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Friday, September 30, 2022

Bitcoin Testing at a Critical Level

Snipers, you have to see what’s happening in the cryptocurrency market today as Bitcoin is coming back down to test the thirty-four thousand seven hundred and eighty-eight support level where we have confluences the weekly open and this market structural support level.

If we go into the 4:00 hour and we look at how the micro time frames are handling this retest notice on the four hours that we have maintained the market structural support level, but we are below this weekly open We have a four-hour candle here and we’re really testing this thirty-four thousand seven hundred eighty-eight level right now So we really want to monitor Bitcoin over hours and see if we can get for our Kindles back above thirty-four If that’s the case.

I believe that we are eight thousand dollars level, But this is going to be the area A lot of bears come in and bring pressure to Bitcoin because it shows a confluence And so that thirty-eight thousand dollars I’m expecting to see Bitcoin come and test for the true to see the reversal of this.

Of course because if we get to the 50-day moving average, that’s going to be the first step that we moving average, where, when you’re above the 200 days moving, especially for Bitcoin, And so this 200 day moving average sitting in the pocket of forty-one thousand nine hundred and fifty and forty-four thousand eight hundred, that’s a place that we really want Bitcoin to get to in the next few days or into the But right now, we’re just flirting inside of this range, thirty-four thousand seven thousand dollars, just like So garden variety market behavior says when there’s low volume, we’re just going So that’s why on the sniper center, We’ll talk about that in a second.

But this is a very important test right now for Bitcoin at this market, which is just below thirty-four thousand We need to monitor these for our candles. If we start to get confirmations below this support and we start to head towards that’s when I start to be a lot more the scenario that we talked about of cell pressure come in and for a potential Wyk down to maybe clear some longs from the initial rally, but if we see a quick to the downside, have those buy limit orders at twenty-six thousand twenty-four thousand twenty thousand just in case, because we don’t know what would happen Again, we know there’s a lot So it wouldn’t be a bad decision to have those bilum orders below thirty thousand. I’m sure a lot of institutions are So that’s what we’re monitoring right now.

Of course, we’re midweek. So traditional markets are doing some things that we need to talk about today, And this is going to be a big puzzle piece dollar on this uptrend right now, rates were going to rise, you can see we’re starting to see continued momentum. New highs today for the Dow. Why this showing more volatility is going to be bad for traditional markets With the U.S. dollar value increasing, the price of the assets So we want to monitor this.

And so the S&P 500 is going to be the first indicator of how markets So far, we’re just sitting at a new Five hundred. And that’s allowing Bitcoin to really keep itself at that thirty-four But we’re really coming towards the point of ultimatum and we’re going to talk about to confirm whether or not this is going So you guys are watching My name is Naim al-Obeidi.

Remember to smash the like month Let’s hit three hundred I think we hit almost two We want to hit one hundred thousand So let’s hit that goal. Guys, I know we can do it. We have to work as a community. And so first, when we’re talking about the four hours since we’re already on here, notice how we do have this candle holding itself above this market, That’s a positive thing. But right now, we’re really testing this weekly open and thirty-four thousand seven hundred eighty-eight dollars level at any point in time, we could We’ve seen a lot of volumes you know, these major levels at thirty-four thousand seven hundred eighty-eight.

And we’ve yet to see a lot of sell pressure really come It’s on the table. We saw a lot of buyers If we start to see sell pressure, we need to monitor thirty And then, of course, thirty We know there’s a lot of volumes and. Playin this game below thirty-four thousand and thirty thousand is very dangerous, you guys know that, and I’ve been talking about the thirty-four thousand dollar area because there’s such a big range here towards this twenty-six thousand dollars level that we So this is a very large range.

We have to be careful. The early signs that this is just a garden variety retest of a breakout level is back above thirty-four thousand seven hundred If we start to see hourly and for our candles above this level, this monthly open here at thirty That’s going to start to change the schematics of the direction Then thirty-eight thousand is going to be really the level that we need to conquer, have a straight shot towards the forty one thousand nine have the 200 days moving average We can start assuming that this And so this is what I’m I think thirty thousand I think no matter what happens, this range here, thirty thousand and thirty-four thousand seven hundred eighty, to look at all coins, because, of course, While Bitcoin is consolidating, as the market has always done when Bitcoin Right.

So I think we’re really at a critical point when we look at what’s This is going to lead We’re seeing strength. You can see one, two, three, We tested 1760 below. This was the previous all-time high.

We got our entries here. We’re heading towards the previous week I told you guys that’s the most important level here at 20 to 40, there’s a reason that the candle And so we get above this That’s a twenty percent door to the monthly open at twenty Let’s really monitor this because the theorem to US dollar price is also showing strength in comparison to the Ethereum to Bitcoin action you’re getting towards We break above sixty I’m telling you guys, when we first did And that’s why I think, you know, over twenty percent to the upside five thousand satoshi we There’s a possibility we head So this is going to be The total cryptocurrency market cap chart Nothing to really look at here.

The weekly chart, of course, moving average, but that’s why You can see we’re maintaining all candles and the twenty-week moving This is the most bullish chart in crypto, I’m expecting some upside here.

Let’s watch some coins, because that’s going to be a huge, huge We go into the Bitcoin dominance, starting to show a little bit of weakness, initial fear that we saw where we lose a lot of capital But the real fundamentally sound, traditional markets we do want to address above ninety-two point six to that’s where cautious when it comes to any markets, but traditional markets, You know, with gold. Back in 1770, we’re seeing a pullback.

The S&P 500 is the only, you know, the market just breaking through Obviously not as significant of the type of returns you’ll see But if the S&P 500 starts to lag, If the ninety-two points six two-level breaks for the Dow, why this is a rocket We want to monitor that because the S&P of the day, moving average with Bitcoin at the thirty-four thousand dollar level.

That’s not the best scenario. We want to see Bitcoin get towards a different zone so we And with gold, you can see we’re really We come straight to seventeen hundred. So we want to monitor this. This is not a bad thing, though. It shows confidence with institution’s traditional markets, But gold coming down is not a bad thing. That’s showing more So we’re going to watch what’s happening if you want to, when principals are already Deledio one of my favorite books on value Share this content and you’ll I’m going to pick a winner, John. Ah, he was the first comment yesterday. You said nice.

Send me a message on Instagram. Link isn’t a description lol. You want a book. If you want to win a book once again, Principled, but really one of my favorite books on value investing. Thank you all for tuning in Until next time.

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