You have to see what’s happening
to the Bitcoin price this Thursday as we
have an indecision candle
flashing green and red right now.
So I want to emphasize the range
that we’re currently playing in so that we
can have a better idea of which direction
we’re going and notice how we have this
monthly open at 47 $0, and we have yet
to see price action below this level.
That’s the exact place I was talking about
yesterday as a make it or break
it support level for Bitcoin.
If we want to assume that we’re going
to get this test of 49,
700 and that we’re not heading back to 44
800, which could open up the door
to come back down to 41, 950.
So this is an important candle right now,
and I had to get this video out because
now that we’re seeing a test
of the monthly open and we yet to get
below the monthly open,
the likelihood of us coming
to 49,700 has become a lot higher.
And as we get to 49, 700,
since we’ve yet to see real buy volume
come in, what we want to monitor is how is
the volume going to be
as we come to test 49,700?
Because at this point we can assume
that we’re going to test 49,700.
I mean, it’s Thursday.
It’s not the weekend,
and I wouldn’t see why we couldn’t come up
to test that level knowing
that the monthly open has been
able to gold so far at $47,000.
So what I’m going to be monitoring here
on the four hour chart,
maybe on the three hour and six hour is
the comparison of buy volume that comes in
in comparison to what we saw with the sell
pressure recently here when we saw this 19
dip in Bitcoin price on the 7 September.
That’s what I’m expecting right now,
but I just want to emphasize that 47,000
is the maker or breaker, and the range
is from 47 to 49,700 at this point.
So as long as we can stay about 47,000
and we can get to 49,700,
and then from there,
observe how the volume comes in,
then we can start talking about further
upside, potentially test the previous
weekly open at 51 755,
and then the continuation of that could
potentially take us even further since we
have such a large range above
as we talked about yesterday.
So that’s what I’m expecting
here for the upside.
Now, understand this the DXY is
pushing to the upside today as well.
And so that’s a good thing.
That Bitcoin hasn’t really seen
downside in reaction to the DXY,
which tells me that it’s just kind
of minding its own business not really
paying attention to the DXY is doing.
And maybe that’s because the DXY
is still inside of this range
that it’s been in for almost a year.
At this point, we got to this
range really in July of 2020.
Since then we’ve had price action below
this range, we double bottom and inside
of this range, it doesn’t seem like assets
such as SMP 500 and Bitcoin really react
violently or aggressively.
I think if we get above 93.82,
as I’ve been talking about that’s,
when we’ll see a more intense
reaction from the other markets.
So that’s what I’m
watching here for Bitcoin.
Now we cross below 47,000 will start
talking about potential
Of course, we have the weekly
open at 46,000 as well.
So we want to monitor that if 47,000 does
fail to gold and then from there we can
talk about further downside,
but it doesn’t look like we’re at a point
where we’re going to see
much volatility just yet.
So I think that’s a good thing.
I think that the scenarios that we have
on the table right now really justify
that we’re going to stay
in the range of 44,840.
9700 for some time, maybe to get a little
bit more of a clear picture as
to where Bitcoin really wants to head.
And if we look at what’s happening
to Ethereum, we have the opinion on this
channel that at some point or another
altcoin season is going to come to an end
for this phase at least,
and that Bitcoin dominance is going
to want to increase the timing of that.
I don’t know.
That’s one of the hardest
things to predict.
So what we have to do is we have
to monitor Ethereum as a leading
indicator for all coins.
We were inside this channel
when we got to 3000.
We were able to push the 4000.
We sort of formed ahead and almost
like a shoulder so far.
But now we’re pushing up
and we’re pushing up about 34.
54, which is a positive thing.
I think that’s because Bitcoin has been
able to get about 46,000 now 47,000.
And so I think if we really start to see
Bitcoin heading towards 49,700,
we’re gonna get a test of 39,
59, 4000 pretty much.
And now that’s showing confidence as
a resistance from this channel support,
that eventually was what
rejected Ethereum price.
You can see we got to the channel
resistance and then it rejected
and so we come to 4000.
It’s going to be interesting
to see how the price reacts here.
I think Bitcoin can really across 49,700.
We’ll see some potential upside action
but because we don’t know if altcoin
season is truly ending yet,
we always have to monitor this ETH to
Bitcoin chart because here’s the thing.
Bitcoin just doesn’t see intense downside,
and maybe it doesn’t need
to cross about 49,700.
There’s still potential with the name
could see you all time highs if Bitcoin
maybe stays about 47,000 to 49,700.
And the only way that would happen is if
the the Bitcoin chart
could see some momentum.
So that’s why we want to monitor this.
It’s testing the previous
weekly open at 76,000.
Satoshis, we get above 76,000.
Maybe we are gonna see
a continuation of 86,000 Satoshis.
This could take a Thermo new all time
highs, while Bitcoin doesn’t
even cross above 49, 700.
Now Bitcoin coming below 46,000 is where I
would say the likelihood of the Ethereum
and Bitcoin chart even
performing against Bitcoin.
Its still going to be unlikely
for them to see you all time high.
So I hope you’re following me,
but I know it’s a complex relationship I’m
trying to cover as best as possible,
but realize that a higher high here is
certainly on the table,
and then we break 86,000 Satoshis.
Then that is when we can start talking
about a real flip for Ethereum.
So we’re either going to get a lower
high or a higher high, I think
until we see where you know where we’re
going to cross back below 65,000.
So I don’t know if it’s you know,
the timing of this
that we might have miscalculated
with this, you know, lower high.
But the reason I was a little bit
confident about the end of the theorem
Bitcoin chart performing with this
specific lower high is because Bitcoin saw
the 19% downside move,
which was the most downside since
the May downside to 30,000.
So that is where you can start
thinking of tops, right?
Because you see the massive amount
of volatility that we conquer 19%.
We now have these resistance levels.
So that’s why I assume that was
potentially a lower high,
but we want to monitor this.
Still, the total cryptocurrency market cap
chart has only formed
a lower high as well.
We could just be off the timing here.
Maybe we form a higher high.
I think this will happen only if I can
but even this could happen with alt coins
if Bitcoin just stays above 46 or
47,000 and doesn’t see intent downside.
But if Bitcoin gets billow 46,000 now,
it’s a lot harder for the overall
market to get to new highs.
And so the other part of this
is Bitcoin dominance.
We’re expecting a double bottom,
and so this coincides with the timing.
I guess when we’re saying that okay,
altcoins are either forming a lower
higher, higher high,
since we don’t want to just assume
the extreme of a continuation at this
point that also coincide
that Bitcoin can double bottom.
And whether this right here is the bottom
where we sell the downside after 49,001st
got breached, or if we come and form
a higher high for all coins,
even Bitcoin dominance can come down even
further from where it’s at right now.
But we can still get that double bottom.
And so I think that that right
there also coincides with the ETH.
The timing of this is the hardest part
to catch, but Bitcoin nominees
is above the weak load.
It’s not showing weakness, I would say,
and the altcoin outside of Bitcoin are
actually showing some weakness,
which could mean that maybe we are
on time here sell monitor this.
I think that we need a little bit more
price action outside of the 44,840.
9700 dolars range to get a good final
confirmation of what’s
happening with all coins.
So the DXY we covered here gold also
pushing down, but nothing to be scared of.
I guess I would just say
that this is not a bad thing.
I like seeing this to be honest,
because that means that traditional
markets have a little bit more steam
because there’s less capital
hedging away from them.
And that could help
the crypto currency market.
You know, we look at international
markets are not doing too bad.
Nothing really crazy so far.
Smp finer still sitting
at this 50 day moving hours.
Sell continue to monitor this,
but, you know, the trend has been up,
and it’s been steer stepping its way.
Since the Feds have continued to purchase
mortgage backed securities and bonds.
We see that come to an end.
Maybe that’s when the stair step to the
upside sell start to kind of falter.
But I don’t think the Feds
want to see anything extreme.
And so we can kind of assume that they
have all of this on their computers
and they’re making sure
it’s going in the trend.
They want it to, so we can, I guess,
even assume the have a lot
of control over this type of stuff.
And with that being said,
no reason to get into conspiracies here.
So thank you all for tuning
in to the snipers channel that I
hope you enjoy today’s analysis.
And until next time, snipers out.