They CRASHED The BITCOIN ETF ($200M SOLD)!! Bitcoin News Today & Ethereum Price Prediction!

They CRASHED The BITCOIN ETF ($200M SOLD)!! Bitcoin News Today & Ethereum Price Prediction!
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Timestamps:
BITCOIN ETF DUMP (Must Watch)!! 0:00
Important Bitcoin Analysis! 5:42
Ethereum Technical Analysis! 11:45
Solana Technical Analysis! 13:58

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– Crypto World –

Welcome back to the crypto Channel everyone my name is Josh and right now Bitcoin is rejecting from critical resistance as grayscale is dumping hundreds of millions of dollars worth of bitcoin which is dumping the price of Bitcoin in the short term so in just a moment I’ll be talking about why that is

Happening and potential price targets to pay attention to and on top of that I’ll be talking about ethereum as always flashing a new signal in the short term which I’ll talk about later in the video so definitely watch to the end first of all we need to talk about

The grce scale Bitcoin trust which is now dumping hundreds of millions of dollars worth of bitcoin as I talked about over on my Twitter in real time so as always make sure to follow me over on my Twitter if you want real time updates throughout the day link Down Below in

The description and in the pinned comment but at least as of right now the grayscale Bitcoin trust has basically dumped around 4,000 Bitcoin worth approximately $200 million us and as you can see right here they have sent that Bitcoin to coinbase to dump a lot of

That Bitcoin over on coinbase and as you can see over over here they actually hold over 620,000 Bitcoin worth well over 20 billion us and I did touch on this in my last video here on the channel talking about how the grayscale Bitcoin ETF in particular could actually result in a

Lot of selling pressure for Bitcoin but in my last video I was mainly talking about the arbot Char trade that was going on and that arbot Char trade has basically already closed because the discount to nav for gbtc has basically already closed and I talked more about

That in more detail in my last video but basically what is now happening with a lot of Bitcoin flowing out of the grayscale Bitcoin trust is essentially people are most likely moving ETFs they are moving from the grayscale ETF to potentially another Bitcoin ETF and you

Might be wondering what is the point of moving from grayscale to another Bitcoin ETF if you’re still going to have an ETF at the end of the day and the reason behind that is most likely to do with the fees with these ETFs because the grayscale ETF fee is 1.5% whereas

Another Bitcoin ETF fee a spot Bitcoin ETF for example black rocks spot Bitcoin ETF is only 0.25% and so obviously if you’re comparing those fees 1.5% to 0.25% that’s a big difference in fees if you’re talking about a lot of money that you might be having in a spot Bitcoin

ETF and so obviously if you’re holding the grayscale Bitcoin trust gbtc and paying a 1.5% fee and if you’re looking at the Black Rock ETF with only a 0.25% fee it makes complete logical sense to move ETFs from grayscale to Black Rock or one other ETF for example that might

Have a cheaper fee and before the spot Bitcoin ETFs actually got approved and began trading on the stock market you couldn’t really do that you can only sell this kind of on a secondary Market basically at a discount to nav which is what was happening but now that these

Spot Bitcoin ETFs have actually been approved you can essentially withdraw from this grayscale ETF at net asset value basically withdraw the cash that you had in there but unfortunately you cannot actually withdraw in Bitcoin you have to withdraw in US dollar terms because it’s a cash create ETF which

Basically what that means is if a lot of people are moving from grayscale to another ETF like a black rock for those cheaper fees basically what has to happen is grayscale has to dump that Bitcoin that’s backing the ETF if you’re moving your shares out of grayscale if

You’re moving your money out of grayscale they have to dump Bitcoin and then if you’re moving into black rock for example then they have to Reb that Bitcoin but under Black Rock and so obviously a much better system would be if you could just withdraw Bitcoin from grayscale or if grayscale could just

Send that Bitcoin straight to another ETF if they knew you were transferring to another ETF but no unfortunately the way the system set up right now is if you’re transferring from grayscale to Black Rock for example grayscale has to dump that Bitcoin and then you’re taking

The cash the US dollars to another ETF and then they rebi that Bitcoin under Black Rock and because we’re talking about billions of dollars actually tens of billions of dollars here in the grayscale Bitcoin trust obviously that’s possibly a lot of Bitcoin that could be about to be dumped if that bitcoin’s

Moving out of grayscale and potentially somewhere else but it is important to understand that the dump that’s happening due to outflows from the grayscale Bitcoin trust is likely very temporary the dump is likely going to be very much temporary because obviously even though grayscale has a lot of

Bitcoin that they’re holding on to it is still a limited amount So eventually they will eventually run out of Bitcoin if enough outflows happen but even before that point obviously as I said earlier once again a lot of the money that’s flowing out of grayscale out of the grayscale Bitcoin trust is likely

Doing that due to their very high fee that 1.5% fee because obviously once again if there’s an alternative ETF like the Black Rock Spot Bitcoin ETF at a 0.25% fee or simply just holding normal spot Bitcoin in cold storage for no fee then it does make complete sense that

There’s going to be some outflows from this grayscale Bitcoin trust causing initial selling pressure but once again a lot of that money will likely want to stay in Bitcoin which will essentially mean they’ll have to re Bitcoin either underneath another spot Bitcoin ETF or just buying normal spot Bitcoin and so

Essentially there will be an equilibrium where there’s outflows coming from the grayscale Bitcoin trust causing sell pressure but then if a lot lot of those outflows in dollars come back into another Bitcoin ETF and cause buying pressure cause inflows into another Bitcoin ETF then obviously that would basically equal out the selling pressure

And the buying pressure and therefore stop the dump but because we’re in the early stages at the moment where the money hasn’t traveled to the other side actually adding the buying pressure we’re still in the sell pressure stage obviously at the moment this is causing a short-term dump in the price of

Bitcoin and once again if you want to stay up to date in all of this happening throughout the day then make sure to follow me over on my Twitter for realtime updates once again linked down below this video and if you’re enjoying the video so far you might as well hit

That like button down below the video while you’re down there and subscribe to the channel if you’re new with notifications turn on so that you don’t miss out on these important update videos but anyway getting into the Bitcoin chart and we can see here on the weekly time frame we’ve seen a perfect

Rejection from the exact golden pocket the most important Fibonacci area on the chart and so once again I’ve been talking about this over and over again recently on the channel talking about how this is going to be very strong resistance for Bitcoin sitting in between around 48,000 to 50,000 and as

You can see that’s pretty much exactly where the price of Bitcoin turned around right in between 48,000 to 50,000 as expected and so at this point it’s likely that we’re going to see at least a consolidation or possibly a slight correction before eventually breaking out later on and continuing the larger

Bull market because really that golden pocket in between 48k to 50K is basically the final most significant area of resistance that’s between the current price and the all-time high but if we’re taking a look at the daily time frame we can see a bearish Divergence is now confirmed and active on the chart

Which is something I’ve talked about recently on the channel because the price of Bitcoin is still sitting in higher highs while the RSI is still sitting in lower highs and so what this technically means is that we’re losing some bullish momentum in the shorter term which means we’re most likely going

To see either choppy sideways price action or potentially a bit of a pullback here in the price of Bitcoin at least in the somewhat shorter term relative to the Daily time frame and now it is important to understand that a bearish Divergence does not guarantee a massive bearish Trend reversal and so

Just keep that in mind it does not guarantee that we’re going to see a lot of bearish price action it just means that right now we are losing bullish momentum but at least for now the dxy or US dollar Index has not yet confirmed a bullish Trend reversal because at least

For now is still forming lower highs and lower lows which technically means the Bitcoin price is still within a bullish trend on The Daily time frame obviously still currently forming higher lows and higher Highs but I’ve been saying this entire time even though I’m bullish on

The trend in the price of Bitcoin on The Daily time frame obviously we can still see short-term pullbacks here and there shortterm dumps from time to time during a bullish Trend and staying on the daily time frame looking at this ascending parallel Channel obviously we’ve seen another perfect rejection from this

Ascending line of resistance which was sitting at around 47.4k and right now as of record in this video we’re running into the center line which is acting as support sitting at around 43.2k to 43.3k but if we see a confirmed break below that Center Line right there then

It’s likely we could drop down towards the lower line of support right here which is sitting at around 395,000 but overall while the price of Bitcoin is still within this ascending parallel Channel technically speaking this is the price trending in the bullish Direction forming higher lows and higher Highs but

Once again during a bullish Trend we can see short-term dumps from time to time and if we’re taking a look at the 4-Hour Bitcoin chart obviously this short-term bear Divergence is still playing out as expected which is something I’ve been talking about over the last few days and

Once again a bearish Divergence means we’re most likely going to see either some choppy sideways price action or potentially a pullback in the price of Bitcoin at least in the short term and obviously this is now playing out but if you extend this line of resistance right

Here and take a look at a line of support right here we can actually see a rising wedge pattern that has already broken to the downside and so this actually sets up a technical price Target to the downside a bearish price Target and that full price Target is

Sitting at this area of support right here the bottom of the wedge which is sitting in between around 405,000 to 41k acting as support but if we’re taking a look at the secondary price target for this Rising wedge pattern right here if we’re looking at the width of the entry

Of this pattern that sets up another price Target which is sitting at around 42.6k and we do also have support at around 42.6k right here and so potentially that is an initial price Target to pay attention to but if we break back below around 425,000 then it’s likely we could drop back down

Towards around 41k and something else to keep in mind is obviously the 4-Hour Bitcoin RSI is actually approaching oversold territories right now and so if this enters into oversold territories that technically means we have limited room to the downside at least in the short term and so basically we usually

End up seeing either a slight bounce or sideways consolidation to basically reset the RSI if this starts entering into oversold territories and if the RSI enters extremely oversold territories if we see extremely oversold RS SI I price action then that can also result in a bullish Divergence later down the road

So this is something to pay attention to moving forward and for the Bitcoin Traders out there that are trading these moves in the price of Bitcoin or any other crypto there’s actually a massive $2.2 million trading competition happening right now and so if you’re trading crypto anyway you might as well

Check this out because essentially registration has just opened for this competition and if you simply trading in this competition you can get these extra bonuses like a 5,000 usdt bonus just by trading in the competition getting some trading volume and there’s also individual prizes going all the way up towards

$300,000 in bonus prizes and also during this competition I will be sharing my trades that I’m taking for Bitcoin or any other crypto and so you might as well check this out in the description down below and in the Pinn comment in fact it’ll be the first link down below

This video that will take you to this page right here where you can register and win a potential share in that massive 2.2 million usdt prize B but anyway if we’re taking a quick look at the Bitcoin liquidation heat map we can see the price of Bitcoin dumped

Perfectly into a major area of liquidity and I did mention just a couple of days ago here on the channel That the Bitcoin liquidation heat map was showing a lot more liquidity to the downside than to the upside which meant we were likely to see a bit of bearish price action in the

Short term once again I said that recently on the channel the last time I talked about this chart right here and as of right now we still have a decent amount of liquidity sitting at approximately 43,000 and so basically that’s attracting the price of Bitcoin down towards that area right there but that

Can also act as a bit of short-term support if enough people are buying in that area but overall just based on the Bitcoin liquidation heat map technically with more liquidity to the downside than to the upside as of right now this is looking more bearish at least in the

Short term than bullish and if we’re taking a look at the eth to US dollar chart on the weekly time frame technically we’re still breaking out above that Fibonacci level which is sitting at around 2440 but obviously at least for now we have not yet confirmed a weekly candle

Close above that level so this breakout is not yet confirmed and the next weekly candle close is in roughly around 2 days from now and if you want to know more about this chart right here then definitely check out my last video here on the channel but if we’re taking a

Look at the daily time frame obviously just recently we’ve seen a breakout in the RSI Above This previous descending line of resistance which is technically a bullish signal and if we’re also taking a look at the daily Bitcoin macd as of right now this is still currently

Showing bullish momentum and so at least for now in terms of the trend and momentum on The Daily time frame the price of eth is still looking more bullish than bearish but once again even during a bullish Trend we can see short-term pullbacks and short-term dumps here and there so keep that in

Mind and if we’re taking a look at the 4-Hour eth to US dollar chart obviously just recently we’ve seen a major breakout Above This previous area of resistance which is now acting as new support sitting in between around 2380 to 2420 and so if we actually see a major

Pullback here in the short term that could potentially act as major support for the price of eth and it’s also worth mentioning that just recently the 4-Hour ethereum RSI did indeed enter into overbought territories after playing out that bullish Divergence I talked about since all the way back down here and so

Basically with the RSI entering into overbought territories this basically means the bullish Divergence is now over which basically means we could now see a sideways consolidation or possibly a pullback in the price of eth in the short term now that this bullish Divergence has already played its part

And speaking of divergences taking a look at the two e to us doll chart and right now we’ve just confirmed a new bearish Divergence just in the imminent short term only on the 2hour time frame because as you can see right here we’ve clearly seen higher highs confirm in the

Price in the candle closes while lower highs have confirmed here in the 2hour ethereum RSI and so basically what this means is just in the imminent short term talking about the coming hours or the next couple of days we’re most likely going to see either some choppy sideways

Price action or potentially a bit of bearish price action once again just in the short term here and if if we’re taking a quick look at the price of salana against the US Dollar on the 4-Hour time frame we’re still basically chopping around sideways here in the short term still technically within a

Bearish trend we have not confirmed a bullish Trend reversal and in fact in the imminent short term it does look like we have a possible double top pattern right here which is essentially the opposite of a w pattern it’s basically an M pattern which is a bearish pattern and if we break below

The neckline which is sitting at approximately $94 then in that case that would set up a price Target to the downside sitting at around that golden pocket which is at around $85 and so basically if we break below around $94 and then break below this support sitting at around $92 then we’re likely

Going to see a drop back down towards around $83 to $85 based on the golden pocket but once again between now and then we do have that support at around $92 and as for resistance we have resistance at around $108 and also at around $15 to

$116 and as for the RSI on the 4-Hour time frame right now the salana RSI is looking very neutral basically chopping around sideways around the middle of the RSI indicator but believe it or not you can make a lot of money in crypto even during this choppy sideways price action

Or even during bearish price action and if you want to know how to do that then watch these videos popping up right here on your screen the video in the top left show you haen long or short crypto to make money if the price is bullish or

Bearish and the video in the bottom left shows you haen easily profit if the price is chopping around sideways but anyway that is everything that I have to say for today I really hope you enjoy and I’ll see you all in the next video