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Ethereum Technical Analysis! 10:28
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– Crypto World –
Welcome back to the crypto Channel everyone my name is Josh and right now a new warning signal is flashing for Bitcoin that we need to pay attention to and on top of that both Bitcoin and ethereum are forming new patterns in the short term which could be our next
Trading opportunities so I’ll be talking about that later in the video definitely watch to the end first of all just giving you a quick update here on the daily Bitcoin chart and right now the Bitcoin price is still playing out a bearish Divergence which once again means we do to see reduced
Bullish momentum in the of either choppy sideways price action or potentially a bit more of a pullback in the price of Bitcoin as the most likely outcomes but at least as of right now we have not confirmed a new bearish trend on The Daily time frame because at least for
Now we have not broken below this significant support at around $40,000 and also we haven’t formed any new lower lows or lower highs here on the daily time frame which means technically speaking we’re still within the bullish Trend it’s just at the moment in the short term we’re taking a break from
That bullish Trend but with that being said if we’re taking a look at the dxy also known as the US dollar Index right now the dxy is actually bouncing back to the upside in the short term which is technically a bearish signal for Bitcoin and crypto and just today this bounce is
Continuing further to the upside in the dxy and if we begin forming new higher lows or higher highs again in the dxy for example if we break out Above This high right here at around 104.3 approximately then in that case that would be a bullish signal for the
Dxy but once again a bearish signal for Bitcoin and crypto CTO because this is the dxy on The Daily time frame and if we’re taking a look at the dxy alongside the price of Bitcoin also on the daily time frame we can see quite clearly that
When the dxy is trending in the bearish direction here in the red line that is bullish for Bitcoin and crypto and vice versa and as we can see the last time we saw a trend reversal on The Daily time frame in the dxy that was right around
The middle of July when we actually bounced from oversold territories and now already during this bearish trend we’ve already seen two times with the RSI on The Daily time frame has entered into oversold territories for the dxy and obviously that first time resulted in just a short-term bounce in the dxy
Over the next one week or so before a further pullback later on but at least as of right now this current bounce is obviously continuing further than the previous bounce during this bearish trend and so all we need to see now to confirm a bullish Trend reversal is once
Again a breakout Above This previous high or forming higher lows and then forming higher highs like that in the dxy and as I’ve mentioned recently on the channel if we do end up seeing those extra bullish confirmation signals confirming a bullish Trend reversal in the dxy then that would signal a bearish
Trender reversal for the price of Bitcoin here on the daily time frame because the last three times in a row where the dxy has signaled a bullish Trend here on the daily time frame obviously all three of those times have resulted in a short-term bearish Trend
In the price of Bitcoin that have lasted for at least around 1 month or so and around a 20% pullback or more in the price of of Bitcoin from the actual high and just to measure out a 20% pullback from the local high in the price of
Bitcoin a 20% pullback would take us down towards around $39,000 per Bitcoin to basically put us on par with these previous pullbacks in the price of Bitcoin when the dxy has flipped more bullish and so this is something to pay attention to moving forward and as always I’ll keep you up
To date in these videos every single day on the dxy as we continue to see new movements here but at least as of right now as of today the dxy has not yet confirmed a bullish Trend reversal but it’s showing those early signs of potentially flipping much more bullish
Again considering we’re currently within a bounce in the dxy so once again it’s just a warning signal at the moment but not yet fully confirmed and if we’re staying on the daily Bitcoin chart taking a look at this ascending parallel Channel right now we have this line of support still sitting at around
$40,000 and this line of resistance sitting at around $48,000 and if we’re taking a look at the 4-Hour Bitcoin chart obviously we’ve already hit that initial price targ for the rising wedge pattern and now we’re playing out a bullish Divergence which I talked about in my last video and so
Once again just on the 4-Hour time frame this means we do to see potentially a slight bullish relief or at least some choppy sideways price action but as always it is important to understand the difference between the different time frames so once again we can have a bullish Divergence on a smaller time
Frame and a bearish Divergence on a larger time frame because just an example of how that could play out with the two conflicting divergences obviously on a smaller time frame this pattern plays out faster and also smaller movements from the smaller pattern so for example we could see a
Slight bullish relief something like that but if you zoom out to the Daily time frame that would look something like that before potentially seeing a little bit more bearish price action or choppy sideways price action later on due to the larger bearish diversions and unfortunately I do have to talk about
The different time frames and what the different time frames mean every day here in these videos because I still get comments every single video talking about how I’m saying we’re going to be bullish on one time frame and bearish on one time frame and people getting confused between the time frames but
Just as a simple example to understand let’s just say if I’m bearish on the 1 hour chart that means I’m expecting some bearish price action over the next one day or so but if I’m bullish on the weekly time frame that means I’m expecting a larger bullish Trend to last
Over the next few months or years because obviously during a larger bullish Trend we can see short-term bearish price action and vice versa and so once again on the 4-Hour time frame that’s basically what we’re seeing right now an active bullish Divergence currently playing out in the form of a
Slight bullish relief just in the short term here but perhaps when the US Stock Market opens up again and we see the spot Bitcoin ETFs begin trading again if there’s simply more outflows coming out of the grayscale ETF compared to inflows going into other ETFs then obviously
That can create a lot of selling pressure for the price of Bitcoin if there’s a lot of outflows from the gray scale ETF which we just have to wait and see if there’s a lot of outflows from the grayscale ETF when the US Stock Market opens and I’ll talk more about
That in my last two videos here on the channel so if you want to know more about the grayscale ETF and how it could provide some selling pressure for the Press of Bitcoin then check out my last two videos here on the channel and if we’re taking a look at the 1hour Bitcoin
Chart right now as of recording this video the price of Bitcoin is extremely close to Breaking this new ascending triangle pattern just on the 1 hour Bitcoin chart because right now we have this ascending line of support which is sitting at approximately 42.8k and we have this horizontal line
Of resistance which is sitting at just above 43,000 and so in order to confirm a breakout obviously we need to see candle closes ideally above around 43.1k or candle closes below this line of support below around 42.8k and either way that will set up a technical price Target once we break
This pattern if we break to the downside below that line of support that would set up a bearish price Target down towards around 415,000 but on the other hand if we break out Above This resistance above around 43.1k with confirmation then that would set up a bullish price Target at around 44.3k to
44.4k and so from where we are right now which is very close to the point of the breakout to that price Target we’re talking around a 3% move in the price of Bitcoin which with a 10x leverage trade could potentially be a 30% Profit just for example and either way we can profit
In either Direction with a potential long position to the upside or a short position to the downside depending on if we confirm a breakout above resistance or below support and my personal trading strategy would simply be to open a long position once we confirm a breakout above resistance or open a short
Position once we confirm a break below support and have my stop loss at the point of invalidation or just on the other side of the point of invalidation and that point of invalidation would be for example if we broke out above resistance the point of invalidation would be a break back below that
Resistance and on the other hand if we break below support then the point of invalidation would be breaking out back above that line of support and so essentially I would have my initial stop loss kind of inside the pattern right here in case we break out and then break
Back to the downside that stop loss would exit me out of the trade avoiding any further without losses and as for my take profit for this trade right here obviously I’ll place that takeprofit very close to the technical price Target personally I usually place the take Profit just before the technical price
Target and so if we’re breaking out to the upside obviously that would mean a take Profit just before the bullish price Target or if we break below support and I enter a short position that would mean a take Profit just above the bearish price Target and basically
As the trade moves further into profits then I simply continue to move my stop loss further into profits as the trade moves into profits and so that way if we quickly reverse before hitting the price Target if my stop- loss is sitting in profits obviously that will trigger my
Stop loss in profits and exit me out of the trade automatically in profits but it is important to understand that that is not personal financial advice I’m just letting you know my personal short-term trading strategy when it comes to these breakout trades right here and in case you’re wondering where
I take these breakout trades personally I trade over on buybit so I’ll make sure to leave a link to buyit in the description down below and in the pinned comment and in fact if you use that link down below this video 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 bit or you cannot kyc on bybit there is also bitflex which is another crypto exchange similar to bybit 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 pinned comment and if you use that link and deposit $100 worth of crypto or more and to 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 this next trade you might as well get set up or ready to go on one of those exchanges using those links down below this video If you want to get those extra bonuses and if we’re taking a quick look at the Bitcoin liquidation
Heat map what’s very interesting about this heat map right here is that we have a lot of liquidity sitting at around 43.4k approximately and so simply based on this area of liquidity just above the current price and based on a short-term bullish Divergence playing out on the
4-Hour time frame it’s quite likely that we could end up seeing a break out to the upside for this ascending triangle pattern here on the 1 hour time frame and really the only thing right now that could destroy that bullish scenario is essentially if we see a lot of selling
Pressure from grayscale if there’s a lot of outflows from grayscale when the Bitcoin ETFs begin trading again but at least as of right now once again I have not yet opened a trade because we have not yet confirmed a breakout Above This resistance or below this support at
Least as a recording this video so ultimately I’m still waiting for confirmation to take this trade right here and if we’re taking look at the eth to US dollar chart on The Daily time frame obviously we still have the bearish Divergence playing out which once again means we do to see reduced
Bullish momentum in the short term playing out in the form of either choppy sideways press action or a bit of a pullback in the price of eth as the most common outcomes but just like Bitcoin on The Daily time frame we have not yet confirmed an actual bearish Trend
Reversal which means at least for now we’re technically still within the bullish Trend it’s just we’re taking a bit of a short-term pause from that bullish Trend and if we’re taking a look at the 4-Hour time frame frame obviously we’ve seen another perfect bounce as I
Said in my last video from that 38.2% Fibonacci level of support which is sitting at approximately 2460 and right now we are finding some short-term resistance at this Fibonacci level right here which is sitting at around 2550 to 2560 approximately and we also have some more short-term
Resistance at this local high right here which is sitting at around 2580 and above that obviously more resistance at this local high sitting closer towards around 2.7k but at least for now we’re basically lacking momentum which is why we’ve seen a lot of choppy sideways price action over the last couple of
Days once again mainly as a result of that bearish Divergence here on the daily time frame but if we’re zooming further into the short term looking at the 1H hour time frame right now the price of eth is forming an ascending triangle pattern just like Bitcoin on
The 1 hour chart getting very close to a possible breakout because right now this ascending line of support is sitting at around 2520 and this line of resistance is sitting at approximately 2543 and so basically we need to see candle closes either above that resistance or below this support in
Order to confirm a breakout from this pattern right here and set up the next price Target and speaking of that price Target if we see a confirmed break below that line of support that would set up a bearish price Target at around 2450 approximately but on the other hand if
We break out above resistance that would set up a bullish price Target at around 2620 and so from the point of the breakout to that price Target we’re talking around a 3% move in the price of eth as well similar to bitcoin and when it comes to trading this move right here
In the pr of eth whether we’re breaking in the bullish direction or the bearish direction personally I’m going to be using that same trading strategy that I talked about earlier in the video for Bitcoin so that I can profit in either direction whether we’re bullish or bearish I can make money in either
Direction and once again if you want to take this trade right here which could happen very soon make sure to have an account ready to go on one of those exchanges us using those links down below this video If you want to get those extra bonuses but at least as of
Right now considering we have not yet confirmed a breakout above resistance or below support as I’ve recording this video I am not yet in a trade and if we’re taking a look at the price of salana on the 4-Hour time frame obviously the price of salana is still
Just chopping around sideways we don’t really have a short-term Trend we’re basically in a sideways price range and the price range is basically in between the golden pocket and this Fibonacci level first of all the golden pocket is sitting in between around 88 $350 to $85.50 and this Fibonacci level right
Here is sitting at around $18 to $109 and we also have a bit of short-term support at the 50% retracement level at around $92 and a bit of short-term resistance at the 38.2% Fibonacci level which is sitting at around $99 and while the price of salana is just chopping around sideways in the
Short term you can actually make a lot of easy profits pretty much passively during this choppy sideways price action and if you want to know how to do that then make sure to watch the video in the bottom left of your screen right now because that video right there shows you
How you can easily profit from choppy sideways price action and the video in the top left shows he hen long or short crypto to make money if the price is bullish or bearish but anyway that is everything that I have to say for today I really hope you enjoyed and I’ll see
You all in the next video
11 Comments
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Thanks for the insightful updates. I’ve been following them daily with notifications on 🙂
First!
Professionalism standing tall among mainstream media; a beacon of excellence.🧡
When do the BTC ETF begin trading again?
If it dips I buy and if it goes up then so does my net worth 🙂 I think by this time 2025 everyone will wish they had bought more
Hey Josh, where do I go to see the grayscale outflows for the day like you were showing in a couple videos ago?
Quem quiser comprar biticoin compra agora, porque vai explodir passar dos 300 mil em poucos meses, os sinais estão deixando bem claro. 🚀🚀
More warning
⭐⭐⭐⭐⭐
<Great transmission, as always. I appreciate the no-nonsense approach you take to the news and the markets. A lot has changed and that's about it ,but the truth is that I don't even care much about the bull or bear market anymore because Nora. covered me while I'm doing comfortable.10k 15k every week and I'm still counting thanks to her ❤