Snipers, you have to see what’s happening
to the Bitcoin price this Tuesday as we
are seeing a battle
at the monthly open at 47, $0.
And this is really the third time
that we’ve tested this level since
Bitcoin broke down to this range.
Notice how we came here once we came here,
second time yesterday.
And with yesterday’s candle,
we did get a lot of hints because it was
a massive candle with a Wick down
to 430 all the way up to 470.
And we determined that there were stronger
sellers in the market
than there were buyers.
And so right now, now,
with our next test of this major
structural resistance and monthly open,
I think that this is the final battle
that the Bulls are going to have if they
want to assume further
upside price for Bitcoin.
And so we really want to monitor 47,000
and real it’s at $47,100 level where
the monthly open sits to see how is
Bitcoin to react here so far, though,
and why I wanted to get this video out now
is to kind of teach you guys a little bit
of how to be more dynamic with your
technical analysis as price action starts
to come to these important levels.
If we were to take this volume
that occurred here on the ETH of September
where we had that major Wick
that is going to dilute our view of this
volume down here, and we could pull up the
PVR if we wanted to kind of avoid that.
But I don’t like to really
use the VPR on this channel.
I think it’s a little bit too complex,
but what I will tell you is if we just
remove the price action on the chart.
Now we can get a little better of an idea
of the volume and how it’s been since
that kind of extravaganza that we just saw
a couple days ago or less than a day ago.
And now we can see here at the volume
there are a lot of buyers.
It’s looking very good.
We’re seeing an ascending
amount of by pressure.
We’re not seeing too much
institutional sell pressure right here.
And now we’re coming to the
resistance regarding variety
curving at the resistance
testing on the hourly chart.
So nothing crazy doesn’t look like it’s,
something that is bearish, but also
doesn’t look too bullish, I would say.
And so I think that we really
want to monitor this range here.
But now we have this weekly open
at 46,000 that we can watch.
And so that’s going to be
a place that we want to start monitoring.
And I know that we talked about 44,800
but now we can say that the weekly open is
pretty important and that’s $46,000 level.
So now that we can kind of tighten
the range in which we need
for a confirmation of a direction,
what we can assume that is if Bitcoin is
now going to cost $46,000,
that would be the breaking point
that would potentially assume
44,800 is going to get retested.
And that coming into the equation for God
knows, Gosh knows how much times at this
point, maybe one twice
the fourth time already.
So fifth test of this support at 44,800
could break down to 38,000 to 36,000,
because we know volumes already
been cleared out down to 41,950.
Now we can really be
less apt to risk of downside
by assuming that if 46,000 brakes, that’s
the make it or break it at this point.
But if we can get about 47,000 now, we
can start assuming some upside pressure.
So you know that in itself
is only a range.
So I don’t think that if you’ve been
training, this market
is going to be too long to endure.
Of course, patience is a virtue here.
And so I think now we can really finally
see what Bitcoin wants to do here.
And I think it’s going
to happen very soon.
So we’re going to monitor
46,000 to 47,000 at this point.
And I do want to talk about a little bit
of the revolving parts
outside of the market.
I’m not going to go too in depth
with Ethereum and all coins today,
because I think we’ve drilled that up
quite hard for the last few weeks,
but realize that with Ethereum,
if we can’t get above 34 54,
and that’s not going to happen.
If Bitcoin isn’t above 47,000,
then Ethereum range all
the way is down to 1980.
so I am extracting downside for Ethereum
to 1980 if we can’t get above 34 54,
and we’re not going to get above 34
54 unless Bitcoin gets above 47,000.
So that’s why we’re gonna
watch 47 to 46,000.
That’s very important.
But with the US dollar right now,
we’re seeing some strength above 92
six two here, which is a major level.
So now we have these two candles,
one has a bullish tail, and now the next
one is trying to breach this level.
We breach this level.
The next target is
that 93 eight, two level.
And this is the area that if we get above
this area, we have not been
above that area since mid 2020.
We’ve been in this range through
the latter part of 2020,
but we haven’t been above this
area for a very long time.
And so we start to get above this area.
Notice how this is a major
area of confluence with major
resistance and support.
That is what I’m expecting to really
affect traditional markets
in the cryptocurrency Mark.
So that’s the level at 93.8 to that we
want to monitor for the DXY if we want
to start ringing the bells of siren.
But I don’t think the feds are going
to taper away in a way that’s
gonna crash these markets.
So it’s going to be interesting to watch
how this DXY moves, but we are facing
and trying to get above 92 six, two.
And now we’re back in the range to this
level that would at some point make us
ring the sell if we start crossing 93.82,
because that will certainly affect
traditional markets and the crypto
courtesy market to the downside because
the US dollar strengthening,
we all know what that means.
And so we’re going to monitor
this in the Spy 500.
I’ve been talking about it and it
hasn’t reacted really yet to the DXY.
It just bounces off of these
daily moving here is really the 50 day
and it just sits here and it keeps going.
we’re below the monthly open
and weekly open right now.
So we can say that there’s weakness.
This is not a gold puzzle piece,
an environment for Bitcoin.
I would like to see the Spy 500 moving up
for us to assume a healthy
environment for Bitcoin.
So we really need to monitor this test
here of the 50 day moving average
with the S Amp P 500 right now,
because if this breaks,
that assumes that we come back to the 20
week moving average and testing that we
have not actually come and tested
that for a very long time.
And every time we have, it’s been
a bullish push back up above it.
And so maybe that’s the Feds
doing that on their computers.
I don’t know what it is, but, you know,
you know, they haven’t
started tapering away yet.
So if this continues to stair step its way
up, that would be garden
variety market behavior.
We can’t assume anything
until that changes.
But that’s what we want to be monitoring
here because we are
on the way down right now.
So let’s see how this is
going to start reacting.
And because DXY hasn’t moved up above 93
point ETH, I don’t think the other markets
really reacted to that.
And so the Japan has been seeing strength
here, seeing to date finally new
yearly highs, which is amazing.
And the Chinese index here.
It looks like it’s going to follow Japan
and probably come and see some new yearly
highs, in my opinion,
because Japan did the same thing with this
flag gold scene strength today,
which is nice to see,
but remember, indicates some
fear and institutional capital.
So it looks strong above this previous
resistance, which is now support.
And then if we look at oil,
nothing really to talk about,
there very interesting time.
We’ll continue to monitor altcoins.
Of course, the altcoins outside of Bitcoin
and Ethereum are starting to follow our
thesis of this potential lower high.
And so we want to monitor that and then
Ethereum dominance here is
also not showing strength.
So we can assume that might
follow the others dominance.
But Bitcoin dominance is starting
to curve up following our thesis.
We’ll continue to monitor
this 20 week moving average.
If we get above that,
that’s going to be a very big shift
in the market dynamics,
because that means that as this total
cryptocurrency market Cap chart
starts to shed away some value.
The altcoins are going to shut away a lot
more value and percent
wise than Bitcoin is.
And that’s going to increase
the dominance of Bitcoin.
So with that, thank you all for tuning
into the snipers channel today.
I hope you enjoyed today’s analysis.
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