TIME TO BUY ETHEREUM? & BITCOIN? look at this 2019 btc chart
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Timestamps!
00:00 video summary
07:25 bitcoin analysis
10:15 altcoins
Snipers, you have to see what’s happening
to the Cryptocurrency market this weekend
as Bitcoin is enjoying its cup of coffee
below the thirty two thousand dollar
level, and that’s below all of our market
structural support levels and thirty five
thousand dollars level where we saw
a daily Candles rejection yesterday,
bearish engulfing.
Notice how this daily Candles closed below
the body of the bullish candle that we
initially saw on the 22nd of June.
That’s an extremely
bearish continuation sign.
However, I do want to throw a puzzle piece
on the table, as I always do to you,
Snipers, because for those that have been
talking about the 2019 death cross,
I’ve been getting a lot of messages about
this, especially if you you’re tuned
in to the Snipers channel in twenty
nineteen when I covered this.
I don’t know if you guys remember this
time, but it starting to feel a lot like
it did from September to November
of twenty nineteen when Bitcoin out
of nowhere crashed below the 10000 level
saw consolidation here at the 7000 to 8000
dollar level before
the death cross happened.
And out of nowhere we saw a 40
percent jump to the upside.
What I want to talk about today is if we
were to copy this pattern and look
at the Elon Musk dump that we recently saw
with Bitcoin falling from the fifty eight
thousand dollars level to the
thirty thousand dollar level.
And we were to take the time frame
and copy this to look at how this would
correlate with today’s market action.
This is the pattern that we would get.
And if we were to just put this on top
of the current consolidation,
to compare these two patterns, notice how
we’re starting to see
some very similar price action to what we
saw in that period from September
of twenty nineteen to November and.
What I mean by very similar patterns is
notice how we continue to form these lows
and then we form these higher lows,
but then we come down, we form.
Another high or low, but then a lower,
low and so
very similar to what’s happening right now
happened in two thousand and nineteen.
And so I want to throw this scenario
on the table, because if we were to see
this pattern play out,
in my opinion,
it would go along the thesis that we’ve
had on this channel for the last three
weeks, which is Bitcoin has the potential
at any point in time to see
a lot of volume come in.
And that’s the move that we’re waiting
for right now, especially after four weeks
of consolidation below the forty one
thousand nine hundred
and fifty dollar level.
Or we’re going to see a push to the upside
or downside when this volume comes in.
A lot of those hints will
come in the micro timeframes.
But so far we know there is
a lot of volume below.
Thirty thousand, right.
The institutions didn’t mind printing
their volume on the six hour chart
and we’ve only seen Wick’s
below thirty thousand.
You can see a lot more buyers and sellers.
I’m standing true to my opinion.
It would be foolish, in my opinion,
as an investor in this market to not have
buy limit orders
at these lower ranges starting at twenty
six thousand down to twenty four thousand,
down to twenty thousand US dollars,
just in case something happens,
like what happened in twenty nineteen
where we see this extended period
of consolidation creating all
of this fear in the market.
And out of nowhere we see the last drop
of volume, which we don’t know how
significant or intense this could be.
But let’s say it’s this intense, right.
Getting to positions
down at these lower levels
and then expecting all of this volume
and pressure that we know is there to.
Act in your trading account is going to be
the best case scenario
for all of us, right?
So this is the scenario
that I’m watching right now.
And could we just out of nowhere see this
push to the upside that’s
also on the table?
That’s why it was a weekend video today.
And I thought it would be interesting
to bring up the twenty nineteen scenario.
But what’s even more interesting Snipers
is what’s happening to Altcoins.
And we’re going to talk about the micro
time for Bitcoin and go more into this
potential pattern that could form here
like it did in twenty nineteen.
But the Ethereum,
the US dollar price showing weakness,
as we’ve been expecting here, having
a cup of coffee at seventeen sixty.
This is a very critical zone because
the only next support is
the previous all time high.
And so just like Bitcoin,
there are these very
big gaps that we’re playing in and
having by limit orders at these lower
areas
is probably a wise thing to do because I
think at some point or another,
whether this follows traditional technical
patterns and structural patterns,
triangles, wedges, whatever you guys
want to look at on your charts.
What I know is the Crypto market is the
most unpredictable market in the world.
It’s the truest and freest
market in the world.
And so.
With
Bitcoin in Ethereum down 50 percent
over the last few months,
it is way wiser of a decision to be dollar
cost averaging entries at these levels
than it is to be dollar cost averaging
entries at these higher levels at four
thousand three thousand two thousand.
Why not get your positions in at seventeen
hundred fifteen hundred fourteen hundred
twelve hundred, maybe nine
hundred and ninety nine.
Right.
So
this is a very interesting
time in the Crypto market.
The question is which Altcoins are going
to see the liquidity flow into them?
I think a lot of this is going to have
to do with this Ethereum in Bitcoin chart,
the largest Altcoin is going to lead.
The other Altcoins,
it’s a leading indicator in some cases,
I’m expecting a little
bit more weakness here.
I think the reason we’ll see that is
because of the fear that’s still
in the market, the fear and greed index
today at a 20, which is a new low
for the last two months, I believe.
And so with all that fear in the market,
we could still see some
weakness here with Altcoins.
But now there’s dominants chart doing
exactly what we want,
having a cup of coffee at twelve point two
percent, dominance, not showing weakness.
This is also the 20 week moving average.
That’s a very positive thing.
All we’ve seen here is a reallocation of
capital from meme coins and hype coins
that have no teams, no developers,
no futures, no roadmaps to coins
like Cardon’s and Ethereum.
And so, yes, we’re seeing a pullback
in Altcoin dominance, but it’s
the exact pullback we want.
And if you guys have been tuning
in the Snipers channel,
I’ve been saying to hold onto your
Cordona, hold onto your Ethereum,
hold onto the fundamentally
sound coins maker Dow.
Right.
Auto didn’t do so well, unfortunately,
but I still have belief in that.
You just got to hold the bag.
Right.
And so
right now, I think we’re seeing
a very prime opportunity.
Of course, if Bitcoin comes down to these
levels, that’s when it’s going to be
an opportunity to also
get into these Altcoins.
Right.
And so it all follows Bitcoin.
You guys are watching the Snipers channel.
My name is Naeem Alobaidi.
You’re watching a Saturday video.
Remember to smash the like one
for the YouTube algorithm.
So let’s first talk about what’s
happening to Bitcoin on the weekly chart.
This is going to close
here in twenty four hours.
And at this point it’s our first test
of the fifty week moving average.
We’re sitting at thirty thousand
four hundred US dollars for Bitcoin.
We go into the daily chart
and of course we’ve had this death cross
recently right around the 20th of June.
And so far
the institutions have been starting
to print their volume on the daily
and 4-hour time frames as we saw this
immense amount of pressure come in when we
initially came back below thirty
thousand, just like we expected.
And so so far, we’ve yet to form any
further lows on the 4-hour chart.
Any price action that doesn’t breach
twenty eight thousand eight hundred
and five, which was the candle low
on the 22nd of June, which is
now extremely significant level.
Anything above that is just
going to be considered a.
Higher, low, and that could allow
Bitcoin to slowly grind its way back up.
We want to keep this situation in mind.
But remember,
I think the only way we’re going to see
a push down below 30000 is
if a lot of volume comes in.
And so monitor this thousand
level and monitor the volume.
Right.
So we come into the one hour chart.
Let’s talk about how
we’re reacting to thirty thousand right
now, because we are at an extremely
key level on the hourly.
We don’t see volume.
Right.
We go into the 15 minute.
We’re starting to see some volume,
we go into the one minute and now
we’re starting to see buyers come in.
Right.
But we extend this chart to really look
at the power of the volume,
who’s really in control.
And so far, when we crossed and breached
this major support level here at
thirty two thousand,
notice how all the cell pressure came in.
No buyers in sight.
And since then,
we have not seen any by volume amass
the type of cell pressure
that brought us below.
And so are we going to see a rejection
of thirty two thousand continued upside
and then some real sell volume come in?
That’s on the table once again.
Twenty six thousand U.S. dollars is where
I think the next door for real
by volume to come in is going to
have to wait for it.
And so until then,
we follow the path of least resistance,
which is sideways to a little bit higher.
And that’s why,
unfortunately, this weekend hasn’t
been as exciting as it could be.
We’re just camping out.
I talked about that yesterday, having
a cup of coffee at this important level.
The key level for the upside at this point
is always going to be that thirty four
thousand seven hundred
eighty eight dollars level.
So keep it simple, be entertained and be
ready for some high volume moves.
If we see further downside.
That’s the play for Bitcoin and the
overall market’s going to follow that.
But when it comes to these Altcoins,
I really believe Ethereum is going to be
a great play here soon with the theory
of the US dollar price coming down back
below twenty testing 1760 now inside
of this range
between fourteen forty the previous all
time high and this major level of 1760,
I think anything in between 1760
and fourteen forty is a solid area
to start entering into
positions for Ethereum.
I think that there’s a Ethereum to Bitcoin
charge is eventually going to see
a reversal here once we come down
to fifty three thousand five hundred.
Tosches, this market structural support
also shows confidence in this area.
At thirty two point OS coming out.
Fundamentals will follow and bring
strength here, especially
with Cardno as well coming in.
I’ll probably talk more about Cataldo here
tomorrow because it’s been doing
a lot of interesting stuff.
Of course, it’s back above a dollar.
If it comes back towards a dollar or below
dollar, that’s when we can start covering.
I think they’ll be a great time
to possibly get in total Cryptocurrency
market cap chart just lagging
below the 200 day moving average.
Still having a cup of coffee.
Nothing to be worried about here.
I really believe we’re having them
reallocation in capital right now.
You know, whether it’s it’s the Altcoins
go into Bitcoin or the Naeem
coins going into better Altcoins.
We’re seeing a shift in capital.
Others dominance is stable.
That’s a good thing.
Bitcoin dominance slowly creeping up.
Not a surprise.
We’re not going to cover
traditional markets today.
And that’s it.
Snipers.
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comment below.
Share this video and we’re going
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We have a long week ahead of us.
Let’s see here.
Jemison Douglass’s,
thanks for the onepoint technical analysis
as always, and also appreciate
the playful, confident viewpoint.
Send me a message on Instagram.
The link is in the description below.
Jennison, you want a book?
I really appreciate those kind words.
And with that I hope today
was a laid back analysis.
I wanted to bring up that twenty
nineteen Snipers has been on my mind.
A lot of you have talked about it
in the comments and I thought it would
be cool to, you know, replicate that.
Put that on the chart,
show you guys to see what
an inverse head pattern looks like.
And with that, thank you
all for tuning in today.
Until next time Snipers out.
