ETHEREUM FLIPPING BITCOIN? IMPORTANT ALTCOINS UPDATE (maxis)
Our Cryptocurrency & Stock Signals!
My Interview w/ Founder Of Cardano & Ethereum!
https://youtu.be/j-xhUSTDVxE (Charles Hoskinson Interview)
Snipers, you have to see what’s happening
to the Cryptocurrency market this Sunday
as it is Independence Day in Bitcoin is
back above thirty four thousand seven
hundred and eighty eight, putting it
now above the weekly and monthly open.
I want to talk about whether or not we’re
going to see this retest of the 50 day
moving average at thirty six thousand five
hundred or even potentially test the top
of this channel resistance
at 40000 U.S. dollars.
More importantly, the Bitcoin maximalists
have been saying Altcoin season is over
now that we’re seeing confidence back
above thirty five thousand,
exactly as we’ve been talking
on the Snipers Cardano,
the Ethereum to Bitcoin chart breaking out
up over five percent today
with Bitcoin only up over two percent.
Notice how we’re above sixty five thousand
Satoshi, just like we talked about
yesterday, this was the confirmation that
we were going to break above 20 to 40.
The question is,
are we going to see a Ethereum breakout
back to the three thousand dollar level
to retest this channel resistance and see
a lot more strength than Bitcoin leading
other Altcoins to the forefront
of this others dominance chart?
Now, back above this weekly open and this
market, structural support is acting as
an area that looks like we could
be seeing a potential reversal.
We get above thirteen percent dominance.
The Bitcoin maximalists Altcoins
season is over or in the dumpster.
That means we’re going to see
the Higher High or the Lower High form
for others dominants indicating
more strength for Altcoins.
I want to talk about the early
confirmations of this and then of course,
we’ll look more into Bitcoin dominance.
The Bitcoin chart talk about
the fifty day moving average.
If we get above that,
how significant that is going to be.
Of course, its Independence Day tomorrow.
Traditional markets are closed
in observance of July 4th.
And so we have to realize an extended
weekend means more manipulation
in the Cryptocurrency market is just just
another pump to the upside
before another low.
I want to talk about that today.
You guys are watching
the Snipers channel on a Sunday.
My name is Naeem Alobaidi.
Remember to smash it like one
for the YouTube algorithm.
First, I want to talk about exactly
what’s happening here to Bitcoin.
So we’re coming up to test this
50 day moving average right now.
And at this point, if we get above thirty
six thousand five hundred,
we could assume that forty thousand is
back on the table and we’re going
to come and retest this channel.
Resistance, of course,
is going to be a little tougher
for Bitcoin to get above forty one
thousand nine hundred and fifty,
where we have the 200 day moving average
now sitting in between this range
all the way to that forty four
thousand eight hundred dollars level.
That’s the key area we want to get above
to assume a more macro reversal in trend.
But for now, Bitcoin is showing positive
momentum about thirty four
thousand seven hundred and eighty.
That’s the important level to watch.
I told you guys if we were to get above
that watch Altcoins because Altcoins tend
to move and perform better than Bitcoin
when Bitcoin consolidating.
So despite the Bitcoin maximalists saying
that Bitcoin dominance is way too low,
it needs to come back up for us
to see further action for Altcoins.
I’m just sticking to the charts being
the umpire, and I’ll talk about
others dominance in just a second.
But with Bitcoin,
if we’re seeing consolidation here between
thirty five thousand forty one thousand
nine hundred and fifty for the next
couple of weeks, next couple of months,
that means the Altcoins are really the
place to be looking at long positions.
And that’s where there’s going to be a lot
more volatility, an opportunity if
Bitcoin stays inside of this channel.
But for now, things are looking good.
We get above the 50 day moving average.
That’s the first time we get above it
since the start of this bear market.
And that would start the rescue operation
to the 200 day moving average sitting
at that forty four thousand
eight hundred dollar level.
That’s really where we want to get to.
To some a more macro reversal in this
trend to see potential further highs
potentially come back to the fifty
thousand dollars level.
But that’s not on the table yet.
We know there’s a lot
of overhead resistance.
The channel resistance,
the best case scenario for any upside
right now is going to be that forty
thousand dollars level to big,
even if it makes sense.
And so that’s what I’m
expecting for Bitcoin.
We stay up thirty four
thousand seven hundred eighty.
We’re only going to see upside or
sideways price action path of least.
Resistance is always sideways to a little
bit higher when there’s low volume,
so not downwards and a little bit
to the side, but upwards
and a little bit to the side.
Because inflation is something
that affects assets every single second.
And that’s why if markets are calm,
typically assets are
supposed to go up in value.
So that’s why when you look at macro
trends, you see those type of market
cycles in a more clear picture and these
downtrend and these bear markets
become a lot less significant.
So right now, we’re back
above thirty five thousand.
That’s what we wanted.
Coming into this, we can assume calmness,
happy Independence Day.
What a great time to get above this level.
But here’s the big question.
If we get back below thirty four thousand
seven hundred eighty,
what downside could we expect?
Once again, I’m only an expect downside
below thirty thousand
with a lot of volume.
And if we get below thirty thousand,
it’s going to be a short amount of time.
Have your limit orders down below thirty
thousand to enter into Bitcoin because
that’s always on the table on a weekend.
You have to be more freestyle.
It’s the most manipulated to see me
futures being close in traditional
markets, but that’s what I’m
watching right now for Bitcoin.
More importantly, let’s talk
about a Ethereum yesterday.
If you guys took our trade at 20 to 40,
I said if we come to test 20 to 40,
we are most likely going to test sixty
five thousand Satoshi and get above that.
Now we’re going to see
a massive breakout for them.
And that’s exactly what we’re
seeing for those in the Discord.
If you guys want to do the.
I sent out an entry at 20 to 40.
It already hit all targets.
That’s why it’s important
to watch others dominants.
I’m going to talk about that in a second.
But let’s talk about Thiering
because it leads the Altcoins.
It’s the biggest Altcoin.
Here’s the big thing right now
that we have to keep in mind.
We’re at the 50 day moving average
that they’re in a Bitcoin chart.
We get above that.
We’re in a very strong
bull market for Ethereum.
We get above the 50 day moving average
on the Ethereum to US dollar price.
That’s even more confirmation.
And it’s sitting at like
twenty five hundred.
We can get above that really quickly.
That is even more bullish
action for Ethereum.
So I’m not saying there’s
going to be a flip.
What I am saying is don’t just.
Think about the opinions of Bitcoin
maximalists even a theory, a maximalist
or any maximalists, any extremist.
You always want to be
in the middle, right?
You always want to have.
Preferably a neutral point of view,
and that’s why
despite everyone saying Altcoin season is
over now that Bitcoin topped out,
I’ve maintained myself saying that if
we’re at this 20 week moving average
at home base with others dominance,
it’s the most bullish chart and Crypto.
And that’s what I’m following.
The extreme side to this opinion so far,
it looks like since January,
Altcoins have been the favorable assets
we saw fear come into the market.
Bitcoin dominance came up a little bit.
We saw the top of Bitcoin and others
dominance finally had a relief back to
home base at the 20 week moving average.
We’ve yet to cross it and we held
this multi-year support level.
So you guys listen to a ton
of maximus and extremis.
Well, let me give you a maximalist
opinion, but I’m not one
overseeing when I was a garden variety
retests of an important support
in technical analysis,
that means we either come up to form
a Higher High
or we come to form a Lower High.
Because there has to be reaction
at a support, which was once
the resistance needs to be a support.
That’s what garden variety
market behavior would say.
If that’s the case,
that means heading into October,
November, December, twenty twenty one,
we’re almost there to twenty twenty two.
Are we going to be focused
on Bitcoin or Altcoins?
That’s the question.
If others dominance stays above 20 week
moving average Altcoins is the play.
So that’s what I’m watching.
A theory minute Bitcoin is confirming it
as a leading indicator showing strength
beyond Bitcoin coming down,
testing this previous weekly opener.
Now you can see even below
the weekly open Bitcoin dominance.
There’s no reason for Bitcoin dominance
to just be coming up for no reason.
It did see a little bit of a pause here
from the downtrend since we saw the China
foud, Elon Musk for whatever
you want to call it.
But the fact of the matter is,
we’re so far and below the home base,
20 week moving average,
that it is going to be a long time before
we can assume a bullish reversal
here for Bitcoin dominance.
And that’s just my opinion.
I don’t mind being the different opinion
in the markets and it’s just how I roll.
And with that being said,
I want to give away one of my favorite
books on value investing to one of you
watching our videos, comment
below your favorite Altcoin.
Maybe we’ll cover some more Altcoins soon.
And remember to smash like Snipers.
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subscribers on this channel.
Let’s go ahead and pick a winner.
Syrian Corey says, OMG,
the timing is perfect.
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Hope you enjoyed today’s Sunday update.
Happy Independence Day to each
and every one of you, Snipers.
I appreciate all of you.
I couldn’t do this without you.
And until next time Snipers out.