welcome back to the cry Channel everyone my name is Josh and right now Bitcoin is finally starting to break out above this key area of resistance in the short term as we're now moving closer towards a possible short squeeze as we've just seen one of the largest net inflows into the spot Bitcoin ETFs that we've seen in weeks so I'll be talking about that in just a moment alongside ethereum which is now breaking out above a key area of resistance in the short term while the price of salana is continuing the bullish reversal while xrp is now running into an important level of resistance 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 Friday we saw one of the largest net inflows into the spot Bitcoin ETFs that we've seen in weeks that is right we saw a net inflow of over $900 million us coming into the spot Bitcoin ETFs just yesterday just on Friday and so obviously with this massive net inflow of almost a billion US coming in just yesterday this is more than made up for the net outflow that we saw just the day before and so of course this is some good news today seeing these numbers come in at a massive net inflow because when we're seeing net inflows in caseing new to all of this that essentially means buying pressure that's money coming into the ETFs and then going to the ETF providers like Black Rock and Fidelity and then they have to buy Bitcoin in order to back the ETFs with these inflows and if we're taking a look at the Bitcoin charts today looking at the weekly time frame right now technically speaking we're still playing out this bull market signal so not much has changed on this chart and the same can be said about this chart right here we're still repeating history still technically due to see a bit of a Slowdown for potentially another couple of weeks or so but sometime soon in a couple of weeks or so we're likely going to get ready for that next major move after a little bit more of a cool off in the time being and if we're taking a look at this 4-day Bitcoin chart the super trend indicator is still sitting in the green indicating a larger bull market while this weekly Bitcoin chart is of course already flashing this bearish Divergence which is already confirmed on the weekly Bitcoin chart with higher highs confirmed in the price and lower highs confirmed in the weekly Bitcoin RSI so obviously as I've been saying over the last couple of weeks this is the first significant warning signal on the larger time frames for the price of Bitcoin but this alone does not necessarily guarantee a bare Market doesn't guarantee that the bull Market's over right now and so for example a likely scenario based on these charts right here based on this bearish Divergence active right now and a Slowdown showing on this chart right here but these two charts still looking bullish based on all of this information it's telling us we're still due to see potentially a bit of a Slowdown so some choppy sideways price action maybe for another couple of weeks or so and then closer towards the second half of this month we might get ready for that next major move towards the upside pretty much exactly like what we saw 1 year ago and if we're taking a look at this daily Bitcoin chart we're getting close to essentially invalidating this bearish Divergence obviously if we see a further breakout here in the RSI especially above this descending line of resistance in the daily Bitcoin RSI that would be an invalidation signal to invalidate this bearish Divergence but of course even if that happens on the daily time frame we still technically have this bearish Divergence on the weekly time frame that we cannot ignore and if we're taking a look at the 12-hour Bitcoin chart right now as a recording this video we're beginning to finally break out above this area of resistance BAS on the volume profile indicator sitting in between around 97 to 98,000 and so of course if we can see some more candle closes on this 12-hour chart above 98,000 this is good news that's a bullish signal because we're breaking out above resistance and the next short-term resistance i' be watching is sitting at around 99. 5k so close to 100K as the next short-term resistance and then above 100K I'd be watching around 10. 5k to 102k so right underneath 102k as the next point of resistance if we can then break out above 100,000 but obviously if we're looking at the price action over the last couple of weeks ultimately we've seen a lot of these short-term bounces back to the upside while also seeing short-term dumps back to the downside so ultimately a lot of choppy sideways price action and like I said earlier this is likely going to continue to play out similar price action to this for example potentially over the next one or 2 weeks and then as we move closer towards the second half of this month we could then begin the next major move in the bull market and so if you want to get set up ready to go to take these trading opportunities in the price of Bitcoin or any other crypto personally I take a lot of Trades over on B2 next so I'll make sure to leave a link to B next 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 which is 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 ,000 usdt and start trading you get a $200 bonus straight into your new account but that is only available once again if you use that link below this video to make your account and 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 bits next there is also buybit as another option out there another exchange that I also trade on so I'll also make sure to leave a link to buybit down below this video but with that being said while we're starting to see a breakout in the price of Bitcoin Above This resistance obviously I mentioned the other point of resistance to watch out for here in the short term but as for support if for example we see a little bit of a pullback I would expect some support right now in between around 97 to 98,000 so previous resistance becoming new support but if we were to break back below around 97,000 in that case the next important support is sitting closer towards around 94,000 and especially around 92,000 as major support and if we're taking a look at the Bitcoin liquidation heat map right now we have a lot of liquidity sitting right around $100,000 approximately and so that essentially means in case you're new to all of this that means that if the price of Bitcoin crosses above 100,000 crosses above this area right here then a bunch of short positions will get liquidated they will get wiped out of the market which basic basically causes a short squeeze because when shorts get liquidated or when shorts close that essentially means they have to buy back into Bitcoin in order to close those positions which adds more buying pressure to the price of Bitcoin which can liquidate more shorts positions pushing the price higher and so on that's what a short squeeze is and that next short squeeze could potentially begin if we could see a breakout above around $100,000 that's where a lot of liquidity is sitting at here in the Bitcoin liquidation heat map so keep that in mind a short squeeze could be coming soon if we can first get above around 100,000 and other than that level we also have a decent amount of liquidity to the downside at around 91.
3 to 91. 4k so like I said earlier around that 92k level that is critical support that is very important support for the price of Bitcoin because if we break below around 91 to 92,000 that could possibly trigger a long squeeze pushing the price much further to the downside if we broke below 91 to 92,000 but obviously right now that is still acting as strong support and as as of right now we're much closer towards a possible short squeeze than a long squeeze and with that being said if we're taking a look at ethereum on the weekly time frame technically speaking ethereum is still simply within this larger multi-year bull market despite seeing short-term pullbacks along the way during the bull market so not much has changed on this weekly chart over the last few days and if we're taking a look at this weekly ethereum chart technically speaking we're still currently forming a massive inverse Head and Shoulders pattern which is something to pay attention to because if this actually confirms with a confirmed breakout so a confirmed weekly candle close above around 4,000 to 4. 1k then in that case that will set up a huge bullish price target for this massive pattern right here sitting at close to $7,000 per ethereum but remember that price Target only activates it only comes into play if we first see a breakout above around 4,000 to 4.
1k with a weekly candle close above that level so for now obviously this pattern is possibly forming as something to watch out for but not active right now and if we're taking a look at this daily ethereum chart right now we are officially breaking out above this key area of resistance here in the short term obviously over the last 1 to two weeks or so we've been finding a lot of resistance in between around 3430 to 3560 but over the last one day we've now officially seen a daily candle close confirm above 3560 so this is one confirmation signal confirming the breakout Above This resistance which is obviously a bullish signal anytime we break out above resistance that is bullish and also usually when we break out above a key level of resistance that flips into new support so if for example we see a little bit of a pullback i' now expect support in this area in between around 3430 to 3560 now acting as support and the next important resistance to watch out for to the upside if we continue this pump here we have a lot of resistance in between around 3. 9k to 4. 1k so watch out for that area right there as major resistance so of course for the Bulls out there 4.
1k is definitely the level to break out above in order to flip much more bullish again not just seeing these short-term pumps but expecting the next significant bullish move like this for example in the larger bull market that could come after we first see a breakout above 4.
