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Snipers, you have to see what’s happening
to the Cryptocurrency market today is
the Bitcoin bulls have reclaimed the 200
day moving average on the
daily chart right now.
And we got back above the big
even a thousand U.S. dollars.
But this daily Candle closes
in the next five hours.
And we have a bearish
tale forming right now.
I want to talk about what I’m expecting
for the Bitcoin price,
and then we’re going to look at what’s
happening to Ethereum,
because notice here how Ethereum is still
showing signs of being the stronger asset
inside of this fair market value range
that Ethereum has stayed in this channel
for a very long time,
showing healthy price action and always
being good time to buy below this channel.
And any time it gets above, it becomes
oversold and we see price discovery.
I want to talk about what I’m
expecting for the overall market.
The Ethereum to Bitcoin chart is also showing
signs that it wants
to continue further up.
But more importantly,
the total Cryptocurrency market cap chart
is now above the 20 week moving average,
which we like to call home base here.
And so far we still have the potential
of seeing a garden variety market retest
of home base and continued all time highs.
If we maintain price action above one
point six trillion dollars, that is
a very positive indicator for Altcoins.
And beyond that, for those in the Snipers
general, you know how important it is
to look at the environment outside
of the Cryptocurrency market,
like commodities such as Gold or the DXY,
which shows you
the strength of the dollar.
We’re going to take a look
at the environment outside of the market
because we are seeing
a very healthy environment.
And in my opinion,
this makes it prime for Bitcoin to see
continued upside and follow the path
of least resistance, which is always
sideways, a little bit higher.
Notice here how the traditional markets
in China are seeing a massive bullish
engulfing candle looking like it
wants to continue further up.
That is an extremely positive sign
because, you know,
traditional markets have a huge
effect on the Cryptocurrency market.
And so we’re going to look at what’s
happening to Bitcoin
in the smaller time frames.
But so far, the bulls have reclaimed
the 200 day moving average on the daily
chart, which is an extremely
positive thing for Bitcoin.
And now we’re 87 percent there when
it comes to the recovery operation.
But in order to have a final confirmation
that we are going to see continued upside,
we need to get above the previous week
looking at forty two thousand five hundred
where this opens the door for more volume
to flow into Bitcoin to take us back
to fifty thousand U.S. dollars.
And this would be the one hundred percent
confirmation of this rescue
operation being complete.
But so far, the bulls have reclaimed
the 200 day moving average
on the daily chart.
That was a huge, huge mission.
And now we’re there.
And so because we’re maintaining price
action above thirty eight thousand,
which is also a major level,
we’re going to look into the smaller
timeframes where everything starts
to morph in the smaller time frames
to then translate into the larger time
frames to predict what we’re going to see
here with Bitcoin end overall market.
You guys are watching the Snipers channel.
My name is Naeem Alobaidi.
Remember to smash it like one
for the YouTube algorithm.
We almost hit 400 likes yesterday.
I think the last time I checked we were
at three hundred and thirty three likes.
Thank you all so much.
I appreciate each and one of you Snipers.
And first I want to talk about
what’s happening here to Bitcoin.
We look into the four hour chart and we
still have this potential inverse head and
shoulder pattern forming here right now.
And if we see the retest of that thirty
eight thousand dollars level
and a continuation of volume
to the upside, notice how we now have this
forty one thousand nine hundred and fifty
dollars level showing confluence.
Right by that previous week,
we open at forty two thousand five hundred
if we’re able to get above forty two
thousand five hundred, in my opinion,
we could take the head of this inverse
head and shoulders pattern and look
at the schematics to determine
a target of where this would take us.
And so if we break out of forty two
thousand five hundred,
it looks like Bitcoin has the potential
to get all the way back above
fifty thousand US dollars.
And when we look at how this would
translate into the larger time frames,
that would take us up to retest the fifty
period and one hundred here moving average
on the daily chart, we’re at that point.
We either reject this level or we continue
further up to that sixty thousand dollar
level where we have confidence
at the monthly open,
really the exact numbers, fifty eight
thousand three hundred and that matters.
You guys know the numbers on our
channel are always exact.
And so at this point,
we want to see a confirmation of a forty
two thousand five hundred and that would
show that Bitcoin bulls are fighting
winning the battle and the rescue
operation is going to be one hundred
percent, complete with hourly and for our
confirmations above forty
two thousand five hundred.
And in my opinion,
that could take us towards that fifty
eight thousand three hundred dollar
level in the next few weeks.
And that would be the medium term price
action that I would expect,
because on the six hour notice here how
this area, we have a lot of volume.
And so once again,
I talked about this when we first
came down below thirty five thousand.
At this point, we have formed a low.
And a higher low and I do not want to see
any more price action below the weekly
open at thirty five thousand really,
it’s that thirty four thousand
eight hundred dollars level hourly.
And for our Kendalls
closing below that thirty four thousand
eight hundred dollars level for Bitcoin
indicates that twenty four
thousand comes on the table.
That’s an over 30 percent drop.
And so we don’t want to get below
thirty five thousand at this point.
And this is still a no trade zone because
we don’t have full confirmation
until we’re above this previous weekly
open for those in our Discord for those
that are tuned in to our channel,
we took our long positions at thirty
one thousand seven hundred.
We took another long position
here with a Ethereum.
And so we’re either in profits or
we’re in a no trade zone right now.
And that maintains the thesis
throughout this channel.
Until we can get above forty two thousand
five hundred is when we have the 100
percent confirmation of a breakout
that can potentially come up to retest
this monthly open here at fifty eight
thousand three hundred where we really
want to now get to that point,
because that was the Elon Musk pump high.
And so we know a lot of this FUD came
from Elon Musk and Tesla deploying 10
percent of their Bitcoin
position back into the markets.
And then Elon Musk,
you know, saying that Tesla doesn’t accept
Bitcoin and we can go into the
fundamentals on and on and on.
Even the fundamentals right now
are looking good for a Ethereum.
What a perfect transition when we look
at the Ethereum grayscale trust right now,
trading at an 11 percent premium.
And that makes total sense because
Ethereum is the stronger asset right now.
And that’s been the story line
since the start of this year.
Notice how Ethereum it now is inside
of this channel again,
where it has been a fair value to be
in a Ethereum where it’s always shown
a healthy price action
inside of this channel.
And any time we’ve gotten below this
channel, it’s been a very good opportunity
to long we long the theme here at 1760,
actually, right at the bottom.
And so once again, this is
a no trade zone in my opinion.
This is a good zone to hold Ethereum.
And if we get above the zone,
that’s when we start to get overbought.
And so right now,
that’s showing confidence right around
that monthly open here at twenty
eight hundred U.S. dollars.
We’re already showing Wick’s
trying to get above the zone.
And that’s not a surprise to me because we
look at that there in the Bitcoin chart.
Once again, we’re above
sixty five thousand.
Satoshi is currently on our way
to seventy seven thousand Satoshi.
And so I talked about that yesterday
and we were at 67000.
The totals were already
coming above 17000.
Tosches So that is
the story line right now.
As long as above sixty five thousand
Satoshi is for Ethereum,
it’s going to be the stronger asset.
And so that seventy seven thousand Satoshi
level from the current price action is
right around ten percent upside
for the theory in a bitcoin.
So when we translate that to where we
currently see Ethereum,
we’re talking about a three
thousand dollar Ethereum here.
If we see that continuation
with the theory of Bitcoin,
we start regardless of what Bitcoin does,
because as much as everyone is saying, oh,
Altcoins season is over,
that is definitely not the case.
When we look at a rational chart
that shows us that we’re only seeing
a garden variety market retest
of the twenty week moving average on the
total Cryptocurrency market cap chart.
For an analyst to now say that this is
a confirmation of a reversal and end
of a trend for Altcoins,
I think is a little bit irrational.
Special look at others dominance,
still maintaining price action here above
this multi-year resistance
level that is now support.
We’re not even coming down to tested.
We only got down to the one hundred.
We’re moving average now.
We’re coming back up
to test this pretty moving.
I sure as hell looks a lot
better than Bitcoin dominance.
You can see a rejecting the weekly open
rejecting, not even getting to test
that fifty per year moving average or
monthly open, still heading down
and so Bitcoin down is coming down.
Does it mean Bitcoin’s price
is going to come down.
It’s just not a bad thing to see others
dominants increase just means that we’re
seeing more capital flow into other
coins outside of Bitcoin.
That’s extremely healthy
sign for the overall market.
So with this total cryptocurrency market
cap chart over the next four days as this
weekly candle matures,
I talked about this yesterday,
it could be a whole different
weekly candle in a few days.
We just want to stay above one point
six trillion dollars in market cap.
That assumes we’re going to see
continuation into next week.
And when we look at the environment
outside of Bitcoin,
because we want to follow where the money
is going and traditional markets are
we know there’s a huge effect
and correlation between
the traditional markets and Bitcoin.
So we’re going to keep the international
markets on our chart, especially after
what we saw with China yesterday.
And I want to discuss Gold.
You can see money definitely
flowing into gold right now.
Institutions are hedging
their bets in gold.
That’s typically a sign that they want
to hedge away from traditional assets.
The S&P 500 still fighting this breakdown.
We did get towards this daily candle.
You notice here.
This was the breakdown candle where we
came below the previous weekly open.
And we fought yesterday to fight this
breakdown candle to get to the top,
but we barely got to half
way before seeing push back.
And so now we’re chillin here
at the monthly open we want to monitor
this monthly have been really that 40,
170 previous weekly open
is key in my opinion.
If that door opens, we come to the weekly
open at 41 50, that could open the door
to the 200 the 50 day moving average.
And so we want to monitor that.
But so far, it’s not looking bearish.
The trend is still bullish
year for the S&P 500.
The DXY is still extremely
calm inside of this channel.
That’s what we want to see.
So notice how the DXY did come up today,
but we didn’t see traditional markets come
down as there’s usually
an opposite correlation.
But I told you, when the DXY is calm,
that’s also a good thing for assets
to continue to see price discovery.
And so there’s a very sensitive
relationship when it comes to the U.S.
dollar value against the traditional
assets and their correlations.
And when we look at the largest share
market, Japan trying to come up and test
this 100 year moving average,
we didn’t even come down
to this 200 day moving average.
That is a positive environment.
Now, we want to see this get above
the monthly open here,
sitting at twenty nine thousand.
That gets us above home base
if we want to assume continued healthy
price action in the Japanese markets.
So far, we’re seeing that start with China
and notice how China was the first market
to come down and now it’s
back above home base.
That could be an indicator that other
international markets are going to follow.
The point is,
the environment is looking very good with
China, Shanghai, the euro 100 here above
home base, Japan trying to fight
to get above home base.
The S&P 500 way above home base.
That’s a very positive
environment for Bitcoin.
We want to monitor the Gold to Bitcoin
chart as well, because this is how
we predict the top or Bitcoin.
And so Emmies confident in Bitcoin
as I am in Ethereum, for example.
And I see that because this chart has
already broken the 50 and 100 year moving
average, it looks like we want to come
down and test this 2017
top when we saw the Gold to Bitcoin ratio
top out and then we saw
the start of the bear market.
So for Bitcoin not Altcoins, remember,
this is a very different Altcoin season.
And so don’t get fooled by those
saying that Altcoin season is over.
It certainly isn’t.
And so I do believe Ethereum is going
to be the strong Rassa above
sixty five thousand Satoshi.
She’s very key moment right now
in the Cryptocurrency market.
And really, as I wrap up this video and I
leave you with a puzzle piece,
this is what I want you Snipers
to watch here over the next 24 hours.
How does this daily kandell close here?
So we’ve got five hour left.
We’ve got this bearish tale of a test
of this 200 day moving average.
In my opinion.
I don’t want to see the body of this
scandal close below thirty eight thousand.
As long as the body can close above thirty
eight thousand, I think another retest
is going to be enough to break us above.
And so thirty thousand is critical,
thirty six thousand five hundred comes
below that and then thirty four thousand
eight hundred is the bell zone.
So that is where a stop loss is
need to be because that opens.
There were twenty four thousand.
And when we look at what happens when you
open a door at a major gap,
if you wait for that daily confirmation,
then you already know you’re playing
a dangerous game,
as I talked about two days ago.
So notice here how if you waited for these
four hour confirmations, you knew,
all right, we were closing below this
major level that resulted in extreme
amounts of downside,
over forty percent downside.
So you got to trust those four hour
and hourly confirmations and those
major levels for those that are new.
Of course, watch our videos,
copier levels, if you want.
And with that, I appreciate each
and every one of you Snipers.
I couldn’t do this without you.
I want to give away one of my favorite
books on investing before I do three
hundred and thirty seven likes.
Let’s see if we can hit 400 on this video.
And if you want to win principles
by Ray Dalio, comment below.
Share this video.
I’ll pick a winner from our video
yesterday and then we’ll
wrap up this video.
By the way, tickets
to Bitcoin Miami have sold out.
There will be a live stream.
And so I will get you guys
details of that here very soon.
And let’s see here.
We’ll go ahead and pick
David Webb says Vrabel, get yourself some
send me a message on Instagram.
The link is in the description below.
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And with that, thank you all for tuning
in today to the Snipers channel
until next time Snipers out.