UPDATED BITCOIN PREDICTION AFTER NEW MAJOR PATTERN (and eth)
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02:22 bitcoin analysis
06:57 traditional markets
Snipers, you have to see what’s happening
to the Cryptocurrency market this Thursday
as Bitcoin scandal,
low of thirty one thousand one hundred
and thirteen today,
tells us that we’re still seeing
sell side pressure right now.
And this is not a surprise.
Here we have this flaggers type
of formation forming right now.
And we could assume right now that if we
don’t see any further lows,
we could potentially see this move back up
to retest thirty four thousand
seven hundred and eighty eight.
I want to talk about the potential
of that happening or if we’re going to see
the sell pressure come into the order
books as we head into the weekend.
And if we’re going to see that downside
scenario play out,
how that’s going to look like here at this
twenty thousand dollar level where we
could form this lower, low and potentially
see a week below that level.
I want to talk about the Bitcoin scenario,
of course, on Thursday.
It is one day until traditional
So tomorrow is going to be the last day
that we’re going to be able to see where
institutions are hedging their bets.
The DXY is pushing up today,
causing the S&P five hundred to push
down below the previous weekly open.
This is a puzzle piece as we head
into the weekend because
that could affect Bitcoin.
You can see here U.S. oil also being
affected by the DXY looking like it wants
to come down and test the strip today.
Moving average commodities are a leading
indicator for the traditional markets,
and that could also translate
into a leading indicator for Bitcoin.
As we know, Bitcoin is a lot
of correlations to the S&P 500.
We’ll also look at Ethereum, of course,
yesterday we talked about a Ethereum not
seeing as much strength
at this 1980 support.
And that’s exactly what’s happening here,
falling down today with a candle
low of eighteen eighty one.
But we’ve yet to come test 1760.
This is the major level.
We’ve already tested it twice.
You knock on the door for a fourth time,
the likelihood of that breaking
becomes very high.
Are we going to see this pocket get
fulfilled between seventeen,
sixty and fourteen forty the previous all
time high? That’s potentially on the table
as we head into the last few weeks
until the London Hard four,
which is going to be a momentous
time for Ethereum on August 4th.
Twenty twenty one
investors are going to definitely want
their allocations and their positions
in the theory before August 4th.
So are we going to be seeing this weekend
as the prime entry for Ethereum
and maybe some other Altcoins?
We’ll talk about that today.
You guys are watching the Snipers channel.
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First I want to look at Bitcoin
on the daily time frame.
So right now we talked about Bitcoin
taking the ladder down,
but not taking the elevator yet.
And that’s exactly what we have here.
Now, we could assume that we have sort
of this flag ish type of pattern forming
here after forming this lower low.
And we saw this move to the upside.
We got above thirty four
thousand seven hundred eight.
Now we’re seeing this flag pattern.
Here’s what I’m looking for with Bitcoin.
If we see any upside thirty four thousand
seven hundred eighty eight now is exactly
what that fifty day moving averages.
If we get above that now,
we can start assuming that this is
the bottom for Bitcoin we’re
going to be seeing a reversal.
And that Altcoins at this point are most
likely going to even outperform Bitcoin
because we didn’t drop below twelve point
two percent dominance,
which was the market structural support
from the twenty seventeen
Altcoin market high.
So this is a scenario on the table.
However, the DXY is pushing up.
The weekend is coming.
That’s the most manipulated in the market
and so far we’re below
thirty five thousand.
We know that the range that we’re
in brings us to twenty six thousand.
Once again, my opinion
stance tuna has not changed.
Patience is the name of the game,
while Bitcoin is taking the ladder
until we see the elevator get taken.
And the only way that’s going to happen is
at thirty thousand US dollars because
there’s a lot of buy pressure here.
So if the order books really want to
pressure the bulls,
it’s going to have to be at the thirty
thousand dollar level and they’re going
to have to bring a lot of sell
pressure in at thirty thousand.
If they want to break it now, we’ll
monitor this twenty
thousand dollars level.
If that’s the case,
that’s going to be the first area that we
could potentially assume some support.
But the accumulation and distribution says
the volume is at twenty six
thousand to twenty thousand.
So if we see a wick to this range,
have those orders and you guys know
the game plan for those tuned
in in the Snipers channel.
Now, here’s what we
talked about yesterday.
Altcoins have been outperforming Bitcoin
because Bitcoin is consolidating.
We know that’s always what happens.
And when Bitcoin formed this higher low
on the twenty sixth of June,
this was the best opportunity to get
to Ethereum when it dropped
below seventeen sixty.
Now we’re seeing Ethereum come back down
towards that 1760 support and Bitcoin is
also coming back close to this
Lower High that formed.
Are we going to see Bitcoin potentially
test thirty thousand for another
Lower High and then continue further back
towards thirty four thousand seven
hundred eight garnering an opportunity?
To enter into Altcoins,
potentially like a Ethereum
before seeing an upside scenario that’s
on the table, and that’s why I want
to talk about the Ethereum right now,
because here’s what I’m watching.
If we start to see Bitcoin come towards
30000, it’s going to give us
the opportunity to test the 1760
support for the fourth time.
If we test it for the fourth time as
an umpire, I believe it will break.
I believe this pocket here until forty
forty is the prime
opportunity for Ethereum.
That’s what I’m watching right now.
If and until we come to test 1760,
I’m going to be waiting because
patience is the name of the game.
When we’re taking the ladder down,
we want to see the elevator get taken
and get that position when
the elevator is taken.
Like we did hear
the elevator elevators taken and we
immediately saw 30 percent
retracement back to the upside after
reaching these lows because
it took the elevator.
So that’s what I’m watching
for that with Ethereum to Bitcoin,
we’re holding this one day moving average,
but we’re sort of just having a cup
of coffee that tells me it’s
not the final destination.
We could see further towards forty fifty
three thousand to Tosches or we could
come back up to test the monthly open.
Either way, it’s a bullish scenario
for the Ethereum to Bitcoin
total Cryptocurrency market cap chart.
Nothing crazy going on, still holding this
area near the 200 day moving average.
Others dominants to an even better.
And that’s why
if Bitcoin starts to trend back towards
thirty four thousand seven hundred eighty
eight and it gets above it,
it’s the first time, it’s above
the fifty day moving average.
Now we’re talking about a reversal
in Altcoin dominance has only come down
to the previous twenty seventeen
resistants acting as support.
Now, that means that this
potential of a Higher High or a Lower High
to form is on the table
for Altcoin dominance.
That would assume Altcoins are
going to outperform Bitcoin.
So Bitcoin dominance also showing some
weakness here, sitting below
the weekly and monthly open.
Now it’s Thursday.
The DXY is pushing up, causing
the S&P five hundred to fall.
Now, as we head into Friday,
we’re going to get the final positions
of institutions and what they’re hedging.
I don’t want to see the DXY above ninety
two point sixty two if we don’t want
to assume any further
downside for Bitcoin,
such as taking the elevator down because
the DXY getting above ninety point six two
will potentially cause traditional markets
in Bitcoin to take the elevator down.
So that’s something to monitor.
We stay below ninety two point six
to ninety one point nine to the scenario
Bitcoin staying between thirty five
thousand and thirty thousand and Altcoins
being the play
is on the table because this will calm the
environment to not see major volatility.
We won’t see that elevator get taken
and that’s the preferred scenario.
They’re heading to the weekend.
U.S. oil, the leading indicators showing
weakness, as we predicted here
below the weekly monthly open.
That’s some food for thought.
This is all because of the DXY.
So that’s what I’m monitoring for Bitcoin.
Tomorrow will have a very in-depth
analysis as we close the week.
As always, every Friday,
the Candles are going to start
closing for the traditional markets.
Then we head into the weekend most
manipulated for the Cryptocurrency market.
We need to know the game plan
on the weekend and with the I appreciate
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Lee says dollar cost average don’t short
or long it would leverage,
be smart and use your money wisely.
Yeah, well, for those that have been tuned
into the Snipers channel,
we took our Ethereum entry here at 1760
when Bitcoin formed that high or low and
that resulted in thirty percent profits.
I’m still in that position.
I said that was a long term position.
It was a swing trade that we took.
This wasn’t a day trade.
And so now that we’ve come back to test
back inside of this range between 1760,
nineteen eighty if we
get to seventeen sixty.
I’m not looking for an entry there any
more since I’ve already got that entry.
That’s where I’d potentially want
to get further entries lower.
And that’s why dollar cost averaging
in specific areas is really the key
because you want to dollar cost
average at twenty three hundred.
What’s the point of seeing your position
come down 30 percent
when you could have dollar cost averaging
1760 into your position,
come up 30 percent and we’re still
in profits even among these
bearish days that we’ve experienced
over the last few days?
So dollar cost averaging
is certainly the key.
And with that, thank you all
for joining the Snipers channel today.
Until next time Snipers out.