EMERGENCY CRYPTOCURRENCY UPDATE…BITCOIN AT A TIPPING POINT

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Timestamps!
00:00 intro
04:44 bitcoin analysis
07:00 altcoins
10:25 traditional markets
11:44 conclusions

Snipers, you have to see what’s happening

to the Cryptocurrency market this Monday
as traditional markets have opened.

So we’ve seen institutions placed their

bets and Bitcoin is a Candles of thirty
thousand four hundred and seventy.

But we’ve yet to come test.

Thirty thousand US dollars.

We haven’t seen volume come in and Bitcoin
hasn’t yet taken the elevator.

But I do want to talk about what’s
happening to traditional markets because

remember, we talked
about the DXY yesterday.

If we see this candle high from last week
break, that means the DXY is taking

an aggressive route towards
the ninety three point eight to area.

And this is going to cause markets like

the traditional markets
to take the elevator.

And that’s why today the S&P 500 saw
a massive bearish top type of candle.

If you see here on the daily chart,
we have seen a reversal in trend.

I mean, that’s the only way to put this

with the S&P 500 coming back down
to test the 50 day moving average.

Taking the elevator down today.

The headline saying the Dow seeing

over 700 point drop, the worst
drop since October of last year.

This is all because of what’s
happened to the DXY.

No surprise for those have been tuned
into the Snipers channel because I talked

about the scenario happening yesterday
and the DXY is taking this route.

So now when we look at the Cryptocurrency

market and we’ll also address
the revolving parts like Bitcoin

dominance, others dominance and the total
Cryptocurrency market cap chart.

But Bitcoin is heading towards
thirty thousand right now.

And the question is,

are we going to see Bitcoin take
the elevator at thirty thousand where we

know if we get to this level,
there’s going to be a lot of

bullish and bearish price action from both
ends or the bulls or bears going to win.

I want to talk about that today because we

have some new puzzle pieces on the weekly
chart when we look at Bitcoin notice how

we had this new weekly candle yesterday,
fully below the 50 week moving average.

And guess what?

The Bears have decided to defend the fifty

week moving average,
and that has caused Bitcoin weekly candle

to stay below the fifty
week moving average.

So this is the first weekly candle fully
below the fifty week moving average.

Doesn’t have any price action
at the fifty week moving average.

This is a major puzzle piece because
the fact of the matter is

the bears decided to open the candle below
and the Bulls have yet to show

any signs of strength to recover
this fifty week moving average.

And then we know everything more

from the smaller time frames
into the larger time frames.

Well, why is this happening now
to the fifty week moving average?

Because it’s been happening to the fifty

day moving average
for the last two months.

We have never been able to come
and test this fifty day moving average.

That’s why that rule that I talk about,

where everything more from the smaller
time frames into the larger time frames,

it works from a one minute chart to a five
minute chart to a 15 minute chart.

But it also works from a daily chart
to a weekly chart to a monthly chart.

And so we weren’t able to test the fifty
day moving average for this whole month.

And now guess what?

We get below the 52 week moving average

now, and it has officially
translated onto this time frame.

So this is certainly
a momentous time in the market.

It’s not just another
day of consolidation.

We’re coming down inside of this extremely

dangerous range of thirty five
thousand and twenty six thousand.

And we’re at the point in which we know

there’s going to be decision made very
soon at thirty thousand US dollars.

Are the bulls or bears
going to win this fight?

We’re going to talk about that today
for those tuned in a Snipers channel.

You know, this has been something we’ve

been monitoring at the thirty thousand
thirty five thousand dollar range.

And we know there’s also been a lot
of Altcoin opportunities,

like on the twenty sixth of June where
Ethereum came below 1760

throughout this consolidation, as always,
happens in the Cryptocurrency market,

when Bitcoin slows down somewhat,
Quint’s tend to outperform.

We’re also going to look at Lync today.

Notice how we’re seeing the lowest

USDollar price for Lync since this whole
bear market, with Lync testing fourteen

point four five nine, the level
that I talked about two days ago.

Are we going to be seeing more
Altcoin opportunities like that?

We’re going to talk about that today.

You guys are watching the Snipers channel.

My name is Naeem Alobaidi.

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So let’s first talk about
what’s happening to Bitcoin.

We already addressed the weekly chart.

Unfortunately, we’re fully below
the fifty week moving average.

And if and until we can get above this

weekly open sitting right at the thirty
two thousand dollars level,

we have the fifty week moving
average sitting just above that.

Then Bitcoin at this point is

telling me as an umpire that it’s ready

to step into the elevator
and discover lower prices.

That’s not a bad thing.

That just means that we’re going to have

to observe the market
and its reaction to any lower prices.

So remember,

28000 is going to be the first level
of support that we could potentially look

at when we see this market structural,
lower, low.

We always want to start with the market

structure, but then we want to address
where there’s volume and accumulation.

And we know that comes at twenty
six thousand to twenty thousand.

So what I’m watching is at 30000,
until we get to thirty thousand,

we’re most likely going to stay in this
floating zone between 35 and 30.

And Bitcoin price could take the elevator
at any point in time.

But if it stays above thirty thousand,

it’s most likely not
going to see the volume.

We need to really see some price action.
So we need a monitor.

Thirty thousand.

We get to thirty thousand
at some point or another.

It’s going to have to take the elevator.

And I think that that twenty eight

thousand to twenty thousand where we need
to monitor, as you guys know from there

over the more medium and macro term,
I certainly expect there to be some

further upside into the end of this year
when it comes to Bitcoin price action.

This could certainly be one of the

fastest bear markets and cycles that we’ve
seen in the history of Bitcoin.

Right.
So it wouldn’t be a surprise to come test

this multi-year support at this point,
especially with what’s happening

to traditional markets and the revolving
parts outside of Bitcoin.

And as I talked about earlier,
we get to this thirty two thousand dollar

level with the weekly opens at that sort
of close to the average that we could talk

about a potential rescue operation to take
us back towards thirty four thousand seven

hundred and eighty eight,
which is where we need to be if we want

to assume any more further upside above
thirty five thousand for Bitcoin.

So let’s look at Ethereum.

It’s one of the leading Altcoins.

It’s the largest Altcoin.

And it gives you a good idea of how other
Altcoins are going to be in this market.

We have the London hard
fought here August 4th.

We’ve been talking about great

opportunities throughout
this whole consolidation.

Again, to Altcoins link is showing some

insane price levels right now,
but Ethereum is yet to come below 1760.

So I’m still monitoring 1716.

Going to be the fourth time
that we’re testing this level.

That means that door most
likely open into this range.

The range takes us down to the previous
all time high at fourteen forty.

This is a large range I only believe
is going to be breached.

If Bitcoin gets below thirty thousand,
that’s a twenty percent range for them.

Having those buy limits below six hundred

up to that twelve hundred dollars level
might be a good idea just in case,

because if we see the Alobaidi to get
taken it’s typically fast and price will

come right back towards these higher
levels like seventeen hundred.

If we do get down below sixteen hundred
it’s going to just move its way back up.

Previous support is going to turn

into resistance so we can expect 1762 get
tested even if we get down to fourteen.

Forty.
Right.

So that’s what I’m monitoring here
for the Ethereum to US dollar price.

I think that will see some Altcoins

perform well once we get
Bitcoin’s true move.

It needs to move out of that consolidation

from thirty to thirty five thousand for us
to really see the moves with Altcoins

Ethereum to Bitcoin chart.

Also showing a little bit of weakness

right now, but in the macro
still very bullish.

And we look at the revolving parts like
the total Cryptocurrency market cap chart.

We’re seeing some Altcoins loose
capital and loose valuation.

Right like Lync today.

Fourteen dollars and 62 percent.

That’s the lowest it’s been throughout

this whole consolidation that’s affecting
the total Cryptocurrency market cap.

Probably we do have some room to go down
without us getting too bearish yet.

So if we see the downside scenario play

out, there’s a potential we get below
one Trillion for short amount of time.

I think that’s on the table, but I
don’t know if it stays at that level.

I think we’ll slowly creep ourselves right

back above one Trillion if
we get that test below it.

Others dominants.
We’ve been monitoring this.

We’re testing this 200 day moving average.

We’re at eleven point seventy
five percent dominance.

Now, as an umpire, we could start saying

that we could potentially have a reversal
and trend here because we’re staying below

the twenty week moving average
now for quite some time.

That could be a big puzzle piece heading
into this next phase of the market.

So we really want to monitor this.

I think this is one of the most
important charts to monitor here.

Are we going to see the other’s dominance
chart hold this 200 day moving average no

matter what happens to Bitcoin,
because it can go either way.

They’re never, you know,
exact correlations here.

So Bitcoin goes up.

This could still go up.

If Bitcoin goes down,
this could still go up.

So we want to monitor this.

If we break below this, then we
could start changing the storyline.

But until that happens,
it’s still the most bullish

revolving part because Bitcoin dominance,

obviously, you can see here
way in below the twenty week moving

average and way below
the 200 day moving average.

So not as bullish whatsoever
as others dominance.

And that’s causing coins like Link
to see these great price levels.

Haven’t yet.
Taken a long position because waiting

for Bitcoin to make a decision,
but you can see link testing fourteen

point four or five and I might
even get the chance to test 12.

And if we come down to 12,

that looks like a small range,
but just from 14 to 12 right there.

That’s a 20 percent range
right there for Link.

I’m going to be watching these Altcoins as
we see what Bitcoin decides to do,

because we really be garnering
ourselves some great opportunities.

And we look at traditional markets,
the DXY taking the route of aggression

that we talked about yesterday, breaking
above all of last week’s candle highs.

And that, as I talked about yesterday,

is going to cost Trillion
markets to take the elevator.

And that’s exactly what happened

to the headline saying the Dow
seeing the worst drop since October.

You see, the S&P 500 saw a massive bearish

topic type of scenario here today
with this retest,

the 50 day moving average,
that certainly is a puzzle piece.

Has Bitcoin reacted to this yet

or is Bitcoin in the process
of reacting to this?

That’s a huge question on the table.

Commodities are quite
flat with this reaction.

So we’ll also monitor Gold in US oil as we

start to see what this
DXY really wants to do.

But I think that it’s going to be
an interesting week ahead of us.

You can see U.S. oil,
as we talked about seeing the downside,

we were expecting that testing
the one hundred day moving average.

I guess you can say already

the U.S. oil has reacted to this Gold
really hasn’t reacted to it yet.

But Gold staying strong actually isn’t

a good sign for the market because
that says that institutions are hedging

into Gold and they’re
finding more safety in Gold.

So that is another puzzle piece.
Right.

Very interesting day today.

A lot of developments on the charts,
if I do say so myself.

And what I will say is
tomorrow’s turnaround Tuesday.

So who knows what could happen
is Bitcoin just going to float its way

back towards thirty five thousand and
continue to consolidate sideways here.

And that’s going to garner these

opportunities like link that may have been
a great opportunity to get into today.

That’s on the table,

but I think it’s still high risk
with Bitcoin in this floating zone.

We want to monitor how Bitcoin January.

I can still taking the latter.

And until and if it tests thirty thousand
or thirty five thousand, it could float.

And with that, I appreciate each and every

one of you Snipers tuned
in to our channel.

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Sommer Thanks.

Naeem Patience is indeed
the name of the game here.

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And with that, I appreciate each
and every one of you guys once again.

And I cannot wait to see how
Turnaround Tuesday unfolds tomorrow

and will cover, as always,
until next time Snipers out.

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