BUY THE DIP? BITCOIN DUMP! IMPORTANT UPDATE 💎✋ (& altcoins)

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Timestamps!

00:00 video summary

06:50 bitcoin scenarios

11:50 altcoins

14:33 traditional markets

Snipers, you have to see what’s happening
to the Cryptocurrency market today is

Bitcoin is doing the exact scenario
that we talked about yesterday coming down

to test the twenty thousand four
hundred and twenty dollar level.

And at this point,

we could assume that we’ve already seen
the test of this level because notice how

on the six hour chart and this is
a specific timeframe I’ve been monitoring

only because when we tested thirty
thousand dollars for the first time here

on the 19th of May, we saw an enormous
amount of pressure come in.

But we didn’t see that on the four
timeframe time frame.

And institutions love to interpret their

moves on time frames that are not as
common for traders like the two hundred

and forty minute chart, which is
an extremely popular timeframe.

And notice how we also saw the most amount

of buy pressure since that thirty thousand
dollar test when we came down to test

twenty thousand four hundred
and twenty because we saw all that.

Bipasha, exactly as we’ve
been talking about here.

For those tuned into the Snipers channel,

we know there’s a lot of volume
below thirty thousand.

We were able to test twenty eight thousand

four hundred and twenty became
a few hundred bucks away.

And the 4-hour candle is now showing

an extremely bullish move at the twenty
eight thousand eight hundred dollars

level, which was with the
Candles low was today.

And we saw this extremely
bullish for our week today.

I want to talk about if this is the bottom
for Bitcoin, what are the early signs

that this is becoming
a successful rescue operation?

Because we’re going to look at this
extremely important resistance area where

there’s confluence with this weekly
opened, the previous weekly open,

and then we have this monthly open sitting
at thirty seven thousand two hundred.

Those are going to be some very important
levels we’re going to talk about today

for the upside to assume whether or not
we’ve seen a bottom here because

traditional markets are actually showing
some positive signs with the Japanese

international market reclaiming
all of its losses that it saw in the last

forty eight hours, gapping back up over
three percent for the day right now.

This is a positive thing if we want

to assume the environment
outside of Bitcoin is healthy.

And so is this the bottom?

It could potentially be because

when we come to an important level and we
don’t reach that level and we immediately

see by pressure come in,
we see volume and we turn right back

around,
that is something that happens when

there’s a bottom or a reversal in a trend
because we didn’t come down to twenty

eight thousand four hundred
twenty and have a cup of coffee.

So a lot is changing over the last twenty

four hours and a lot is going to change
in the next twenty four hours.

As a matter of fact,

this twenty eight thousand four hundred
and twenty dollar level is not even

important anymore because we could
assume it’s already been retested.

And so when it comes to the downside
scenario now we have twenty five thousand

eight hundred and eighty on the table
and now we have to talk about

the micro timeframes
because we know everything more from the

micro timeframes into
the macro timeframes.

So from the 4-hour chart,

that will morph into the daily chart
and so you can identify moves

in the smaller time frames before they
morph into the larger time frame.

So we’re going to look at the one hour

of the fifteen minute,
even the one minute time frame and talk

about exactly what’s happening here,
the Bitcoin, because this is an extremely

important time and I’m
sure you guys know that.

We’re also going to take a look
at Altcoins because we’ve

predicted the weakness that we were
expecting for Altcoins with Ethereum,

which are the largest Altcoin
seeing further downside right now.

We’re seeing that story line
play part with a theory.

I’m seeing a daily Candles today
of seventeen hundred U.S. dollars.

I’ve been talking about this level.

If Bitcoin sees further downside,

there’s a potential we could see
even further downside for three.

I want to talk about
the scenarios to watch for Bitcoin

because, of course, Bitcoin controls
the majority of the market.

But the total cryptocurrency market cap

making the decisive move below
the 200 day moving average.

We’re coming down.
We tested one point one three Trillion.

If we break this major area,

that could bring us below
one trillion in market cap.

We need to talk about what’s happening
here with Altcoins because Bitcoin

dominates showing that there’s
still fear in the market.

Coming up, heading towards our
target of fifty percent dominance.

We were eventually going to see confluence
here with this twenty week moving average.

And I think we’re going to come and test
it and others dominance for the first time

ever since the start of Altcoin season,
now below the twenty week moving average

and home base, that is a early
sign of a reversal in trend.

I do believe we will see a bounce,

but we need to start monitoring a reversal
in Altcoins season

now that we have gotten a confirmation
below the 20 week moving average.

This is a huge puzzle piece.

I’ll talk about what I’m
expecting for Altcoins.

And for those that haven’t tuned
in to the Snipers over the last three

months, we called the top of Bitcoin
by looking at the Gold to Bitcoin chart.

And when we initially came down here

and we formed this
wedge and we started to break out above

the 50 day moving average,
that was the top four Bitcoin.

You can see the top was April 14th.

April 14th was the day
that we started to break out.

And so we looked at this Gold to be.

It’s hard to predict the top four Bitcoin
and now we have this cup and handle

formation, this is the twenty seventeen
bottom for the Gold to Bitcoin ratio.

This is a very important chart that we
need to start monitoring because we’re

starting to see this cup in hand
will come into fruition.

And if this breaks beyond this neckline,

that would be a huge puzzle piece
for the Bitcoin market when it comes

to the storyline of Bitcoin being
an alternative to Gold,

which I know it sounds really ridiculous
to say that in twenty twenty one,

but we have to address
what the chart showing us.

There’s a lot of volume here when it comes
to Gold and really Gold hasn’t done much.

It’s just been maintaining its price while

Bitcoin has been coming down, causing this
chart to create this bullish pattern.

So that’s on the table.
Will look at the DXY.

We know all of this is happening because

the DXY over the last four days
saw a major push to the upside.

Yes, we are seeing a little bit
of downside right now,

but we are above this 200 day moving
average, a garden variety market retest.

We could still see further upside because

this is a rocket that has just taken off
after Jerome Powell announced interest

rates might start coming up
in twenty, twenty three.

And so with this rocket still

on its move to the upside, we can’t
just leave this off the table.

And so that’s going to be
a huge puzzle piece.

We’re going to monitor and then we have

the S&P 500, of course,
showing some bullish strength today

and then the Japanese
markets gapping back up.

That’s a positive thing for the
Cryptocurrency market in the short term.

Has Bitcoin found its temporary bottom
again for maybe another couple of weeks?

That’s on the table.
I’m going to talk about that today.

You guys are watching the Snipers channel.
My name is Naeem Alobaidi.

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yesterday and this video.

I want to first talk about
what’s happening to Bitcoin.

So we go into the daily chart and it’s

obvious at this point that we came down
to test an extremely important support

at twenty eight thousand
four hundred and twenty.

We barely got to that level.

We actually saw a reversal a few hundred
dollars before reaching that level.

And that’s actually a positive
confirmation because now we have a low

and a lower low forming
on this consolidation pattern.

And we could assume that this
is a flag ish type of pattern.

And a lower low is actually a good thing

because that means that we’re still within
the consolidation range that Bitcoin has

been in over the last few months,
between forty one thousand nine hundred

and fifty and the thirty
five thousand dollars level.

And so, yes, we are much in below thirty
five thousand right now,

but we’re still technically inside
of this consolidation range.

Right.

So that’s the positive thing that
we saw with this push to the downside.

This was the least severe scenario.

When I went through the three scenarios

yesterday, we saw the least severe
scenario that was a test of the twenty

eight thousand four hundred and twenty
dollar level that we couldn’t even reach.

We came a few hundred dollars away
before seeing volume come in.

And now when we go into the six hour chart

to think like an institution,
this is the chart we’ve been monitoring

because we know the institutions
wanted to print on this chart.

When we saw the initial bottom here
at thirty thousand,

we saw an immense amount of by pressure
way and B on all of the cell pressure.

And so we knew there was volume
here below thirty thousand.

I’d been talking about that.

And that’s why as soon as we came down
below 30000, guess what,

on the six hour chart, more volume than
we ever seen when it comes to buyers.

And that’s a positive thing.

Unfortunately, I didn’t
take a long position.

I was waiting for the twenty eight
thousand four hundred and twenty dollars

pocket and the twenty five thousand
eight hundred and eighty dollars level.

I was waiting for this pocket and it
was just a few hundred dollars off.

Totally fine.
Not a big deal.

So now the question is,
is this the bottom?

Is this the early signs
of a rescue operation?

Well, let’s talk about that.

So on the six hour trip, there’s
obviously volume that’s a positive thing.

So we still can confirm
that below thirty thousand.

There’s volume on the 4-hour.

We got an extremely bullish
tale on this last candle.

So over the next four to twelve hours,

I expect Bitcoin to stay above the thirty
one thousand eight hundred dollars level.

We have the daily open.

If we stay above thirty two thousand,
that’s going to be even more positive

for us to assume that we may
have seen the worst of this.

Now, why am I putting this on the table?

Well, I do expect that either within this
consolidation period or one more move

down, as I talked about yesterday, we
are going to see the bottom for Bitcoin.

So is it fair to say that it’s a good time

to start looking for early signs
of a bottom one hundred percent?

And so now the institutions were fine
with printing volume on the 4-hour chart.

That’s also a puzzle piece on the table.

We have this bullish candle.

Here’s what we need to watch for.

If we want to assume early signs of a

rescue operation, if we get above thirty
four thousand seven hundred and eighty

eight in the next twenty four hours,
in the next forty hours,

the faster we get above thirty four
thousand seven hundred and eighty eight.

We could really start to calm down

and assume that Bitcoin is actually
showing some very healthy consolidation

in this confirmation,
about thirty four thousand seven hundred

eighty starts to put all of these other
resistance levels back on the table for us

to start breaking through
to see some upside for Bitcoin.

So we need to monitor thirty four
thousand seven hundred and eighty eight.

Now to the downside,
because we came so close to twenty

thousand four hundred and twenty,
that’s off the table now.

That was the scenario.

It didn’t happen exactly as we thought it

would, but it did happen very close
to what we thought it would look like.

And so that’s a positive thing.

We knew there was volume
under thirty thousand.

We saw the least severe scenario

when we came down below this thirty
two thousand dollars support.

So that’s a positive thing.

Now, if we start to cross back below

thirty two thousand,
we start to see more and more price action

at thirty one thousand
and thirty thousand.

Now the next

level on the tables in B twenty five
thousand eight hundred and eighty.

And so that puts scenario two on the table

where we could come down, test this level,
test the twenty four thousand dollar

level, or even potentially come down
to the twenty thousand dollar level

because those are all
Snipers on the table.

So at this point, if we come below thirty

two thousand for Bitcoin, we put back
twenty six thousand on the table.

Really, the exact numbers I mentioned was

twenty five thousand
eight hundred and eighty.

Right.
So that’s what we need to monitor here.

But in the micro timeframes,
we go into the one hour chart,

we’re seeing a lot of volume come
in after coming below thirty thousand.

That’s a positive thing, right?

We go into the fifteen minute chart.

We’re also seeing a lot of 15
minute Candles showing bias here.

And so for the short term,
we might have seen another area where we

could have possibly printed
a temporary bottom.

It’s on the table.

That’s all going to be determined
in the next twenty four hours to 48 hours

if we’re starting to see continued
strength above thirty two thousand.

Now, the environment outside of Bitcoin is
actually pointing towards some positive

things, but there are some things
adjusting when it comes to Altcoins.

Right?

So when there’s a lot of fear
in the market, in the Cryptocurrency

market, if you guys watched our
YouTube short with Kathy Wood,

she talked about in twenty seventeen

Bitcoin went from thirty percent dominance
to seventy percent dominance after

the top four Bitcoin and when
we saw the bear market start.

And so obviously in the Cryptocurrency

market we see
institutional and retail traders heading

into Bitcoin when there’s uncertainty
moving away from Altcoins.

And because of that we’re
seeing Ethereum test.

This 200 day moving average sitting
at 1870 right now came down.

We saw low 1770.

We breached seventeen sixty, which is
also an important level in my opinion.

We’re going to see some further
weakness with Altcoins.

They’re way more volatile and Ethereum

to Bitcoin chart still shows some further
downside here to come test this one

hundred year moving average,
possibly the channel support and the major

area fifty three thousand
five hundred Satoshi.

So knowing that regardless of what Bitcoin

does when it’s consolidating,
Altcoins can do whatever they want.

And so we have to monitor this.

And keep in mind that there are many

Bitcoin chart is showing
some bearish signs.

The total Cryptocurrency market cap chart

is testing an important support at one
point one three two trillion dollars.

If we break down from this support level,
that could start

breaking down even more of the overall
Altcoin market because

notice here how we saw this top at this
one point, one three trillion dollar

level, and then we consolidated
broke out into two Trillion.

And now we’re testing a previous

resistance as a support garden
variety market behavior.

We need to start to see, you know,

upside price action sooner than later if
we want to assume this is the bottom or

we’re going to start playing
within this range below.

And if that comes into the equation,

I’m going to have to update my chart,
add some more support levels,

and we’re going to have to watch
what the market starts to do.

But this is one of the most critical

support levels for the
Cryptocurrency market.

Could we see Bitcoin rally in Altcoin
start to dump in this increase?

That’s also on the table.

We really want to monitor
the Bitcoin dominance chart.

It’s showing that it wants
to show some strength right now.

And the Altcoins right now are starting
to cross major support levels.

This is a multi-year support level
that we’re starting to reach.

So this is on the table.

We need to be very cautious with Altcoins.

What that means is it might be a safe
place to wait for some upside

in the market, maybe reallocate some
of your Altcoin positions into more

stronger, fundamentally sound
coins like Bitcoin and Ethereum.

That is all on the table.

It’s a possibility to just
maybe hedge into Bitcoin.

Right.

That’s all going to be determined
over the next few weeks.

I want to talk about traditional markets.

We looked at the Gold to Bitcoin chart
for me, this cup and handle Gold just kind

of having a cup of coffee at the weekly
open sitting around that 1770 area.

I want to monitor this chart because if

Bitcoin starts to see continued
outside in, this breaks out.

That’s a huge puzzle piece on the table
for the narrative of Bitcoin being

alternative to Gold when it comes
to institutional funds,

because we’re starting to see a lot
of the storylines change on Bloomberg.

And yes, I don’t really care much about
what they say, but we have to address.

What the news says, because
everyone wants to blame the news

for the market price action,
but really it’s all about technicals.

And so, you know, at this point, the
Gold to Bitcoin chart is showing that gold

is becoming stronger than Bitcoin
since the start of this year.

So we want to monitor that.

And then the DXY right now,

it looks like we could see a retest
of this day moving average.

I think if we see some calmness right now
and we don’t see some further highs

for the DXY, that could be a good
thing for the overall markets.

I think a confirmation of the DXY showing

calmness would be the S&P
500 coming to see new highs.

If we start to see new highs for the S&P
500, that would be a very positive thing.

But the traditionalists are starting

to come into the favor of
the Cryptocurrency market because Japan

got back up, filled this drop
that we saw a couple of days ago.

And so we’re starting to see a little bit
of some positive price action

that’s going to be healthy for Bitcoin
to potentially see some continued upside.

But once again, that thirty four thousand

seven hundred eighty eight dollars level
is the key level right now that we need

to reclaim to assume
a successful rescue operation.

And without that,
then the twenty five thousand eight

hundred and eighty dollars levels
on the table for the next area of volume

that we potentially see if
we cross back below 32000.

So with that, I appreciate each and every
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