welcome back to the good Crypto News everyone my name is Josh and right now Bitcoin is still bouncing around between critical support and resistance while the price is now sitting on the edge of a breakout from this new pattern which will set up new price targets so I'll be talking about that in just a moment alongside a theorum which is already breaking out to the upside 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 just taking a quick look at some Bitcoin ETF news today because just today Grace gson and another around 2,600 Bitcoin worth around $14 million over towards coinbase to dump on the market and so of course if you watched my last video here on the channel you'll know that this is roughly around the same amount that they dumped as what we saw yesterday and as I've mentioned recently on the channel if they're selling less than 5 to 10,000 Bitcoin each day so for example right here selling around 2,600 Bitcoin in one
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day honestly this is not bad at all because previously they were selling closer to 15 to 20,000 Bitcoin each day which is a lot more selling pressure but with these reduced amounts that they're selling each day like 2 to 3,000 Bitcoin each day this can easily be bought up by other Bitcoin ETFs like for example the I shares Bitcoin trust also known as the Black Rock Spot Bitcoin ETF and as of right now the Black Rock Spot Bitcoin ETF is currently holding over 75,7 Bitcoin worth over 3. 2 billion us in their spot Bitcoin ETF and so as of right now Black Rock alone is accumulating roughly around $100 million worth of bitcoin each weekday each trading day which basically means Black Rock alone is essentially offsetting the selling pressure from grayscale at the moment but of course grayscale is really the only ETF with a lot of outflows causing a lot of selling pressure but there's a bunch of other spot Bitcoin ETFs also buying up Bitcoin it's just at the moment black rock is currently the
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biggest buyer they are the fastest growing spot Bitcoin ETF but once again Black Rock alone is basically buying up all of the Bitcoin that grayscale is dumping and then the other spot Bitcoin ETFs are also providing a little bit more buying pressure which is good news for Bitcoin and as always if anything new happens with these spot Bitcoin ETFs causing more selling pressure or buying pressure I'll be sure to keep you up to date in real time over on my Twitter and also every day here in these videos so make sure you subscribe to this Channel with notifications turn on so that you don't miss out on any of these important update videos but anyway getting into the Bitcoin charts today this is on the daily Bitcoin chart and right now the daily Bitcoin RSI is getting extremely close to a breakout to the upside which will be a bullish signal once it actually confirms and as for the momentum here in the daily Bitcoin macd like I've been saying basically every day over the last two weeks or so of course we're seeing bullish momentum in
the daily Bitcoin macd but at the moment it's not as much momentum compared to what we saw previously back here for example and if we're taking a look at this daily Bitcoin chart looking at the dxy as I've said over the last few days we've seen another recent spike in the dxy which is actually a warning signal for Bitcoin and crypto but just today at least so far we're seeing a slight pullback in the dxy basically that Spike to the upside is stopping at least for now and so obviously I'll keep a close eye on this dxy and keep you up to date in these videos of course if we see a reversal back to the downside in the dxy that is bullish for Bitcoin and crypto and so at least as of right now we have not yet broken the shortterm uptrend in the dxy technically it's still currently looking bullish despite the very small pullback today and so in order to become more confident in a lot more bullish price action playing out for the price of Bitcoin I'd like to see a further pullback or reversal back to the downside in the dxy simply in order to
become more confident in a lot more bullish price action for Bitcoin but anyway if we're zooming into the shorter term looking at the 4-Hour Bitcoin chart right now as a recorded in this video the price of Bitcoin is once again running into this area of resistance which is sitting in between around 43. 3k to 43 7K and so obviously at least for now it's still a possibility that we could end up seeing another rejection from this resistance like what we've seen multiple times over the last few weeks and so at least in the short term here I would only start to flip much more bullish again on bitcoin if we see a confirmed breakout above the top side of this area of resistance which is sitting at once again around 43. 7k and so until we confirm a breakout above that level with candle closes above that level at least for now in the imminent short term we're still in this choppy sideways price range looking relatively neutral until we actually
confirm a breakout and of course if we broke below this area of support which by the way is sitting in between around 41. 7k to around 42. 2k basically if we broke below that area so if we broke below 41. 7k then obviously that would be a short-term bearish signal and in that case we would likely see a drop down towards around $40,000 approximately once again if we first confirm a break back below around 41. 7k and now if if we do end up seeing a confirmed breakout above this area of resistance so above around 43. 7k with candle closes above that level then in that case we could be targeting around 48. 8k based on this massive inverse Head and Shoulders pattern in the price of Bitcoin here on the 8 hour time frame but ideally this pattern needs to break
out sometime soon over the next few days in order to actually confirm the pattern and the price Target because basically if we take way too long to break out here and instead we just chop around sideways or even see another move to the downside over the next 1 to two weeks or so then the right Sher for this invers shoulders pattern will simply be way too large compared to the left Sher which would invalidate the formation stage of this pattern and so once again we need to see a breakout Above This resistance within the next few days and once again that resistance is sitting at around 43. 7k in order to confirm that price Target at around 48. 8k and just before talking about this new pattern in the price of Bitcoin and a possible new breakout with new price targets of of course this breakout from the point of the breakout to the price target for the inverse shers pattern that would be around a 12% move to the upside if we successfully break out here
and head up towards the price Target and so obviously if you're just holding Bitcoin on the spot Market that's a 12% gain but just for example with a 10x leverage trade that could be a 120% profit more than doubling your money and in case you're wondering where I take those trades in 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 comment and if you use that link to make a buyit account 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 bit or if you cannot kyc on bibit 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 only for those of you who sign up using the link down below this video and so so if you click that link it'll take you to this page
right here where you can simply sign up to bitflex and basically if you make a $100 deposit worth of crypto or more onto that account and make just one trade on the derivatives Market over at bitflex then that puts you in the running for this brand new Apple watch series 9 giveaway and this giveaway by the way lasts for the next one month so you have one month to get set up ready to go on bitflex and make one trade over on bitflex and once again you can only enter this giveaway if you use the link down below this video to make a bitflex account 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 over on bitflex if you want to enter this giveaway but anyway getting back into the Bitcoin chart taking a look at the 4-Hour Bitcoin chart and right now the price of Bitcoin is sitting on the edge of a potential breakout from this new pattern and of course this pattern Right Here is known as a symmetrical triangle pattern also known as a horizontal triangle pattern
with support currently sitting at around 42. 4k and resistance currently sitting closer towards around 43. 3k and now keep in mind even if we break out just above 43. 3k so breaking out from this triangle pattern obviously we still have this area of resistance on the 4-Hour Bitcoin chart going up towards 43. 7k and so once again I would only be more confident in bullish price action in the short term here if we see a confirmed breakout above 43. 7k but in that scenario if we break out to the upside then a short-term price Target based on this symmetrical triangle pattern if we break out to the upside once again that would set up a price Target at around $45,000 and so from the point of the breakout to the price Target we're talking around a 4% move to the upside
or if we're talking about a breakout from 43. 7k to that price Target that's still around a 3% move to the upside and once again just for example a 10x leverage long position could turn a 3% move into a 30% Profit just for example but at least as of right now considering we have not yet fully confirmed a breakout from this triangle pattern or as especially not yet confirmed a breakout from this area of resistance at least as of right now it's still a possibility that we could end up seeing another rejection and so in that case if we break below that line of support for this triangle pattern that could set up a bearish price Target at around 40. 7k but also keep in mind that even if we broke to the downside below this line of support once again at around 42. 4k keep in mind that below that level right there in between the break and the price Target basically we still have this area of Support also on the 4-Hour
Bitcoin chart and so even in that scenario obviously we could see an initial break to the downside and then perhaps bounce at around this area of support and so that's why I've been saying this entire time since all the way back here that at least in the shorter term I'm relatively neutral on the price of Bitcoin while the price is still in this sideways price range and then the moment we finally see a confirmed breakout either Above This resistance or below this support that is where I'd flip much more bullish or much more bearish and as for the Bitcoin liquidation hit map we we do actually have a lot of liquidity just in the short term sitting at around 44,000 to 44. 1k and so at least in the immediate short-term that's basically acting as a magnet for the price of Bitcoin pulling the price towards that area of liquidity and some other important levels of liquidity to look out for in this liquidation hit map uh first of all sitting at around 41.
6k to 41. 8k and below that area of support that I just mentioned earlier we have some more liquidity further to the downside in between around 395,000 to 40,000 and so that's why I said earlier if we confirm a break below this area of support I would be targeting at around 40,000 give or take as the next likely move if we first confirm a break below this area of support which obviously as of right now has not happened and if we're taking a look at the E to US dollar chart on The Daily time frame technically speaking the bearish Divergence is still currently active but what we are now seeing in the daily ethereum macd is a possible bullish cross but as of right now this potential bullish cross is not yet confirmed we still need to see a daily candle close to actually confirm the bullish cross in place but either way whether this confirms or not at least as of right now and as I've been saying over the last one week or so we're simply lacking
momentum based on the macd and that means for both directions right now we're lacking momentum which is why we're seeing a lot of choppy sideways press action and not really any significant move in either direction and so at least for now while we're still lacking momentum once again this is most likely the price action that will continue to play out at least in the short term here but believe it or not you can actually make a lot of easy profits from choppy sideways price action just like that and if you want to know how to do that then stick around to the end of this video to find out more but if we're taking a quick look at the 4H hour eth to US dollar chart right now the price of eth is attempting a break out to the upside above this massive descending line of resistance which was sitting at around 2310 and so far we have actually seen a few 4-Hour candle closes Above This resistance which technically confirms the breakout of The Upside and so the next resistance levels to watch out for
are first of all sitting at around 2380 to 2390 based on this previous high and above that we have more resistance based on previous support sitting at around 2430 and above that we have more resistance at around 2. 5k and as for short-term support I'll now expect support around this previous line of resistance which once again is sitting at around 2310 closer towards around 2. 3k and what we're now seeing on the 6h hour eth to US dollar chart is a continued breakout to the upside which is something that I talked about in my last video because as I said in my last video here on the channel we already initially confirmed the breakout of The Upside with one candle close and then we were retesting that previous line of resistance and considering the fact that we did not end up seeing a confirmed break back below that line of resistance and instead we saw a boun from that level of course that confirmed the
retest which further confirmed the breakout to the upside and so at least as of right now based on this symmetrical triangle pattern right here we do have a technical price Target to the upside which is sitting at around 2580 and so from the point of the breakout to that price Target that's around an 11 to 12% move to the upside or from where we are right now to that price Target that's still around a 10% move to the upside and once again just for example with a 10x leverage trade that 10% move could be a 100% profit basically doubling your money just for example but once again it's in important to remember that we still have other levels of resistance between now and that price Target as I just mentioned earlier and of course those levels of resistance is where the price is most likely going to struggle at and possibly see rejections from and basically this breakout to the upside and this bullish price Target and this pattern will only invalidate if we see a confirmed break back below the point of the breakout so
back below around 2. 3k and so in that scenario if we break back below $2,300 then once again again that would invalidate the bullish price targets and in that case we would find our next support closer towards around 2270 to 2280 and below that we have more support at around 2250 and if we're taking a quick look at the price of chain link against the US do on the daily time frame obviously over the last one day we're seeing a bit of a rejection just underneath that $20 level and as I mentioned on the channel two videos ago now just two days ago of course we should be expecting a lot of resistance very close to $20 because that's a strong psychological level of resistance and we also have that technical price target for this invest shs pattern sitting very close to $20 and at least as of right now the price of chain link at the current local high has made it up towards around $198 so obviously very close to that $20 level and so like I said in my last video this
trade for chain link against the US doar for this invers head and shoulders pattern breakout is essentially already complete we've pretty much already hit that price target with we've only fallen short of around 20 cents but if we're taking a look at Chain Link versus Bitcoin this is the Link versus BTC chart of course we still technically have some more room to the upside towards this price target for the breakout for this inverse shoulders pattern on the link BTC chart because as of right now the price of chain link versus Bitcoin has made it a little over halfway between the breakout point and the price target for this technical pattern and so from the highest point at least so far on this chart towards this price Target that's still potentially another 9 to 10% move to the upside or from where we are right now as recorded in this video to that price Target that's still around a 16% move to the upside and so basically what this means is if we continue higher in the price of chain link towards that price Target
which technically speaking that price Target is still active then once again the price of chain link should continue to outperform bitcoin if we continue higher on this chart towards that price Target but once again like I said earlier the price of chain link against the US dollar has basically already completed this breakout pattern and so I not necessarily be risking everything on the price just going up towards $20 because we've pretty much already hit around $20 but this is all talking about the somewhat shorter term here of course over the next one to two years over the coming bull market obviously chain link could go a lot higher than $20 but once again this is all just talking about the short-term trades and once again if you want to take these trades in the Press of chain link or any other crypto check out those links down below this video If you want to get those extra bonuses and if you actually want to find out how you can take these trades in the price of any crypto whether we're going up down or just 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 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 it and I'll see you all in the next
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