MASSIVE BITCOIN AND ETHEREUM DUMP (btc dominance prediction)
Daily Crypto, Stock, & Forex Signals!
My Interview w/ Founder Of Cardano & Ethereum!
https://youtu.be/j-xhUSTDVxE (Charles Hoskinson Interview)
00:00 cryptocurrency market analysis
04:53 bitcoin prediction
07:10 ethereum performance update
09:00 total crypto market update
11:40 dxy and btc.d correlation
12:50 btc conclusions
You have to see what’s happening
to the Bitcoin price this Tuesday as we
have a bearish candle coming below the 200
day moving average testing
the $44,800 support level right now.
So this is a very critical point
for Bitcoin because the importance
of 44,800 is the fact that just below this
level is the previous weekly Open,
which shows confluence with the 100 period
moving average on the four hour
chart sitting at that $43,800 level.
And if this level breaks,
that would potentially put a downside
scenario for Bitcoin on the table
that could take Bitcoin towards this
$34,788 level, but potentially even see
further lows for this year.
And that’s why this is
such a critical test.
And if we break 43,800,
this scenario comes on the table.
So I want to talk about what it would look
like for Bitcoin to not see the scenario
and see a successful rescue operation
to potentially see further highs.
And then, of course, we have now
shifted our thesis on our
channel starting from yesterday.
If you guys didn’t watch yesterday’s
video, it’s probably the most important
video I’ve ever posted on this channel.
And that is the fact that Bitcoin
dominance is now in the early
stages of a reversal.
And what that means is we’re seeing here
with Ethereum, we are
breaking this channel.
And what this means to me at this point is
that we could be potentially coming down
to the ETH $600 level
to test the monthly Open.
And if we come down to test this monthly
Open, Ethereum a more volatile asset.
There’s still potential.
We could even come down to 1980,
which is the only next support
level here for Ethereum.
There is no other support
levels above that.
Of course, we could create another support
level, and that could happen
at this monthly open.
But what’s gonna be more important is now
that we’ve shifted our
thesis about altcoin season.
The the Bitcoin chart breaking 65,000
Satoshi is what we want to monitor to see
if we are correct about this prediction.
So this is gonna be critical for the rest
of this week to watch if we break 650
satoshis, the theorem is a leading
indicator for all other Altcoins
that could cause Altcoins to start tipping
over total cryptocurrency market cap chart
seeing a cool off exactly
as we predicted yesterday.
And here is the big elephant
in the room, Bitcoin dominance.
So a lot of analysts are saying that
Bitcoin dominance is going to come down.
I’m going to stick to Cathy Wood and her
analysis of this market
from her 2019 interview.
When she talked about the Bitcoin
dominance from the 2018
where we tested the 20 week
moving average, we saw rejection.
But then we continue further up,
not forming any further lows.
That was the end of Altcoin season.
And so that typically is an indicator
of fear in the market because the same way
in traditional markets,
the institutions hedge their stock
capital into gold and other commodities.
In the cryptocurrency market,
investors will hedge their all coins
into Bitcoin as a storage of value
because it will see less downside.
If we see market correction, of course,
all other altcoins will typically follow.
And yes, there’s great projects like
audios and Ethereum, the Cardano.
But we have to understand that Bitcoin is
King, and we cannot remove
that from the thesis.
That is a tried and true principle
that has stood true in this
market since the beginning.
And so this is what we’re
monitoring right now.
This is going to be a huge puzzle piece.
If Bitcoin gets above this 20 week moving
average, that means that we’re correct.
We don’t form any further lows.
We see Altcoins move into Bitcoin
to hedge against downside.
And then for traditional markets,
I do want to pull up the SMP 500 futures
contract because the DXY is pushing up.
This also is a very correlated
chart to Bitcoin dominance.
So same way, Bitcoin dominance
started to come up in 2018.
As we talked about yesterday,
this was the bottom for Altcoins.
Pretty much it was the end of Altcoins
season, not the bottom, but it was the
bottom for Bitcoin dominance and the end
of Altcoin season when
we saw the 2018 top.
And so are we seeing
a similar reversal to DXY.
We’re gonna talk about all that today
here on the Snipers Channel.
And with the DXY pushing up,
I am expecting a Spy 500 to come down here
to test the 20 week moving average,
and that would certainly affect
the cryptocurrency market.
Let’s just first dive
into this Bitcoin analysis.
So we’re not gonna start
on the weekly chart.
But what I will say about the weekly chart
is the 20 week moving average is sitting
below the $43,795 level,
and that’s gonna be a puzzle piece that’s
gonna matter here in just a second
when I go into the four hour chart.
But on the daily chart,
what we want to monitor at this point is
this is a bearish candle with a bearish
tail pointing down below
the 200 day moving average.
We are at a support level right now.
We could see a reaction.
Here’s the thing, if we see a reaction,
we have to get above the weekly open
at 47,000 to assume this is gonna continue
to move up to 49,700 if we cannot
get above $47,000 at this point.
And more importantly,
if we come down to test 43 800,
which is the previous weekly open
and the confluence of this channel
support, then in my opinion,
we are going to see the test
of the monthly open at 41,950,
which would also put us back
below the 20 week moving average.
These red curtains come back,
and that could potentially open the door
to see a scenario where Bitcoin
will come down and testt 34,780.
And the problem with that is if the market
sentiment gets, you know,
a little bit more intense during this
phase than it did during this phase.
That means that we could see new loads for
the year when it comes to Bitcoin price.
And if that’s the case,
I’m looking at 26,000 to 24,000
to enter into some spot positions long.
But now that Bitcoin is in this
very early phase of potential reversal
and dominance, I
want to talk about what this could mean
for all coins, because understand this,
we know now that Bitcoin gets
above this weekly open at 47,000.
That’s what we want to see.
Bitcoin breaks 43,800,
the likelihood of us starting to test
lower levels of support
becomes highly likely.
Now with this move to the downside,
in the past, we’ve seen Altcoins perform.
And so since the start of this year,
January 2021, since this consolidation
for Bitcoin and this consolidation
and this consolidation,
all coins have outperformed, I
believe that because we have seen
the corrective move for Bitcoin from a top
of 64,000 down to 28,000,
that the market sentiment is going
to change for the next
consolidation period for Bitcoin.
And so I believe that now
if we see downside in the market, we’re
going to see Altcoins really get hurt.
And Bitcoin is going to outperform.
And the confirmation once
again for this is going to be the 65,000
Satoshi level breaking for Ethereum first,
and then the Bitcoin dominance chart
getting above the 20 week moving average,
sitting just at that 47% dominance level.
And that would confirm that thesis,
that now instead of Altcoins outperforming
Bitcoin, as it has been since the start
of this year, that sentiment will turn
into the other direction and tip over.
And so what that means is pretty much
walls that have Ethereum Cardano poke dot
and have made significant profits are not
going to be taking profits in US dollars,
but taking profits back
into Bitcoin to hedge the downside.
That’s why we took a short
here at 3115 for Ethereum.
And so that’s what we
really need to monitor.
Of course, Bitcoin is going to control
a lot of what Ethereum does at this point,
but expect Ethereum to not perform as
much as Bitcoin if 650 Satoshi’s break.
So I really don’t want to watch the US
dollar price of Ethereum anymore.
I just want to watch the Ethereum
to Bitcoin chart because
650 Satoshis is critical.
And with the total cryptocurrency market
cap chart, here’s the thing that we have
to understand, do I have a belief
that Ethereum is going to flip Bitcoin?
I at this point don’t have that belief,
but I do know a lot of people do.
And so this is what we really
have to be sensitive with.
And this is where it really pays to be
like Bruce Lee and be like water.
When the water fills the glass, it
conforms to the shape of the glass.
And this is where we’re going
to have to be sensitive.
And that’s where if the total market cap
chart starts to come down,
and we start to see Bitcoin dominance
move above the 20 week moving average.
Well, at that point,
if we see a push to the upside,
we want to monitor potential rejection
here at the 200 a week moving average
to reenter all coins like Ethereum.
Because if my thesis is true,
the individuals that want a them to flip
Bitcoin er at least gonna get
their opinion tested.
And what that would mean
is Ethereum could see
new all time highs before the end
of the year and before Bitcoin does,
of course, after a pullback.
But if that’s the case when Ethereum comes
down, I’m sure is how it’s gonna be
reentering my positions into Ethereum.
Of course, I never saw my spot positions.
That’s the thing.
I just take shorts to hedge against
downside because I don’t want to sell
my shot positions,
not just because it triggers shorts term
capital gangers, because
I’m bullish in the macro.
Don’t be surprised if Ethereum sees new
all time highs, but it
doesn’t have to happen soon.
I’m just saying that’s going to be
something we’ll monitor on the snipers
channel for you as it progresses.
And I actually have a date here October 9
that I expect this to potentially happen.
So I’m just going to throw that out there.
I think that’s where we’re going to see
the tip away from Bitcoin dominance
back into others dominance.
But you know, at the end of the day,
we don’t know if my prediction
is right or not.
So I’m really taking a risk by being
this bold about Bitcoin dominance.
But, you know, at the end of the day,
I think I’m pretty confident and I want
to stick to this opinion,
and I don’t mind being the, you know,
the different opinion in the market.
And I really don’t mind observing
the masses and doing the office.
I know everyone is saying that Bitcoin
dominance is going to fall since
it hasn’t formed any further.
I don’t think that’s going to happen.
And so the DXY is going to be a gold
indicator to also
confirm this full thesis.
If we break up now to 93 point 82,
that confirms Bitcoin dominance
is probably going to come up.
That also confirms that sell
see further downside.
And so everything that we’re talking about
starts to come together
with the DXY pushing up.
With the DXY pushing down, that would
change or thesis or at least week in it.
And Spy 500 will probably
see a push to the downside.
It’s already testing the monthly
and previous weekly open,
and we’ve already seen Asian
markets tumble today, so I
don’t want to go too much into that right
now, but hope you guys
enjoyed today’s analysis.
I want to give away one of my favorite
books on value investing to one
of you snipers watching our channel.
All you have to do is comment below
and share this video and you’ll have
a chance to win we have 198 comments.
Come on, guys.
We should have 200 on every video.
We want to hit 100,000
subscribers on our channel.
As Ahmed says, I really like, I
really think a pullback
is needed too much greet.
I’m hearing my mom’s, friends,
dog’s cousins, owners
talking about crypto again.
Lol will send me a message on Instagram.
You want to book.
And with that, I appreciate ETH in one
of each and every one of you
snipers on the channel.
not getting exhausted what I say,
but I’m going to be taking a little bit
more of a commerce approach to things,
because this week was really, really
it was really an inflection point.
And so I really overworked myself not
sleeping and doing analysis,
looking at Onchain metrics to really be
confident in the shorts position that I
took first and foremost, but also
in the prediction that I
made for Bitcoin dominance.
And so I am getting exhausted,
I guess you could say.
But I’m still going to have
my video out tomorrow.
We’re going to keep
going every single day.
And I’m just going to ensure to give you
guys the best analysis I can
and just be your umpire.
And so I’m glad that I’ve
solidified my prediction.
I’m glad that we’ve determined that this
could be a potential inflection point,
because at the end of the day, you know,
we have to shoot, shoot or shoot.
And so regardless of other people’s
I’m going to use the knowledge I have
in this market, the mentors
that I’ve had in this market,
and I’m going to make my best prediction.
And that’s what I always try to do
for you guys every single day.
And with that, thank you all
for tuning in today until next time.