ETHEREUM WILL OUTPERFORM BITCOIN Q3 2021? (emergency update)

Naeem Al-Obaidi
13 min readMay 26, 2021

@ Subtitles generated with Happy Scribe

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Snipers, you have to see what’s happening

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to the Cryptocurrency market today is
the Bitcoin bulls have reclaimed the 200

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day moving average on the
daily chart right now.

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And we got back above the big
even a thousand U.S. dollars.

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But this daily Candle closes
in the next five hours.

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And we have a bearish
tale forming right now.

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I want to talk about what I’m expecting

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for the Bitcoin price,
and then we’re going to look at what’s

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happening to Ethereum,
because notice here how Ethereum is still

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showing signs of being the stronger asset
inside of this fair market value range

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that Ethereum has stayed in this channel
for a very long time,

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showing healthy price action and always
being good time to buy below this channel.

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And any time it gets above, it becomes
oversold and we see price discovery.

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I want to talk about what I’m
expecting for the overall market.

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The Ethereum to Bitcoin chart is also showing

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signs that it wants
to continue further up.

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But more importantly,
the total Cryptocurrency market cap chart

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is now above the 20 week moving average,
which we like to call home base here.

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And so far we still have the potential

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of seeing a garden variety market retest
of home base and continued all time highs.

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If we maintain price action above one

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point six trillion dollars, that is
a very positive indicator for Altcoins.

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And beyond that, for those in the Snipers

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general, you know how important it is
to look at the environment outside

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of the Cryptocurrency market,
like commodities such as Gold or the DXY,

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which shows you
the strength of the dollar.

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We’re going to take a look
at the environment outside of the market

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because we are seeing
a very healthy environment.

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And in my opinion,

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this makes it prime for Bitcoin to see
continued upside and follow the path

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of least resistance, which is always
sideways, a little bit higher.

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Notice here how the traditional markets
in China are seeing a massive bullish

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engulfing candle looking like it
wants to continue further up.

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That is an extremely positive sign
because, you know,

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traditional markets have a huge
effect on the Cryptocurrency market.

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And so we’re going to look at what’s

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happening to Bitcoin
in the smaller time frames.

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But so far, the bulls have reclaimed
the 200 day moving average on the daily

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chart, which is an extremely
positive thing for Bitcoin.

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And now we’re 87 percent there when
it comes to the recovery operation.

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But in order to have a final confirmation

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that we are going to see continued upside,
we need to get above the previous week

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looking at forty two thousand five hundred
where this opens the door for more volume

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to flow into Bitcoin to take us back
to fifty thousand U.S. dollars.

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And this would be the one hundred percent

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confirmation of this rescue
operation being complete.

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But so far, the bulls have reclaimed

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the 200 day moving average
on the daily chart.

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That was a huge, huge mission.
And now we’re there.

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And so because we’re maintaining price

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action above thirty eight thousand,
which is also a major level,

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we’re going to look into the smaller
timeframes where everything starts

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to morph in the smaller time frames
to then translate into the larger time

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frames to predict what we’re going to see
here with Bitcoin end overall market.

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You guys are watching the Snipers channel.

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My name is Naeem Alobaidi.

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Remember to smash it like one
for the YouTube algorithm.

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We almost hit 400 likes yesterday.

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I think the last time I checked we were
at three hundred and thirty three likes.

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Thank you all so much.

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I appreciate each and one of you Snipers.

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And first I want to talk about
what’s happening here to Bitcoin.

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We look into the four hour chart and we

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still have this potential inverse head and
shoulder pattern forming here right now.

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And if we see the retest of that thirty
eight thousand dollars level

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and a continuation of volume
to the upside, notice how we now have this

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forty one thousand nine hundred and fifty
dollars level showing confluence.

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Right by that previous week,
we open at forty two thousand five hundred

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if we’re able to get above forty two
thousand five hundred, in my opinion,

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we could take the head of this inverse
head and shoulders pattern and look

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at the schematics to determine
a target of where this would take us.

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And so if we break out of forty two

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thousand five hundred,
it looks like Bitcoin has the potential

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to get all the way back above
fifty thousand US dollars.

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And when we look at how this would

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translate into the larger time frames,
that would take us up to retest the fifty

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period and one hundred here moving average
on the daily chart, we’re at that point.

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We either reject this level or we continue
further up to that sixty thousand dollar

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level where we have confidence
at the monthly open,

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really the exact numbers, fifty eight
thousand three hundred and that matters.

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You guys know the numbers on our
channel are always exact.

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And so at this point,
we want to see a confirmation of a forty

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two thousand five hundred and that would
show that Bitcoin bulls are fighting

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the battle,
winning the battle and the rescue

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operation is going to be one hundred
percent, complete with hourly and for our

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confirmations above forty
two thousand five hundred.

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And in my opinion,
that could take us towards that fifty

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eight thousand three hundred dollar
level in the next few weeks.

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And that would be the medium term price
action that I would expect,

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because on the six hour notice here how
this area, we have a lot of volume.

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And so once again,

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I talked about this when we first
came down below thirty five thousand.

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At this point, we have formed a low.

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And a higher low and I do not want to see

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any more price action below the weekly
open at thirty five thousand really,

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it’s that thirty four thousand
eight hundred dollars level hourly.

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And for our Kendalls

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closing below that thirty four thousand
eight hundred dollars level for Bitcoin

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indicates that twenty four
thousand comes on the table.

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That’s an over 30 percent drop.

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And so we don’t want to get below
thirty five thousand at this point.

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And this is still a no trade zone because

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we don’t have full confirmation
until we’re above this previous weekly

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open for those in our Discord for those
that are tuned in to our channel,

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we took our long positions at thirty
one thousand seven hundred.

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We took another long position
here with a Ethereum.

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And so we’re either in profits or
we’re in a no trade zone right now.

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And that maintains the thesis
throughout this channel.

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Until we can get above forty two thousand
five hundred is when we have the 100

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percent confirmation of a breakout
that can potentially come up to retest

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this monthly open here at fifty eight
thousand three hundred where we really

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want to now get to that point,
because that was the Elon Musk pump high.

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And so we know a lot of this FUD came
from Elon Musk and Tesla deploying 10

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percent of their Bitcoin
position back into the markets.

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And then Elon Musk,
you know, saying that Tesla doesn’t accept

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Bitcoin and we can go into the
fundamentals on and on and on.

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Even the fundamentals right now
are looking good for a Ethereum.

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What a perfect transition when we look

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at the Ethereum grayscale trust right now,
trading at an 11 percent premium.

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And that makes total sense because
Ethereum is the stronger asset right now.

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And that’s been the story line
since the start of this year.

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Notice how Ethereum it now is inside
of this channel again,

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where it has been a fair value to be
in a Ethereum where it’s always shown

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a healthy price action
inside of this channel.

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And any time we’ve gotten below this
channel, it’s been a very good opportunity

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to long we long the theme here at 1760,
actually, right at the bottom.

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And so once again, this is
a no trade zone in my opinion.

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This is a good zone to hold Ethereum.

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And if we get above the zone,
that’s when we start to get overbought.

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And so right now,
that’s showing confidence right around

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that monthly open here at twenty
eight hundred U.S. dollars.

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We’re already showing Wick’s
trying to get above the zone.

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And that’s not a surprise to me because we
look at that there in the Bitcoin chart.

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Once again, we’re above
sixty five thousand.

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Satoshi is currently on our way
to seventy seven thousand Satoshi.

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And so I talked about that yesterday
and we were at 67000.

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The totals were already
coming above 17000.

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Tosches So that is
the story line right now.

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As long as above sixty five thousand

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Satoshi is for Ethereum,
it’s going to be the stronger asset.

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And so that seventy seven thousand Satoshi
level from the current price action is

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right around ten percent upside
for the theory in a bitcoin.

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So when we translate that to where we
currently see Ethereum,

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we’re talking about a three
thousand dollar Ethereum here.

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If we see that continuation
with the theory of Bitcoin,

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we start regardless of what Bitcoin does,
because as much as everyone is saying, oh,

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Altcoins season is over,
that is definitely not the case.

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When we look at a rational chart

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that shows us that we’re only seeing
a garden variety market retest

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of the twenty week moving average on the
total Cryptocurrency market cap chart.

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For an analyst to now say that this is
a confirmation of a reversal and end

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of a trend for Altcoins,
I think is a little bit irrational.

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Special look at others dominance,
still maintaining price action here above

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this multi-year resistance
level that is now support.

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We’re not even coming down to tested.

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We only got down to the one hundred.
We’re moving average now.

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We’re coming back up
to test this pretty moving.

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I sure as hell looks a lot
better than Bitcoin dominance.

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You can see a rejecting the weekly open

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rejecting, not even getting to test
that fifty per year moving average or

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monthly open, still heading down
and so Bitcoin down is coming down.

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Does it mean Bitcoin’s price
is going to come down.

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It’s just not a bad thing to see others
dominants increase just means that we’re

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seeing more capital flow into other
coins outside of Bitcoin.

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That’s extremely healthy
sign for the overall market.

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So with this total cryptocurrency market
cap chart over the next four days as this

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weekly candle matures,
I talked about this yesterday,

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it could be a whole different
weekly candle in a few days.

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We just want to stay above one point
six trillion dollars in market cap.

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That assumes we’re going to see
continuation into next week.

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And when we look at the environment
outside of Bitcoin,

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because we want to follow where the money
is going and traditional markets are

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extremely important,
we know there’s a huge effect

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and correlation between
the traditional markets and Bitcoin.

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So we’re going to keep the international

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markets on our chart, especially after
what we saw with China yesterday.

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And I want to discuss Gold.

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You can see money definitely
flowing into gold right now.

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Institutions are hedging
their bets in gold.

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That’s typically a sign that they want
to hedge away from traditional assets.

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The S&P 500 still fighting this breakdown.
Daily candle.

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We did get towards this daily candle.
You notice here.

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This was the breakdown candle where we
came below the previous weekly open.

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And we fought yesterday to fight this
breakdown candle to get to the top,

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but we barely got to half
way before seeing push back.

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And so now we’re chillin here

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at the monthly open we want to monitor
this monthly have been really that 40,

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170 previous weekly open
is key in my opinion.

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If that door opens, we come to the weekly

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open at 41 50, that could open the door
to the 200 the 50 day moving average.

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And so we want to monitor that.

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But so far, it’s not looking bearish.

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The trend is still bullish
year for the S&P 500.

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The DXY is still extremely
calm inside of this channel.

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That’s what we want to see.

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So notice how the DXY did come up today,
but we didn’t see traditional markets come

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down as there’s usually
an opposite correlation.

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But I told you, when the DXY is calm,

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that’s also a good thing for assets
to continue to see price discovery.

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And so there’s a very sensitive
relationship when it comes to the U.S.

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dollar value against the traditional
assets and their correlations.

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And when we look at the largest share

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market, Japan trying to come up and test
this 100 year moving average,

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we didn’t even come down
to this 200 day moving average.

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That is a positive environment.

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Now, we want to see this get above

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the monthly open here,
sitting at twenty nine thousand.

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That gets us above home base

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if we want to assume continued healthy
price action in the Japanese markets.

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So far, we’re seeing that start with China
and notice how China was the first market

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to come down and now it’s
back above home base.

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That could be an indicator that other
international markets are going to follow.

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The point is,

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the environment is looking very good with
China, Shanghai, the euro 100 here above

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home base, Japan trying to fight
to get above home base.

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The S&P 500 way above home base.

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That’s a very positive
environment for Bitcoin.

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We want to monitor the Gold to Bitcoin

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chart as well, because this is how
we predict the top or Bitcoin.

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And so Emmies confident in Bitcoin
as I am in Ethereum, for example.

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Probably not.
And I see that because this chart has

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already broken the 50 and 100 year moving
average, it looks like we want to come

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down and test this 2017
top when we saw the Gold to Bitcoin ratio

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top out and then we saw
the start of the bear market.

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So for Bitcoin not Altcoins, remember,
this is a very different Altcoin season.

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And so don’t get fooled by those
saying that Altcoin season is over.

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It certainly isn’t.
And so I do believe Ethereum is going

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to be the strong Rassa above
sixty five thousand Satoshi.

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She’s very key moment right now
in the Cryptocurrency market.

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And really, as I wrap up this video and I
leave you with a puzzle piece,

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this is what I want you Snipers
to watch here over the next 24 hours.

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How does this daily kandell close here?

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So we’ve got five hour left.

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We’ve got this bearish tale of a test
of this 200 day moving average.

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In my opinion.

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I don’t want to see the body of this
scandal close below thirty eight thousand.

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As long as the body can close above thirty

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eight thousand, I think another retest
is going to be enough to break us above.

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And so thirty thousand is critical,
thirty six thousand five hundred comes

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below that and then thirty four thousand
eight hundred is the bell zone.

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So that is where a stop loss is
need to be because that opens.

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There were twenty four thousand.

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And when we look at what happens when you
open a door at a major gap,

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if you wait for that daily confirmation,
then you already know you’re playing

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a dangerous game,
as I talked about two days ago.

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So notice here how if you waited for these
four hour confirmations, you knew,

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all right, we were closing below this
major level that resulted in extreme

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amounts of downside,
over forty percent downside.

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So you got to trust those four hour

00:13:15:200 00:13:18:640
and hourly confirmations and those
major levels for those that are new.

00:13:18:840 00:13:21:640
Of course, watch our videos,
copier levels, if you want.

00:13:21:720 00:13:24:200
And with that, I appreciate each
and every one of you Snipers.

00:13:24:200 00:13:26:840
I couldn’t do this without you.
I want to give away one of my favorite

00:13:26:840 00:13:30:080
books on investing before I do three
hundred and thirty seven likes.

00:13:30:080 00:13:32:120
Let’s see if we can hit 400 on this video.

00:13:32:320 00:13:35:120
And if you want to win principles
by Ray Dalio, comment below.

00:13:35:230 00:13:38:480
Share this video.
I’ll pick a winner from our video

00:13:38:680 00:13:41:280
yesterday and then we’ll
wrap up this video.

00:13:41:480 00:13:43:520
By the way, tickets
to Bitcoin Miami have sold out.

00:13:43:520 00:13:44:760
There will be a live stream.

00:13:44:960 00:13:48:040
And so I will get you guys
details of that here very soon.

00:13:48:240 00:13:49:280
And let’s see here.

00:13:49:480 00:13:56:520
We’ll go ahead and pick
David Webb says Vrabel, get yourself some

00:13:56:720 00:13:58:000
send me a message on Instagram.

00:13:58:000 00:13:59:600
The link is in the description below.

00:13:59:800 00:14:00:840
You want a book?

00:14:01:040 00:14:03:080
And with that, thank you all for tuning

00:14:03:280 00:14:08:080
in today to the Snipers channel
until next time Snipers out.

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Naeem Al-Obaidi

Traders Profit Club (SnipersTube) is a community dedicated to creating knowledgeable & profitable traders in all markets.