You have to see what’s happening under
the Bitcoin price this Wednesday as we’re
still playing inside the 49,740 $7000
range, which is exactly what we expected
yesterday if we were able to hold 47,000,
which is the previous weekly open.
That was the best case scenario
for Bitcoin, because now all we have is
a garden variety rejection of 49,700,
which is totally fine,
and a retest of the support that was
below, which was sort of showing
confluence here with this
market structural support.
But really, this previous weekly opened
at 470 was the key level that we told you
guys about yesterday, because remember,
all our numbers on the snipers
channel are extremely important.
That’s why we’ve had these numbers
on the chart before Bitcoin even reached
30,000 when it was still at 640.
We knew what to look for on the downside.
And now that we’re seeing this push
to the upside, this is exactly
what we want to see for the Bulls.
Are we going to break 49,700 to
reenter the $50,000 range to finally get
towards the midpoint of this range around
this $54,000 level,
to then turn 49,700 into a support level
and start a new impulse
wave to the upside.
That is a big question that we’re going
to talk about today and everything more
from the smaller timeframes
into the larger timeframe.
So at this point, we can assume
that we’re going to come and test 49 700.
And so once we get to 49 700,
we really want to monitor the 1 hour
and the 15 minutes time frame to see how
is the volume going to react to this
extremely important resistance level?
And if we’re not able to get four hour
and hourly candles closing back above 49
700, that would be the first
sign of a potential rejection.
And that puts the downside scenario
a lot more likely on the table.
So this is going to give us a good reading
of what Bitcoin wants to do
as we head into the weekend.
And, of course, let’s say that we do start
seeing hourly and four hour candles
closing above 49,700, and we have
that big psychological number at 500.
Well, guess what?
Now we are seeing not only the initial
retest of 49,700 show strength,
but we’re seeing the most bullish scenario
coming back down testing 47,000,
and then coming back above 49,700
puts us in the bullish bias.
Bitcoin has more room to go to the upside,
and that could potentially delay
the reversal of Bitcoin dominance.
That could allow more
altcoins to see upside.
And then we can start looking at the
$54,000 level as a potential target.
So this is extremely important.
you know, we have this $47,000 level kind
of like this, make it or break it, right.
And we don’t really need to wait
for Bitcoin to get back to 47,000 this
point since we’ve already tested it.
If we start to see a rejection at 49,700,
that’s going to be the early signs
that we’re potentially going
to come and break 470.
And at that point is when the bears are
gonna have a little bit more fun,
because here’s the thing.
Yes, we know there’s a lot
of support at 44,800.
We know there’s a lot
of support at 41,950.
This is where the monthly open is.
So this is probably where the magnet is
going to take Bitcoin if we start
to reject 49,700 and come
back down to 47,000.
So we can really start assuming that 41
950 will come on the table if Bitcoin
rejects 49,700 and returns back to 47,000,
or if it doesn’t even get to get above
the weekly open right now at 49,300,
that also could be an early sign that
we’re coming right back down to 47,000.
And at this point, you knock on the store
for the second time,
I think it’s gonna break.
We know 41,950s the next level support.
And here’s the thing,
if you watch a two dimensional analyst
that only cover the crypto currency
assets, they’re going to sell you
that this is where we’re
going to find support.
But if you watch the Snipers channel were
more three dimensional four dimensional
covering all other markets and commodities
and correlating them with Bitcoin,
here’s what I would say if we start to see
this downside scenario with the rejection
of 49 700 or break of 470,
if we start to see Bitcoin price
come down to 41,950,
the sentiment of the market,
the emotions in the market,
which control 80% of price action,
I believe sell potentially
even take us towards 34,788.
And here’s the problem with that.
When you get down back to this level where
we consolidated for a couple months,
we know there’s a lot of accumulation here
that could trigger some more sell pressure
and emotions to take us to see
further lows for the year.
So why is this so important right now?
Because we can identify whether this
scenario is gonna happen just
based on the 49,740 $7000 range.
So that’s why I like to keep
it simple on this channel.
We don’t just look at market structure.
We look at the most important important
resistance levels, and we correlate
that with volume profiles.
I don’t show the volume profile on our
charts because it’s
a little bit more advanced.
We want to Garner towards the beginner
traders, of course,
because we’re at 45,000 subscribers,
we need to get to 100,000.
And so I’m sure a lot of that is
gonna include new traders.
So make sure to tell your friends
about our channel if it helps you.
But anyways, that’s why 49
747,000 is so important.
Now, here’s the thing.
Let’s say we start to see downside
for Bitcoin at this point.
We have yet to get our Bitcoin dominance
prediction tested that we’re
in a potential area of Bitcoin dominance,
seeing a reversal and trend,
because we know right now that the puzzle
pieces on the table sell us that we’ve
already come down to test
this low that we initially formed Bitcoin
top, but we’ve yet to get a lower
low form all higher lows.
And we also know there’s a puzzle piece
that the 20 week moving average has
already been tested,
and it’s sitting at 46.5% dominance, where
Bitcoin right now is at 44% dominance.
How easy would it be for Bitcoin does
to get back above this
20 week moving average?
Now, here’s the thing with this,
there has to be a reason for this,
because the same way that 80% of the Mark
is controlled by emotions 10% is
fundamentals, 10% is technical.
Technicals are black and white.
Fundamentals can be anything.
That’s the narrative that will
justify the price action.
There’s always that narrative, right?
And so we could say that there has
to be a reason for this to happen.
And if this is likely to happen,
especially because guess what?
Bitcoin dominance has a very high
correlation with the DXY
notice out extremely similar charts here.
Could we start saying that if there was
a thesis to be created to give Bitcoin
that fundamental 10% that reason for it
to see a reversal above
the 20 week moving average?
I don’t think that reason would be because
Bitcoin is seeing new all time highs,
because guess what?
If that happens, why wouldn’t
Altcoins continue to rally?
The only reason I could see
justifying Bitcoin dominance coming up is
the same reason that justified it in 2018
and that’s fear in the market because
Bitcoin price is coming down.
And so that’s a gold prediction.
And we’ve yet to get that tested were
the first channel on YouTube
to have made this prediction.
And if I’m wrong, tell me in the comments,
but I’m pretty confident if you go back,
we were the first channel to say
Cardano is going to break out.
And I don’t post videos about Cardano
often, but Charles Hoskinson
is a good friend of mine.
I interviewed him in December of 2020.
I have Cardano,
Ethereum and Bitcoin on the hashtags
of our videos, and I have had that there
for the last year because we know those
have been the top three projects,
even with Cardano,
not at the number three spot.
We knew it was a top project.
And so the question is with the Bitcoin
price right now between 49,740 7000,
how are Altcoins going to react to this?
And the only way for this prediction to be
tested is for Bitcoin to come down,
because that’s the thesis that I am going
to attach to that technical prediction.
And if we see 47,000 break,
that is going to be our first way to test
the prediction that Bitcoin dominance is
in the early stages of a reversal,
because if Altcoins bleed when Bitcoin
sees price action below 470, if it does,
then that’s the confirmation that what
we’re seeing now at this market is we’re
seeing the whales that have
Cardano Ethereum and all these other all
coins show a little bit more fear
and wanting to preserve more
of their capital and profits.
And due to that, they’ll go and they’ll
transfer their car down,
or they’ll transfer their Ethereum
into an exchange and switch
it right back into Bitcoin.
That would happen if 470 breaks.
Potentially, that’s gonna be a prediction
that we may be wrong with, but we’ll get
that tested if we see some downside.
Now, we’ll also be able to get
that prediction tested.
If we come to 540,
we reject we test 49 700.
We could get early signs
of that prediction with this retest.
But if we do ETH upside scenario,
I think we want to delay
that prediction a little bit.
So I just want to throw that on a table.
So just to finalize this Bitcoin analysis
and we will cover Ethereum really
quick because it leads other altcoins.
And this is also going to be
a confirmation of this
Bitcoin dominance prediction.
And so here’s the two things you want
to keep in mind, what happens
when Bitcoin dominance comes up.
Let’s say we do see a break of 470,
or let’s say we continue further up.
And later on, we see the Bitcoin dominance
prediction, because at some
point, it’s gonna reverse.
So it might be here.
Who knows when it does happen,
what’s really happening in the market
where there’s two things.
Number one, like I mentioned earlier,
we’re seeing altcoins go back into Bitcoin
to preserve capital, just like
gold act as a storage of value.
In traditional markets,
Bitcoin acts as a storage of value
in the cryptocurrency market.
Now, the second thing is,
people are gonna be shorting altcoins
and their US dollar pairing.
Here’s the thing.
Some people might even short Bitcoin.
I wouldn’t short Bitcoin.
If you’re gonna short Ethereum card out,
these are the assets you shorts if
the Bitcoin dominance prediction is
correct, because at that point,
we’re gonna see massive
downside with these altcoins.
And Bitcoin is gonna be the leading
indicator of how much downside
we’re really going to see.
That’s the big thing here.
And so with that being said,
this is the last thing I want
to show you on the four hour term.
Ichimoku cloud is also acting
as a support on the four hour.
And so because we’re holding the Ichimoku
cloud, this is also a way that we can kind
of determine the momentum a Bitcoin
at this point, man, Tim is still gold.
We can’t say it’s bad.
And we want to look at the DXY in just
a second to give the final portion
of this 3d and then 4D analysis
break of 47,000 also puts us
below the four hour each emo.
Keep that in mind.
And so upside 54,000, if 49,700
breaks downside, 47,000 is the level.
Now, we’ll look at the DXY
in just a second.
But a theory of the Bitcoin is going to be
the first confirmation of this
Bitcoin dominance prediction.
So stick with me here, snipers.
I don’t want you to lose track of our
thoughts, so we’re coming back down.
It looks like to test
this for a second time.
We’re really testing this weekly
open at 65 700 satoshis 650.
Satoshis is our major level.
This breaks now 53 500
Satoshis comes on the table.
This is going to be the leading indicator
that Bitcoin dominance is potentially
in the early signs of reversal because
this is gonna affect there’s dominance
chart to see downside as Ethereum makes up
the majority of this others
dominance chart 650.
This has to hold others dominance is above
all daily moving averages,
but that could change.
And so what we want to really monitor,
though, is the final confirmation is
if Bitcoin Dominus comes above the 20
week moving average at that area.
So here’s the thing.
Now, we’re not gonna look
at the the US dollar price much.
But I just want to say this,
if Bitcoin does not get above 49,700,
3500 is going to be a very
tough place for them to get to.
If we see Bitcoin break 44 800,
the likelihood of us coming down
to test 119 80 comes on the table.
But first, we may see support at 2500
where we have the monthly open because
this is a major level with confluence
with all daily moving averages.
So 2500 will be the first downside
area where we could see a push.
But if the Bitcoin dominance prediction is
rescue operation at ETH monthly open
at 2500 might not matter,
because we could see even further downside
for Ethereum if we’re seriously
on track with this prediction
of Bitcoin dominance.
And so we want to monitor that.
Now Bitcoin gets about 49,700.
I could potentially say that Ethereum as
a potential of seeing you all time highs.
If we get above 3504,
Ethereum and Bitcoin is about 49,700,
I think Ethereum, you know,
it’s gonna test that opinion of people
say, oh, it’s gonna flip it when
I think that will get tested.
But until we get above 49,700 for Bitcoin,
we can assume that that test on that new
all time high fourth inning before Bitcoin
is going to be a little bit more delayed,
maybe into October of November
because time matters.
And so, you know,
I’m not going to say here and pull up
the Fibonacci tool to show you how time is
incorporated with price action.
But what I will say is time matters.
And so this massive impulse typically
sell lead to an ABC correction
at a minimum, if we were to look
at Elliot wave analysis.
Now, here’s the thing.
Let’s complete this analysis.
Let’s give you the fourth dimension.
The DXY is seeing downside
right now, and that’s fine.
And it’s allowing Spy 500 to just
chill at these old time highs.
But we’re starting to see some signs
of potential fear in the market
with Gold’s weekly candle close
showing extremely bullish price action.
Now at 1790, we saw this get tested
at 1690 and shorts straight back up,
breaking a major
resistance level for gold.
That is a potential puzzle piece
that we’re starting to see investors react
to this DXY maintaining price action above
home base, the 20 week moving average
and now above the 50 week moving average.
It’s in a bullish trend.
Now, if we can’t deny that we
predicted this a long time ago.
And so this is a huge puzzle piece because
the DXY breaking above 93 eight two also
verifies our Bitcoin dominance prediction.
Now the DXY breaking 92 62.
Now we can start potentially talking about
maybe we’ll come back down to test this
20 week moving average and that gold.
Buy us some time to see some further
highs and other markets and other assets.
I hope you enjoyed today’s analysis.
Snipers, I appreciate each and every
one of you tuned into the channel.
We really want to get to 1000 subscribers.
It’s been a dream of mine since I was
twelve and I had my first gaming
YouTube channel on YouTube.
And this has been a huge, huge
blessing in my life.
It would be an honor to have 100,000
snipers on our channel,
get that YouTube plaque and finally
achieve that dream after over ten years.
So tell your friends about our channel.
Let’s really help the channel
grow at 45,000 subscribers.
And let’s see if we can hit
100,000 before Bitcoin does.
one of my favorite textbooks on Bitcoin
by Andreas Onto Manale’s the great.
If you want to win this book,
all comments are illegible.
Let’s go ahead and pick
the top rate of comment.
Thomas Petty Sell.
You already want a book
buyers saying name.
Thanks for calling my post out
as the winner of the book.
That seriously makes me pumped.
I look forward to reading it
and for the video on point again,
like always, I look forward to your videos
every day and stop what
I’m doing no matter what.
And watch the great analysis you provide.
I feel like there’s no negative surprises.
It’s so great feeling so
confident going into every day.
That means a lot.
I guess we do have to pick
a winner for the book.
So let’s go ahead and pick.
Let’s see here.
Bronson, NATO says Name,
I appreciate your insight as always.
Thank you for the consistent,
You’re always keeping it real.
And I love that.
Here’s to the TPC.
Well, you want to book Bronson and Thomas,
thank you so much for the kind words.
I’m going to get back to you here soon
once we get our books shipped out.
And with that, thank you all for tuning
in to Decipher Channel until next time.