
time highs, or at least test this highs

that were on September 1 right around

the 45 50 level for the Eminen futures
contract, that’s a very positive thing.

So when we saw the SP 500 get
above its 20 week moving average,

and we said that now environment is
becoming a lot better for crypto.

And of course, now we break into new all
time highs, which is a very good thing.

It’s good to see the traditional
markets reacting well to the DXY.

It shows that there’s still
health in the market.

And then we look at Japan back
above all daily moving average.

That’s a positive thing.

Largest international market.

So I think that’s important.

The CSI 300 in China
looks like it’s forming asymmetrical

triangle to break back above
its daily moving averages.

It does follow

the Japanese market sometimes,
so that could be expected 100 also testing

highs very similar to SSP 500,
doing very well above all moving averages

and gold, I would say, is still stagnant,
but oil is showing a lot of strength.

So very interesting to see that.

And by the way, the gold to Bitcoin chart
did break down from its April 14 levels,

which is a very positive thing for Bitcoin
acting as a better storage of value

than gold, and potentially even seeing
more of Gold’s market cap

potentially shift into Bitcoin
because maybe people are now diversifying

their gold positions into Bitcoin as well
being that digital form of gold.

So that’s a very cool thing to see here.

And we will monitor this because that’s

how we predict the April 14 $64,000 coming
back above the 50 day moving average.

So we can start watching this
chart here a little bit more.

And with that being said,

thank you all for tuning
into the snipers channel today.

I appreciate each and every one of you.

The discord once again
has been blowing up, and I

want to just say thank you so much
to everyone contributing to Crypto Chat

we have people posting every
single minute, even right now.

Now, while making this video
toastinger Woodson Woods in so

we have the the number one cryptocurrency
trading community in the world.

Link is is into the description below.

And with that, thank you all once again.

And I’ll see you next time.

Snipersout.

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Naeem Al-Obaidi

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