I’M DONE SHORTING ETHEREUM (MAJOR TREND CHANGE) (Get rekked)
Snipers.
You have to see what’s happening
in the Bitcoin price this Monday as we
have a bearish continuation candle
from yesterday heading towards this
200 day moving average at 46 $0.
But something very interesting is
happening to the Ethereum and Bitcoin
chart with this bullish continuation
candle finding support at 650.
Satoshis, this was a little bit unexpected
for a lot of us, and this
is a huge puzzle piece.
But I do have a narrative that could
be behind this and why Bitcoin dominance
is still seeing some further lows.
That doesn’t mean, though, that that’s it.
Bitcoin dominance is not in the early
stages of reversal,
but I do have a narrative that’s gonna be
extremely interesting to attach
to Ethereum seeing strength right now.
Specifically before Bitcoin dominance does
make a true reversal above the 20 week
moving amater, we seeing other alt coins
move into Aetherium as a hedge,
not just Bitcoin,
causing the thermite Bitcoin chart to see
some short term bullish price action.
Well, this is actually a pretty big puzzle
piece, and we do have this
major resistance right now.
And if this resistance breaks, my short
bias on Aetherium will change.
And we have to be like Bruce Lee.
He says be like water.
When the water enters the cup,
it turns into the shape of the cup.
If water enters a bowl,
it turns into the shape of the bowl.
We have to be nimble.
We have to be fast.
We have to be like water in this market
and dynamic and four dimensional,
not just too dimensional.
And that’s what we bring
here on the Snipers channel.
There’s going to be a very
interesting plot to today’s story.
And then we’ll look at the
the the US dollar price.
Of course, talk about what to expect here,
as I do have some new market
structure drawn on our charts.
I’ve reset our previous weekly opens,
as we always do in the green.
Which Bitcoins previous weekly
open at 49 300 right now.
And then, of course, turn around.
Tuesday is coming tomorrow.
Institutions are starting to make their
best, so we have a lot to look at today.
First, let’s talk about what’s
happening here to Bitcoin.
If we take this 200 day moving average,
we know at this point that Bitcoin has
the chance to come and test
this 200 day moving average.
But the problem that I see right now is
the range that we’re playing
in is 49,740 4800, not 49 7460.
So what that means is with Bitcoin seeing
this sort of curvature
to the downside right now.
And if we were to look at, for example,
the four hour chart, which we’ll look at
in a second, we’re seeing some weakness.
Of course,
if we’re coming to test the Tunity moving
average, who’s to say we’re
not gonna come to 44 800?
We’re most likely going to come to 44 800
because the 200 day moving average
isn’t the major support right now.
Where there’s volume and accumulation.
We can pull up the VP VR, for example,
and look at exactly where
there’s volume on the chart.
If we were to look at the VP VR right now,
most of the volumes at 45,800
below the 200 day moving average.
And so what we could assume is if we start
coming down, we’re gonna test 44 800.
And here’s where my concern comes.
If we come to test 44 800,
who’s to say that now that we’re below
the 200 day moving average,
the Bears are not going to make a run
for the monthly open, and that’s 41 950.
And the problem with that is, yes, there’s
confluence the 50 day moving average.
But now we’re below the 200 day
moving average, which is at 46,300.
And so who’s to say the Bears won’t even
take us further down
and maybe potentially further lost to this
year down to the $26,000
level that is on the table.
And I apologize that this just came up
out of nowhere for my notifications.
And so what we really need to monitor
at this point, in my opinion,
is this $44,800 level, we need to stay
above 44,800 to assume further upside.
Now, if we break below 44 800, I
believe Bitcoin has a potential to see
further lost for this year
down at the $26,000 level.
And if we see this
downside move play part.
I also believe Bitcoin dominance will rise
for the first time
since the Bull rally started for all
coins, because this is a different market
sentiment now that Bitcoin has seen
the retracement from 64,000 to 28,000,
I think that, yes, this right here was
great for all coins from August till now.
But my bullet prediction comes
and will be tested at 44,800 breaks.
And here’s the interesting
thing about this.
Will you say Etherium is an all coin?
Is it we’re seeing Ethereum?
It’s very secure, just like Bitcoin now,
it’s almost as secure as Bitcoin when
it comes to what it would take to 51%.
Attack there, for example,
and it’s moving to proof of stake.
So it’s not going to even
matter energy concerns, right?
All these things were Ethereum.
Keep it on the bullish end.
It’s an institutional product.
Now with futures, no
other all coin is in that category.
So I think that let’s just
talk about a three minute second,
but I want to finalize this.
If we break about 49,700 at any point,
I believe Bitcoin can Wick towards
the $54,000 level,
but we need to get to 49,700.
So let’s get back on track here
when it comes to Ethereum.
What we’re talking about here is maybe
this is the first altcoin season where the
does actually show strength with Bitcoin.
So it’s almost like Ethereum needs
to have its own dominance start.
Maybe we need to start monitoring ETH.
I’m going to start putting
that on the channel.
I’m not going to look at it right now,
but if we look at it.
It’s above all daily moving averages.
We’ll talk about that maybe tomorrow.
What if Ethereum right now?
Because we’re holding 650 satoshis,
this is extremely bullish right
now from yesterday’s candle.
If we break above here,
maybe other alt coins are going to be
moving into Ethereum
and Bitcoin this time around.
And we’ll see this new type of
season where it’s not just Bitcoin back
to dominance, but Ethereum also holding
the throne with Bitcoin,
which would be amazing.
And then that would also fall in line
with the thesis that 90% of these all
coins are gonna go to nothing
and turn into vaporware.
And of course, that’s
pretty true, actually.
I mean, that’s what’s gonna
happen in five to ten years.
So the real question is Bitcoin
in Aetherium now the dominant
ones in this cycle?
Well, here’s the thing.
If we break this market structural
resistance for Amy Bitcoin,
I will not be shorting a theorem.
I would only short other alt
coins and maybe like Solana.
I don’t want to say Cardano yet.
It’s so early.
I love Charles.
So I’m not going to talk
about other all coins.
But we have to know this, though.
We need to be like,
Bruce leave the Bitcoin breaks 690.
Satoshis, in my opinion,
it would never be the smart idea to short
there because at that point,
what we could assume for the
theorem to us dollar prices.
Yes, we may see some downside action with
Bitcoin if Bitcoin starts to move down.
So I think that what that would assume
then is a theme comes to 2500
test the monthly open.
And then from there,
we rally to new all time highs
with Bitcoin or with Bitcoin,
maybe even not seeing you all time highs.
But Ethereum seeing you all time highs
because of it’s relatively
in market cap compared to Bitcoin.
And we know Bitcoin being
the gold of this market.
Gold is not the biggest market
in traditional markets.
It’s only like, what,
11 trillion versus 50 to, you know,
75 trillion with S and P 500.
So if there could be bigger than Bitcoin
at that point at some point,
I think that that would be awesome.
I mean, it wouldn’t be a bad thing.
Let’s just say that doesn’t mean
Bitcoins coming down at all.
It doesn’t mean Bitcoins done.
No, it’s still digital real estate.
But Ethereum is gonna have a place in the
throne forever is what that would assume.
So what that means right now is a semi
Bitcoin does break 69,000 Satoshi,
And Bitcoin dominance starts to rise.
What we could be seeing right now is just
the last draw for other
coins going into Bitcoin.
But now also go into Aetherium.
And that’s why the Bitcoin
dominant charts still coming down.
That’s just in line with Art thesis
that Bitcoin dominance is in the early
stages as a reversal, which I
wouldn’t say that’s a bad thesis.
Now that we’ve already tested a 20 week
moving average, we usually come back
to the 200 acres at 57% dominance.
We’re currently at 43% dominance.
I think that that would be an interesting
story line, and that would be
very bullish for Ethereum.
And that would mean a theorem is
not the asset to be shorting.
Of course, we took some great shorts
already, but now that the theory Bitcoin
chart has changed the blueprint a little
bit, we have to be like Bruce Lee.
That’s what I would be expecting.
Bitcoin gets about 49 700 and Ethereum
will straight shot, I think,
to new all time highs,
which is also going to be a potential
scenario because we flagged this pattern
up here, and this was a continuation move,
you know, just a typical flag
before another continuation.
And we can start talking about
$4,000 as a target for Ethereum.
I’m like Bruce Lee.
Guys, I’m telling you,
I’m single digit body fat here,
no visceral fat to cloud my judgment,
I’m gonna make bold calls if I need to.
Now, let’s quickly look at this
four hour truck for them.
It looks like we do have this
bearish rejection.
Yeah, we have a bearish engulfing
candle on the four hour chart.
So maybe the short side was the play
for this week, at least,
because that means that Bitcoin
might be coming down to.
I mean, that was a pretty bearish candle.
That’s a pretty bearish candle.
So looks like short side
is biased right now.
It is what it is.
A lot of you guys on my video, we’re like,
oh, bad time, because if they’re pushed
up to 3300, I was like, yeah, watch.
I
was like, well, trust me.
So I took that million dollars short.
I close that position
in 40 plus profit already.
So, you know, we take
short every single day.
We take long as every
single day on the discord.
You’re late to the party.
If you think that I’m late to the party,
let’s talk about the traditional market
real quick, because, you know,
with Bitcoin demons others,
I’m not gonna monitor them right now
because the theorem will lead
the other all coins and other damage.
But the DXY is showing weakness right now.
50 D moving average.
If this breaks, crypto could be rallying
to all time highs for sure very soon.
Now, if this C strength back to 93
point 82, that’s not a bad thing.
If we see columns in this channel between
92 point 64 and 93 eight two,
that could be good for traditional
markets and cryptocurrency market.
But if we see decisive break of 93 82,
that’s where I have concerns, because
the DXY will push other markets down.
Now, if this starts to move down as well,
maybe we could resynthesize our
Bitcoin dominance prediction.
But for now, because Bitcoin dominance is
so correlated DXY DXY double bottom,
we want to say that it’s
in the early stages of reversal.
To end the video,
gold is still seeing strength,
meaning institutions coming into Monday
after General Pal spoke on Friday are
still hedging their money away
from traditional markets.
Smp 500 not seeing strength,
but we’re still in these higher ranges.
If we roll over, that could be
a bad sign for the crypto market.
We can potentially expect the test of 4400
for the SMP 500 Emini futures contract.
If that happens, if this downside center
plays out, Bitcoin will come down.
So we’ll monitor that, and then I’ll
start monitoring a theory of dominance.
Potentially.
If that Bitcoin breaks 69,000 associates.
How about that?
I think that’s a fair play for all of us.
Then we can really confirm that prediction
and move with that storyline
for the rest of our videos, as always.
And with that, thank you all
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I hope you enjoyed today’s analysis.
And until next time, snipers out.
