welcome back to the cryto news everyone my name is Josh and right now Bitcoin is still playing out this short-term warning signal as the price once again perfectly rejected from this critical level of resistance while grayscale is still dumping a lot of Bitcoin and on top of that ethereum is still currently flashing this new warning signal in the short term so I'll be talking about all of that and more in just a moment so definitely stick around first of all we need to talk about the Bitcoin ETF news today because over the last day Black Rock actually bought another approximately 2,900 Bitcoin nearly 3,000 Bitcoin worth around 150 million us and so right now as we can see here on black Rock's own website they are currently holding around $2,643 Bitcoin worth approximately 6. 3 billion and so obviously when it comes to the price of Bitcoin this is good
New Crypto Analysis
news for the Bitcoin price with black rock buying more and more Bitcoin but what we are also seeing is of course gry scal still dumping their Bitcoin and just today we have seen gcal dump another approximately 4,800 Bitcoin and out of that over 3,000 Bitcoin will sent over to coinbase to dump on the market and so basically grayscale has just sent approximately a quarter of a billion dollars worth of bitcoin out of the grayscale Bitcoin trust and so as of right now we're still actually seeing a decent amount of outflows coming out of the grayscale Bitcoin trust causing selling pressure from grayscale once again and in case you're wondering how much Bitcoin Grace scale is still holding they're still holding well over 450,000 Bitcoin worth well over 23 billion us so they're still holding a significant amount of Bitcoin but if we're taking a look at all of the numbers from just yesterday we can see that overall from bitmex research we
The Crypto News
have a total net inflow still coming into the spot Bitcoin ETFs just yesterday but with that being said even though it was still a net inflow which means more was coming in than what was leaving of course compared to some of the numbers we saw last week this is not as strong as what we saw last week because if you're watching my videos just last week you'll know that on some of the days we will seeing net inflows at around four five or even 600 million us coming into Bitcoin each weekday whereas just yesterday once again we only saw around a $135 million net inflow which is still good it's still a net inflow but without being said once again it's not as strong as what we saw last week and so perhaps this is a pretty significant reason as to why we've seen some weakness in the short term in the price of Bitcoin rather than that extreme bullish price action that we saw over the last couple of weeks because once again as of recent we're
not seeing as much inflows coming into the Bitcoin ETFs compared to previously but obviously as this continues to change I'll keep you up to date basically every day here on the channel so 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 because these Bitcoin ETFs can indeed have a big impact on the parasa Bitcoin but anyway getting into the Bitcoin charts today looking at the weekly time frame and right now we're still trading above the golden pocket which is good news here on the weekly time frame and once again the golden pocket is sitting in between around 48,000 to 50,000 and so like I've said recently of course that should now act as new support in case we end up seeing a bit of a short-term pullback once again I now expect support around 48 to 50K and obviously in terms of the much larger Trend here on the weekly time frame we're still clearly trending
in the bullish Direction pering significant higher lows and higher highs despite what's happening on smaller time frames and so as always it is important to understand the difference between the different time frames for example on a smaller time frame in the short term we could be looking slightly more bearish but when you zoom out to a much larger time frame that is still occurring within this much larger bullish Trend also known as a bull market but if we're taking a look at this 3-day Bitcoin chart as I've said over and over again over the last one week or so of course this extreme volatile move has already played out as expected and I no longer expect that extreme volatility going straight to the upside anymore and so just keep that in mind we basically finished that extreme volatile move to the upside but that does not necessarily mean the bullish trend is finished for example if we're taking a look at what we saw in January 2023 or around October
November 2023 we saw these extreme volatile moves in the price of Bitcoin basically straight to the upside over the course of around 1 to 2 weeks and then those volatile moves stopped and then we saw either sideways consolidation or possibly a slight pullback before actually continuing higher later on in the larger bullish Trend and so that's basically what I'm expecting right now in the short term once again we've basically finished that extreme volatile move to the upside which means we could now be expecting either a sideways consolidation or possibly a slight pullback before potentially continuing the larger bullish Trend later on and if we're taking a look at the daily time frame once again as I've been saying almost every day over the last one week or so we are currently losing losing bullish momentum here in the daily Bitcoin macd and so once again as I've been saying over the last half a week to one week
now of course I would not be expecting a significant amount of bullish price action at least in the short term and we're likely going to see either a sideways consolidation made up of choppy sideways price action if not a slight pullback before potentially continuing higher later on and also right now while the price is consolidating sideways and playing out a slight short-term pullback this is helping to reset the RSI out of those overbought territories and back down towards more neutral levels and so this can actually give us some more room to the upside later on considering the RSI if it's back down towards more neutral levels means of course we have more room to the upside before we get back to overboard levels and this is something similar to what we saw back here of course we saw that quick volatile move to the upside and then a bit of a sideways consolidation basically a Slowdown from all of that extreme bullish price action which
helped to reset the RSI giving us more room to the upside later on and so once again in terms of the larger Trend I'm still very much bullish it's just in the much shorter term here during the bullish Trend we're taking a bit of a short-term pause or setback from that bullish Trend and that's also been due to the fact that this bearish Divergence I've been talking about since all the way back here here on the 4-Hour Bitcoin chart is still currently playing out and as always a bearish Divergence most commonly plays out in the form of either choppy sideways press action if not a slight pullback as the most common outcomes from a bearish Divergence which is pretty much exactly what we are currently seeing and basically for as long as the RSI on this 4-Hour time frame is still trending to the downside forming lower highs and lower lows technically this bearish Divergence is still active unless we see a reversal in the RSI by forming higher lows or higher
highs or if we see a breakout above these highs right here in the price that can also invalidate this previous bearish Divergence but as of right now of course the price is still rejecting from this key level of resistance which is sitting at approximately 52 and half th000 here on the 4-Hour Bitcoin chart and so technically speaking because we have not yet broken out back above that level this break to the downside and this bearish price Target is still currently in play and this bearish price target for this triangle pattern breaking to the downside is sitting at approximately 48. 9k and obviously as of right now the price of Bitcoin has moved roughly halfway between the point of the breakout and the price Target but right now we are running into a bit of short-term support based on this previous low which if we're looking at the candle wick low is sitting at around
50. 6 to 50. 7k or if we're looking at the candle closes is sitting closer towards 51k once again acting as support and if we see a break back below around 505,000 then in that case we could find some support right here at previous resistance sitting at around $50,000 pretty much exactly at $50,000 and below that then once again I'd expect a move down towards this price Target at around 48. 9k but it's always worth keeping in mind those other levels of support because obviously at those other levels of support those are also levels where we could potentially Bounce from and if you want to take these trades in the price of Bitcoin or any other crypto personally I take trades just like this over on buybit so I'll make sure to leave a link to buybit in the description down below and in the pin comment and if you use that link down
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those links down below this video If you want to get those extra bonuses or enter that giveaway but anyway right now for Bitcoin that's the situation in the short term once again we're looking slightly bearish in the short term as the price is losing bullish momentum on The Daily time frame and playing out this short-term bearish Divergence and also rejecting from Key resistance But ultimately when you zoom out to much larger time frames this is just a short-term pause or short-term setback within a much larger bullish Trend and if we're taking a quick look at the Bitcoin liquidation heat map we still have this area of liquidity sitting in between around 50. 2k going up towards around 50. 6k but if we see a break below around $50,000 approximately then in that case the next level of liquidity to the downside is sitting at around
48. 2k and in case you're new to this channel these areas of liquidity in the Bitcoin liquid heat map usually act as magnets for the price of Bitcoin basically attracting the price of Bitcoin towards where there's most liquidity and just recently a few days ago we saw exactly that but to the upside with a quick Spike to the upside up towards around 53,000 but now that the price is already taken out a lot of that upside liquidity once again it now leaves a lot of liquidity to the downside basically attracting the price of Bitcoin a little bit lower just in the short term here but anyway getting into the ethereum part of this video this is on the weekly time frame just like Bitcoin on the weekly time frame we're still trending in a larger bullish trend on the weekly time frame once again sitting above the golden pocket and in case you're wondering this golden pocket is still sitting in between
around 2530 going up towards around 2. 7k and just like the golden pocket on the weekly Bitcoin chart I also expect this golden pocket for ethereum to act as support in case we see a further short-term pullback and so once again as I said earlier it's important to understand the difference between the different time frames so despite what's happening on the smaller time frames like The 8 Hour chart for example of course here on the larger time frames like the weekly time frame we're still very much trending in the bullish Direction but if we're taking a look at the daily time frame as I've been saying over the last few days we're currently losing a bit of bullish momentum here in the daily ethereum macd but not as much momentum has been lost for ethereum as what we've seen for Bitcoin and so once again we're still more bullish than bearish we have not confirmed a bearish trend reversal or any significant
bearish momentum because as I've said said recently we have not confirmed any bearish cross here in the daily ethereum macd but with that being said the momentum is no longer growing and instead we're losing some bullish momentum so just keep that in mind this bullish price action is starting to slow down at least in the short term compared to what we were previously seeing over the last one to two weeks but of course this is healthy to see a bit of a break from all of that crazy bullish price action because that does help to reset the RSI back down towards more neutral levels which can give us more room to the upside later on on and so once again as I've been saying this entire time I'm still very bullish on the larger Trend at Play It's just in the immediate short term we could see a bit of a break from that bullish Trend and if we're taking a look at the 8 hour time frame as I've been saying recently on the channel we do actually have a short-term bearish
Divergence here on the 8 hour time frame with higher highs already confirmed in the price in The 8 Hour candle closes and lower highs confirmed here in The 8 Hour ethereum RSI and obviously since my last video we did actually see a fresh new higher high put in place in the 8h hour candle closes but with that being said the RSI is still forming lower highs despite the price putting in a new higher high and so once again this means we still have a bearish Divergence flashing here on the 8 hour time frame which means we should not really be expecting a significant amount of bullish momentum at least in the imminent short term because these bearish divergences usually play out in the form of either choppy sideways price action if not a slight pullback as the most likely outcomes and the most common outcomes from a bearish Divergence and once again as the RSI continues trending lower if we're still forming lower highs and lower lows in the RSI of course this
could technically mean we still have some weakness at least in the short term for the price of eth and even if we make a fresh new higher high in the price keep in mind the RSI could still be forming lower highs in which case we could just be extending this bearish Divergence to make it even bigger and so once again in terms of the trend and the price structure we're still technically bullish we have not yet broken this bullish Trend but once again just in the short term here we are technically due to see a bit of a break or pause from that bullish Trend before potentially continuing the bullish Trend higher later on and as for these important support levels these have not changed over the last one day so if you're new to the channel and you want to know more about these support levels then check out my last video here on the channel and if we're taking a quick look at the price of salana on the 8 hour time frame over the last one day and in fact just
recently we've now seen an 8-hour candle close back below around $15 which technically now confirms this break to the downside for this head and shoulders pattern but with that being said this 8 Hour candle close is only sitting just below $15 and so we only have a small amount of confirmation for this break to the downside so keep that in mind we don't have a lot of confirmation but technically it is now confirmed and basically the more confirmation we see the better so for example the more candle closes below $15 the more confirmation we have or for example if we see a retest and a rejection from $15 that is extra confirmation and basically the more confirmation that we have the more confident that we can really be in this break to the downside actually heading down towards this bearish price Target which is sitting at around $94 approximately and also keep in mind that between now and this price Target we
have some other levels of support to pay attention to for example this previous high right here could act as new support which is sitting at around $113 approximately and below that we also have this previous 50% retracement level acting as support sitting at roughly around $99 and personally I have actually entered a very small short position to trade this move to the downside but once again it's only a small trade at the moment because we've only seen a small amount of Confirmation and basically if we end up seeing more confirmation for example a successful retest and a rejection then in that case I'd potentially add to that short position but as always that is not personal financial advice I'm just letting you know my personal trading strategy when it comes to these trades just here and once again if you want to take trades just like that check out those links down below this Crypto Related and if you want to
In Conclusion
know how you can actually take these trades then make sure to watch these videos popping up right here on your screen the video in the top left shy he can open and close long positions or 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.
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