MASSIVE BITCOIN MOVE AROUND THE CORNER AFTER 8 GREEN CANDLES
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Timestamps!
00:00 summary
03:20 bitcoin analysis
06:30 altcoins
08:10 traditional markets
Snipers, you have to see what’s happening
to the Bitcoin price today is we are
testing the 40000 dollar resistance level
where we have the 100 day moving average
in the market, structural resistance.
And notice how on the 4 hour chart,
Bitcoin is having a cup of coffee, which
means this is not the final destination.
And there are two very clear schematics
that could play out here where
Bitcoin Comtesse thirty eight thousand US
dollars and continue further up,
potentially even test thirty six thousand
five hundred and continue further up.
But the thirty four thousand seven hundred
and eighty eight dollars level is
the floor that we’ve been talking
about on the Snipers channel.
We don’t want to get below this level.
Now, the reason this is an extremely
important Bitcoin move right now,
having a cup of coffee at 40000 US dollars
is if this continues to break out,
that means that Bitcoin is going to be
testing the 20 week moving average
at forty four thousand
eight hundred US dollars.
And since we’ve been above this 20 week,
moving average from April twenty twenty,
we saw Bitcoin go all the way from the six
to seven thousand lower level
to sixty four thousand US dollars.
So when you’re above the 20 week moving
average, you’re in an
extremely bullish trend.
When you’re below it,
you are not in a bullish trend,
which of course we are below forty
four thousand eight hundred right now.
So this is an extremely
important day for Bitcoin.
Tomorrow is Friday.
Traditional markets close and then
the weekend comes where the Cryptocurrency
markets the most manipulated
data futures markets.
And check this out, Snipers
we pull up the DXY.
And just like we talked about yesterday,
we’re seeing the DXY inside of this range
that is allowing the S&P 500 now because
it’s showing calmness
to see new all time highs.
That’s a positive thing heading
into the weekend for Bitcoin.
Remember, we didn’t want the DXY to see
continuation
to the upside at ninety three point eighty
two, because when the dollar value
strengthens, assets tend to come down.
So now that we’re showing calmness inside
of this channel, that’s the exact place
we want to be coming into this weekend.
And here’s the most important
part of today’s video.
The revolving parts of the Cryptocurrency
market, like the total Cryptocurrency
market cap chart,
others dominance and Bitcoin dominance.
Ethereum is the leading Altcoin.
And what we’re seeing right now is as
Bitcoin is having a cup of coffee,
Ethereum is actually showing strength.
And remember, the London Hardtalk
is coming on August 4th.
If Bitcoin does see the continuation
to the upside,
are we going to be seeing out performance
for Ethereum against Bitcoin?
And is that going to translate into other
Altcoins seeing outperformance?
We’re going to talk about
that today on the Snipers channel.
My name is Naeem Alobaidi.
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for the YouTube algorithm.
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thousand Snipers on this channel.
And I didn’t post a video earlier today
because the price right now
is having a cup of coffee.
And the schematics we talked about
from our last video is still valid.
And I want to first start on the weekly
chart so that you guys
realize the emphasis here.
If we get above this forty thousand dollar
resistance,
we’re going to be testing this twenty week
moving average of Bitcoin gets above
this twenty week moving average.
That means we have a potential
new all time highs for Bitcoin.
That’s why this is
an extremely important mover.
Now we need to get above this twenty
moving average
to see a continuation of this bull rally.
Now, if we continue further down,
we even see another lower,
low form inside this channel.
That’s totally fine in the long term.
We’re bullish about Bitcoin.
It’s at forty thousand
dollars right now, guys.
Come on.
We saw immense gains
over the last two years.
But let’s talk about what’s happening
today, because that’s what matters,
right on the daily chart.
Everything more from the smaller
to the larger time frames.
We have this very bullish daily candle
here that looks like
a continuation candle.
That means it looks like the price
wants to move further up.
We have eight daily Candles
in a row that are green.
This daily Candles today could
even potentially turn green.
If it doesn’t, that’s fine,
because a garden variety market retest
of the 100 day moving average
and then seeing some further downside
is totally on the table and normal for a
asset to do so.
Here’s what I’m watching.
When it comes to the 4-hour chart,
you guys know thirty eight thousand is
the first level of major support,
thirty six thousand five hundred as well,
coming into Friday and then
heading into the weekend.
I just don’t want to see Bitcoin get down
to thirty four thousand seven
hundred and eighty eight.
As long as we stay above that,
we can test thirty eight.
We could test thirty six thousand five
hundred, and either way,
Bitcoin has the potential of seeing
continuation of the upside.
Yes, we have yet to see massive volume
come in, but the path of least resistance
when there’s low volume is always sideways
through a little bit higher because of how
inflation affects assets every second.
So it’s not going to be sideways to lower
if there’s slow volume.
So the potential of this
breaking is still very high
when we see the volume come in.
I believe that this forty thousand dollar
level breaking will take a straight
to forty four thousand eight hundred,
but I’m OK with thirty six thousand
five hundred as a retest at this point.
I don’t want to see the monthly open,
the weekly open and the thirty four
thousand seven hundred and eighty dollars
level get tested again because that would
negate this whole push to the upside
and testing this level will most likely
bring us to see further lows for this
year when it comes to Bitcoin’s price.
And that’s totally fine if that happens,
because we have that structural support
here to continue inside
of this consolidation.
And then maybe we can finally discover
some of these lower price levels.
But I’m not going to get too far
into the downside, of course, because
eight daily Candles that are green
in a row, I’m loving what I’m
seeing right now on the charts.
Now, let’s quickly talk about
the state of the Altcoin markets.
We pull up the the US dollar price.
We’re up today about two
percent against Bitcoin.
And that’s a good thing.
When Bitcoin is consolidating,
we all know Altcoins tend to outperform.
There’s kind of like this high here that
Ethereum has struggled to break around
this twenty four hundred dollar level.
This is all going to be depend on what
happens to Bitcoin of Bitcoin
starts to move further up.
This breaking out of twenty four hundred
could potentially perform
way better than Bitcoin coming
into the London half court
on August 4th just for the price.
Action is right now with a theory
at twenty three hundred to the next
destination is forty seven percent upside.
So that’s what I’m going to monitor.
We start to see weakness with Bitcoin.
As long as it stays above 1980,
we’re very bullish.
We stay above 1760.
We’re still fine below.
That is where we start coming
into the range that test the previous
all time high at fourteen forty.
So the cool thing about this Ethereum
chart is we’re going to the side
even if we come down or up.
The Ethereum to Bitcoin chart is still
in a bullish trend on the Macroom.
We’re talking weeks notice how we have
this breakout and right now we form these
higher lows and now we
have these lower highs.
This is all indicating a bullish flag
in the macro for the Ethereum to Bitcoin
chart that’s going
to translate into other coins.
The total market cap testing
one point six dollars trillion.
Right now.
If we get above this level now,
we can see a major breakout because we’re
above the 200 day moving average of the
total Cryptocurrency market cap chart.
So the others dominance and Bitcoin
dominance charts are still
having a cup of coffee.
We’ll discuss those through the weekend.
But I do want to quickly talk
about traditional markets.
The DXY doing exactly what we want
for Bitcoin to see
continuation to the upside.
That’s allowing the S&P 500 to continue
to see new all time highs
into price discovery.
I just want to see the same
blue print tomorrow.
The markets close, the weekend comes.
It’s going to be a fun
weekend for Bitcoin.
You guys are watching the Snipers channel.
I appreciate each and every one
of you tuned into the channel.
I want to give away principals by radio.
You’re one of my favorite books on value
investing to one of you watching.
And then we’ll wrap this video up.
Can’t wait for tomorrow’s video.
The truth seeker.
Forty seven says, Great
job as always, brother.
No one explains it like you.
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Until next time Snipers out.
