ETHEREUM PUMP COMING? MAJOR ETH UPDATE (and bitcoin targets)
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00:00 video summary
06:13 bitcoin analysis
13:55 traditional markets
Snipers, you have to see what’s happening
in the Cryptocurrency market this Sunday
as we’re going to start to see futures
markets open and institutions are
going to start to make their bets.
Bitcoin is consolidating here above
the thirty two thousand dollar level,
inside of the symmetrical triangle,
really coming towards the apex and testing
the end of the symmetrical triangle.
Exactly as we predicted yesterday,
the garden variety market behavior
sideways to higher price action when
there’s low volume is exactly what
we’re experiencing right now.
But for those that were tuned
in the Snipers channel yesterday,
I talked about the reallocation of capital
in Altcoins and Ethereum being extremely
solid opportunity below the 1768 area,
down to the 14 for year.
And for those that took our trade
yesterday, below 1760 and for those inside
of our Discord group, the link
is in the description below.
I sent out a signal to enter Ethereum
at seventeen seventy seven and immediately
we saw Ethereum run up with the daily
candle opening from today over
eight percent to the upside.
And now Ethereum is back
about eighteen hundred.
And here’s the most interesting thing
that I want you guys
to pay attention to today.
The Ethereum to Bitcoin chart is heading
towards the one hundred day moving average
and the fifty three thousand five
hundred Satoshi support level.
We know there’s confluence here with this
market structural support level.
And if we come down to test this area,
we potentially see a candle with a wick
and we start to see by pressure come in.
We know Ethereum 2.0 is
coming out later this year.
There’s a lot of positive news
that is ahead for Ethereum.
Are we going to see a Ethereum outperform
Bitcoin into Q3 and Q4 this year?
When we look at the others dominants
chart, which factors in all
of the Altcoins, including Ethereum,
we’re also sitting having a cup of coffee
in an extremely key support level
at twelve point two percent
dominance on the weekly.
This shows confidence with the twenty
week moving average home base.
This is a multi-year support level.
Garden variety market behavior says
that we’re going to at least have to see
a reaction here, maybe a lower high will
form or potentially we even see
a higher high form regardless.
That would mean that some Altcoins could
Bitcoin into Q3 and Q4.
And that wouldn’t be a change of
the storyline from the start of this year,
because Altcoins season since January has
been in this extremely bullish trend.
And only since we’ve seen fear
in the market have we seen a garden
after breaking out of a more tire
staying above a home base in the twenty
week moving average for the majority of Q1
and Q2, are we seeing the early signs of
a opportunity like never before
with Altcoins that’s on the table?
And it’s not just the Ethereum for those
in the Discord that I sent out a signal
for yesterday, we sent out
a signal for Maker Kusama Link.
There are a lot
of opportunities on the table.
The hype coins, the meme coins,
the doge coins of the world.
They don’t have teams, fundamentals,
roadmaps as much as they might
have a strong community.
If you stick to the fundamentally sound
coins, you will always
be OK in this market.
I want to talk about what I’m expecting
overall as Bitcoin continues to follow
the path of least resistance.
But we’re seeing opportunities like
we’ve never seen before with Altcoins.
And I want to just throw something
on the table before we look
into Bitcoins analysis.
Yesterday was a no brainer.
We came down below 1760 for the first
time without any sort of.
Immediate price action,
and so it gave a lot of traders
an opportunity to enter into a theory
of mystery, and this was the first time,
every single time we go into the micro
time that we’ve came below 1760
in the past,
it’s been at an awkward time in the day
where no traders are awake,
they can’t get their entries in.
The initial test of 1760 was a WEC
that only lasted maybe
a minute or two below 1760.
But yesterday we were just chilling here
for a couple hours at that 1760 range.
That’s why we took the trade yesterday
for those that were in a Discord
are tuned into the Snipers channel.
And Bitcoin didn’t make any further lows
yesterday, but Ethereum was
sitting at this extremely
So every single day opportunities
are coming up in this market.
I didn’t send a signal for Cardno, right.
Cordona was already overbought.
There are a lot of dynamics
shifting right now in this market.
I’ll tell you exactly why when the fear
and greed index is at all time,
fears coming towards 20.
And we know that is a lot
of fear in the market.
We’re going to start to see
retail and institutional traders hedge
away from Altcoins that have
less user adoption into coins like Bitcoin
and Ethereum that
have a lot of fundamentals and have
a lot of development ahead.
And if you’re not privy to this when it’s
occurring, then you will miss
out on the price action.
So yesterday was an extremely good
opportunity to get into Altcoins,
in my opinion, and all Bitcoin
had to do was form a higher low.
And so far we just have
a low and a higher low.
We know there’s a lot of volume
here on the 4-hour chart.
Are we seeing the early signs of a grind
back up to break through this triangle
and for us to see
a rescue operation in place?
The thirty four thousand seven hundred
and eighty dollar level is
going to be on the table today.
And we’re going to talk about the other
key support and resistance levels to watch
because we are approaching the apex of the
symmetrical triangle and it is a Sunday.
Traditional markets are
going to start opening.
We’re going to see where
the institutions are hedging their bets.
And that’s going to be a huge
influence to the Cryptocurrency market.
Maybe that’s why we’re
towards the apex now.
It’s ready to make a decision.
I’m going to talk about what we’re
watching in traditional markets as well.
You guys are watching the Snipers channel.
My name is Naeem Alobaidi on a Sunday.
Remember to smash the like one
for the YouTube algorithm.
First, I want to talk about
exactly what happened to Bitcoin.
Just like we talked about yesterday.
We saw this bearish continuation engulfing
candle yesterday, but it didn’t for me,
it was a weekend candle.
I told you guys for us to just come back
inside of this and follow the path
of least resistance is highly likely.
And this ended up being a great
opportunity to enter long positions
for some Altcoins because they just saw
dip yesterday when it comes to their value
against Bitcoin that provided a great
opportunity to get into those positions.
Now we’re seeing 4 hour Candles
with bullish tales, bullish continuation,
4-hour Candles staying above market
structure, support level heading towards
futures markets opening.
We’re inside of this apex.
Here’s what I’m watching.
The thirty two thousand dollar level is,
an extremely key support level and we want
to stay above this to assume
strength for Bitcoin.
But we also know below the thirty thousand
dollar level is where there is a lot
of institutional and retail volume.
if you notice on the 4-hour chart,
we’ve only seen Wick’s below
the thirty thousand dollar level.
If not, we only saw a candle test thirty
thousand on the dot and really was just
one week that we’ve seen so
far below thirty thousand.
And that really brought
in buyers right way more sellers
throughout this low volume period.
And then out of nowhere
tons of buyers come in.
Thirty thousand, there’s volume,
there’s a lot of pressure here.
So having your
buy limit orders below the thirty thousand
dollars level is always going to be a good
idea when it comes to long term positions
for Bitcoin, as I mentioned yesterday,
it’d be foolish not to have buy limit
at twenty six thousand,
twenty four thousand and twenty
thousand just in case we see
enough sell pressure that we can
get a wick in these lower levels.
There’s going to be a lot of volume here,
whether you want to enter
into a position or not.
The institutions and the retail traders
that are smart are going to have
their positions at those levels.
And so we have to keep
that scenario in mind.
But right now, above this thirty thousand
to thirty two thousand dollar range,
we could also look at this as
a very strong support range.
And so seeing continued price action above
this range is a very positive thing,
not just for Bitcoin,
but for the overall market.
And I think Altcoins are doing what they
always do when Bitcoin is consolidating,
and that is they outperform Bitcoin
not all of them, but some of them.
And we have to keep this in mind because
that’s where the opportunity has
been over the last few weeks.
And this consolidation has brought a ton
of Altcoin opportunities to the table.
We’ve been longing and shorting Altcoins
now we’re starting to see great long term
entry positions that we
haven’t seen in months.
As long as we’re about
thirty two thousand.
That’s a very positive thing.
I think if we come below thirty two
thousand back inside of the thirty two
thirty thousand dollar range,
we might see more opportunities arise
for Altcoins any volume below this,
though, it’s a no brainer
to have positions there.
Now the early signs of a successful rescue
operation when we start to see futures
markets open, if the DXY still come,
I really believe with the S&P 500 closing
the week on Friday,
new all time highs that Bitcoin is going
to get above thirty four thousand seven.
And at this point, more confident
than I have ever been before.
If we get above thirty four thousand seven
hundred and eighty eight, in my opinion,
that is going to be
the early signs of a retest of the forty
four thousand eight hundred
dollar resistance level.
Now, a week ago,
it was the fifty thousand dollar level.
I don’t expect that yet.
I think that’s off the table for now.
I think forty four thousand eight hundred
is on the table.
If we break above the thirty four thousand
seven hundred and eighty
eight dollars level.
And I’m not just throwing this
mud, you know, mud up against
the wall for you guys.
When I say forty four thousand eight
hundred, that’s a major structural
resistance level that shows confluence
with the symmetry of this triangle.
And it also shows a confluence here
on the daily chart with where the 100
period moving average
is currently sitting.
And you’ve also got the 200 period
moving average sitting around that area.
And so best case scenario, we get
to forty nine thousand seven hundred.
But this is going to be a resistance range
here between forty four thousand eight
hundred and forty nine
thousand seven hundred.
So regardless of what happens,
I think either way we’re going to see
a retest of these moving averages at some
point or another, whether it’s this week,
next week, next month,
I think the downside scenario is going
to be a fast one if it occurs
or we’re going to just see
the continuation of the upside.
And if you’ve watched my videos over
the last few days, this is
nothing new to you guys.
I’ve been talking about all of these
patterns and resistance and support
levels throughout this week.
And so let’s talk about Altcoins.
I really hyped it up
in the beginning, this video.
But it’s truly an opportunity
like we’ve never seen before.
We know why Bitcoin is seeing so much foud
the energy concerns and the miners, well,
their 2.0 is going to eliminate miners.
Ethereum 2.0 is going to move to proof
of stake, eliminating energy concerns.
Ethereum 2.0 is going to become
a deflationary tokin, just like Bitcoin.
Ethereum 2.0 is going to be
the basis of DFI NFTE.
why are we so bearish when Ethereum right
now from the recent all time highs,
which were less then, which was less
than six months ago on the 12th of May?
To right now we are seeing an over
fifty eight percent discount in price.
Why wouldn’t we be watching
this as a very solid.
Asset to start entering into positions,
it would be foolish as Cryptocurrency
investors, if you’re watching an
influencer YouTube or analysts saying wait
to buy Ethereum, I think that’s
foolish, 1760 to 14 eighty.
If we get any price action in this range,
I’m entering positions into a theory,
and I hope you are, too,
for those in the Discord.
First, I will update you guys,
as I always do, and our analysts
always have your back as well.
I love Ethereum these prices,
Ethereum to Bitcoin chart,
also heading towards this market
structural support level,
showing confluence with seeing
some volume here fairly soon.
Fifty three thousand five
hundred is a major level.
It was a breakout level when we initially
saw the massive push to the upside
with a theme 2.0 was launched.
All we’re doing is forming lower lows.
That equals a bull flag.
I’m really looking forward to what
Altcoins are going to start
seeing strength here soon.
I really believe we’re going to see
some strength with Altcoins.
I don’t think the total Cryptocurrency
market cap chart is going to get too
far below one Trillion at some point.
Another liquidity is going to come in.
We’ve seen it before and it’s
going to push the market higher.
The question is, where’s
that liquidity going to flow?
We’re already seeing early signs
of movements in certain
coins to other coins.
You can really just look at the coin
against Bitcoin to determine where
we’re seeing the real capital flow.
The others dominated at a prime entry,
in my opinion, testing
a resistance that we broke.
We didn’t get to test
this for a few months.
We’re finally at this level.
Why not start those positions at these
levels for those
fundamentally sound coins?
I think that that’s the play.
And with Bitcoin dominance,
we’re still below 50 percent dominance.
It looks like it wants to see a push
to the twenty week moving
average for a retest.
Just like others.
Dominance is testing as a support
Just test it as a resistance for the first
time since the start of this mark
and then continue further down.
That’s on the table.
I don’t see why it’s not.
And the DXY,
as we start to see markets open,
we’re going to start to see where
institutions are hedging their bets.
As long as we’re not seeing abnormal
activity with the DXY,
I’m going to stick to my opinion if we
start to see the DXY push to the upside.
That’s the first warning sign for every
market, not just Bitcoin,
because we are still in a very bullish
micro trend, turning
into a bullish macro trends.
So this could just be a flag
to continue further up.
We want to watch this,
especially with Jerome Powell talking
about interest rates increasing
and things like that.
And with that, I want to give away one
of my favorite books on value investing
to one of you, Snipers tuned in comment
below, share this video
and Mérida smash the like button.
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I’m going to pick a winner from our video
yesterday and will wrap up this video.
I appreciate each
and every one of you guys.
I couldn’t do this without you,
Great analysis as usual.
Send me a message on Instagram
you want to book.
And with that I hope I give you guys some
perspective on why we entered
into Altcoins yesterday,
what I’m seeing and how the opportunities
in these markets are not
just one day opportunities.
Every day there are new opportunities.
You just have to watch the charts.
And with that, thank you guys
for watching until next time Snipers out.