00:00welcome back to the crypto Channel
00:01everyone my name is Josh and right now a
00:03massive warning signal is once again
00:05flashing on the Bitcoin chart as Bitcoin
00:08just hit my exact bearish price Target
00:11while the price is potentially heading
00:13towards the next major price Target that
00:15I'll talk about in just a moment while
00:17ethereum is now running into critical
00:20support alongside salana also running
00:22into this critical area of support so
00:25I'll be talking about all of that and
00:26more later in the video so definitely
00:31first of all just before getting into
00:32the Bitcoin charts today we need to talk
00:34about how the Bitcoin ETFs are still
00:36currently dumping Bitcoin and so
00:39basically this is one of the reasons as
00:41to why we're still seeing a pullback in
00:43the price of Bitcoin and really the
00:44overall crypto Market it's simply due to
00:46the fact that the ETFs are not really
00:48seeing those same massive inflows that
00:51we'll seeing a few months ago for
00:53example back in February entering into
00:55early March we were seeing massive net
00:57inflows into the spot Bitcoin ETFs we
01:00talking about billions of dollars
01:02flowing into the Bitcoin ETFs basically
01:04every week and if you look at the price
01:06of Bitcoin during that same time period
01:08during February and March the price of
01:10Bitcoin was skyrocketing to the upside
01:12due to the ETFs buying a massive amount
01:15of Bitcoin but obviously more recently
01:18those massive inflows have basically
01:19stopped and as of recent just over the
01:22last 1 to two weeks or so we're actually
01:24starting to see a little bit more net
01:26outflows rather than net inflows a
01:28slight decline in what the Bitcoin ETFs
01:30are actually holding and so once again
01:33this is just one of a few different
01:34reasons this is just one major reason as
01:36to why the price of Bitcoin as of recent
01:38has been experiencing some bearish price
01:40action but if we're taking a look at
01:42this 3-day Bitcoin chart we can see that
01:45as of right now from the all-time high
01:47the highest point so far to the lowest
01:49point so far in this correction the
01:52price has pulled back roughly around 20%
01:54from high to low and so at least as of
01:56right now at the time of recording this
01:58video the current pullback from high to
02:00low is on par with previous pullbacks
02:03that we've seen even during this very
02:05bull market and if we're looking at
02:07previous Bitcoin bull markets for
02:09example back in 2017 in that bull market
02:12we saw multiple 30 to 40% pullbacks
02:15along the way during the bull market and
02:18so as I always say it's important to
02:20understand the difference between the
02:21different time frames just because we're
02:22seeing short-term bearish price action
02:24that does not necessarily mean that the
02:27bull market is over because if that were
02:28the case then the Market would have been
02:30over over a year ago but one signal that
02:33we need to pay attention to is of course
02:35the dxy also known as the US dollar
02:37Index here on the daily time frame also
02:39looking at the price of Bitcoin on The
02:41Daily time frame and what we are now
02:43seeing just over the last one day is
02:45actually more of a breakout in the dxy a
02:48massive Spike to the upside once again
02:50in the dxy and especially if this breaks
02:53out Above This previous High that's a
02:55major warning signal at least in the
02:57short term for the price of Bitcoin and
03:00this is something that I was talking
03:01about over and over again here on the
03:03channel around a month ago give or take
03:05because obviously back then the dxy was
03:07massively spiking to the upside and so
03:09like I said on the channel back then
03:11that was also a major warning signal a
03:13bearish signal for Bitcoin and crypto
03:16because in case you're new to all of
03:18this all you really need to know about
03:19the dxy is that usually when the dxy is
03:22bullish that is often bearish or at
03:25least neutral for the price of Bitcoin
03:27and often the most bullish price action
03:30for Bitcoin usually only occurs when the
03:33dxy is bearish and so once again this is
03:36just another reason as to why we're
03:37seeing another short-term dump in the
03:39price of Bitcoin because we're simply
03:41seeing another short-term Spike to the
03:43upside here in the dxy and as always
03:46I'll be sure to keep you up to date on
03:47what's Happening Here in the dxy and
03:49many other important charts here in
03:51these videos every day so make sure you
03:53subscribe to this Channel with
03:54notifications turn on so that you don't
03:56miss out on any of these important
03:58update videos and now as for potential
04:00price targets further to the downside
04:02let's just say if we actually confirm a
04:04strong break below $60,000 which is
04:07Major support here on the daily time
04:09frame then if we're taking another look
04:10at the 3-day Bitcoin chart looking at
04:12the Fibonacci retracement tour from the
04:15low the bare Market low up to the
04:17all-time high we can see that on the
04:19linear settings for the Fibonacci levels
04:21we have the 23.6% Fibonacci level of
04:23support sitting right at around
04:26$60,000 and so once again 60k is a very
04:30important level for the price of Bitcoin
04:32which basically means if we start seeing
04:34strong candle closes for example daily
04:36candle closes or for example a weekly
04:38candle close below 60k then that would
04:41signal potentially a further correction
04:43down towards the next major Fibonacci
04:45level which is the 38.2% Fibonacci level
04:48of support at around 515,000 and so once
04:52again if we actually confirm a break
04:54below 60,000 with candle closes on
04:57larger time frames below 60,000 or even
05:00better if we flip that level into new
05:02resistance for extra confirmation then
05:04in that scenario once we actually see
05:06those confirmation signals of a break to
05:08the downside below 60k we should be
05:10expecting a move potentially down
05:12towards around 51 to 52,000 but once
05:15again at least at the time of recording
05:17this video we have not yet confirmed a
05:21$60,000 and so just keep that in mind
05:23it's still a possibility that we could
05:25hold above 60k if we do not see those
05:27candle closes below that level and if
05:30we're taking a look at this daily
05:31Bitcoin chart we can still see the price
05:33of Bitcoin is potentially forming this
05:35massive bullish flag pattern but only if
05:37we hold above that 60k level of support
05:41and so once again that level is very
05:43important for multiple reasons Not only
05:45was a previous support for the price of
05:47Bitcoin it was also a Fibonacci level
05:49right here and still is a major
05:51Fibonacci level at 60k and it's also the
05:54support line for this potential massive
05:56bullish flag pattern but as I've also
05:58said recently here on the the channel
06:00That potential bull flag pattern will
06:01only actually confirm and come into play
06:04if we see a confirmed breakout Above
06:07This resistance which is sitting at
06:08around 715,000 and obviously as of right
06:12now the price of Bitcoin has not
06:14currently confirmed a breakout above
06:15that resistance which means this
06:17potential bullish flag pattern even
06:19though it's potentially forming it is
06:21not yet confirmed or in play and if
06:23we're zooming into the shorter term
06:25looking at the 4-Hour Bitcoin chart
06:27obviously just recently over the last
06:29half a day or so the price of Bitcoin
06:31has now officially hit the complete
06:33technical price target for this Rising
06:36wedge pattern and I talked about this
06:38Rising wedge pattern over and over again
06:40here on the Channel all the way back
06:41here basically stating that we have the
06:43initial price Target to the downside for
06:45this short-term bearish pattern at
06:47around 625,000 which we already hit and
06:50once again as I mentioned here on the
06:52channel the complete price Target the
06:54full price target for the rising wedge
06:56was at the bottom of the wedge at around
06:5860 to 6 1,000 which has now been hit and
07:02so considering the fact that this
07:03bearish pattern has now completed the
07:06full price Target as of right now the
07:08pattern is complete and is no longer
07:10playing out and so obviously congrats if
07:12you traded this pattern right here
07:14whether you traded it to the downside
07:15with a short position or if you simply
07:17waited for the price to hit the complete
07:19technical price Target to buy some
07:21cheaper Bitcoin than you otherwise would
07:22have either way you've done well if you
07:24traded this pattern right here
07:25considering it has now completed the
07:27full technical price Target and and if
07:29you want to trade these moves in the
07:31price of Bitcoin no matter if the price
07:32is bullish or bearish you can make money
07:34in either scenario with long positions
07:36or short positions and personally I take
07:39those trades over on buybit so I'll make
07:41sure to leave a link to buybit in the
07:42description down below and in the pinned
07:44comment and if you use that link down
07:46below this video to make a buybit
07:48account and deposit on that account then
07:50you can get up to a $30,000 deposit
07:52bonus but only if you use that link down
07:54below this video and also if you use
07:56that link it'll take you to this page
07:58right here where you can claim an
07:59exclusive 200 usdt airdrop position and
08:03so if you're going to be trading crypto
08:04anyway you might as well check that out
08:06once again first link down below this
08:08video but for whatever reason if you
08:10cannot access bybit or if you cannot kyc
08:12on bybit there is also bitflex which is
08:14another crypto exchange similar to
08:16buybit but you don't need kic for
08:18bitflex and so I will also make sure to
08:20leave a link to bitflex down below this
08:22video as on alternative crypto exchange
08:25and if we're taking a look at this
08:264-Hour Bitcoin chart we can see the
08:28price of Bitcoin at least at the time of
08:30recording this video is attempting to
08:32reclaim that 60k level here in the short
08:35term and for the Bulls out there this is
08:37a critical level to reclaim very soon
08:40basically in order to avoid those much
08:42lower prices that I talked about earlier
08:44in the video we basically have to
08:46quickly reclaim that 60k level and hold
08:48above that level in order to potentially
08:51prevent those lower prices coming into
08:53play but considering we've just broken
08:55below this area of previous support this
08:58should now act as new resistance sitting
09:00in between around 61 to 62,000 with more
09:03resistance in between around 65 to
09:0666,000 and obviously over the last one
09:09day with the 4-Hour Bitcoin RSI creating
09:11a new lower low that invalidated this
09:14short-term bullish Divergence and so
09:16this is actually one of the very rare
09:18occurrences where a bullish Divergence
09:20on the 4-Hour chart only played out over
09:22around half a day because usually a
09:25bullish Divergence on the 4-Hour time
09:27frame plays out over a few days usually
09:29around 2 to 4 days give or take on
09:31average and so statistically speaking
09:33this was actually a less likely scenario
09:36as always nothing is impossible which is
09:38why I talk about probabilities more
09:40likely or less likely but as of right
09:42now the 4-Hour Bitcoin RSI just entered
09:44into oversold territories for the first
09:47time since the middle of April and the
09:50last time that that happened we saw a
09:52bit of a short-term bounce back to the
09:53upside before eventually a little bit
09:56more of a correction back to the
09:57downside because this over sold signal
10:00by itself in the RSI does not
10:02necessarily guarantee that we're
10:03definitely at the bottom for this
10:05pullback but usually when the RSI enters
10:08into oversold territories that means
10:11that at least in the imminent short term
10:12we're kind of reaching our downwards
10:14limits and so basically it would not be
10:17surprising if we see a bit of a
10:18consolidation or a slight bounce back to
10:20the upside to basically help to reset
10:22the RSI kind of like what we saw back
10:25here but if we're taking a look at the
10:26Bitcoin liquidation heat map we can see
10:28the price of Bitcoin just took out a
10:30decent chunk of liquidity to the
10:32downside which was sitting at around
10:34595,000 and that was actually the
10:37largest level of liquidity to the
10:39downside until much lower prices and so
10:41as of right now the main levels of
10:43liquidity are still simply left to the
10:46upside first of all we have a massive
10:48amount of liquidity at around
10:5167.4k and we also have another major
10:54level of liquidity at around 715,000 and
10:57more liquidity at around
10:5973,000 and in case you're new to all of
11:02this usually the price of Bitcoin moves
11:04towards where there's a lot of liquidity
11:06especially if it's close to the price of
11:08Bitcoin but with that being said getting
11:10into the ethereum part of this video
11:12this is on the daily time frame and
11:14right now the price of eth is
11:15potentially still forming this massive
11:17falling wedge pattern because as of
11:20right now the price has not yet
11:21confirmed to break below this support or
11:23above this resistance but we are running
11:25into this important level of support
11:27which is sitting at roughly around
11:292.9k and so it's important at least in
11:32the short term here for the price to
11:33hold above 2.9k otherwise we risk
11:36failing this falling wedge and
11:38continuing a further pullback to much
11:40lower levels but once again at least for
11:42now that has not yet confirmed so 2.9k
11:45is still the level to pay attention to
11:46in the short term as major support and
11:49as for resistance for this pattern right
11:51here this line of resistance is
11:52currently sitting at around 3.3k to 3.4k
11:57and as usual a falling really only comes
12:00into play with the bullish price Target
12:01if we actually see a confirmed breakout
12:04Above This resistance which obviously as
12:06of right now has not yet happened and if
12:09we're zooming into the shorter term
12:10looking at the 8 hour time frame right
12:12now the price of eth is currently
12:14running into this area of support in
12:192950 and this is a critical area of
12:21support that I've been talking about
12:23over and over again here on the channel
12:25basically since all the way back here
12:26this has been a major area of support
12:29and so basically at least in the short
12:31term for the price of eth it is critical
12:33for the Bulls to hold above this area so
12:35at the very lowest price to hold above
12:37around 2850 because once again if we
12:40start breaking below that area of
12:41support then we'll have to zoom out to
12:43larger time frames and look at much
12:44lower levels of support but once again
12:47at least for now we have not yet
12:48confirmed a break below this area of
12:50support so that is still the area to pay
12:52attention to at least in the short term
12:54and while the price is holding above
12:56that area technically we can still
12:58remain Within this choppy sideways price
13:00range and obviously there's been a few
13:02times over the last couple of weeks
13:04where the price has actually gone
13:05straight to the downside and then
13:06straight back to the upside and down and
13:08up again during this price range and the
13:11area of resistance for this price range
13:13right here is sitting in between around
13:153.2k to 3250 with some new resistance
13:19just found at around
13:203350 and if we're taking a look at that
13:238 Hour ethereum RSI as of right now this
13:25is getting closer towards oversold
13:27territories it's not there just yet yet
13:29but it is getting closer towards
13:30oversold territories and so what this
13:32technically tells us at least in the
13:34short term is the price does have a
13:36little bit more room to the downside
13:37before we start reaching those oversold
13:39territories and if we're looking at the
13:41last couple of times where the 8h hour
13:43ethereum RSI entered into oversold
13:45territories both of those times occurred
13:48right before we actually saw a bounce
13:50back to the upside but not necessarily
13:52the bottom of the larger pullback that
13:55we're seeing at the moment and with that
13:56being said taking a quick look at the
13:58price of salana also on the 88 hour time
14:00frame right now salana is looking pretty
14:02similar to ethereum on the 8 hour time
14:04frame where basically the price is
14:06running into a critical area of support
14:08based on previous support in the price
14:11and we're also seeing the 8 Hour salana
14:13RSI approach over so territories and
14:15right out basically on the edge of
14:17oversold territories and so once again
14:20technically speaking this means that we
14:22could go a little bit lower but very
14:24soon if we do go a little bit lower very
14:26soon we're kind of approaching that
14:28downside limit at least in the imminent
14:30short term but once again if we're
14:32seeing a bit of a sideways consolidation
14:33or a slight bounce that can help to
14:35reset the RSI which can give us more
14:37room to the downside later on and so the
14:40main area of support to focus on right
14:42now in the short term for the price of
14:43salana is sitting in between 120 to 128
14:47and as for resistance we have this area
14:49sitting in between around 150 to 155
14:53with more resistance at around 160 and
14:56if the price actually confirms this
14:57lower low in place in the candle closes
14:59we're possibly forming a larger bullish
15:02Divergence here in the chart with lower
15:03lows in the price in the candle closes
15:05and potentially higher lows still
15:07forming here in the RSI but as of right
15:10now that potential larger bullish
15:12Divergence is not yet confirmed and is
15:15not yet playing out and once again if
15:17you want to trade these moves in the
15:19price of salana or any other crypto
15:21check out those links down below this
15:22video if you want to claim those extra
15:24bonuses and if you want to actually know
15:26how to trade crypto no matter if the
15:28price is bull bull bearish or chopping
15:30around sideways you can profit from all
15:32of that price action by watching these
15:34videos popping up right here on your
15:35screen the video in the top left shows
15:37you how can profit from bullish or
15:39bearish press action using long
15:40positions or short positions and the
15:42video in the bottom left shows you he
15:44can easily profit from choppy sideways
15:46Pras action but anyway that is
15:48everything that I have to say for today
15:49I really hope you enjoyed and I'll see
15:50you all in the next video
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