welcome back to the crypto Channel everyone my name is Josh Andel right now Bitcoin is continuing the short-term rejection as the price is also forming a new pattern in the short term that we need to pay attention to while ethereum is also still forming this massive pattern getting closer towards a major bullish price Target while the price of chain link is getting closer towards this short-term break to the downside while salana is getting close to a breakout to the upside so I'll be talking about all of that and more later in the video so definitely watch to the end first of all starting off on the weekly Bitcoin chart and right now the price of Bitcoin is still in a larger bull market playing out this bull market signal so over the last few days nothing has really changed on this weekly Bitcoin chart and the same can be said about this weekly Bitcoin chart looking at the weekly Bitcoin macd because right now we're still losing bullish momentum in the short term but overall looking bullish because we've not yet confirmed a new bearish crossover in the weekly Bitcoin macd so as of right now this is still looking extremely similar to what we saw around 1 year ago first of all around October 2023 we saw the bullish crossover and then we saw a huge bullish move in the price of Bitcoin just like this year a bullish crossover in October and then a huge bullish move over the next few months and then it was around early to mid December we started to lose bullish momentum in this indicator in both 2023 and the same time of the year this year and what came next in the price of Bitcoin at least last time was a lot of choppy sideways price action so we saw shortterm dumps and short-term bounces back to the upside here and there so chopping around sideways here on the weekly time frame up until basically the end of January even early February is when we finally started that next major move in the price of Bitcoin so be patient it's most likely going to happen at least over the next few weeks or so it's most likely going to play out some choppy sideways price action here in the price of Bitcoin before eventually we get ready for that next major move potentially somewhere in around a month from now and if we're taking look at this 4-day Bitcoin chart 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 of course we're still seeing this massive bearish Divergence which has already confirmed as I've been talking about recently here on the channel over the last week or so and so this is really the first significant warning signal on the weekly Bitcoin chart that we've seen since a long time now because obviously the last time we confirmed a bearish Divergence this large was essentially the end of the previous bull market but it's also important to understand that this was not the only reason we entered into a bare Market in a 2022 because of course we had other factors forcing the price into toward towards that bare market like for example the Federal Reserve rapidly increasing interest rates right near the end of 2021 and beginning of 2022 was when the market started to catch onto that but of course this time around we do not have the Federal Reserve rapidly increasing interest rates which would be bearish as we saw back in 2022 obviously so of course this alone does not guarantee that we're going to start a bare market right now but it is still a warning signal that we still need to pay attention to so this coincides very well with this weekly Bitcoin chart basically repeating history telling us that we're still due to see a Slowdown in this bull market so either some choppy sideways price action or possibly a slight pullback in the coming weeks as the most likely scenario at least in the somewhat short term and if we're taking a look at this daily Bitcoin chart of course this bearish Divergence is technically still active on The Daily time frame as I've been talking about for around 1 to two weeks now since all the way back here I've been saying we're most likely going to see either short-term bearish or short-term neutral price action as the most likely outcomes from a bearish Divergence so essentially a Slowdown or setback from the bull market and obviously over the last couple of weeks this has exactly played out as expected and I continue to expect this to play out not only due to this bearish Divergence on The Daily time frame but once again due to the bear Divergence on the weekly time frame and also history repeating showing very similar price action right now and the macd looking very similar right now to what we saw around 1 year ago but if we're taking a look at the 12-hour Bitcoin chart of course right now the price of Bitcoin is continuing this short-term rejection as we've seen over the last few days from this previous line of support now acting as new resistance and that line is sitting at around $100,000 is where we rejected from right here but if we're looking at where the line is currently sitting at that's sitting closer towards around $111,000 per Bitcoin and of course that's because it's an ascending line of support obviously increasing in price and as for other areas of resistance and support to watch out for on this 12-hour time frame we do have this area of resistance based on the volume profile indicator sitting at around 97,000 to 98,000 so expect some resistance right there and then of course if we break out back above 98,000 expect the next resistance it closer towards around 101,000 and also potentially more resistance at around 102,000 and as for short-term support we do have a significant level of support at approximately 87,000 but before then we have more support right here in between around 915,000 to 925,000 especially based on these lows right here sitting closer towards 925,000 acting as major support here in the short term and if we're zooming further into the short term looking at the 6-h hour time frame right now the price of Bitcoin is potentially forming a bit of an ascending parallel Channel right now which could possibly be a bare flag pattern because obviously the price of Bitcoin entered into this ascending parallel channel to the downside we came from the upside and entered towards the downside in the bearish direction as we can see and so that could possibly be a flag pole for the bare flag pattern but in order to actually confirm that as a bare flag pattern we need to see a confirmed break to the downside below this line of support and that's sitting at approximately 94. 2k so if we see candle closes at least on this 6 hour time frame confirming below that level right there then that would confirm a potential bearish price Target based on a bare flag pattern and if we're measuring out a price target for this bearish flag pattern right here taking a look at a flag pole price Target right here and taking it over towards the other side of this pattern that gives us a technical price Target at approximately 85. 9k so close to 86,000 as a technical price Target to the downside so from the point of the break to the downside to that price Target that's possibly around an 8 to 9% move towards the downside which could be likely if we confirm a break below this support which at least at the time of recording this video has not yet happened so we still need to wait for confirmation wait for candle closes below around 94.
2k and especially if we break below this low right here at basically around 94,000 then that would set up this short-term price Target at around 86,000 but as always between this and this price Target we still have other levels of support that we cannot ignore where the price could potentially bounce at so for example at around 91 to 92k give or take expect support right around there so even if we have a bearish price Target even if we confirm this break to the downside below 94,000 expect some support right here where the price could possibly bounce at and of course if we never confirm this break to the downside below this line of support below around 94,000 in that case as of right now this is still acting as support and as for resistance for this parallel Channel that's sitting closer towards around 99. 8k so close to $100,000 acting as resistance 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 just like 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another option out there another exchange that I also trade on so I'll also make sure to leave a link to buet as well down below this video and if you use that link you can claim a 500 usdt position airdrop but that's only available if you use the link below this video to make your buyit account and deposit on that account but with that being said taking a look at ethereum on the weekly time frame and right now technically speaking on the larger time frames here zooming out looking at the bigger picture ethereum is still in a larger bull market here still forming significant higher lows and higher highs on the price chart as we can see and so we can only really start talking about a bare Market confirming if we at the very least see a break below this line right here which is sitting at around 2. 6k so if we see weekly candle closes below that line then that would be bad news on the weekly time frame pointing towards bearish price structure or a potential bare Market but for all we know this could just be yet another short-term pullback during a l bull market as we've seen many times during this multi-year bull market that really started at around mid 2022 for the price of eth and if we're taking a look at this weekly ethereum chart right now the price of eth is also forming a massive inverse head and shorters pattern which can be a bullish pattern if it confirms the pattern and confirms the breakout so in order to actually confirm this massive bullish pattern we need to see some sort of recovery in ethereum right here over the next few weeks or so and this can even take up to around 1 to two months potentially in order to complete this pattern because remember each one of these candles is one entire week and so whether it takes just a couple of weeks or 1 to two months either way if we can sometime over the next couple of months get back up towards this neckline at around 4,000 give or take and then confirm a weekly candle close above that level right there above these highs that would be extremely bullish because that would confirm this massive bullish pattern confirming a massive bullish price target for this pattern and in case you're wondering that price Target is sitting at closer towards around $7,000 per ethereum so from the neckline from the point of the breakout to that price Target that's more than a 70% move towards the upside which could be coming next if we first actually confirm this pattern which as of right now once again has not actually happened and so for now that potential bullish price Target in this potential pattern that's right here forming is not confirmed it is not in play because it would only confirm if we see that recovery and then a breakout Beyond this level right here that is what would confirm this pattern and confirm this price Target but with that being said taking a look at this daily time frame and right now ethereum is still finding a lot of resistance in this price range as expected sitting in between around 3430 to 3560 acting a strong resistance here in the short term but if we can finally break out back above 3560 then in that case we have a lot of resistance right here sitting in between around 3.
9k to 4. 1k so for the Bulls out there 4. 1k is definitely the level to break out above in order to expect the next significant bullish move towards the upside in the larger bull market and in the meantime once again we are finding resistance at this area in between around 3430 to 3560 and as for support we do have some short-term support at just above 3.
2k and more support in this price range sitting in between around $3,000 to 3.
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