The Bitcoin BULL RUN Starts Soon ($48k Target)!! Bitcoin News Today & Ethereum Price Prediction!
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Timestamps:
Bitcoin ETF News (Bull Run Loading) 0:00
Important Bitcoin Analysis! 3:26
Ethereum Technical Analysis! 12:51
Solana Technical Analysis! 15:22
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– Crypto World –
Welcome back to the crypto channel of yourone my name is Josh and right now Bitcoin is getting extremely close to a breakout from this bullish pattern while the price is now running into critical short-term resistance and playing out a hidden bullish Divergence and on top of that ethereum is now breaking back
Inside this descending parallel channel so I’ll be talking about all of that and more later in the video so make sure to watch to the end first of all taking a quick look at some Bitcoin ETF news today because over the last one day just yesterday Gra s another approximately 6,200 Bitcoin
Worth around $270 million us over towards coinbase to dump on the market but once again as I’ve explained in recent videos here on the channel if gray scale is selling less than 10,000 Bitcoin each day honestly it’s not too bad because this amount right here around 6,000 Bitcoin being dumped on the
Market this can pretty easily be absorbed by buying pressure from other Bitcoin ETFs for example Black Rock alone just over the last one day bought around3 ,800 Bitcoin to back their ETF which means right now Black Rock alone is holding around 70,000 Bitcoin worth around3 billion us as we can see here on
Black Rock’s own website and of course this is just one of the 11 spot Bitcoin ETFs out there obviously Black Rock being one gry gal being another ETF and as of right now gry gal is still currently holding around 4 180,000 Bitcoin still worth over 20 billion so
Of course they’re still holding a lot of Bitcoin in the grayscale Bitcoin trust but the outflows that we’re seeing each weekday is simply not as much as what we were seeing a few weeks ago so that reduced selling pressure is good news for Bitcoin and once again the biggest
Buyer in the market right now is indeed Black Rock they are one of the fastest growing spot Bitcoin ETFs right now adding a lot of new Bitcoin every single weekday to their spot Bitcoin ETF and just to put things into perspective once again right now Black Rock alone is
Accumulating around 4,000 Bitcoin each weekday and keep in mind that right now only around 900 Bitcoin is actually being mined per day and added to the Bitcoin Supply and after the Bitcoin harving just in April only in a couple months from now that will be reduced
Down to 450 Bitcoin being mined per day and so obviously if Black Rock keeps up this buying pressure if they’re accumulating around 4,000 Bitcoin each weekday while there’s only 450 Bitcoin being mined each day after the coming Bitcoin harving then they’re accumulating nearly 10 times the amount of Bitcoin that’s actually being added
To the supply each day which means they’re going to have to accumulate more and more Bitcoin that’s already existing in this Supply and obviously the supply of Bitcoin is strictly limited which means they will eventually Force the price higher as they’re having to bid much higher prices to actually buy
Bitcoin off Bitcoin holders and so this is why I’ve been saying this entire time since the spot Bitcoin ETFs actually launched I said that we could see short-term selling pressure due to outflows from grayscale at least initially and we have already seen that since that 49k local high of course we
Did pull back from that high due to a lot of selling pressure from grayscale but we’re now at that turning point where there’s not as much selling pressure coming out of grayscale still some but not as much and a lot more Bitcoin starting to be bought up by
Black Rock and other spot Bitcoin ETFs and so with an increasing demand for Bitcoin while less Bitcoin is going to come into the supply with the Bitcoin harving in just a few months we are honestly setting up for a major Bitcoin bull market over the next one to two
Years or so despite what’s happening just in the shorter term but anyway getting into some Bitcoin charts today looking at the daily Bitcoin chart and at least as of right now the bearish Divergence on The Daily time frame is not yet invalidated but we’re getting very close to seeing a breakout here in
The daily Bitcoin RSI and as I’ve mentioned recently on the channel if we see a breakout in the daily Bitcoin RSI Above This descending line of resistance which is very close to happening that can help to invalidate this bearish Divergence so basically what that means
Is if we see this breakout in the RSI then we could end up seeing more bullish momentum begin building up here for the price of Bitcoin if this bearish vergence is no longer playing out and especially if we’re taking a look at the daily Bitcoin macd as of right now this
Is technically looking more bullish than bearish as we’ve recently seen a bullish cross close to a week ago and not yet crossed back in the bearish direction and staying on the daily Bitcoin chart taking a look at the dxy which is now experiencing a short-term drop which is very interesting because obviously over
The last one week we’ve seen mostly sideways press action in the dxy with a very slight move to the upside just yesterday but we’re now seeing a bit of a short-term pullback which is good news for Bitcoin especially if this continues because as you can clearly see on this
Chart right here when the dxy is bearish when the dxy is going to the downside that is almost always bullish for the price of Bitcoin and crypto and so once again i’ be keeping a close eye on this dxy I’ll keep you updated every day here
On the channel so if we continue to see a further drop in the dxy once again that could lead to a further recovery in the price of Bitcoin and so definitely make sure you subscribe to this Channel with notifications turned on so that you don’t miss out on any of these important
Update videos each and every day but anyway taking a quick look at the 6-hour Bitcoin chart and obviously a few days ago as we can see here the 6h hour Bitcoin RSI entered into overbought territories as I mentioned recently on the channel and so just in the immediate
Shortterm here that was a bit of a short-term warning signal or bearish signal for Bitcoin and we have already seen a slight pullback since then to help reset the RSI and so as of right now the RSI is sitting at neutral levels which technically means we now have more
Room to the upside and the bearish scenario would obviously be if we have this room to the upside but we do not utilize that room to the upside for example if we see a slight move slightly higher than these previous highs in the price but if we don’t end up going a lot
Higher in the price then obviously the RSI could end up forming a lower high and if we have higher highs in the price and lower highs in the RSI then obviously that would be a bearish Divergence but at this point in time once again the 6h hour Bitcoin RSI has
Reset back towards neutral levels which technically means we now have more room to the upside and if we’re taking a quick look at the 2hour Bitcoin chart we can see that right now the price of Bitcoin is running into this critical area of resistance which is sitting in between around 43.3k to around
43.7k based on the local highs here and the highs back here and obviously this is now happening just after a pretty much perfect Bounce from this exact area of support that I’ve been talking about for a while now on the channel so once again that area of support is still
Sitting in between around 41.7k to 42.2k and in case you’re new to this basically the areas of support is where the price is most likely going to bounce at and the areas of resistance is where the price is most likely going to reject from and so ultimately if we end up
Breaking one of those levels that is where we could flip much more bullish or much more bearish obviously if we break below that support that would be a bearish signal if we break above that resistance that would obviously be a bullish signal and just over the last
Few days we have seen a short-term bearish Divergence play out here between the price and the RSI but right now we are currently seeing a new hidden bullish Divergence now playing out and now a regular bullish Divergence would be lower lows in the price and higher
Lows in the RSI like we saw back here but a hidden bullish Divergence is higher lows in the price and lower lows in the RSI so it’s still a form of bullish Divergence but usually these hidden bullish divergences are not as as strong as regular bullish divergences and often times these hidden bullish
Divergences can actually result in a trend continuation a bullish Trend continuation because here in the smaller time frames just in the short term on the 2hour chart once again we’re technically within a short-term bullish Trend forming higher lows and higher highs and so this is basically signaling the continuation of that bullish Trend
Once again the only obstacle standing between us and that bullish Trend continuing is this final area of resistance and also now that we’ve seen seen that rejection from that resistance and a bounce from this area of support and returns back up towards this resistance this has now completed the
Formation phase for this massive inverse Head and Shoulders pattern here on the 4-Hour Bitcoin chart but even though this pattern has basically completed forming it is not yet confirmed because in order to confirm this pattern and set up the bullish price Target we need to first see a confirmed breakout Above
This resistance level above the neckline which is sitting once again at around 43.6k give or take and so we need to see a confirmed breakout above that level with candle closes above 43.6k to 43.7k and if we end up seeing that playing out then of course that would
Set up a bullish price target for this inverse hand and shoulders pattern and that price Target based on a confirmed breakout would be sitting at around 48.8k and so from the point of the breakout to that price Target that’s roughly around a 12% move to the upside
In the price of Bitcoin but also keep in mind we do have some levels of resistance between the breakout and that price target for example these previous highs back here based on the candle closes sitting at around 47,000 should be acting as resistance and remember that bullish price Target and this
Bullish pattern only come into play only activate once we first see a confirmed breakout Above This resistance which obviously as of right now has not yet happened and so as I’ve been saying since all the way back around here at least in the short term I’m actually relatively neutral on the price of
Bitcoin expecting some choppy sideways price action and so far this has been playing out exactly as expect expected and so basically the moment we either see a confirmed break below this support or above this resistance that is where we can flip much more bullish or much
More bearish and set up the next major price Target and of course it doesn’t matter whether we’re breaking bullish or bearish because we can use long positions to the upside or short positions to the downside to make profit in either scenario and if you’re wondering where I take those trades on
The price of Bitcoin and any other crypto 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 pinned comments and if you use that link down below this video to make a bit account
If you deposit on that 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
Bybit but you don’t need kyc for bitflex and so I will also make sure to leave a link to bit flex in the description down below and in the pins 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 along with other new deposit bonuses 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 to now I’ve covered the short-term bullish scenario if we break out above that resistance once again we have that inverse Head and Shoulders pattern but in the immediate short term of course it’s still a possibility we could end up seeing
Another rejection from from that resistance and so that’s why I’m still very neutral in the short term until we either break out Above This resistance or break below this support and now if we do end up seeing a confirmed break below this area of support So Below
Around 41.6k to 41.7k then in that case looking at the Bitcoin liquidation heat map first of all we have some short-term liquidity to the downside sitting in between around 41.6k to 41.8k and so of course that liquidity is still sitting at around this area of support so it’s possible we could return
To that area of support and see another bounce just to fill that liquidity and of course we also have a level of liquidity right here to the upside sitting at around 43.8k so it’s also possible we could grab that short-term liquidity with a quick to the upside but once again
If we actually break below that area of support that I just mentioned earlier then looking at some liquidity further to the downside that would be sitting closer towards around 39.8k approximately because first of all we have a lot of liquidity at around 39 .7 to 39.8k and we have some more liquidity
Down towards around 39.4 to 39.5k and so basically if we first see a confirmed break back below this area of support then in that case I’d be targeting the high $339,000 area but remember I would only be targeting around 39 to 40,000 if we first break below this support but until then we’re
Looking relatively neutral while the price is still in this sideways price range and remember if we see a confirmed breakout Above This resistance that is when we can flip much more bullish again in the short term with this price Target and inverse and shoulders pattern playing out to the upside and so it’s
Very likely that the next trading opportunity will come very soon the moment we break either Above This resistance or below this support So once again it’s worth setting up ready to go on one of those exchanges using those links down below this video if you want
To be ready to take that next trade but anyway taking a quick look at the price of eth on The Daily time frame and technically speaking the bearish Divergence on The Daily eth to US dollar chart is still currently active but if we’re taking a look at the daily
Ethereum macd this is continuing to decline in bearish momentum heading towards a bullish cross and so this means at least in the imminent short term right now we don’t really have a lot of momentum to either direction because once again almost every day over the last one week the bearish momentum
In the macd has been becoming less and less but we have not yet confirmed a bullish cross in the macd and we have not yet invalidated the bearish Divergence and so due to that I would not really be expecting a significant High momentum move really to either
Direction at least for now on The Daily time frame which is why we’re seeing these more gentle or mild moves up and down and if we’re zooming into the short term looking at the 4H hour eth to US dollar chart just recently we’ve seen a break back inside this descending
Parallel channel that we were previously in for the price of eth and so far the price has been respecting this parallel Channel very well with perfect rejections and bounces from these lines of support and resistance first of all this line of resistance right here is is currently sitting at around
2350 and this line of support right here is currently sitting at around 2230 and similar to bitcoin on smaller time frames here in the price of eth we also have a new hidden bullish Divergence now playing out with higher lows confirmed in the price in the 4-Hour candle closes and lower lows
Confirmed here in the 4H hour ethereum RSI and so once again this is a relatively weak bullish Divergence not as strong as a regular bullish Divergence but it’s still resulting in a slight bullish relief at least in the short term and now if we see a breakout above 2350 then the next short-term
Resistance would be sitting at around this local high at around 2390 and above that we could potentially flip much more bullish again and expect moves up towards some of these much higher levels for example around 2.5k and of course over the last few days also we have seen
A reset in the price reset in the RSI which is now giving us more room to the upside here in the RSI which obviously means we’re no longer overbought but at least as of right now as I said on the daily time frame we’re lacking momentum to either direction which is why we’re
Not releasing a massive strong Trend to either direction and instead we’re basically just chopping around sideways not doing anything too crazy but believe it or not you can make a lot of easy profits in choppy sideways press action just like this and if you want to know
How to do that then stick around to the end of this video to find out more but first taking a quick look at the price of salana on the 8 hour time frame and right now we are seeing a bit of a recovery in the Med shortterm in the
Price of salana after this small reset in the price and the RSI and so once again just like I said for Bitcoin and E with the RSI reset out of those overboard territories this technically now gives us some more room to the upside and as for support and resistance
Levels to watch out for obviously we’ve just seen pretty much a perfect Bounce from this level of support which is sitting at around $92 and as for resistance we do have some resistance at around $105 to $106 and we could also find a bit of short-term resistance at at around
$108 above that we also have more resistance at around $116 and more resistance closer towards $124 to $125 and similar to bitcoin the price of salana is also potentially forming an invers head and shers pattern with a left shoulder and a head already completely formed and right now we are
Potentially around in the middle of the right shoulder being formed and so what we need to see now to complete that inverse H shers pattern is of course a continued bounce to the upside in the price of salana and then a breakout Above This neckline which is sitting at around
$106 and so if we end up seeing that happening if we now confirm a breakout with candle closes back above $106 then of course that will set up a bullish price Target to the upside and if we’re taking a look at that bullish price target for that inverse sh pattern once
Again if we first confirm a breakout above $16 that will set up a price Target at around $133 and so from the point of the breakout to that price Target we’re talking around a 25 to 26% move to the upside and of course that percentage move is with no leverage for example if
You took just a 5x leverage trade that trade could potentially double your money if we first confirm a breakout and actually complete this pattern but once again at least as of right now we have not yet confirmed the price Target and not yet confirmed the pattern because we
Have not yet seen a confirmed breakout Above This neckline Above This resistance but if you want to know how you can trade these moves in the price of Bitcoin or easily profit from choppy side of price action then make sure to watch these videos popping up right here
On your screen the video in the top left shoy ha can open long positions and short positions to make money if the price is bullish or bearish and the video in the bottom left shows you how you can easily profit from choppy sideways price action 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
15 Comments
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An educational marvel dressed in the cloak of entertainment; a beacon of brilliance in edutainment.🍭
Josh, I am done with this crypto stuff, 😭 I am broke af rn
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Great stuff. Best strategy right now is dca bits used with grid setup and definitely stop loss
look at the weekly time frame, the RSI is in the extreme overbought levels. that doesn't look bullish to me. 7:30 that's not a bullish divergence, that's a bearish divergence, wtf?
dont buy bitcoin before halving 2024 …FED will crash it….
not sure how bullish i would be. feds arent going to cut rates now until third quarter of the year at best.
37k soon,
Then boom boom to 100k
The details are giving me life.
Hi Josh I’ve been watching daily for 8 months now & just wanted to add that I love how long your videos have been & I enjoy every detail. I’ve made only profits by incorporating your analyses.
Mubi e BSSB