Everyone is WRONG about the BITCOIN ETF!!! Bitcoin News Today & Ethereum Price Prediction!

Everyone is WRONG about the BITCOIN ETF!!! Bitcoin News Today & Ethereum Price Prediction!
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Timestamps:
BITCOIN ETF APPROVAL!! 0:00
US CPI Inflation Data! 4:41
Important Bitcoin Analysis! 5:17
Ethereum Technical Analysis! 10:27
Solana Technical Analysis! 15:43

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– Crypto World –

Welcome back to the crypto ball Channel everyone my name is Josh and right now the spot Bitcoin ETFs have been approved and are now actively trading which initially pumped the price of Bitcoin but then resulted in a short-term dump due to a special reason I’ll talk about

In just a moment and on top of that this is resulting in Bitcoin rejecting from the most important Fibonacci level on the entire chart while ethereum is still breaking out from this massive bullish pattern which I’ll talk about later in the video so definitely watch to the

End first of all we need to talk about the spot Bitcoin ETFs which have obviously officially been approved if you’ve been following me over on my Twitter I’ve been updating in real time over the last 1 to two days first of all just yesterday I sent out this tweet

Right here saying the spot Bitcoin ETFs have now officially been approved not that fake news but they have officially been approved and as I said yesterday tomorrow BTC goes public on the stock market and as I said today the spot Bitcoin ETF trading is officially live

So that is right you can now officially trade the spot Bitcoin ETFs they are here they are now trading on the market and as soon as the spot Bitcoin ETFs began trading when the stock market opened what we initially saw was a pump pretty much straight to the upside from

Around 47 to 48,000 going all the way up towards around 49,000 and then as the price of Bitcoin ran into this significant resistance in between 48 to 50K obviously we saw a rejection back to the downside but this is not the only reason as to why we saw

A bit of a pullback just recently even after the spot Bitcoin ETFs got approved and now some have been saying this was just a sell the news event but if it was entirely a sell the news event we would not have seen any pump straight to the upside when they actually started

Trading and so one of the major factors that really resulted in a lot of this short-term bearish price action was actually the gbtc Arbitrage trade because obviously now that the spot Bitcoin ETFs have been approved the gbtc spot Bitcoin ETF is now approved as a spot Bitcoin ETF and as you can see

Right here for well over a year now the grayscale Bitcoin trust or gbtc has been trading at a massive discount to net asset value and what that actually means is when gbtc is sitting in this massive discount you’re essentially buying Bitcoin for a lot cheaper than if you’re

Just buying normal Bitcoin on the spot Market because essentially these gbtc Shares are backed up by actual Bitcoin but essentially before this spot Bitcoin ETF was approved you couldn’t really access the actual Bitcoin or anything behind these shares and so due to the fact that you couldn’t really redeem

These shares for anything and you could only buy and sell them on the market obviously this resulted in these gbtc shares trading at a massive discount especially back in the bare Market in the early stages of 2023 and at its largest discount that was back in early

2023 we saw around a 47% discount to net asset value which basically meant if you’re buying these gbtc shares back in around February 2023 that meant you essentially buying Bitcoin at around 11 to 12 000 based on the current price and that discount back then but once again

The catch was you couldn’t actually withdraw that Bitcoin or anything like that you couldn’t redeem those gbtc shares essentially you just had to wait and hold out for the hope that these eventually turn into a spot Bitcoin ETF and as you can see over the last one

Year or so this discount has been decreasing as we’ve been approaching the net asset value and especially more recently when there’s been a lot more talk about the spot Bitcoin ETFs we’ve seen this discount rapidly close but just before the spot Bitcoin ETFs were approved and began trading on the stock

Market of course this discount was still there which meant there was an Arbitrage trade to be taken and that trade was essentially to buy gbtc and sell BTC because essentially by doing that you’re selling Bitcoin but you’re buying gbtc which is essentially like buying Bitcoin because it’s now a spot Bitcoin ETF but

Once again just before the spot Bitcoin ETF actually hit the market this was still sitting at a discount which meant you were buying cheaper Bitcoin than the actual bitcoin price and so essentially what happened was a lot of money began arbitraging this trade right here basically arbitraging the difference

Between gbtc and BTC which essentially resulted in a dump in the price of Bitcoin but the good news is at this stage this Arbitrage trade is essentially already over because the discount is basically completely closed and the gbtc shares are now basically back at their net asset value and so

Essentially right now in the immediate short term Bitcoin is somewhat stabilizing after that Arbor charge trade has played out but obviously this is just talking about the shortterm moves in the price of Bitcoin really in the grand scheme of things these spot Bitcoin ETFs are extremely bullish for

Bitcoin over the longer term and perhaps another reason as to why we saw a short-term dump across the markets just recently was due to the fact that we did actually get some new CPI numbers just released over the last few hours within the last one day or so and I didn’t

Cover this in real time like I have previously with the CPI updates because basically over the last one day the main focus has been on the spot bcoin ETFs but basically these CPI inflation numbers did indeed come in above what the market was expecting most of the market was expecting 3.2% year-over-year

Inflation and instead we got 3.4% and so as usual if we’re getting just above expectations on the inflation numbers technically that is short-term bearish for markets because that is actually bullish for the dxy as you can see right here and I’ve explained all of that in more detail in previous videos here on

The channel but basically when inflation comes in above expectations that means future expect for interest rates should go up and basically when interest rates go up within the US that increases the value of the US dollar relative to other fed currencies which increases the dxy or US dollar currency index and as you

Can see on this chart right here the dxy and the Bitcoin price have an almost perfect inverse correlation or negative correlation basically when the dxy is bearish that is usually bullish for Bitcoin and vice versa and so once again perhaps in the short term that’s another

Reason as to why we’ve seen a bit of a short-term correction in the price of Bitcoin but remember that’s only on the much smaller scale if we’re looking at the daily time frame we’re still very much within this bullish Trend here in the price of Bitcoin and staying on the

Daily time frame taking a look at this chart right here technically we could still be forming a new bearish Divergence but at least for now we do not really have a lot of confirmation for this bearish Divergence and so overall we’re still looking more bullish than bearish but this is just something

To keep in mind moving forward and something else to keep in mind is obviously the fact that the prize has just rejected from the gold in Pocket the most important Fibonacci area on the chart because as you can see here on the weekly time frame looking at the Fibonacci retracement tool from alltime

High down to the bare Market bottom on the linear settings we have the golden pocket starting at around 48,000 and going all the way up towards around 50,000 and at least as of right now the local high is sitting at around 49,000 right inside that golden pocket which

Once again is acting as strong resistance and in fact this is the most significant area of resistance that’s sitting between between the current price and the all-time high obviously we have some other levels of resistance like this 78.6% Fibonacci level at around 57 to 58k which could still act

As resistance but overall the golden pocket is more significant resistance than the 78.6% Fibonacci level and so basically if we see a confirmed breakout above $50,000 that significantly increases our chances that we will soon see the price of Bitcoin return back up towards the all-time high but at least

For now while the price of Bitcoin is still trading below the golden pocket obviously we can still experience rejections from that resistance considering it is still acting as strong resistance and if we’re taking another look at the daily Bitcoin chart obviously right now the price of Bitcoin is still in this ascending parallel

Channel in fact we’re broken into the top side of this ascending parallel Channel and right now this line of resistance is sitting at approximately 47.6k and this line of support the center line is sitting at around 43.1k and the lower line of support is currently sitting at around

39.8k and so obviously at least for now while the price of Bitcoin is still trading within this ascending parallel Channel we’re forming higher lows and higher highs which is technically a bullish Trend and obviously we can experience short-term pullbacks here and there and sideways consolidations during a bullish Trend But ultimately at the

Moment we’re still trending in the bullish Direction on the larger scale and if we’re taking a look at the 4-Hour Bitcoin chart as I mentioned in my last few videos here on the channel we do have this short-term bearish Divergence which at least for now got very close to

Invalidating but has not yet been invalidated because in order to invalidate this bearish Divergence right here we need to confirm a new higher high in the candle closes here on the 4-Hour chart or a higher high in the RSI which right now has not yet happened and once again a bearish Divergence means

We’re most likely going to see either a slight pullback in the short term or possibly some choppy sideways press action and obviously over the last one to two days or so we have seen a lot lot of choppy sideways price action but believe it or not you can make a lot of

Easy profits in choppy sideways price action just like this and if you want to know how to do that then seriously stick around to the end of this video to find out more but as for short-term support and resistance we have support in this price range sitting in between around 44.3k to around

44.7k and we do also have short-term resistance based on the 4-Hour candle closes at around 47,000 and obviously we have that major resistance at that golden pocket on the weekly time frame and if you’re wondering where you can take these trades in the price of Bitcoin or any other crypto whether

We’re bullish or bearish you can make money in either direction and personally I take these trades over on buybit so I’ll make sure to leave a link to buybit in the description down below and in the pinned comment and in fact if you use that link down below this video to make

A buybit account you can get up to a $30,000 deposit bonus but only if you use that link down below this video but for whatever reason if you cannot access bybit or if you cannot kyc on bybit there is also bitflex which is another crypto exchange similar to buybit but

You don’t need kyc for bitflex and so I will also make sure to leave a link to bitflex in the description down below and in the Pinn comment and if you use that link to make a bitflex account and deposit $100 worth of crypto and make

One trade over on bitflex then you can get 10 usdt completely for free and so if you’re trading crypto anyway or if you’re preparing to take the next trade you might as well get set up ready to go on one of those exchanges using those links down below this video if you want

To claim those extra bonuses but anyway taking a quick look at the eth Us doll chart on the weekly time frame and right now the price is still breaking out above the 38.2% Fibonacci level of resistance which was sitting at around 2430 to 2440 and I actually said in my

Last video that the price was on the cusp of a major breakout and so far we are now seeing that breakout as expected but technically speaking we still need to actually confirm the breakout on the weekly time frame with at least a weekly candle close above around

2440 and if that actually happens and ideally if we flip that previous resistance into new support then the next resistance is sitting at around 2.9k but the next most significant level of resistance here on the weekly time frame is of course that golden pocket which starts at around 3.4k and goes up

Towards around 3.5k and so these are simply the significant levels of resistance on the weekly time frame to pay attention to and also staying on the weekly time frame we continuing the bullish breakout from this massive bullish ascending triangle pattern and obviously if you’ve been watching my

Video over the last few months you’ll know that I’ve been talking about this pattern for months now on the channel and in fact a few months ago I talked about how it’s extremely likely we’re going to see this bullish breakout based on the fact that the RSI on the weekly

Time frame was already breaking out acting as a leading indicator for the price because as you can see in the weekly ethereum RSI we had this huge descending line of resistance that’s been forming since the beginning of 2021 and just a few months ago we actually

Broke out to the upside here in the RSI before the breakout in the price and since this breakout in the price obviously we’ve come back down to retest this previous area of resistance which is now confirmed as new support which is another bullish confirmation signal for

The breakout to the upsid and so once again if you’ve been watching my videos over the last few months then you could have taken this trade and from the point of the breakout to the current price we’re already up over 20% so for example with a 10x leverage trade that’s more

Than a 200% profits but from where we are right now to the technical price Target we still potentially have around a 60 to 70% move to the upside still to go in order to complete this pattern and so in total from that breakout point to that price Target we’re talking around a

100% gain in the price of eth because that technical price Target right there for this pattern right here is sitting at around 4.3k but remember that between now between the current price and that technical price Target once again we have those significant levels of resistance that the price could still

Struggle at and so obviously we’re not going to go there in a straight line and it’s not going to take one or two weeks it’s going to take multiple months possibly the most part of this year because once again each one of these candles right here is an entire week so

It’s going to take some time we could see some pullbacks along the way so just keep that in mind but overall on the larger time frames like the weekly chart obviously we’re still very much trending in the bullish direction we’re in a bullish market right now and something

Similar can be said about the daily time frame with the price also still trending in the bullish Direction forming higher lows and higher highs and in fact over the last one day or so we’ve now offici invalidated this previous bearish Divergence with obviously a massive breakout here in the price of eth above

These previous highs and we’re also now seeing a breakout in the RSI Above This descending line of resistance which is another bullish signal showing an increase in bullish momentum and we’re also seeing an increase in bullish momentum here in the daily ethereum macd and so once again overall we’re simply

Looking more bullish than bearish very much trending in the bullish Direction but obviously in a bullish Trend we can still experience short-term pullbacks here and there keep that in mind but in terms of the trend I’m still very much bullish but something else to keep in mind is obviously we could potentially

Form a new bearish Divergence if this lower high actually confirms here in the RSI because obviously at least for now the price has formed a new higher high in the daily Cal closes while the RSI at least for now is sitting in lower Highs but obviously if we continue to see a

Breakout here in the RSI Above This previous high right here then there’s no bearish Divergence at all if we have higher highs in the RSI and higher highs in the price and as I’ve also mentioned recently on the channel and also over on my Twitter I do expect the price of

Ether to begin outperforming Bitcoin once that spot Bitcoin ETF hype begins dying down and obviously those spot Bitcoin ETFs are already approved and they are already trading right now and so basically once that becomes the new normal once everyone gets used to the spot Bitcoin ETFs and the hype begins

Dying down around those spot Bitcoin ETFs obviously a lot of the market is going to start looking at what the next ETFs could be which could potentially be spot ethereum ETFs and obviously everyone’s going to look at the Bitcoin chart and look at what happened leading up to the spot Bitcoin ETFs and

Potentially start looking at that happening for ethereum and so once again as I said recently on the channel and also over on my Twitter the spot ethereum ETFs are the next narrative and the market is just beginning to realize this and so perhaps with the spot Bitcoin ETFs are recently being approved

And are now listed and trading of course this could be one of the reasons as to why we’ve seen a massive spike in the price of eth as well as a lot of the market participants are looking towards potential spot eth ETFs in the future because we do already have some major

Asset managers like black rock that have filed for the spot ethereum ETFs already but obviously the approval is still a decent bit away but that is just something to think about moving forward with ethereum possible ETFs coming within the next few months or so and of

Course taking a look at the price of salana over the last one day nothing much has really changed here because basically the price is still chopping around sideways and has not yet broken out of this short-term bearish Trend and as for these support and resistance levels in the short term these also have

Not really changed over the last one day so if you want to know more about salana then check out my last video here on the channel because honestly not much has changed here over the last one day but if you want to know how you can profit

From crypto no matter if the price is bullish bearish or simply chopping around sideways then make sure to watch these videos popping up right here on your screen the video in the top left shows you how you can long or short crypto to make money if the price is

Bullish or bearish and the video in the bottom left is the one you should watch because that shows you how you can easily profit from choppy sideways press action but anyway way that is everything that I have to say for today I really hope you enjoyed and I’ll see you all in

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