Snipers, you have to see what’s happening
to the Bitcoin price this Friday as we
have breached the monthly open at 47 $0.
And it looks like Bitcoin wants to come
and test this previous resistance
of structure, which is sitting just
between the weekly open and monthly open.
And I want to address the fact that now
that we’re seeing some weakness
in the price action
and we still have low volume,
this tells me that the path of least
resistance is gonna be sideways
to a little bit higher,
and that even if we start to come down
towards this structural support and it
doesn’t hold, we do have this weekly open
at 460 as a potential
level to see some volume.
But if we don’t see that volume come in,
there is a potential that we could be
seeing Bitcoin come back down below 44 $0
and potentially try to test some
lower levels inside of this range.
If this truly does not act as
a level where we could find some buyers,
and really we want to see some volume
at this point because we did a volume
in analysis on our channel when we first
came down here on the 7th and we
determined there were more sellers than
buyers, and we have yet to see buyers
equate to the amount of sellers that took
Bitcoin from the $50,000 top
back down below the $44,800 level,
pretty much clearing the range to 41,950,
telling me that if we actually do come
and break this level with the weekly open
at 46,000, it could be a pretty violent
move to the downside that could
potentially take us below $40,000 and test
this other previous resistance
from structure when Bitcoin initially came
down to $30,000 and that’s
sitting at the $36,500 level.
So the reason the $46,000 level is
significant where we have the weekly open
is because that could open
the door to 38,000 to 36,500.
So I want to make that extremely clear
when it comes to the upside.
At this point,
we want to see some strength here
at the monthly open, we’re at 47,000,
and we have yet to see strength here.
And the monthly open is a very big level,
and for us not to see volume here right
now tells me that there is a concern now
when it comes to structural pattern,
we do have this flag.
We could consider this a bullish
flag on an hourly chart.
And if this does not break out to 49,700,
that’s a very big sign of weakness to me,
because this is a bullish pattern forming
these lower high and then forming these
lower lows after an initial
move to the upside.
And if this fails, that’s
also a major puzzle piece.
So I want you guys to realize that we’re
at a very critical point
here at the month the open.
I had to get this video out since we are
sitting at 47,000 and actually wiped all
the way down to 46,750 already just $750
shy of this weekly open where it is gonna
be the make it or break it
for the snipers channel here.
And if we break 46,000,
I am expecting potentially
the $36,500 level for Bitcoin.
So the other interesting thing about all
of this is that Ethereum is doing a lot
worse than Bitcoin down 4%
about 5% at this point.
And the Athenian Bitcoin chart
also down three point 66%.
And we broke 34.
And this was an extremely important level.
I told you guys,
we don’t want to get below this level,
and this is coming towards the thesis
that we’re expecting Altcoins to not
perform as good as Bitcoin if we’re going
to see any downside in this next cycle.
And that is because Bitcoin dominance is
what we’re assuming is going to start
coming out above its 20 week moving
average and seeing some upside
towards the 200 week moving average.
And so if that truly is the case,
and with Bitcoin diamonds above the weekly
up right now, this could have potentially
have been the double bottom that we’ve
been looking for to match the DXY,
which is an extremely correlated chart
and assume that Bitcoin dominance is ready
to move up above the 20 week
moving average at 46% dominance.
But more importantly towards
the 50 to dominance range.
And if that happens,
I would only assume this could happen if
we’re seeing some continued downside
in this market because you have to attach
a narrative to the price action.
Technicals are only 10%.
Fundamentals are another
10% 80% of psychology.
But the fundamentals do matter.
And so the narrative that I would assume
is that the market’s overall total
valuation has topped out at the two point.
Let’s say $6 trillion level in May
and we came up formed a lower high.
This was good for Altcoins,
but we failed to find new highs
and that could potentially signal
after 19% drop in Bitcoin.
That this right here is the start
of another move to the downside.
But guess what?
Yes, this move to the downside did affect
all coins and they bled,
but most of them recovered.
If we come down a second time,
this chance of recovery becomes a
lot less likely for those specific
altcoins because of them
won’t be here in five years.
And so that’s why there’s
a season for Altcoins.
And I told you guys that in season wasn’t
over even though they were bleeding out.
Initially, they came back up
and they outperformed Bitcoin.
But now I’m changing the storyline because
all I’m doing is looking at the DXY
and telling myself this is an extremely
correlated charts of Bitcoin dominance.
It’s double bottomed and Bitcoin dominance
has not formed any lows
below the May low that it’s created.
As much as people are saying altcoins are
doing well, Bitcoin has maintained itself
dominant since mate
in terms of market structure.
And so if this starts to move up,
that assumes price of the total market cap
is coming down or the valuation, and that
could bring down the prices for altcoins.
So I just, you know, I started to scream,
but I just want to be more
intentional with what we’re talking about
here because I saw a lot of mean comments.
I guess you can say when Bitcoin
broke the monthly open at 47,000 Spy.
Oh, not even said that was the make
it or break it and it came above.
Yeah, but that’s the same
thing that happened at 49,700.
I kept saying this was the level.
And yes, cool, we got above.
But then we saw the move.
Timing is the hardest thing
to predict in a market.
So the fact of the matter is we’re
on the right path so far,
and that’s why Ethereum is down four.
5% today and Bitcoin
down a percent or two.
You know, that doesn’t just happen
this often in a real Bull market to see
these fluctuations of volatility,
especially when we’ve yet to form
any further highs for Bitcoin.
And so I’m being the umpire.
All I’m saying is
we have to really monitor what Bitcoin
wants to do, because if it starts to move
to the downside, that could be a point
in which altcoins are going to bleed.
And if you haven’t already adjusting your
portfolio and rebalance your positions,
the time is
really coming to an end here soon,
because as soon as Bitcoin sees a downside
move, we’ve already cleared
all the volume here.
That intensity could really be
quite unexpected for most people.
So I think that it’s interesting
to see what’s happening right now.
It’s a Bitcoin.
So Ethereum below 34.
54 to me is a concern.
And with this being below 34 54,
that opens the door to 19
downside, think about all this volume that
was accumulated between 3000 and 3500.
If we stay below this major support, this
volume is not going to be there anymore.
And so that’s how this
range would open up.
If we can get back above 34 54 Bitcoin,
we’d need to get above 47,000 and start
its way back towards 49,700,
because just notice how the meme is
becoming weaker and weaker as
we see these downside moves.
And that’s what happens.
That’s why it’s down right now.
And this this chart.
I don’t know what pattern to call this,
but it is a very volatile chart
for a theremin Bitcoin,
but it is a very important chart,
and that’s why we keep it
simple on the channel.
We have these major levels.
I’m just watching 650 Satoshis here.
It can do whatever it
wants between 65,0860.
But the fact of the matter is what we saw
with a theorem of the Bitcoin is nothing
to go home and sell grandma about over
this last, you know, run
because we did not exceed the may highs of
Ethereum being more dominant or performing
against Bitcoin, which means that,
you know, other altcoins are going
to follow the being the largest all coin.
Is this a leading indicator
that we’ve been talking about?
And then lastly, what I want
to cover with the crypto market.
And then we’ll go into some revolving
parts to complete the four dimensional
part of the analysis here on the channel
is notice how this altcoin chart
that excludes Ethereum and Bitcoin.
It looks like it’s ready to double top.
Very similar to what the total
cryptocurrency market cap looks like.
So this failing to form you high is
a puzzle piece, and so it looks weaker.
And this is what we’ve been expecting.
So I don’t know if we timed it perfectly,
but it’s interesting to see stuff
playout DXY is pushing up today.
That’s what’s causing the red.
This is not that bad of a range
for the DXY, but it’s
obviously having its effect.
So imagine if we get above 93.82,
that’s going to be monitoring here.
It’s a slower chart.
If we can start to see some cool off here,
it could buy us more time.
Gold coming back down to this market
structure, not really
moving at this point.
We can’t call it bullish or bearish.
I guess I really failed to take advantage
of this momentum when I
recently broke out above 800.
So I’m going to put that back
inside of the bookshelf.
International markets pretty much Japan
saw some strength, but China and Europe
are lagging and actually seeing weakness.
Spy 500 is coming below
50 day moving average.
That’s a pretty big deal.
We have not come to this level often,
and every time we have,
we’ve seen it a very quick reaction.
So let’s see if we’re gonna see this
sort of quick reaction here soon.
If not, this is what we want to monitor
this 100 day moving average.
So he ran at that 43.
30 for the SMP 500.
Thank you all for tuning
in to Cypress Channel today.
I hope you enjoyed today’s analysis.
I know it was a little intense,
but I had some comments and I wanted to
speak, you know, towards that audience.
I guess once again, time is
the hardest in predicting the market.
The point is understanding
what we’re looking for.
That’s what matters.
What are we looking for?
Direction is more important than speed.
And with that, thank you all
for tuning the snipers channel.
My name is name elevate until next time.