ETHEREUM BULL FLAG AHEAD OF LONDON HARDFORK (massive update)
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03:13 bitcoin analysis
06:30 ethereum update
09:20 traditional markets
Snipers, you have to see what’s happening
in the Cryptocurrency market this Monday
as Bitcoin is still inside of the forty
one thousand nine hundred and fifty
and thirty eight thousand dollar range,
with today’s daily canali at forty
thousand four hundred and eighty and a low
of thirty eight thousand nine hundred.
If we go into the 4-hour where everything
morphs from the smaller type frames
into the larger time frames,
notice how we are in a clear downtrend
on the micro below the weekly open
and the monthly open,
which is sitting at forty one thousand
four hundred with the weekly open
at thirty nine thousand nine hundred.
I’m going to talk to both audiences today,
the Bears and the Bulls, because of course
we know that Bitcoin has the potential
to test thirty eight thousand continue
further up and then of course,
forty one thousand nine hundred
and fifty being the major resistance.
If we get above that.
The importance of that, as you guys know,
is we get to test the twenty week moving
average at the forty four thousand
eight hundred dollars level.
We also have the 200 day moving average.
If we get above this area,
we’re now back inside of a bullish trend.
So we’re so close to this area right now
with the current price action to the forty
four thousand eight hundred dollars level,
which is the twenty week moving average,
is only 15 percent away right now.
But all eyes are on Ethereum, of course,
with the London Hardtalk on August 5th.
Notice how the Ethereum to Bitcoin chart
is inside of this extremely
bullish symmetrical triangle.
And every analyst on YouTube has been
bearish about Altcoins since
Bitcoin topped out on our channel.
We’ve been monitoring the revolving parts.
Like others, dominants Bitcoin dominance
in the total Cryptocurrency market cap
chart, maintaining our thesis
that the other’s dominance chart sitting
at this 200 day moving average indicates
that it is still inside of a bullish trend
is way more bullish and Bitcoin dominance,
which is much, and below the 200 day
moving average, which is at fifty three
percent, while current dominance
is at forty six percent.
Ethereum is going to be a leading
indicator for other Altcoins like Cardano
pulque. A lot of you guys in the comments
are saying, could you
cover these Altcoins?
The reason I cover Bitcoin in a Ethereum
specifically is because if you know what
Bitcoin in Ethereum are going to do,
you have an idea of how other Altcoins are
going to perform Bitcoin in a Ethereum
or the alpha dogs of this market.
So I want to address the symmetrical
triangle because with the schematics,
when we take the base of the triangle
and we look at how far this could go,
we are talking about a breakout that could
potentially take the Ethereum to Bitcoin
chart, about forty six percent
to the upside against Bitcoin,
and that would lead the Ethereum to US
dollar price if we were to see forty six
to potentially test the 4000 dollar level
and even potentially continue to see new
all time highs, especially Bitcoin is
showing strength during this move
if and when it’s going to happen.
We’re going to talk about that today.
You guys are watching the Snipers channel
on a Monday, tomorrow’s
Remember to smash the link
for the YouTube algorithm.
My name is Naeem Alobaidi.
As always, let’s just dove
into this Bitcoin analysis.
We’ll start in the weekly chart.
Right, because it’s the most important,
of course, in the macro.
We didn’t get to test this twenty week
moving average and we’re sitting between
the twenty week and the fifty
week moving average right now.
So it was a big puzzle piece that we
couldn’t get to test this
twenty week moving average.
With last week’s scandal,
we saw Kendall High of forty two thousand
just shy of the forty four thousand eight
hundred dollars level where the twenty
week moving average was sitting.
And so now we have this new weekly candle.
So far, we haven’t seen bullish
momentum with this candle.
We go into the daily chart.
We are seeing a garden variety retest
of an important support
and it’s currently breaking.
Is it decisively breaking?
I wouldn’t say that just yet.
So I’m going to talk to the Bears and I’m
also going to talk to the Bulls today.
Both audiences are important.
So we look at the 4-hour chart
and you can noticia.
We’re below the weekly
open in monthly open.
That’s a big puzzle piece.
It looks like the chance of Bitcoin coming
down to test thirty eight thousand is hi.
This is going to be the first level
of support where we need
to monitor the volume.
The volume is going to give us a good
indicator about how the bulls and bears
are going to react to thirty eight
thousand dollars level if we do not see
a push in the price when
the price gets there.
A lot of that will have to do
with looking at the volume down below.
Of course, notice how right
now it’s just light volume.
The path of least resistance is always
sideways, still a little bit higher.
And we all know
even if Bitcoin were to come down in test
thirty four thousand seven hundred
and eighty eight again,
it would still be justified aside.
His price action inside of this
consolidation, so when I’m speaking
to the bulls and the bears,
just understand the range that we’re in is
forty one thousand nine hundred
and fifty to thirty eight thousand.
We get below thirty eight thousand.
Now we really need a monitor,
thirty six thousand five hundred
and thirty four thousand
seven hundred eighty eight.
If Bitcoin goes below thirty four thousand
seven hundred eighty,
if we don’t see buyers come in at thirty
eight thousand thirty six thousand five
hundred, the likelihood of us seeing
new lows for the year is very high,
potentially to test the support of this
channel forming another lower low.
This makes a lot of sense.
If you guys were to look at Elliott Wave
counts and things of that nature,
I’m not going to go into that.
It’s a little bit more complex.
But that’s on the table.
Understand this, though.
If we start to move above the weekly open
at thirty nine thousand nine hundred,
the monthly open right now sitting
at forty one thousand five hundred,
the first signs of a real rescue operation
is going to be getting above this
forty two thousand dollar level.
So we don’t even have to look at forty
one thousand nine hundred and fifty.
We can just use forty two thousand since
it’s a big even a psychological number.
And so we get above forty two thousand.
Now, the likelihood of us getting back
into a bullish trend above forty four
thousand eight hundred becomes a lot more
likely now because Bitcoin
is moving to the side.
We’re seeing a lot of opportunities
with Altcoins, of course,
all eyes on a Ethereum with the London
hard for coming on August 5th.
Notice how we are above the weekly open,
sitting at twenty five fifty
and above the monthly open
sitting at twenty five thirty.
It’s a different story line than what
Bitcoin is showing and the range
that we’re playing in instead of being
in the forty one thousand nine hundred
and fifty to thirty eight thousand dollar
range is actually thirty four hundred
to nineteen eighty four Ethereum and we’re
so far above nineteen eighty,
we have all this cushion to the downside,
the previous weekly open
at twenty one eighty.
This is of course a way more bullish asset
right now above all,
daily moving averages.
Here’s the question.
Are we going to be breaking out to this
thirty five hundred dollar level?
Well, if Bitcoin moves above 40000,
the likelihood of this happening
becomes extremely high.
If Bitcoin continues to move to the side,
the likelihood of this
happening is possible.
That will come from the Ethereum to
Bitcoin chart continuing to see strength.
We haven’t seen volume yet.
I don’t care that this is
a symmetrical triangle.
Where is the volume?
When you’re doing technical analysis
for those that have taken
the Traders Profit Club course,
there are three things that matter
price action, which is volume.
And then of course, market structure,
an overall trend price action matters.
We don’t see the volume come in.
It’s not justifying the breakout to eighty
six thousand Tosches potentially
even higher than that.
But if Bitcoin loses sight, it certainly
is a possibility here for Ethereum.
we want to monitor the total
Cryptocurrency market cap as well, because
we are at this 200 day moving average.
We get above this area with decisiveness,
one point seven five Trillion is really
the level we could potentially be seeing
the early signs of new all time
highs in the Cryptocurrency market.
So that would take us above to Trillion.
Again, we want to keep that on the table.
We start to break below the previous week
and at one point four Trillion then
expect further sideways price action.
As long as you have your capital
in fundamentally sound projects,
you’ll be fine.
A lot of people are saying, oh yeah, well,
Altcoins have seen more downside than
Bitcoin, of course, because they way more
upside than Bitcoin Altcoin season
is certainly still in effect.
Look at others dominance here
at the 200 day moving average.
Highly likely we continue further up above
the current highs of the year
that occurred here in May where we got
up to that seventeen percent doms.
We can go to twenty percent
dominance because guess what?
We’re testing this morti year
resistance from twenty seventeen.
And I know I’ve said this many times
to listen here Snipers every analysts have
been saying, oh Altcoin season’s over.
Well until we break this
previous resistance, which is now support,
I believe Altcoins season is still intact.
institutions are going to be placing their
bets for Q3 to Q4 regardless
of what we think.
And the question is,
where’s the money going to go?
Bitcoin dominance starting to see more
downside here below the weekly monthly
open, pretty much rejecting the twenty
week moving average for now.
So the storyline for Bitcoin dominance
has not yet seen the real reversal here.
Let’s quickly look at traditional
markets because not much is going on.
Just sideways price action,
DXY showing calmness.
That’s what I want to see.
S&P five hundred just moving to the side.
Commodities like us also
seeing some downside today.
Nothing to go home and tell mom about.
That’s pretty much it for today.
I’m hearing the thunder, that means
I need to get this video wrapped up.
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I hope you enjoyed today’s analysis
and until next time Snipers out.