You have to see what’s happening under
the Bitcoin price this Tuesday as we are
consolidating in an extremely important
range of 49,740 4800 right now.
And there’s so many different things
happening inside of this range here
with a new monthly open at 47,000,
the previous weekly open and weekly open
around that fortye eight to $49,000 level
and the 200 day moving average sitting
at 46,000, there’s a lot going on.
And that’s why I think this is gonna be
an extremely important video to talk about
the importance of if Bitcoin does see
a break of 44 800, or if Bitcoin does see
a break of 49 700, How’s that gonna
affect Ethereum and other altcoins.
And more importantly,
what is that gonna mean for Bitcoin
in a more macro perspective,
because we know 44 800 breaks.
That puts us below the 200
day moving average.
So why wouldn’t the Bears try to take us
lower if we’re already below
the 200 day moving average?
That’s my concern right now.
If we break 460,
we really want to start seeing some
candles towards 49 700 at this point,
if we want to assume some upside and this
is really gonna determine what happens
to the other parts of this market.
Because remember, on our channel,
we’re four and three dimensional,
not two dimensional analysts.
And so with Ethereum right now showing
strength against Bitcoin,
it was able to rescue itself at 65,000
a Toshi’s causing this Ethereum to US
dollar price to test 34 54, which is
an extremely important resistance.
And realize this, when you come to
a destination, you will either have a cup
of coffee at that destination or you will
reach the destination
and turn right around.
And so far, we’re having a cup
of coffee here at this destination.
Does this assume Ethereum could
potentially break towards 36 50
and even potentially the $4000 level?
This is really going to be determined
on Bitcoin being able to get itself
to 49,700 for the most part.
But if Bitcoin stays above 44 800,
here’s the interesting thing,
because the Ethereum to Bitcoin chart
is showing strength at 650 Satoshis.
And we saw now a second bullish
there’s a potential Ethereum could see
some potential high,
maybe new all time highs
if Bitcoin just has to stay above 44,800.
This is a huge puzzle piece that’s
on the table I want to talk about.
And as I mentioned yesterday,
we’ve been really trying to solidify our
thesis on what’s happening with others
dominance and Bitcoin dominance
as we head into the next phase of this
market cycle, because Bitcoin dominance
has yet to form any further
low since the May top.
So we’re assuming that there’s a potential
reversal in trend coming
for Bitcoin dominance.
But what I talked about yesterday,
which would be very interesting since
Bitcoin against Ethereum
saw a weakness yesterday.
And Ethereum to Bitcoin really, you know,
held this 65 thousands
associates support level.
That’s why our numbers are extremely
important on this channel.
Could we make an assumption that this
market cycle, even if Bitcoin dominance
comes up, the Ethereum dominance
chart is also going to see upside.
That would be very interesting,
because that means that not only are
altcoins moving into Bitcoin as a hedge
against downside in the market,
but they could also be moving
into Ethereum now, being that it’s just as
institutionally graded as Bitcoin,
it has CME futures and so forth.
And it’s the only altcoin that has that.
I mean, could we really call
an altcoin at this point?
This is a very interesting puzzle piece,
because with Bitcoin dominance coming up,
others dominance would
potentially start to come down.
But if Ethereum makes up the majority
of others dominance,
it might not be that bad for others
dominance, but that could affect some
of the smaller and mid cap coins,
because Bitcoin dominance coming up would
definitely affect the smaller ones.
And so there’s a lot of dynamics playing
part, and we’re really taking advantage
of the volatility inside of this
especially here with Bitcoin right now
being the fact that we’re in this
extremely important range of 49,740 4800,
I really think that monitoring price
action in the smaller timeframes as we
come to test some of these more important
levels, like ETH Monthly Open,
which is now going to be just kind
of sitting here at 47,000. If we come
below or above that,
are we gonna be able to hold it?
These are the things that we want to start
watching inside of this consolidation
range to get the early confirmation
of which direction Bitcoin
is going to choose to go.
And so depending on how this plays out,
we’re gonna obviously have to play
altcoins in a very,
you know, cautious manner.
I would say, with the potential Bitcoin
dominance coming up,
if Bitcoin price comes down,
you know, for those that are
trading Ethereum, the discord.
I sent out three trades that were long
for Ethereum starting the $3200 range.
I actually took another $1 million
position on Ethereum,
and that ended up very well.
I know I took a shorts as well the other
day, but it’s because we’re seeing so
much of this volatility and price action.
I was $71,000 in profit on this trade.
I ended up taking profits around 500.
But, you know, here’s an example of how we
can play altcoins during this type
of kinof dance with Bitcoin
inside of this range.
If a theme right now breaks to 36 50,
that could be a nice short term
sell trade down back to 34 54, you know.
And so you take a shorts there and make
another, you know, on your money,
and then we come down here,
maybe you take a longs depending on what
happens in the smaller time for us,
I think that that would be
the best thing to do in the market right
now outside of the smaller cap and mid
cap altcoins and just investing in them.
I think taking advantage of these ranges
that are pretty clear and concise while
Bitcoin is having a cup of coffee is
a very good benefit of what you can do to
take advantage of this market right now.
You know, with Ethereum right now,
it’s really a game of resistance.
We’re having a cup of coffee
at the 34 54 level.
It looks like it’s not
the final destination.
So it’s gonna be interesting to see
how this is going to play out.
Does this mean Bitcoin
comes up about 49 700?
Does this mean that Bitcoin just has
to stay about 44 800 for this to happen?
That’s gonna be very interesting to see.
I think we’ll get a lot of those tents
on the the Bitcoin chart,
which is a leading indicator for altcoins,
but that could change
if Bitcoin dominance starts to move up.
So that’s why we’re in such a very dynamic
market, and we have to be like Bruce Lee
and be like water and be nimble and be
able to change and adapt quick
with a theorem to Bitcoin coming here to
650 toases really all right, that’s it.
But then I saw one bullish candle
continuation at test resistance.
I said, all right, you know what?
No more shorting Ethereum.
And now look what happened.
You know, it starts to move up.
So this moving up, it has a chance to go
to 86,000 Satoshis that could bring
Ethereum to new all time highs here.
And so what does Bitcoin have to do or
what is Bitcoin going to do
in order for this to happen?
Is really the question doesn’t need to get
about 49 700, or does it
just have to save 44 800?
We’ll see this happen soon.
That’s going to be very
interesting to watch, I think.
And so others dominants will be
affected if Bitcoin dominance comes up.
And that’s why we have to now kind
of isolate Ethereum now, I think.
And so there’s a way we can actually look
at all gold coins outside of Ethereum
and the stable coins instead of just
looking at these kind of cookie cutter
which we might want to start putting up
on the channel, because I think
that would be important to monitor.
So you kind of getting my drift here.
So it’s like the Ethereum dominance now
should be isolated from other altcoins.
In my opinion, it shouldn’t
be considered an altcoin.
It’s institutionally graded.
And I think that having that firm mindset
will really allow you to navigate
the market in a more specific
manner where, you know.
Ethereum is also a hedge like Bitcoin,
especially with deflationary aspects.
It has now with ETH two0 coming.
So I think that that’s
certainly some food for thought.
The DXY puzzle piece here.
We did hold 92 62 with a sort
of bullish candle here yesterday.
I mean, it was still red,
but let’s monitor this.
If this starts to move up,
this could have just been the last point
of support before further upside,
this has been on the tier.
So let’s monitor the DXY.
Seeing some outside here could
affect the traditional markets.
And it’s kind of weird right now because
Spy 500 is just sitting
in you all time highs.
But now we’re seeing
gold starting to move.
Precious metals and commodity,
especially gold moving shows a little bit
more fear in institutional
capital and traditional markets.
I don’t know.
Is this giving us a little bit of a hint
of what’s going to happen next?
Because commodities sometimes
are a leading indicator?
I hope you guys enjoyed today’s analysis.
I certainly enjoy doing this
for each and every one of you.
If you want to win mastering Bitcoin,
one of my favorite textbooks on Bitcoin.
All comments are legible,
and we’ll wrap up this video.
Let’s see here.
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Almost sell off my chair
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thank you all for tuning
in today the Snipers Channel.
Until next time.