What is going on snipers name al-obeidi here, I hope all of y'all are enjoying your day
We're gonna be doing a quick market update a lot of people are asking me whether or not this Bitcoin
Death cross is going to initiate a long-term bear market for Bitcoin
And I want to first show you the death cross that occurred in
2013 because you can always use history as a predictor of the patterns of the future
I don't like to say the future because I think it can give you indications of patterns
But not necessarily the actual future, but you can see here with the 50-day the 108 eternity moving averages pulled up on this chart in
2013 this was really what that MT, GOx?
Situation happened where we saw this major sell-off in Bitcoin where we had this death cross which did eventually
Lead to a long term consolidation over a very long period of time in which we finally saw that exuberant run-up
That led to the December
2017 rally for Bitcoin so is that gonna create major
Consolidation this time around for current Bitcoin chart if y'all are new here. This is gonna be our trading view chart
The link is in the description we may be using the three moving averages first and foremost
This is where the death cross is about to initiate here for Bitcoin on the one day
You can see here how that 50-day has already crossed below that 108 heading towards that 208
And I think a lot of people are missing opportunity in this market right now
I think there's a lot of opportunity if y'all don't know my story in around
2014 is really where I got serious about trading crypto where I liquidated all of my traditional
Investments my capital into crypto to really start trading this market whereas
I found that the volatility was where the opportunity was at rather than the price of Bitcoin
and I think a lot of people are overseeing that right now because there's a ton of volatility a ton of
Opportunities if you all don't know we had a couple of good calls ourselves here on
Snipers tube we had this one which is over 50%
We have this one other day
And these are all calls over the past couple of days that we've made here on our trade alerts platform
So understand that there is a lot of opportunity in this market. I'm gonna talk about that looking at the current chart here
We're gonna drop some very key support levels here the first one being
5900 where we initially corrected around
February and that was after the December run-up
And then another key support level that I want y'all to watch right now is this level here of 7,200
Because this is where we found our
previous correction here the most recent one and then the resistance level that I'd like for y'all to watch for here is going to be
That eleven thousand nine hundred dollar range and the reason I say eleven thousand nine hundred is you can see it's really the most accurate
Resistance level that we have right now based on the chart and based on price level is how they've always bounced on top
at that price level
And I think a lot of people are going to be taking profits as we see these swings back and forth
But I also think that's where the opportunity lies
So I want to talk a little bit about dominance in Bitcoin and where we're headed in terms of dominance
But I think watching this chart knowing that we're in a horizontal channel right now
We can really
Take advantage of the opportunities of when Bitcoin is in these lower lows and if we insert more indicators
That could help us determine entry and exit points like the MACD for example looking at the moving average Convergence divergence
You've got the fast line here in blue the slow line here in orange
You've got the history and negative determining sellers positive determining buyers
You can see how we're starting to see a lot of sellers come into this market
Compared to what we saw with that initial sell-off
We're seeing a little bit of buyers right now
But I don't think this is enough yet to really determine that bitcoins and start heading up
And then if you take a closer look at the moving lengths here
But the fast lengths now resting on top of that slow length once
It's already
Converged and had that sort of bullish sign now returning to those bearish signs because once this crossed over
That was bullish now
It's back to bearish and I I can certainly tell you this being at these lower price levels
You can see with the MACD with the initial correction it really got over stretched all the way down here to run
1478 whereas now we're only around
436 in terms of negative MACD in my opinion this being so bearish while
Prices are this low would indicate to me that we're most likely going to see further lows
best-case scenario in my opinion would be for us to
double bottom out
5900 then see a pullback
Hopefully a strong pullback to then create a horizontal channel and a resistance and support level that we can now
predict to then eventually take advantage of those volatile opportunities
And I'm gonna be talking a little bit about that right now because when you look at the total market in
General you can see in terms of USD valuations
It's always a stronger pull back then in BTC satoshi valuations, and when you're looking at the global charts here
You can also tell here with Bitcoin dominance here and depicted in orange and all coin dominance depicted here in silver
We're starting to see
bitcoins overall dominance flatten out while all coins are now seeing a
Reversal and I'm gonna go ahead and actually bold the alt points here, and if you all sorry
I had like Cohen pulled up if you all can notice here
You can see how we're starting to see this reversal in this increase in all coin dominance
I think we're gonna see a lot of opportunity in all points over the next couple of weeks, and I think that's where people
Have to focus on in terms of making their profits understand
That this is the time to buy but buying at the right levels is important and until we have that known double bottom
forming the confirmed
Reversal of Bitcoin I think that the best
opportunity is within these swings that were taking advantage of and that's why we're doing these trade alerts with all these smaller coins and we're
Seeing some positive movement with them
It's like why not take advantage of these large swings. This was March 21st right like this was March 23rd
That was two days ago
Just because we're in a bear market doesn't mean there's no opportunity
So now let's move on to a more fundamental aspect of this market
I think a lot of people are overlooking some very key factors of the market and where we're at and
Evolving right now and one thing I'd like to talk about is the CBOE and seamy futures that launched in
December and how that affected the market being the fact that now it allowed investors to bet against Bitcoin on cash settled
Contract, so it wasn't actually trading Bitcoin
But allowing investors to short it which basically means that you're betting against the price
and there's
potential upside in terms of profits for betting against Bitcoin going down now this introduced a whole other dynamic
The market and we talked about this in December, but following futures are typically ETFs
Which then will then be followed by an options market which would be it?
Extremely huge feat for the cryptocurrency market for options to be introduced here, and now if you look at this article
I'm not gonna read all of this, but the CBO
He is in communication with the SEC actually talking about
Approving an ETF and now they're citing concerns over two specific things market fragmentation
investor protection where the CM e or the CBOE
Representative actually said back to them that the government issued currencies in gold
Being more fragmented than Bitcoin. That's huge
Understand the amount of optimism that's written here from credible individuals. I think this is a huge
Feat for Bitcoin in the crypto market in general. I think people are overlooking this stuff. They're focused so much on the price
We're number one opportunity lies in volatility
But number two there's all this fundamental use case in actual real life examples of Bitcoin
Progressing not reversing another quote here from them saying here that
They expect the market to grow and in the near future reach levels comparable to those of other
Commodity futures products, so they're expecting this to grow just as large as other
Commodities and traditional markets that's something. We've been talking about for such a long time here remember
We're at a three hundred billion dollar market cap gold is around seven trillion
We have a long way to go the original dot-com bubble was around three trillion in current market valuation
That's ten trillion so three hundred billion is petite its small. We have a lot of upside potential
the only issue is I think we have
roadblocks along the way like the MT GOx
Selling off coins right all these things just need to come out of the rug so that Bitcoin can now
prosper in its true form and I think that we're gonna be seeing a lot of this over the first two quarters of
2018 whereas the last two quarters, I think we'll see a lot more further optimism with a lot less
negative pessimistic
Posts and articles about Bitcoin and use that would just almost allow Bitcoin to finally prosper in the way that it's supposed to so
What I'm saying is that there's really good opportunities here
And I think that people need to take advantage of the opportunities instead of run away from them
I think the best opportunity like I said right now is taking advantage of these swings
But understand that there's still long-term potential this market
It's just a matter of when to invest that money for that long-term potential and then another article you're talking about Manero
which was interesting actually fluffy pony here quoted in this article is someone that I actually was introduced to several months ago at a
crypto conference here in
Los Angeles, California and fluffy one he's an awesome guy an awesome representative of Manero very optimistic
It was funny the one thing I remember was he said in the actual keno and this is something that I almost knew there was
Hindsight from you once
He said it but he said if you send a Bitcoin
transaction to somebody they can now look up your wallet on the public ledger and see exactly how much money you have and where you've
Sent money in the past and how much you've sent
And if you don't feel comfortable that Manero prevents that and that was like the one thing that really
Hit me about manera. I'm like man having a privacy coin
it's definitely something that's
Needed and has its own intrinsic value in its own form and it's interesting because now there's this new it miner that came out
that had the potential to actually start mining manera with a si si power which would
Actually make Manero vulnerable to a 51% attack if you don't know that's when 51% of the nodes are pretty much
overtaking the other
Legitimate nodes and now that allows for a lot of bad things
I think it talks about here false transaction histories double spending centering payments and things of that nature
So it's interesting that fluffy pony right now is taking the offensive here, alongside other Manero developers about
Preventing this from happening and actually taking action
To the point where they're saying that they'll do everything in their power to help the training prevent the proliferation of ization inducing
SES on the Monaro network
By actually creating different network updates and stuff, and you can read more about this in the article below
But the point is I think there's a lot of optimism in the market
And I hope you all enjoyed this video with that being said
Thank you all so much for watching if you all are here on sniper Institute
We are doing a lot of work on the back end right now
We're setting up our other social media profiles right now take an advantage of this slower time in the market so that once it
Starts to peak out again
We have a foundation already built where we could prosper as a community to get ly excited about this to allow this community to grow
organically with the most amount of values and
having that
Real vibe of family right I want everyone here to feel as if they're family so and with that being said y'all
Thank you so much for watching. Hopefully this has helped some of y'all snipers out
You
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