Snipers, you have to see what happens in the cryptocurrency market this Sunday as it’s Independence Day in Bitcoin back over thirty-four thousand seven hundred eighty-eight, now over the weekly and monthly opening. I want to talk about whether or not we are going to see this re-test of the 50-day moving average at thirty-six thousand five thousand hundred or even potentially test the peak of that channel resistance at $ 40,000.
More importantly, the Bitcoin maximalists are saying that the altcoin season is over now that we are seeing confidence back above thirty-five thousand, just like we talked about the Snipers Cardano, the Ethereum to Bitcoin chart is breaking out up more than five percent today with Bitcoin only up over two percent.
Notice that we are above sixty-five thousand satoshi, just like we talked about yesterday, this was confirmation that we wanted to break above 20 to 40. The question is, are we going to see an Ethereum breakout back to the $ 3,000 level to retest that channel resistance and see much more strength than Bitcoin leading other altcoins in the foreground of this other dominance chart?
Now, back over that weekly opening and the market, structural support acts as the area that looks like we may see a potential reversal. We achieve over thirteen percent dominance. The Bitcoin maximalist altcoins season is over or in the dumpster. That is, we will see the higher high or lower high form for other dominants, more strength for altcoins. I want to talk about the early confirmations about this and then of course we’re going to get more into Bitcoin dominance. Talking about the Bitcoin chart is the moving average of fifty days. If we get past how significant this will be.
Of course, tomorrow is his independence day. Traditional markets are closed on the 4th of July. And so we have to recognize that a long weekend means more manipulation in the cryptocurrency market is just another pump up before another low. I want to talk about that today. You’re looking at the Snipers Channel on a Sunday. My name is Naeem Alobaidi. Remember to smash it like one for the YouTube algorithm.
First I want to talk about exactly what is happening with Bitcoin here. So we come in to test the current 50-day moving average. And if we get over thirty-six thousand five hundred at this point, we could assume there are forty thousand back on the table and we’re going to test that channel again. Resistance, of course, gets a bit tougher so Bitcoin comes over forty-one thousand nine hundred and fifty, where we have the 200-day moving average, now sitting between that range up to the forty-four thousand eight hundred dollar level.
This is the key area that we want to go beyond to see a stronger macro turnaround in the trend. But right now, Bitcoin is showing positive momentum around thirty-four thousand seven hundred eighty. This is an important stage to watch. I told you if we should come out and see the altcoins because altcoins tend to be move and do better than bitcoin when bitcoin consolidates. Despite the bitcoin maximalists saying that bitcoin dominance is way too low, it has to come back for us to see further action on altcoins.
I just stick to the fact that the charts are the referee and I’ll talk about dominating others in just a second. But with Bitcoin, if we have a consolidation here between thirty-five thousand forty-one thousand nine hundred and fifty for the next couple of weeks, the next couple of months, that is, the altcoins are really the place to look at long positions. And there will be a lot more volatility there, a chance if Bitcoin stays in that channel. But at the moment things are looking good. We are above the 50-day moving average.
This is the first time we’ve gone beyond that since this bear market began. And that would start the bailout at the 200-day moving average, which sits at the forty-four thousand eight hundred dollar level. We really want to go there. To see some more macro reversal in this trend, potential further highs may go back to the fifty thousand dollar level.
But that’s not on the table yet. We know there is a lot of overhead resistance. Channel resistance, the best scenario for an uptrend now, will be the forty thousand dollar level too big even if it makes sense. And that’s what I’m expecting for Bitcoin. We stay awake thirty-four thousand seven hundred and eighty. We will only look up or sideways from the slightest. With a low volume, the resistance is always sideways to a little higher, i.e. not down and a little to the side, but up and a little to the side.
Correct. Because inflation is something that affects assets every second. And when the markets are calm, assets are usually supposed to increase in value. So if you look at macro trends, you see these types of market cycles in a clearer picture, and this downtrend and these markets become much less significant. Right now we’re back over thirty-five thousand.
We wanted that. When we get to that we can take a rest, happy independence day. What a great time to get above this level. But here is the big question. When we get below thirty-four thousand again seven hundred and eighty, what disadvantage could we expect? Once again, I’m just an expected downside under thirty thousand with a lot of volumes. And when we get under thirty thousand, it will be a short time.
Keep your limit orders under thirty a thousand to enter Bitcoin because that’s always on the table on a weekend. You have to be more freestyle. It’s most manipulated me to see futures are tight in traditional markets, but that’s me looking at Bitcoin right now. More importantly, let’s talk about Ethereum yesterday. If you took over our trade at 20 to 40 years old, I said if we test 20 to 40 we will most likely test sixty-five thousand satoshi and think about it.
Now we’re going to see a massive outbreak for them. And that’s exactly what we are to see on Discord. If you want to do that. I sent an entry from 20 to 40. It has already hit all the targets. Therefore it is important to observe other dominants. I’ll talk about that in a second. But let’s talk about Thiering because it leads the altcoins.
It is the largest altcoin. Here’s the big thing right now that we need to keep in mind. We’re on the 50-day moving average that they’re on a Bitcoin chart. We go beyond that. We are in a very strong bull market for Ethereum. We are exceeding the 50-day moving average on the price of Ethereum to US dollars. That is even more confirmation. And it sits like twenty-five hundred. We can get through that very quickly.
This is even more bullish action for Ethereum. So I’m not saying it’s going to be a flip. What I am saying is not easy. Think of the opinions of Bitcoin maximalists even a theory, a maximalist or any maximalist, any extremist. You always want to be in the middle, don’t you? You always want it. Preferably a neutral stance, and therefore although everyone is saying that altcoin season is now that bitcoin has been outperformed, I’ve maintained that when we’re on this 20-week moving average at home with other dominance, it’s the most bullish chart and crypto.
And that’s exactly what I’m following. Here is. On the extreme side of that opinion so far, it looks like it has been since January Altcoins were the cheap assets we saw fear hit the market. Bitcoin dominance came up a bit. We saw the spike of Bitcoin and other dominance finally had a relief back home base on the 20-week moving average. We still have to cross it and we maintained this multi-year support level.
So you listen to each other a ton from Maximus and Extremis. Well, let me give you a maximalist opinion, but I don’t oversee as I was a garden variety retests important support in technical analysis, that means either we are making a higher high or we are coming to make a lower high. Correct. Because there has to be a reaction to support that once was the resistance has to be a support.
That is the garden variety market behavior would say. If that’s the case, that is, in October, November, December, twenty-one, we’re almost twenty-two there. Will we be focused on Bitcoin or Altcoins? That is the question. If other dominance remains over 20 weeks moving average altcoins is the game. So that’s what I’m looking at. One minute of theory confirms Bitcoin as a leading indicator showing strength beyond the declining bitcoin, check out this previous weekly opener.
Now you can even see the weekly open Bitcoin dominance below. There is no reason for Bitcoin dominance to just come for no reason. It has seen a little break from the downtrend here since we saw China foud, Elon Musk for whatever you want to call it. However, the fact is: we are so far and below the home base, 20-week moving average, that it will be a long time before we can assume a bullish reversal here due to Bitcoin dominance. And that’s just my opinion. So I don’t mind disagreeing on the markets and so I just roll.
Correct. And since that was said I want to give away one of my favorite books on value investing to one of you who watches our content, comment under your favorite altcoin. Maybe we’ll cover a few more altcoins soon. And don’t forget how to smash snipers. We would like to add 100,000 subscribers to this channel. Let’s go ahead and pick a winner. Syrian Corey says, OMG, the timing is perfect.