welcome back to the crypto Channel everyone my name is Josh and Ry now Bitcoin is testing a critical area of resistance here in the short term as Black Rock just sold the most amount of Bitcoin that they've ever sold in a single day so I'll be talking about that in just a moment alongside the Bitcoin dominance potentially starting a bearish reversal which is good news for the altcoin market signaling an altcoin season while ethereum is currently forming a massive bullish pattern and the price of Salada is already beginning a short-term bullish reversal while xrp is flashing a possible warning signal here in the short term so I'll be talking about all of that and more later in the video so definitely watch to the end first of all just before we take a look at the Bitcoin charts today we need to talk about the bitcoin news today because just yesterday on Thursday we saw the largest ever outflow from specifically the Black Rock Spot Bitcoin ETF meaning essentially Black Rock just sold the most amount of Bitcoin that they've ever sold in one single trade in day because in case you're new to all of this essentially these Bitcoin ETF providers have to either buy or sell Bitcoin based on inflows or outflows coming into the spot Bitcoin ETFs because these are spot Bitcoin ETFs which means they have to be backed by Bitcoin and so in other words when an investor comes in and buys shares of these Bitcoin ETFs the ETF providers like black rock or Fidelity for example are having to get that money and then buy Bitcoin in order to back the ETF to keep the value of the ETF changing the same as the price of Bitcoin but of course when there's an outflow so when an investor sells those shares and gets their money out of these ETFs essentially the ETF providers like black rock or Fidelity have to do the opposite they have to sell the Bitcoin in order to keep the net asset value relative to the Bitcoin price so the ETF Shares are essentially moving the same as the Bitcoin price and so when we have these net outflows like what we saw yesterday a quarter of a billion dollar net outflow when we look at all of the ETFs combined essentially that means sell pressure that means the ETFs are ining Bitcoin because they're having to pay out those outflows in US Dollars and the number one outflow out of all of the ETFs just yesterday at least was once again the Black Rock outflow black rock alone saw an outflow of around a third of a billion around $333 million approximately leaving the Black Rock Spot Bitcoin ETF just yesterday which means Black Rock essentially sold that much Bitcoin over the last day or so in order to pay out that outflow and so while we're seeing net outflows this can add a bit of sell pressure in the short term meaning the price might struggle to go a lot higher in the short term while we're seeing these net outflows so just keep that in mind but with that being said taking a look at the Bitcoin charts today on the weekly time frame on this chart right here honestly nothing's really changed over the last one day so getting straight into this weekly Bitcoin chart and the same can be said about this chart as well overall we're still seeing very similar price action right now and very similar signals right now in the weekly Bitcoin macd to what we saw pretty much exactly 1 year ago and so we're still seeing the price action that I've been talking about and that we should be expecting as I've been saying over the last few weeks or so I've been saying we're most likely going to see a lot of choppy sideway price action on the weekly time frame most likely until say the second half of January near the end of January and so of course chobby sideways price action means shortterm bearish and short-term bullish price action just bouncing around sideways for the next couple of weeks or so building up ready for that next major move potentially near the end of the month and that's simply based on this macd currently losing bullish momentum in the shorter term showing very similar signals right now to what we saw one year ago and of course one year ago it was right near the end of January and early February where we started that next significant move and if we're taking a look at this 4-day Bitcoin chart right now the super Trend indicator is still sitting in the green indicating a larger bull market and if we're taking a look at this weekly Bitcoin chart technically speaking this massive bearish Divergence is still currently active on the weekly time frame meaning we should continue to expect a bit of a Slowdown at least over the next few weeks or so so essentially this is in line with this Bitcoin chart right here telling us we're still likely going to see a bit of a Slowdown during the bull market so most likely some choppy sideways price action over the next couple of weeks give or take but as I've explained recently here on the channel this signal by itself does not guarantee we're about to start a bare market right now of course last time this did start a bare Market but we had a lot of other signals and fundamental factors pointing towards a bare Market back in 2022 that are not necessarily the same this time around and we also have to keep in mind the Bitcoin harving cycles of course we saw the Bitcoin harving in 2020 and then it was 2021 that was the post Haring year so we'll still due to see a bull market during 2021 and then it was the year after the post Haring year that we saw the bare Market whereas 2025 is the post Haring year of course we saw Bitcoin Haring in 2024 so we're still technically due to see a bull market based on those Haring Michel as well but even though a lot of things are pointing towards a bull market in 2025 over the next few months or so once again based on this chart right here and this chart right here this is still telling us that at least over the next few weeks just in the shorter term we're still due to see a bit of a Slowdown for the time being and of course I've been talking about this over the last couple of weeks especially based on this bearish Divergence on The Daily time frame which confirmed roughly around 2 weeks ago right around here and ever since then I've been saying we're most likely going to see either short-term bearish price action or short-term neutral price action so chopping around sideways or potentially a bit of a pullback over the next couple of weeks or so and that's what I've been saying since all the way back here so obviously this has been playing out exactly as expected and I continue to expect this type of price action at least over the next couple of weeks or so as the most likely scenario and if we're taking a look at this 12-hour Bitcoin chart right now as a recording this video the Bitcoin price has obviously continued that bounce from this area of support sitting in between around 91 A2 ,000 to 925,000 so right at around that 92k level approximately we have a lot of support right there as I've explained recently here on the channel since before this latest bounce right here so obviously the price of Bitcoin bounced at around 92,000 exactly as expected but now that we've seen this Bounce from this support of course we've head straight into this area of resistance that I've also been talking about since before this latest rejection right here and this is sitting in between around 97,000 to 98,000 and so far as of recording this video this is precisely where the price of Bitcoin is starting to struggle at as expected we are struggling a little bit at least around this area on the price chart but we're still currently testing this area which means potentially we could end up seeing a breakout But ultimately we have to wait for confirmation meaning candle closes above 98,000 in order to actually confirm the breakout Above This resistance and so for now while the price is not yet confirmed to break out above 98,000 there's still of course the possibility we could see another shortterm rejection here in which case we still should find a lot of support at roughly around 92,000 give or take but if we can finally see a breakout back above around 97 to 98,000 with confirmation then in that case the next resistance i' be watching is sitting at around 995,000 based on these highs right here acting as previous resistance and above 99. 5k we also have more resistance at around 10. 5k based on some traded volume around here just behind my face cam as you can see right here around 101 12,000 and also based on previous resistance at close to 102,000 so right around there I'd also expect some resistance but like I've been saying over and over again recently here on the channel either way whether we break out above 98,000 or see a rejection here either way I continue to expect mostly some Choy sideways price action so price action kind of like this at least over the next couple of weeks or so as the most likely scenario and as I've already been saying since back around here and obviously that's been playing out exactly as expected and if you want to actually trade these moves in the price of Bitcoin or any other crypto personally I take a lot of Trades over on B2 so I'll make sure to leave a link to B2 below this video in the description and in the pinned comment and if you use that link it'll take you to this page right here where you can claim an exclusive deposit bonus that you can only claim using that link so if you simply just click that link to make your account and then deposit $100 and start trading you get a $20 bonus or if you deposit just $500 you get a $100 bonus or if you deposit just 1,000 USD and start trading you get a $200 bonus straight into your new account but once again that is only available if you use the link below this video to make your biton next account and then start trading on that account so if you're going to be trading crypto anyway you might as well check this out once again first link below this video and also in case you're wondering bonex is a no kyc exchange which means you can access it from basically any country in the world without needing any kyc but for whatever reason if you don't want be next there is also buybit as another option out there another exchange I also trade on so I'll also make sure to leave a link to buybit down below this video and just before getting into the Bitcoin dominance chart which is an important chart to watch out for first if you haven't already make sure to follow me over on my Instagram link down below if you want to get extra content as well and also some lifestyle content I'll post more over there link down below if you want to follow me over on my Instagram and also be aware of any scammers and copycats out there only have one Instagram which is this one right here verified link down below but with that being said taking a look at the Bitcoin dominance chart on the weekly time frame and right now the Bitcoin dominance is potentially about to cement a lower high in place for the first time in quite a while especially after this major break to the downside below this key trend line of support which was sitting at around 57% and obviously since then we have seen a bounce back above that line but this is just potentially forming a lower high which is another bearish signal so this is obviously starting to look bearish for the Bitcoin dominance which by the way is not necessarily bearish for the price of Bitcoin because even if the Bitcoin dominance is bearish the Bitcoin price can still be bullish this simply just means the altcoins on average are doing better than Bitcoin and so for example let's just say if Bitcoin pumps 10% in a week while the altcoins pump on average around 30 or 40% in a week the Bitcoin dominance would have dropped during that week even though Bitcoin is still going up in price against the US dollar it just means altcoins are outperforming Bitcoin also known as an altcoin season and so as crypto holders especially for the altcoin Traders out there this is definitely a good sign to see seeing bearish price structure in the Bitcoin dominance like lower highs and breaking below key support this is a good sign pointing towards a potential altcoin season at some point in the next few months or so because remember each one of these candles is one entire week and with that being said if we're taking a look at ethereum on the weekly time frame the price of ether right now is still potentially forming a massive inverse Head and Shoulders pattern which is a massive bullish pattern because we've already formed the left shoulder the head and right now we're potentially forming the right shoulder but this still needs to be confirmed I want to make that clear in case you're new to all of this we need to see a recovery in the price of e over the next few weeks or so or over the next one or two months at some point over the next one or two months essentially we need to recover back up towards around $4,000 and then we need to see a confirmed breakout Beyond 4,000 ideally Beyond 4.
1k with at at least a weekly candle close beyond that point right there in order to actually confirm the breakout and confirm this inverse Ander shers pattern and if that actually happens that would set up a huge bullish price Target based on this pattern right here at close to $7,000 per ethereum but remember that price Target only comes into play it's only active if we first complete the right shorter and then see a confirmed breakout above the neckline at around that $4,000 level and if we're taking a look at the daily time frame of course we still have short-term resistance that we're running into right now sitting in between around 3430 to 3560 but if we could see a confirmed breakout back above 3560 in that case we have this area of resistance to watch out for sitting in between 3. 9k to 4. 1k so once again 4.
1k is the level to break out above in order to flip much more bullish again for the price of eth and as for short-term support usually if we break out above previous resistance that becomes new support but for now while we're still finding resistance in this area if for example we see another little rejection here I would expect some support at close to 3. 3k and below that we have significant support down here in between $3,000 to 3. 1k and if we're taking a look at this daily ethereum chart right now technically speaking this bearish Divergence for now is still currently active but it's getting close to potentially invalidating and I talked in more detail about this chart right here in my last video just yesterday so if you want to know more about this chart in more detail check out my last video here on the channel but essentially if we break out above this area of resistance that I just mentioned earlier then that will likely just invalidate this bearish Divergence meaning we could finally see a bit more of a bullish relief if we first break out Above This resistance but with being said if we're taking a quick look at the price of chain link on the weekly time frame right now chain link is still trading right at around this golden pocket still finding support in the golden pocket sitting in between around $21 to $23 so for now that is still the important area of support to pay attention to but if we were to see a confirmed break to the downside with a weekly candle close for example confirming well below $21 in that case the next short-term support would be sitting at close to $18 at just above $118 right here and below that I'll be watching around $16 as another point of support right here and Below $16 I'll be watching around $12 just above $12 as another point of support but obviously between now and then we're still finding a lot of support at around $21 based on the weekly candle closes and the next weekly candle close confirms in around 2 and 1/2 days from now so obviously it's important that this weekly candle close confirms above $21 in order to avoid potentially a further drop down towards these other levels of support but of course we still have a lot of resistance to the upside if we were to see a major bounce here we still have a lot of resistance at close to $31 based on this previous high right here and of course this Fibonacci level still acting as resistance at close to $31 but overall not a lot has changed over the last one day for chain link so getting straight into salana on the 8 hour time frame and right now this breakout in the short term is officially confirmed obviously as I said in my last video the breakout from this symetrical triangle pattern was already confirmed yesterday as I explained in my last video but we're still waiting for a little bit more confirmation to confirm the breakout above this area of resistance right here so above around $25 but since then since yesterday we have seen now multiple candle closes on the 8 hour time frame above 205 which is of course bullish this is confirmation confirming the breakout above 205 which is the first significant bullish change in price structure that we've seen in quite a few weeks as we can see and so right now salana has finally confirmed multiple bullish reversal signals of course we've already confirmed higher lows and higher highs in the price obviously that's a change in price structure from lower lows and lower highs this is obviously a bullish Trend reversal signal by itself but also breaking out from a triangle pattern right here setting up a bullish price Target at around 220 at the same time is also breaking out above a key level of resistance based on previous support currently acting as resistance but now obviously we've broken that level this is another bullish confirmation signal another change in price structure that we were not seeing previously obviously go back a couple of weeks ago and we were seeing breaking below key support and rejections from Key resistance that was bearish price structure right here pointing towards a bearish trend but right now we have seen a change in the price structure pointing towards a trend reversal and so right now when it comes to short-term support I would expect some support based on this previous area of resistance now acting as new support sitting in between $200 to $25 acting as support and below that I would expect more support at around 197 and more support at around 190 if we were to break back below 200 but obviously we're still finding support right there and as for resistance right now I'd be targeting around $220 to $223 based on this price Target and also previous resistance close to around 222 to 223 acting as resistance and if we're taking a look at the price of xrp on the 4-Hour time frame right now xrp is obviously moving closer towards a possible breakout from this descending parallel Channel but right now we're flashing a possible warning signal which still needs a little bit more confirmation but we have one initial candle close confirmed iring a small bearish Divergence here on the 4-Hour time frame with higher highs already confirmed in the price and a lower high with just one confirmation in the RSI here on the 4-Hour time frame which is of course a bearish Divergence and the last bearish Divergence we saw something very similar to this ofly from overboard territories right here was back around here at the very beginning of December because as we can see back here we saw higher highs in the price and lower highs in the RSI and what came next was a decent pullback over the next few days or so so just keep that in mind but of course this doesn't always result in a pullback like this sometimes it might just result in a slight little slowdown like this for example as we're finding resistance around this line right here which is sitting at around $2.
