BITCOIN WARNING SIGNAL (I’m Taking Profits)!! Bitcoin News Today & Ethereum Price Prediction!

BITCOIN WARNING SIGNAL (I’m Taking Profits)!! Bitcoin News Today & Ethereum Price Prediction!

welcome back to the crypto Channel everyone my name is Josh and right now while Bitcoin is continuing this bullish breakout in the short term I might look to take some profits on my Bitcoin trade because the price is now running into this critical area of resistance again while a new signal is flashing that we need to pay attention to while this ethereum chart is still rejecting against Bitcoin so I’ll be talking about all of that and more later in the video so definitely watch to the end first of all just before getting into the Bitcoin charts today we need to talk about the bitcoin news today because just on Wednesday we saw another decent net inflow into the spot Bitcoin ETFs this time around we saw a net inflow of nearly half a billion dollars more specifically around $488 million coming into the Bitcoin ETFs just on Wednesday and so of course if we continue to see these massive net inflows into the Bitcoin ETFs soon enough this will force the price of Bitcoin to the upside if we continue to see these massive net inflows because for example $488 million divided by the current price of Bitcoin leaves us with just under 7,000 Bitcoin being bought off the market by the Bitcoin ETFs in a single day and remember this is one day of net inflow so for example if we continue to see this happen each and every day just based on these numbers right here if this continues in less than a year the the total amount of Bitcoin on exchanges will be completely bought up because as of right now there’s only roughly around 2 million Bitcoin actually available to buy on exchanges so there’s really only 2 million Bitcoin that could be possibly sold right now that are sitting on exchanges and so essentially based on the Bitcoin ETF inflows alone not including any other buyers in the market not including micro strategy or anyone else just the Bitcoin ETF inflows at this current rate as of right now if this rate Contin use in less than a year the total amount of Bitcoin on exchanges will be completely gone they will be completely bought up and that is also known as a supply shock or a supply squeeze forcing the price massively to the upside and so once again if we continue to see these massive net inflows over the longer term this is very bullish for the price of Bitcoin and if we’re taking a look at the Bitcoin chart looking at the longer term on the 3-day time frame as of right now we’re still in a much larger bullish Trend as we’ve seen since the beginning of 2023 which is what I’ve been talking about since the beginning of 2023 below $20,000 I’ve been very bullish on the larger time frames this entire time but as always it is important to understand the difference between the different time frames so even though we can be in a much larger bullish trend on this 3-day chart for example forming higher lows and higher highs of course on smaller time frames from time to time we can see short-term bearish Trends or pullbacks along the way during the larger bullish Trend But ultimately on these larger time frames not much has really changed for the price of Bitcoin and if we’re taking a look at this 3-day Bitcoin chart right now the price is still extremely close to potentially confirming a breakout for this massive inverse header shs pattern on the 3-day time frame with a bullish price Target at around 86 to 87,000 but like I explained in my last video in order to actually confirm this pattern andice PR Target we need to confirm a breakout Above This neckline which means confirming at least a 3-day candle close above around 71.7k and the next 3-day candle close happens in a little over 1 day from now so we need to be above 71.7k with that 3-day candle close in order to actually confirm this breakout and confirm this price Target so obviously as of right now that has not yet happened but ultimately here on the daily time frame things are still looking more bullish than bearish if we’re talking about the trend at the moment here in the RSI for example this is looking bullish as I’ve been saying since much lower prices and if we’re also taking a look at the dxy also known as the US dollar Index this is still trending in the bearish direction as I’ve been saying basically every day over the last 1 month or so and as I’ve also been saying this is bullish for Bitcoin when we’re talking about the trend on The Daily time frame but once again during these bullish Trends we can see some short-term pullbacks here and there that is perfectly normal to see even during a bullish Trend and if we’re taking a look at this daily Bitcoin chart right now the price of Bitcoin after bouncing perfectly from this area of support still sitting in between 607 to 68,000 right now the price is just about to run into this major area of resistance which is sitting in between around 72 to 74,000 and we do have a bit of resistance a little bit to the downside at around 71 half th000 based on these previous highs right here and so basically we’re already starting to run into this major area of resistance which is really starting just underneath 72,000 and it’s going all the way up towards the all-time high based on previous highs once again and as I said in my last video even though we’re still looking very bullish on the larger time frames in terms of the larger trends at play once again I would not be surprised if we do see the price potentially struggle around this area once again it is possible to see short-term pullbacks even during a bullish Trend and so due to that reason personally I may look to take a little bit of profits off the table from my Bitcoin long position as the price is running into this major area of resistance and of course I talked about that at lower prices when we were initially seeing this breakout for this pattern right here I mentioned as soon as we saw this breakout right here we now have a bullish price Target at around 74.8k which is technically still active so as of right now the price is technically still playing out the bullish breakout for this pattern right here towards this bullish price Target but once again as I said recently here on the channel we still need to remember that between the current price and this price Target there are other levels of resistance between now and then where the price could potentially struggle at and so does that mean I’m flipping bearish right now or remaining bullish well first of all I am still very bullish on the price of Bitcoin especially on the larger time frames I’m just simply pointing out that in the short term it is perfectly normal to see some short-term pullbacks here and there even during a larger bullish movement but ultimately one of the other reasons as to why I may look to take a little bit of profits off the table for this Bitcoin long position right here is due to the funding rates right now the funding rates are starting to increase a little bit above neutral and so this basically means if you’re holding a Bitcoin long position or a long position for any of these funding rates right here for any of these cryptos where the funding rates are above neutral above 0.01% then that basically means the long positions are actually having to pay some decent fees at the moment just to keep those long positions open and they’re basically having to pay those fees to the short positions and so once again while I’m keeping this Bitcoin long position open I’m just paying those funding rates every 8 hours paying those extra fees just to keep this long position open and as the funding rates increase obviously that makes it more and more expensive to actually open and maintain the long position and because this long position right here is an inverse Perpetual trade which means it uses Bitcoin as the margin and it pays out the profits in Bitcoin not US dollars or stable coins essentially what that means is if I’m taking profits from this trade I’m just basically deleveraging Bitcoin I’m taking profits out of a leveraged long position into normal spot Bitcoin so I’m still very much long on the price of Bitcoin if you’re talking about the spot Market I still hold a lot of spot Bitcoin and the profits are paid out in Bitcoin if I do take profits from this trade and so I’m not actually selling Bitcoin for US dollars or anything like that but odds essentially just be deleveraging out of the trade into normal Bitcoin especially if the funding rates continue to increase and so that is simply just me being transparent with my trading strategy talking about the reasons why I may take a little bit more profits off the table for this long position but still continue holding Bitcoin because I’m still very bullish on the ler time frames here and if you want to take a trade just like this for yourself for any crypto personally I’m taking this trade over on bybit so I’ll make sure to leave a link to buybit down below this video in the description and in the pinned comment and if you use that link down below this video to make a bybit account and deposit on that account then you can get up to a $30,000 deposit bonus but only if you use that link down below this video and also if you use that link it’ll take you to this page right here where you can claim a 200 usdt air drop drop position just by making a buit account using that link making a deposit and claiming the airdrop and so if you’re going to be trading crypto anyway you might as well check this out once again first 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 down below this video as an alternative crypto exchange but once again at least for now this is still currently a $200,000 Bitcoin long position so since my last video I not closed any part of this trade or taken any profits but I have moved my stop loss a little bit further into profits since my last video and once again I’m just being transparent that potentially sometime soon if we continue to struggle around this resistance I may take a bit of profits off the table due to those higher funding rates and with that being said taking a look at the Bitcoin liquidation heat map right now we do actually have a little bit of short-term liquidity to the upside side at around 72,000 and so it is quite likely that sometime soon the price could hit around 72,000 to Simply grab that liquidity right there usually the price likes to go towards where there’s a lot of liquidity and when it comes to downside liquidity we do have one major level right here at around 70.3k but with that being said we still have more liquidity to the upside compared to the downside and like I explained in my last video on larger time frames in the liquidation heat map we have massive liquidity closer towards the all-time Highs at around 73 to 74,000 and with that being said taking a look at ethereum on The Daily time frame and as of right now and like I’ve said recently here on the channel the price of eth is kind of lacking momentum just in the short term which is why we’ve been seeing basically a sideways consolidation but with that being said we have not invalidated the breakouts for this falling wedge because in order to do that would have to break back below around 3.2k which obviously has not happened so as of right now we still have a technical price Target in play at around 4070 and if we’re taking a look at the 8 hour time frame over the last one day we’ve actually seen a breakout Above This Fibonacci level of resistance which is good news just in the immediate shortterm here and right now that should be acting as a bit of short-term support at around 3820 but once again as of right now the price is still lacking momentum just in the short term we’re still seeing a lot of choppy sideways price action here and so even if we break back below around 3820 I’ll not be surprised if we return to these lows just here for example at around 3760 or these lows at around 3720 and Below those levels on the chart we have a major area of support in between 3.6k to 3650 and as for resistance if we continue this Bounce from this Fibonacci level right here and continue to the upside then in that case we have a resistance at around 39.50 and more resistance at this previous High just below 4.1k but once again at least for now the price of eth is lacking momentum in the short term against the US dollar and ethereum versus Bitcoin is still currently looking bearish on the weekly time frame because we have not yet actually confirmed a breakout above this massive descending line of resistance and so like I’ve been saying over the last couple of weeks despite this massive bullish Divergence on the eth BTC chart on the weekly time frame which is still something to pay attention to but despite this being on the chart we still have this massive descending line of resistance which is arguably more important because this line of resistance has been acting as very strong resistance for the price of eth versus Bitcoin for nearly 2 years now and so ultimately ethereum is still lagging behind Bitcoin when this chart is going to the downside it means Bitcoin is performing better than ethereum so basically it makes more sense to hold Bitcoin over ethereum while this chart is trending in the bearish direction as it has been doing over the last couple of years but obviously if we eventually see a confirmed breakout Above This resistance but ideally above these previous highs to actually form a new higher high on the chart then in that case we could finally start flipping more bullish on this chart right here if we actually start confirming a breakout above these levels on the chart ideally above these highs sitting at around 0.06 Bitcoin per ethereum and so due to this reason due to the fact that ethereum versus Bitcoin is still rejecting from this massive descending line of resistance this is yet another reason as to why ethereum is kind of lagging behind Bitcoin at least just here in the shorter term and if we’re taking a quick look at the price of salana on the 8 hour time frame over the last 1 to two days we saw that breakout above this area of short-term resistance right here which was sitting in between around 167 to 172 and since that short-term Breakout we are now retesting that area as recording this video and so obviously it would be bullish if we can actually find support now in that region if we can now Bounce from this area and form a new higher low on the chart in that case we’ll likely play out more of a trend reversal here in the shortterm if we’re talking about just this short-term bearish or short-term bullish Trend right here and so essentially if we can now hold above at least 167 at the lowest if we can hold above this area and bounce from this area then we could likely see a move up towards this next area of resistance sitting in between 183 to 187 and above that we have more resistance in between 200 to 210 but of course if we see a break back below 167 then in that case that would be a bit of a short-term bearish signal and in that case we have more support at around 160 and in that case basically the price would be looking relatively neutral again in between this support and this resistance as we saw over the last one one week or so and so basically the price is kind of lacking momentum just in the short term similar to ethereum at the moment in the short term basically lacking momentum with Bitcoin leading the market while especially e BTC is trending to the downside but either way if you want to trade these moves in the price of any crypto once again check out those links down below this video to claim those extra bonuses and if you want to actually know how to trade crypto no matter if the price is bullish bearish or 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 profit from bullish or bearish Price action using long positions or short positions and the video in the bottom left shows you he 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

BITCOIN WARNING SIGNAL (I’m Taking Profits)!! Bitcoin News Today & Ethereum Price Prediction!
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Timestamps:
Bitcoin News Today!! 0:00
Important Bitcoin Analysis! 2:22
Ethereum Technical Analysis! 10:36
Ethereum VS Bitcoin!! 12:09
Solana Technical Analysis! 13:43

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