welcome back to the crypto News everyone my name is Josh and right now both Bitcoin and ethereum finally just confirmed the breakout Above This significant area of resistance on the larger time frames but on the smaller time frames Bitcoin is now getting extremely close to Breaking from this new pattern right here while ethereum is now flashing a new warning signal that we need to pay attention to 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 starting off on the weekly bit coin chart and right now we have finally now seen a weekly candle close confirm above the golden pocket which is this area in between around 48,000 to 50,000 and so technically speaking this now means the breakout above the golden pocket on the weekly time frame is now confirmed which is very bullish for the price of Bitcoin here on the larger time frames because technically speaking the golden pocket
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which is the 61. 8% Fibonacci level to the 65% retracement level is the most important Fibonacci area on the entire chart and often times acts as significant resistance for the price of Bitcoin when we're seeing these major recoveries back to the upside and so now that we're breaking out above this and have actually confirmed that breakout with a weekly candle close above the Goen pocket once again that is bullish because that means we've now overcome that major obstacle and technically speaking this Goden pocket in between 48,000 to 50,000 should now act as new support in case we end up seeing some sort of short-term pullback once again I would expect support around that price range and so when it comes to other levels of resistance to pay attention to on the weekly time frame we do have this 78. 6% Fibonacci level of resistance which is sitting at around 57k to 58k approximately and so we could end up
finding some resistance around 57 to 58k but honestly that Fibonacci level is not as significant as the golden pocket and so really our next most significant level of resistance is simply the all-time high considering obviously we saw a major rejection at at the all-time high and so basically now that we've broken out above the Goen pocket and confirmed the breakout with a weekly candle close our next major Target is simply the all-time high aside from this small bit of resistance right here on the weekly time frame but obviously keep in mind that each one of these candles is an entire week worth of price action which means we should not really be expecting the price to go straight to the all-time high within the next one to two weeks or so and so it's most likely going to take perhaps a couple of months possibly right after the Bitcoin harving that's happen in April we could end up seeing the price head up towards all-time Highs but at the very least sometime this year sometime in 2024 I do
expect the price of Bitcoin to break out into fresh new alltime highs and set new alltime highs this year and so once again on the larger time frames like this weekly Bitcoin chart we're still clearly looking bullish as I've been saying basically nonstop since the beginning of 2023 you can even go back on my channel back then I flipped extremely bullish right around there on the larger time frames and if we're taking a look at the 3-day Bitcoin chart once again as I've said over the last few days we've already seen that extreme volatile move play out to the upside exactly as expected but right now just in the imminent short term this is essentially the end of that volatile move but not necessarily the end of the bullish Trend because I've actually been comparing this move to some of these previous bullish moves recently on the channel of course we saw that volatile move to the upside here in January 2023 and also at the end of October 2023 we saw these vola moves to the upside But
after those volatile moves finished playing out and we basically Consolidated sideways just in the short term of course we still ended up heading a lot higher later on in the price of Bitcoin is just wasn't as volatile as that previous volatile move and so as I've been saying recently on the channel once again this volatile move already played out exactly as expected right into the price range that I was targeting since all the way back down towards 42,000 but I now expect lower volatility in the price of Bitcoin so not that extreme bullish price action straight to the upside but we could still see the price drift to the upside but a little bit slower than what we were previously seeing and this is also because on The Daily Bitcoin chart here in the macd of course we have lost a bit of bullish momentum just over the last few days as I've said over the last few days and so this is why we're now seeing a bit of a sideways consolidation basically a pause from all of that crazy
bullish price action because of course the RSI did enter into overbought territories meaning we're getting a little bit overheated just in the short term and so that's basically what we're seeing right now just a bit of a shortterm cool-off after that extreme bullish price action but we're not necessarily going to see a bearish trend reversal once again we can still remain in the bullish Trend it's just in the imminent short and we're taking a bit of a pause from all of that crazy bullish price action and that's also due to the fact that this bearish Divergence has been playing out over the last few days exactly as expected here on the 4-Hour Bitcoin chart because as I've been saying basically every day since all the way back here we have this short-term bearish Divergence which means we're Doe to see reduced bullish momentum in the short term and usually plays out in the form of either choppy sideways price action if not a slight pullback as the most common outcomes from a bearish
Divergence and so once again that's exactly what we've seen since then we saw a slight pullback to begin with and overall we're basically chopping around sideways we haven't really seen a lot of volatility to either direction but while the price of Bitcoin has just been chopping around sideways in the short term playing out this bearish Divergence also on the 4-Hour time frame the price of Bitcoin is now forming this new ascending triangle pattern because at least as of right now the price of Bitcoin is forming higher lows while also forming horizontal highs which is technically bullish price structure because it represents an increasing amount of buying pressure and a stagnant amount of selling pressure and so due to that statistically this is more likely to break out to the upside than to the downside But ultimately a break off this pattern is not confirmed until we either confirm a candle close either below support or above resistance and as of right now this line of support is
currently sitting at around 52,000 and this line of resistance is currently sitting at around 525,000 and so looking at a potential technical price target for this pattern right here if we confirm a breakout above around 52. 5k with candle closes above 52. 5k then that would set up a bullish price Target at around 55. 8k approximately or if we end up seeing a confirmed break below that line of support with candle closes below that line of support then that would set up a bearish price Target at roughly around 48. 8k and so either way we're looking at a potential 6% move in the price of Bitcoin and of course as Traders it does not matter what direction the price breaks whether we're breaking to the downside or to the upside we can make money in either Direction with long
positions or short positions and 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 Pinn comment and if you use that link to make a bit 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 bybit or if you cannot kyc on bybit there is also bitflex which is another crypto exchange similar to buy bit but you don't need kyc for bitflex and also right now there's an exclusive Apple Watch series 9 giveaway happening over at bitflex if you use the link down below this video it will take you to this page right here and if you want to enter this giveaway all you need to do is sign up to bitflex using the link down below this video deposit at least $100 worth of crypto and to make just one trade on the derivatives Market over at bitflex in order to enter this
giveaway 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 already to go on one of those exchanges using those links down below this video If you want to get those extra bonuses or potentially enter that giveaway and as soon as we see a break of one of these levels either support or resistance the point of invalidation would be breaking back to the other side of that level and so for example if we break out to the upside with candle closes and then see a confirmed break back to the downside below that line of resistance with candle closes back to the downside that would invalidate the breakout to the upside and invalidate the bullish price Target and vice versa if we see a break to the downside confirm with candle closes and then we end up seeing a breakout back to the upside with candle closes that would essentially invalidate the break to the downside and invalidate the bearish price Target and so personally when I'm
taking trades like this I usually enter once we see a bit of confirmation either below support or above resistance obviously a long position if we're breaking bullish and a short position if we're breaking bearish and personally I have a stop loss on the other side of the point of invalidation so that if we for example break to the downside and I enter a short position I'd place a stop loss just on the other side of the point of invalidation in case we invalidate that break and invalidate the price Target in order to avoid any further losses of a quick reversal of course the stop loss is sitting there just on the other side of the point of invalid validation to exit me out of the trade at a small loss avoiding any further losses but as always that is not personal financial advice because I don't know your personal financial situation I'm just simply letting you know my trading strategy when it comes to these breakout trades just here and once again if you want to take those
trades check out those links down below but if we're taking a look at the Bitcoin liquidation heat map right now we still have a decent amount of liquidity just to the upside which is sitting at around 52. 8k to 53k approximately and of course as I said in my last video we already took out that downside liquidity in the short term with that short-term pullback which I already talked about yesterday but now that we've taken out that downside liquidity we still have that upside liquidity which is basically attracting the price of Bitcoin towards that area and so all we need to see now is a confirmed breakout above this line of resistance to confirm that bullish price Target in order to flip a little bit more bullish and hit that upside area of liquidity but once again as of right now we have not yet confirmed to break of this pattern either to the upside or to the downside at least as of recording this video which once again
means we have not yet confirmed any price Target we still need to confirm a break either below support or above resistance and something else worth mentioning is even if we break to the downside we might not fully hit the bearish price Target even if we confirm the bearish price target with a break to the downside and that's simply due to the fact that the US Stock Market opens up again tomorrow which means the Bitcoin ETFs begin trading again tomorrow and if we're still seeing a lot of inflows coming in from the ETFs of course that could result in more buying pressure and so even if we do see a short-term break to the downside right here over the next few hours or over the next one day that could potentially be short lasted with the ETFs firing up again tomorrow but anyway getting into the ethereum part of this video this is on the weekly eth to us doll chart and over the last one day we have now finally confirmed a breakout above the golden pocket with a weekly candle close
well above the genen pockets which by the way the candle close confirmed at around 28 80 approximately and this Goden pocket was sitting in between around 2530 going up towards around 2. 7k which once again right now should act as new support in case we end up seeing a bit of a short-term pullback and so when it comes to support that's definitely a significant price range to pay attention to considering it was also previous significant support for the price of eth back in q1 of 2022 and as for the next resistance to pay attention to on the weekly time frame we have this Fibonacci level also sitting close to this previous high sitting at around 3. 4k to 3. 5k which should be the next significant resistance for the price of eth and of course once we finally see a confirmed breakout above around 35,000 then in that case the next major resistance level would simply be the
alltime high sitting closer towards around 4. 8 to 4. 9k and so obviously just like Bitcoin on the weekly time frame the price of eth is still very much bullish trending in the bullish Direction forming higher lows and higher highs which is also known as a bull market here on the weekly time frame and if we're taking a look at the daily time frame as I've said over the last couple of days we've lost a small amount of bullish momentum here in the daily ethereum macd which is why we've seen a bit of a Slowdown in the price of eth over the last few days compared to all of that previous crazy bullish price action straight to the upside that we were previously seeing over the last few weeks but as I've also been seeing even though we've lost some bullish momentum just over the last few days and we're slightly slowing down here from all of that crazy bullish price action even though that's the case
we have not confirmed any bearish reversal which means overall in terms of the trend and momentum we're still looking more bullish than bearish it's just in the short term we're currently slowing down a little bit from all of that crazy bullish price action but once again we're still technically trending in the bullish Direction and if we're taking a look at the 8 hour time frame right now the price of eth is potentially forming a new bearish Divergence here on the 8 Hour chart with higher highs already confirmed in the price in the candle closes and lower highs currently forming here in The 8 Hour ethereum RSI and now technically speaking this still needs to be confirmed with at least one but ideally two 8h hour candle closes in the red to basically cement this lower high in place here in The 8 Hour ethereum RSI and so as a record in this video this bearish Divergence even though it's forming is not yet confirmed because for example if this closes as a green candle
and we continue to see more and more green candles without confirming any red candles then of course it's possible the RSI could just continue further to the upside into higher highs and if we have higher highs in the RSI and higher highs in the price then they are not diverging but if we do end up seeing some more confirmation here with at least one but ideally two 8 Hour candle closes confirming in the red to cement that lower high in place in the RSI then of course that means the bearish Divergence should now be playing out which basically means we're due to see reduced bullish momentum at least over the next few days which usually plays out in the form of either choppy sideways press action or potentially a slight pullback as the most common outcomes from a bearish Divergence and so just keep this in mind just in the short term once again we could see a bit of a pullback or sideways consolidation if this actually confirms if we see that confirmation and as for short-term
support we do have this area right here sitting in between around 2680 going up towards around 2720 which is pretty much exactly where we just saw a perfect Bounce from just recently and once again in terms of the trend and momentum we're still currently bullish even if these bearish Divergence confirms it could just be a bit of a short-term break or pause from that bullish Trend before continuing the bullish Trend later on and as for my ethereum long position that I entered all the way back down here and I actually shared here on the channel as soon as I enter that position as of right now I am still holding that ethereum long position which obviously right now is in massive profits and I have already got my stop loss sitting in massive profits and so as the price continues further and further to the upside I'm just continuing to slowly move my stop loss further into profits which basically secures more and more profits because as soon as we eventually see some sort of significant pullback of
course that will just trigger my stop- loss and exit me out of the trade automatically in massive profits and once again if you want to take trades just like that for yourself then make sure to check out those links down below this video If you want to get those extra bonuses or enter that giveaway if you're taking trades anyway you might as well do that and if we're taking a quick look at the Press of salana on the 8 hour time frame right now we're looking relatively neutral in terms of the trend and momentum basically bouncing around sideways and as for support we're currently bouncing from this Goen pocket sitting in between $15 to $17 once again acting as support and as for resistance we have this level of short-term resistance sitting at around $14 approximately but above that we also have this resistance at around $118 and so personally I might be looking towards opening a grid bot in this price range in between around $118 to around1 $5 because the price is
In Conclusion
basically chopping around sideways in that price range and if you don't know what a grid bot strategy is it's basically an automated strategy to make a lot of easy profits within a choppy sideways price range and if you want to know how to do that if you want to know how you can profit from choppy sideways price action then make sure to watch the video in the bottom left of your screen right now because that video right there shows you how you can easily profit from choppy sideways price action using grid Bots and the video in the top left shows you he can profit from bullish or bearish Price action using Longs and shorts 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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