The Bitcoin ETF will CRASH Again (Here’s WHY)!! Bitcoin News Today & Ethereum Price Prediction!

The Bitcoin ETF will CRASH Again (Here’s WHY)!! Bitcoin News Today & Ethereum Price Prediction!
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Timestamps:
Bitcoin ETF News Today! 0:00
Important Bitcoin Analysis! 5:18
Ethereum Technical Analysis! 12:28
Solana Technical Analysis! 14:16

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– Crypto World –

Welcome back to the cryto channel everyone my name is Josh and right now Bitcoin has finally completed the bearish rising wedge pattern with another dump to the downside caused by Massive selling pressure from the Bitcoin ETFs which I’ll talk about in just a moment but we’re now bouncing

From critical support while ethereum is also playing out a new pattern in the short term which I’ll talk about later in the video so make sure to watch to the end first of all just before getting into the Bitcoin charts we need to talk about the Bitcoin ETF news today because

Just yesterday a grayscale the grayscale Bitcoin trust sent another approximately 10,000 Bitcoin worth over $400 million us to coinbase basically to sell that Bitcoin and so obviously just over the last one day we did end up seeing another short-term dump in the price of Bitcoin and once again this is something

That I’ve been talking about for the last week or so basically ever since these ETFs have been approved I’ve been warning that the grayscale Bitcoin trust the gray scale ETF in particular is likely going to cause a lot of short-term selling pressure before we could potentially see a recovery in the

Price later on because first of all roughly around a week ago grayscale was actually holding well over 630 to 640,000 bitcoin right now they’re actually holding around 582,000 Bitcoin and so obviously they’re still holding a lot of Bitcoin over half a million Bitcoin currently worth around

$24 billion us but just over the last one week their Bitcoin Holdings have gone down significantly and so obviously even though they can indeed provide a lot more selling pressure for the market they still have a lot of Bitcoin that they’re currently holding of course they do ultimately have a limited amount of

Bitcoin even though it’s a lot of Bitcoin at some stage obviously they’re going to have to run out of Bitcoin when they sell enough of their Bitcoin Holdings and so ultimately by definition the grayscale selling pressure is temporary personally I only see it as a temporary buying opportunity because

Once again eventually they’re going to run out of Bitcoin to sell they’re going to run out of the ability to provide selling pressure for the brass of Bitcoin which means prices can recover later on but at least for now while they’re still a lot of Bitcoin sitting in the grayscale Bitcoin trust once

Again they can still provide short-term selling pressure which can potentially provide short-term dumps for the price of Bitcoin and I’ve explained exactly why this is happening in recent videos here on the channel over the last one week once again when I’ve been warning about this happening but in case you’re

New to the channel basically all you need to know is the fees in regards to the grayscale ETF are simply way too high compared to other ETFs like the Black Rock Spot Bitcoin ETF and so essentially a lot of people that had their money in the Grays scale Bitcoin

ETF it makes complete sense for them to move out of grayscale and into another spot Bitcoin ETF because while their money is sitting in grayscale once again they’re paying those very high fees and they can significantly reduce those fees if they move to another spot Bitcoin ETF

To a cheaper ETF and basically when you want to move your money out of grayscale they have to pay you out in US dollars they cannot pay you out in Bitcoin because it’s a cash create ETF and so essentially if you wanting to take your money out of grayscale grayscale are

Basically forced to sell that Bitcoin the underlying Bitcoin that’s backing the ET ETF to pay you out in Us doll but essentially what’s happening is a lot of people are just moving from grayscale to another ETF so they’re taking those us dos and actually sending them over to

Another ETF provider like black rock for example and then Black Rock has to Reby that Bitcoin to back their ETF and so that’s what I said in this tweet right here as you can see this Bitcoin that grayscale is selling is basically going to just head over to Black Rock and so

Far this has been playing out exactly as expected because the Black Rock Spot Bitcoin ETF the Black Rock Bitcoin Holdings are continuing to grow and grow because just yesterday obviously they were holding a lot less Bitcoin than this they were holding roughly around $1 billion worth of bitcoin and just over

The last one day they’ve accumulated around $200 million worth of bitcoin and so as of right now at the time of recording this video after just 5 days of trading when the Bitcoin ETFs have been trading for only 5 days Black Rock is now holding around 28,6 122 Bitcoin worth roughly around

1.2 B billion US and once again Black Rock has grown their Bitcoin stack to this size in just 5 days of trading the Bitcoin ETFs have only been live for five trading days on the US Stock Market and so basically at the current rate black rocks accumulating roughly around

$200 million worth of bitcoin every single trading day and so once again in the short term we do have that selling pressure from grayscale with a lot of people moving out of grayscale and so this can indeed lead to short-term lower prices for Bitcoin but over the longer

Run of course with a big player like Black Rock The Spot Bitcoin ETFs overall are very bullish over the longer run because as you can see this is on black Rock’s own website once again you can see they’re currently holding around 28,6 122 Bitcoin worth roughly around1

1.2 billion US and remember a billion dollars for black rock is actually barely anything because Black Rock actually manages roughly around 9 trillion which is 9,000 billion and so ultimately the main take away from all of this is that in the short term yes we’re going to see some selling pressure

From the Bitcoin ETFs mainly thanks to grayscale but over the longer term over the coming months or years this is very bullish for Bitcoin talking about the spot Bitcoin ETFs potentially sending the Bitcoin price much higher due to much larger players like Black Rock but anyway getting into the Bitcoin charts

Today this is on the daily Bitcoin chart and right now the bearish Divergence is still playing out exactly as predicted which means we’re due to see reduced bullish momentum in the short term and that usually plays out in the form of either choppy sideways price action if

Not a pullback in the price of Bitcoin as the most common outcomes from a bearish Divergence and so at least for now we’re still currently within this short-term pullback and once again I would not be expecting any significant bullish momentum at least in the short term because the bearish Divergence is

Still playing out and if we’re taking a quick look at the dxy also known as the US dollar index of course right now this is continuing the bounce to the upside which is a warning signal for Bitcoin and crypto and I won’t be going too much into detail about this chart in this

Video today because I did that in my last few videos here on the channel so if you’re new to the channel and you want to know more about this chart right here then check out my last one to two videos here on the channel to find out

More but staying on the daily Bitcoin chart taking a look at this ascending parallel Channel technically speaking the price of Bitcoin is still within the ascending parallel Channel still within the bullish Trend but obviously right now the price of Bitcoin is getting very close to this line of support which is

Sitting at around $40,000 and so obviously if we see a confirmed to break below $40,000 that would be one of the early signs of a possible Trend reversal but if we’re taking a look at the daily Bitcoin RSI besides the fact that we’re playing out that bearish Divergence with

Higher highs in the price and lower highs in the RSI overall if you’re looking at the trend in the RSI over the last couple of months the RSI has already been trending to the downside as you can see and often times a downtrend in the RSI while the price is struggling

To head up is actually a sign of weakness for the bullish Trend so technically speaking we have not yet confirmed a bearish trend reversal in the price of Bitcoin but we’re currently seeing early signs of a bearish trend reversal with weakness showing up in the price oscillators and of course that dxy

Continuing to bounce to the upside which once again is a warning signal for Bitcoin and crypto but remember even if we see a bearish trend reversal here on the daily time frame of course that can head into a bearish trend on the daily chart like what we saw just here or just

Here for example but that is different from the much larger time frame like the weekly chart of course a bearish trend on The Daily time frame could be seen as just a pullback within the much larger bullish trend on the weekly time frame and so as always it is important to

Understand the difference between the different time frames once again on the weekly chart I’ve been non-stop bullish this entire time since the beginning of 2023 but on the daily chart we see short-term bullish and bearish Trends throughout that much larger bullish Trend but anyway if we’re taking a look

At the shorter term looking at the 4-Hour time frame right now as I record in this video the price of Bitcoin is actually bouncing from this important area of support which is really the final area of support in the short term before potentially much lower prices and

This area of support is sitting in between around 405,000 to 41k and as I’ve said in recent videos here on the channel I said if we break below this area of support which is sitting in between around 42.4k to 42.7k basically if we break below that area of support

Then I would expect a dump down towards this area of support which is exactly what has happened as expected and so right now previous support should become new resistance if we see a further bounce to the upside I would expect resistance at around 41.7k and more resistance in this zone

Right here which was previous support once again in between around 42.4k to 42.7k acting as resistance and as for short-term support once again we still have this area that I just mentioned earlier and if we break below around 405,000 we do have this line of support at around 40,000 but basically if we

Start breaking below around $40,000 per Bitcoin that would be a fairly bearish signal at least in the short term and our next support would be sitting at around 38,000 and below that the next support would be sitting at around 36,000 but heading back to that 4-Hour

Time frame now that we’ve run into this area of support in between 40 and a half th000 to 41k obviously this means that this previous bearish Rising wedge pattern is now fully Complete because of course the full technical price target for the rising wedge pattern was sitting

At the bottom of the wedge basically this area of support as I’ve been talking about basically every day since all the way back up here and obviously that short-term bullish Divergence just on the 4-Hour time frame already played its part over the last few days we did

See a slight bullish relief but remember on the smaller time frames these smaller divergences play out much faster and are less significant compared to the larger time frames but right now we could potentially be forming a new bullish Divergence because obviously the price has just formed a new lower low as you

Could see and while the price is forming lower lows of course we have a potential higher low here in the RSI on the 4-Hour time frame and so basically this could likely result in a shortterm bullish relief or at least a sideways consolidation kind of like what we saw

Just here potentially over the next few days and while we’re seeing that playing out just in the imminent short term of course this can help to reset the RSI back to the upside which can actually give us more room to the downside later on and so basically we’re most likely

Going to repeat similar price action to what we saw just here it’s just right now we’re basically at a different level but similar to what we saw just here but either way whether you think we’re going up or down you can make money in either scenario using long positions and short

Positions and personally I take those trades over on buybit so I’ll make sure to leave a link to buybit in the description down below and in the Pinn comment and if you use that link down below this video to make a buyit 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 k KC 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 at least $100 worth of crypto and to make just one trade over on bitflex 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 get those extra bonuses and if we’re taking a look at the Bitcoin liquidation hit map of course

Over the last one day we did indeed head to the downside as expected I talked about in my last video that we have a lot more liquidity to the downside so we’re likely going to head lower and now that the price of Bitcoin has head lower as expected of course we now have

Liquidity to the upside so once again we’re likely going to see a bit of a shortterm bullish relief once again I would not be expecting significant bullish momentum but it is likely due to this short-term bullish Divergence and liquidity to the upside that with could see the price just slowly drift back to

The upside and as for levels to watch out for we do have some liquidity at around 42.2k to 42.3k and above that we have a lot more liquidity sitting closer towards around 43,000 but remember that between now and those higher prices like 43k remember we still have important resistance between

Now and then so for example we could attempt that bullish relief but then perhaps get rejected by some of these levels of resistance but anyway getting into the ethereum part of this video this is on the daily time frame and right now the bearish Divergence is still playing out as expected once again

We do to see reduced bullish momentum in the short term which usually plays out in the form of either a pullback or choppy sideways press action as the most common outcomes from a bearish Divergence and so at least over the next few days possibly over the next 1 to two

Weeks that is the type of price action that I continue to expect and if we’re taking a look at the shorter term looking at the 4-Hour time frame obviously we have continued that pullback from the local highs to to actually retest this previous area of resistance now acting as new support

Sitting in between around 2390 to around 2420 and at the same time as the price bouncing just above that area of support we also have the 4-Hour ethereum RSI getting very close to oversold territories and so once again when the RSI gets close to oversold territories or enters into oversold territories that

Means we have somewhat limited room to the downside at least in the imminent short term and so usually it’s quite normal to see a bounce or at least a sideways consolidation to help reset the RSI further back to the upside which can give us more room to the downside later

On and so that’s basically the situation right now in the short term because at least for now we’re actually in a descending parallel channel here on the 4-Hour e to us doll chart as you can see right here we have a descending line of support which is sitting at around 2410

And was sitting at around 2420 just where we saw a perfect bounce and as for resistance where we’ve seen multiple rejections from so far we have this line of resistance which is currently sitting at around 2540 to 2550 and so basically in the shortterm I would not be surprised if we actually

See a bit more of a bounce back to the upside here but ultimately we are in a shortterm bearish trend just on the 4our time frame and as for salana against the US Dollar on the 4H hour time frame the price is basically just in a sideways price range chopping around sideways in

Between the golden pocket and the 23.6% Fibonacci level acting as resistance and so the price of salana once again is not really bullish or bearish at the moment we’re just chopping around sideways and that golden pocket is sitting in between around 8350 to around $85.50 and that Fibonacci level of

Resistance is sitting at around $18 to $109 and once again as I’ve been saying recently on the channel in fact over the last one week or so I continue to expect some choppy sideways price action here for the price of salana at least in the short term because at the moment we’re

Lacking momentum to either direction but believe it or not chopp sideways price action just like this if the price is just chopping around sideways in a sideways price range this can actually be a gold mine you can make a lot of easy profits from choppy sideways price

Action just like this 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 using grid bots in choppy sideways price action and 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 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