MAJOR BITCOIN PRICE UPDATE!!! (new key support & resistance)
You have to see what’s happening
to the Bitcoin price this Mondays,
we have a new weekly open and some
new market structure to discuss.
And we’re going to learn a lot today
because here in the four hour chart,
I want to talk about what happened
yesterday when we came up to 65,600,
which was the extremely important
level that we were watching.
I always say that we want to wait for four
hour hourly confirmations in order for us
to assume a level has truly been broken.
And notice how yesterday we did not get
any full four hour candles,
bodies and Wicks above 65, 600.
And so this was a very big puzzle piece,
especially when you start to see
the candlestick symmetry.
Notice how the first four hour candle
that got above had a bearish
tail and a body pointing down.
And that’s why we’ve so
far rejected 65,600.
We are still in an extremely
But now we actually have a very important
level here, which is the previous weekly
open at 63,300,
which is going to be the most important
support level right now for Bitcoin as we
start to see a potential test
of this extremely important area.
And remember, if we break from this area,
the likelihood that Bitcoin comes down
to test the 60,000 to $59,000 level
becomes extremely high,
especially with this market structural
channel that we want to follow.
Now, assuming this was a higher high
from the initial high that was
formed here on October 20.
And by the way, for those that have been
tuned in to the Cyprus Channel for quite
some time, I’m going to be more specific
about the daily price action for Bitcoin
instead of repeating different support
and resistance levels that we might have
been watching over the last few days.
So you’re really going to want to stay
tuned to our videos on a daily basis.
I want to make sure that there’s new
content and new information
with every video.
So we’re going to be a lot more Intraday
focused and talk about things like what’s
happening today where we did see that test
of 65,600, but we’ve yet to see a full
four hour confirmation above that level.
So 65,600, if we can get above this
resistance area, where this is pretty much
the consolidation zone that we’ve fought
through since we saw that institutional
sell pressure on the six hour chart.
Once we get four hour confirmations above
this level, we can assume continued
price discovery for Bitcoin.
And then, of course,
this is an extremely important support
here at 63,300, that if we were to start
to see four hour and hourly confirmations
below this level, the likelihood we come
down to test 60,000 becomes highly likely,
potentially even down to 58,353.
But that would be the worst case scenario.
This is what’s most important for Bitcoin.
Of course, if we can get above 65,600,
Ethereum will have the chance to move up.
And if we break below 63,300.
We have to see whether or not a theorem is
going to hold up against Bitcoin or if
it’s going to actually see
more downside than Bitcoin.
And based on what we’re seeing so far
with the Ethereum to Bitcoin chart,
it looks like we’re seeing some weakness.
We have this lower highs forming.
We’re failing to form new highs here.
And so that would be a very big deal.
Bitcoin break 63,300 that we could see
Ethereum actually see a lot more downside.
But if we start to see Bitcoin get back
above 65,600, then we want to watch to see
if we can get above this previous weekly
open at 72,900 Satoshis,
because if we do that could actually mean
that they may outperform Bitcoin if
there’s an upside scenario on the table.
So a lot happening.
And of course, this is a new week.
So we have new previous weekly opens
on our Bitcoin dominance chart as well.
You can see we have 43.9% as
a very important support level.
Bitcoin dominance actually has been
forming these higher low,
so it looks a little bit more healthy
to see upside than
the theme to Bitcoin chart.
And that wouldn’t be a surprise
for those tender to the Cypressano.
We know this is extremely correlated
to the DXY chart, and of course,
the DXY you can see here on the daily
chart forming new yearly highs today.
And this was the puzzle piece that allowed
us to predict Bitcoin’s short term top so
far at 690 when we initially saw
the DXY move up with inflation numbers.
So we’re seeing continued
price action to the upside.
So that is to note as a negative puzzle
piece for the cryptocurrency market to see
but that’s all going to depend on that
very important range of 65,660 3300.
And when we go to the SAP 500,
you can see traditional markets also
showing a little bit of strength actually
getting above the previous weekly open.
So we’re going to want to monitor this
whether or not we can form new highs here,
or if this becomes a lower high,
that’s going to really unfold
over the next few days.
So stay tuned for that.
But Desp 500 does see some weakness.
That wouldn’t be a good puzzle piece
for the cryptocurrency market.
But if we can break to new highs,
that would allow the environment to allow
Bitcoin to potentially even see further
price discovery and new all time highs,
and then not much going
on with traditional markets.
But we have to start watching gold
pushing up on a daily basis here.
Since we saw those inflation numbers come
up in the DXY also starting to push up.
This can indicate some fear in traditional
capital coming in and hedging
away from higher risk assets.
And so that would certainly affect
Bitcoin’s price if it also affects S Amp P
500 and the DXY chart here that factors
in Gold’s value against Bitcoin.
We failed to form new lows.
And that was a confirmation that we’re
starting to see a little bit of a slowdown
with this price discovery for Bitcoin
to the upside, but nothing
to be worried about.
Yet if we come to the 50 day moving
average, that would be something
that we would have to address.
But if we form further lows,
that would be a confirmation of more
fuel for Bitcoin to see upside.
So a lot kind of stirring right now,
which is exciting.
We had a very successful week
of altcoin trades in our discord group.
We have the number one cryptocurrency
discord signals in the world.
You can see we took advantage of helium,
Cosmos, Kusama, and many other altcoins
this week, and so we do plan to send more
altcoin trades out as long as Bitcoin can
show some strength here above 63,300.
If not, we may have to move to the short
side for a short amount of time.
But of course, remember,
shorting is a lot more risky when there’s
unlimited downside versus going long,
where there’s a very
limited amount of downside.
So we don’t want to be short.
And of course, if we come and test this
major area here at 600 and we see some
strength, maybe if we start to see
institutional pressure the same way we saw
the cell pressure on the six hour chart
come around this area here at 600 towards
the monthly open at 61,844,
then we can potentially assume that that’s
going to get confirmation
that that’s it for Bitcoin.
It’s going to go continue further up,
and then that would be the best
time to start trading all coins.
So you just want to be careful when
Bitcoin dominance is moving up.
When it comes to all coins.
Really, what you want to pay attention
to is when Bitcoin is seeing downside,
that’s not the time to be
going long on all coins.
But when Bitcoin is seeing upside
in a consolidation, that’s the best
time to go long on all coins.
So a lot starting the market
a lot is going to unfold.
And with that being said,
I hope you guys like this new style.
I’m not going to just repeat the same
content when it comes to sport
and resistance levels.
This is important.
Every single day,
I’m going to be more focused
on the Intraday and what’s happening
within the 24 hours
that our video comes out.
And I hope you guys enjoyed this video.
I appreciate each and every one of you.
And until next time,
it’s going to be an exciting week.