welcome back to the Crypto news everyone my name is Josh and right now both Bitcoin and ethereum are getting extremely close to confirming this major breakout on the larger time frames but on the smaller time frames Bitcoin is still flashing this new warning signal as the price is getting extremely close to Breaking from this new pattern which will set up a new price Target so I'll be talking about all of that and more in just a moment so definitely stick around first of all just taking a quick look at the Bitcoin ETF news today and just over the last one day we saw approximately 4,800 Bitcoin flow out of the grayscale Bitcoin trust and out of that a little over 4,000 Bitcoin was sold over at coinbase and now if you've been watching my videos over the last 1 to two weeks or so you'll know that at least as of recent this is a little bit higher than what they've usually been selling for example a few days ago they were selling closer to around 2,000 or 3,000 Bitcoin whereas right now they're selling closer towards around 4 to 5,000
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Bitcoin per day and so far this has just been happening over the last two days just on Thursday and Friday but this is potentially just the Genesis BTC that's flowing out of grayscale because as I mentioned recently on the channel of course Genesis was approved by the courts to essentially liquidate $1. 3 billion worth of gbtc which is the grayscale Bitcoin trust shares and essentially if you're selling gptc that means grayscale is having to sell Bitcoin because Bitcoin backs gbtc and so once again this is essentially that extra selling pressure that's being applied right now in the short term with a little bit higher outflows from grayscale just over the last 2 days but remember this is most likely caused by that amount from Genesis that's being sold on the market which is temporary selling pressure and so simply due to this just in the short term once again this is kind of capping the Paras Bitcoin in the short term seeing these slightly higher outows from grayscale
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but of course other ETFs like for example the Black Rock Spot Bitcoin ETF has still been buying and buying more and more Bitcoin and now if we're looking at black Rock's own website as of recording this video they have not yet updated their numbers from yesterday so right now these are still showing the same numbers as what they were showing just yesterday they have not yet updated the numbers but if we're taking a look at this site right here looking at the Bitcoin ETF flows this basically gives us an early estimate of how much actually flowed into the Bitcoin ETFs on Friday so remember this is just the net flows talking about just Friday alone we're still talking around over 300 million us worth of net inflows coming into the spot Bitcoin ETFs and remember this is net inflows which means this is also factoring in the outflows from grayscale so overall we're still seeing more money coming into the ETFs than what's leaving the ETFs or mainly leaving grayscale and now I just want to clear up how the Bitcoin ETFs actually
work because a lot of people are still confused about the spot Bitcoin ETFs a lot of people for example think black rock is buying billions of dollars worth of bitcoin with black Rock's own money just to trade the market and make profit on bitcoin but that is not true at all because essentially black rock is offering their spot Bitcoin ETF and all of the other ETF providers are offering their spot Bitcoin ETF on the US Stock Market and then for example if an investor it could be you or me if we simply buy one of these spot Bitcoin ETFs for example black Rock's ETF is ibit and basically if we buy ibit shares ibit shares that's buying their Black Rock Spot Bitcoin ETF the I shares Bitcoin trust and basically that money goes to Black Rock and then Black Rock has to buy Bitcoin with that money to back their ETF and so this is not black Rock's billions of dollars of their own money trying to to trade the price of Bitcoin Buy Low sell high and so this does not mean they're about to dump billions of dollars on the market to try
and dump the price lower to buy more Bitcoin because once again this is essentially investors money that are coming into the Black Rock ETF and then black rock is having to buy Bitcoin to back the ETF and black rock essentially earns a fee on the ETF and so for as long as there's demand for these ETFs for example regular investors like you I or institutions or Pension funds anything that's buying these ETFs of course that's putting money into the ET ETFs and then the ETF providers or the ETF managers like black rock for example are taking that money and they have to buy Bitcoin to back their ETF and so I just wanted to clear that up because there's a lot of comments going around saying wait until Black Rock finally sells all of these billions of dollars worth of bitcoin to try and buy back lower but that's not how it works at all because once again Black Rock can only actually sell this Bitcoin if the investors that are investing in the Bitcoin ETF are withdrawing their money from the ETF then in that case Black
Rock can sell the Bitcoin if demand is pulling out of the ETF if we're seeing outflows like what we're seeing from grayscale but once again as of right now we're still seeing net inflows which means more money coming into the ETFs overall than what's leaving the ETFs but anyway taking a look at the Bitcoin charts today looking at the weekly Bitcoin chart and right now the price of Bitcoin is still trading above $50,000 at least as of recorded in this video which means if the price simply stays above 50,000 for the next 1 and 1 half days approximately this could potentially confirm the breakout above the golden pocket because as of right now there's only around 1 and 1 half days to go until we see this weekly candle close confirm and once again if we see that Weekly candle close confirm above the golden pocket above 50,000 that confirms the breakout and in that case we could potentially see a fairly quick move up to alltime highs which will likely play out over the coming weeks or months but it's also important
to remember that historically speaking throughout bitcoin's history throughout the Bitcoin harving cycles bitcoin's never actually broken out into new all-time highs both for the harving it basically always breaks out into new all-time highs after we see the harving and now obviously nothing is impossible of course it's still technically possible we could see an all-time high before the Haring but it's just important to understand that that is a less likely scenario if we're looking at bitcoin's history and so once again if history is any indication of what we could potentially expect we're most likely going to see Bitcoin alltime highs sometime after the Haring potentially shortly after the Haring and remember the Haring is in April and if we're taking a look at the 3-day Bitcoin chart right now we're still seeing that volatile move play out to the upside but potentially very soon this volatile move could be ending and this is something that I've exactly been talking about over the last 1 to two weeks also since
all the way back down towards around 42 to 43,000 I said that very soon over the next 1 to two weeks we're going to see a quick volatile move up towards around 51 to 55,000 and so far we've seen exactly that play out with a quick volatile move play out to the upside in the span of around 1 to 2 weeks going up towards 51 to 55k right into that price range and so once again this has been playing out exactly as expected but what I now expect moving forward is this volatile move is potentially getting close to ending but it's important to understand that just because the volatile section of this move is close to ending or potentially already ended that does not necessarily mean the bullish trend has ended for example if we're looking back in January 2023 or around October going into November 2023 three we can also see these signals flash and these extremely volatile moves to the upside and then following those volatile moves to the upside that played out over around 1 to 2 weeks we still continued higher later on with the bullish Trend continuing
later on it was just a slightly more mild price action not as volatile straight to the upside and so once again moving forward possibly in the coming days or weeks we're most likely going to see the Press Bitcoin somewhat settle down after seeing that extreme volatile move to the upside it's unlikely that this level of volatility will continue much longer and if we're taking a look at the daily Bitcoin chart as of right now of course the RSI is still currently overbought with the momentum here in the daily Bitcoin macd currently slightly losing some bullish momentum but with that being said overall we're still very much looking more bullish than bearish it's not like we've confirmed a massive bearish Trend reversal or anything like that once again just in the somewhat shorter term here we're basically slowing down we're losing some bullish momentum in the short term and as I mentioned mention in my last video potentially on the weekend when the Bitcoin ETFs are not trading because the stock market is closed on the weekend
it's possible we could see some sort of sideways consolidation or possibly a pullback over the weekend considering we don't have all of that extra buying pressure adding to the Bitcoin price over the weekend but obviously as soon as Monday comes around of course the US Stock Market opens back up again which means the Bitcoin ETFs begin trading again and if we still seeing those massive inflows that will add more and more buying pressure to bitcoin starting next week again and so once again overall when we're looking at the larger Trend and momentum we're still clearly looking bullish is just right now in the somewhat short term here we're losing a little bit of that bullish momentum and if we're zooming further into the shortterm looking at the 4-Hour Bitcoin chart obviously right now this short-term bearish Divergence is so far playing out very nicely because usually these bearish divergences play out in the form of either choppy sideways price action or possibly a slight pullback as the most common outcomes from a bearish
Divergence and so once again right now now this is still currently playing out and potentially over this weekend we could continue to see this play out in the form of either sideways price action or possibly a bit of a pullback once again and if we're zooming further into the short term looking at the 45 minute chart right now the price of Bitcoin is forming a new symmetrical triangle pattern also known as a horizontal triangle pattern and right now this ascending line of support is currently sitting at roughly around 51. 8k and this descending line of resistance is currently sitting at around 50 52. 2 to 52. 1k approximately and so basically in order to confirm a break from this triangle pattern and set up the next short-term price Target we need to confirm candle closes either below this line of support or above around 52. 2k above this line of
resistance and now if we do end up confirming a breakout above that line of resistance in the short term then that will set up a short-term bullish price target for this pattern which would be sitting at around 53. 2k but on the other hand if we confirm a break below that line of support then that would set up a bearish price Target sitting at around 50. 8k approximately and so obviously we're not talking about a massive move here because we're only on the 45-minute chart this is looking at the imminent shortterm and so we're looking at a possible 2% move in either direction once we confirm a break either below support or above resistance and now considering this is on a much smaller time frame of course it doesn't take much to see a quick Wick to the upside or to the downside and so personally if I'm trading this move I'll not be trading with a significant amount of money and so for example with larger
patterns and more significant patterns on larger time frames perhaps I'll trade with a more significant amount but on smaller time frames like this once again I would not necessarily go very heavy into a trade if I'm trading this move right here whether it's to the downside with a short position or to the upside with a long position once we confirm a break of one of these levels but obviously that is not personal financial advice for you because I don't know your personal financial situation I'm just letting you know my personal trading strategy when it comes to these breakout trades and if you also potentially want to profit from these breakout trades then you need to have an exchange ready to go 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 pinned comment and if you use that link Down Below in the description or in the pin comment and 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 also right now bitflex is running an exclusive Apple Watch series 9 giveaway if you use the link down below this video it'll take you to this page right here and if you want to enter this giveaway in the running for a brand new Apple watch series 9 all you need to do is sign up to bitflex using the link down below this video deposit $100 worth of crypto or more and to make just one trade on the derivatives Market over at bitflex to enter this giveaway and so obviously 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 either on buybit or bitflex using those links down below this video If you want to get those extra bonuses or potentially enter this giveaway but anyway if we're taking a quick look at the Bitcoin liquidation heat map right now we still have those
areas of liquidity that I talked about in my last video and so just quickly recapping from my last video we have some downside liquidity sitting in between around 51. 1k to 51. 3k approximately and we also have some upside liquidity sitting at around 52. 9k and so once again these areas of liquidity usually attract the price of Bitcoin towards those areas but considering the fact that right now we do actually have a little bit more liquidity to the downside compared to the upside and considering that right now we do have this bearish Divergence playing out on the 4-Hour time frame just in the short term once again perhaps just in the short term as in over the next 1 to two days possibly just over this weekend we could be looking slightly more bearish than bullish once again this is just just talking about the shortterm not the larger bullish Trend But ultimately in
order to become more confident in possibly a slight pullback playing out over the weekend I would like to see a confirmed break below this line of support once again sitting at around 51. 8k because if that happens then once again that would potentially set up this short-term bearish price Target so we could likely see a short-term pullback over the weekend if we first confirm a break below this line of support but remember all of this is just talking about the shortterm as in possibly over this weekend but when we're zooming out to the much larger time frames we're clearly still within a larger bullish market and if we're taking a look at the eth to us doll chart on the weekly time frame the price of eth is also playing out a larger bullish Trend here on the weekly time frame also known as a bull market and just like Bitcoin we're around one and a half days away from potentially confirming this breakout above the golden pocket so we still need to see that Weekly candle close confirm
ideally above around 2. 7k in order to confirm this breakout and in that case the next important resistance on the weekly time frame to pay attention to is this Fibonacci level combined with this previous High which is sitting in between around 3. 4k to 3. 5k acting as resistance and if we're zooming into the daily time frame of course right now just like Bitcoin the RSI is still overbought on the daily time frame with the macd showing a slight loss in bullish momentum just in the short term here but ultimately in terms of the larger Trend and momentum of course we're still more bullish than bearish we have not confirmed a bearish cross or anything like that but it's just important to point out that in the short term we have lost some bullish momentum which is why we're perhaps seeing the price Co off after seeing that extreme volatile move to the upside and while the price is somewhat cooling off in the
short term we could potentially see a retest of this previous area of resistance we should now act as new support and this is sitting in between around 2680 going all the way up towards around 2720 once again acting as new support and in a more bearish scenario let's just say if we broke below that area then in that case we also have this line of support which is sitting at around 2590 and so here in the short term we still have some important support levels to pay attention to and we are still trending in the bullish Direction but with that being said we're currently taking a bit of a break from all of that crazy bullish price action with some loss in bullish momentum in the short term and the price cooling off over the weekend and if we're taking a look at the price of Salo on the 8 hour time frame obviously over the last one day or so we have seen a bit of a short-term pullback in the price of salana from this local high and so right now technically speaking the breakout for
this pattern right here is still currently active but of course if we continue a little bit lower below this golden pocket that would invalidate the breakout for this inverse and and shorters pattern and invalidate this bullish price Target and so once again right now while the price is still above the golden pocket technically this breakout and price Target still active but we are getting very close to invalidating that breakout and as of right now in case you're wondering my salana and ethereum long positions are still currently open with stop losses sitting in slight profits for salana and massive profits for ethereum and once again if you want to take those trades check out bybit or bitflex in the links down below if you want to get those extra bonuses and if you want to know how you can actually take those trades no matter if the price is going up down or simply chopping around sideways you can profit from all of that price action if you watch these videos popping up right here on your screen the Crypto Related Post Check in
In Conclusion
the top left shows you how you can profit from bullish or bearish Price action using Longs and shorts and the video in the bottom left shows you how you can easily profit from choppy sideways 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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