ALTCOIN SEASON IS COMING (New Signal)!! Bitcoin News Today & Ethereum Price Prediction!

ALTCOIN SEASON IS COMING (New Signal)!! Bitcoin News Today & Ethereum Price Prediction!
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Timestamps:
Important Bitcoin Analysis! 0:00
ALTCOIN SEASON 2024!! 8:53
Ethereum Technical Analysis! 10:35

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– Crypto World –

Welcome back to the Crypt Channel everyone my name is Josh and right now Bitcoin is attempting a break to the downside from this pattern which could set up a bearish price Target while the Bitcoin dominance is also breaking down which signals a possible altcoin season and on top of that ethereum is now

Retesting an important level on the chart which I’ll talk about later in the video so definitely watch to the end first of all just giving you a really quick update here on the daily Bitcoin chart and right now this bearish Divergence is still active here on the

Of Bitcoin which means as of right now we still do to see reduced bullish momentum at least in the somewhat short term here on the daily time frame which can usually play out over a few weeks and once again reduced bullish momentum means either choppy sideways press

Action or potentially a bit of a pullback here in the price of Bitcoin but this bearish Divergence by itself is not enough to confirm a bearish trend reversal from bullish back to bearish and so once again it is still possible to see for example a sideways consolidation or a bit of a short-term

Pullback within a bull bullish Trends because if we’re taking a look at this daily Bitcoin chart looking at the dxy in the red line right here on the same time frame we can see that right now the dxy is still trending to the downside on The Daily time frame which is bullish

For Bitcoin and crypto when you’re talking about the trend also on the daily time frame and so it is important to understand that of course this does not mean we’re going to see 100% bullish price action and no bearish price action at all because once again during a

Bullish Trend we can see short-term bearish moves here and there and so once again at least as of right now we have not actually confirmed a bearish trend reversal for Bitcoin which means as of right now I’m still leaning bullish in terms of the trend on The Daily time

Frame is just right now we are taking a bit of a pause from that bullish Trend and if we’re taking a look at the 12-hour Bitcoin chart obviously right now as of recording this video the price of Bitcoin is attempting a possible break to the downside from this ascending triangle pattern because this

Line of support is sitting at around 42.7k to 42.8k approximately and at at the time of recording this video the price of Bitcoin is sitting just below that line of support but at least as of right now we have not really seen any significant confirmation actually confirming the break to the downside

Below that support and so ideally we need to see a 12-hour candle close at least below this line of support in order to see some confirmation of that break to the downsides or even better if we actually confirmed some candle closes below support and then came back up and

Retested that support and flips it into new resistance by seeing a retest like that then that can be extra confirmation confirming the break to the downside but of course we don’t always see retests when we’re breaking an important level on the chart that just happens sometimes

But when it does happen it just means we have more confirmation for the break of that level which means we can be more confident that the price is heading in that direction and so at least when it comes to my personal trading strategy when we start to see some initial

Confirmation signals I begin to open a small trade at the breaking point but I start off very small and I basically add to that position once we see more confirmation so for example more candle closes below support or if we see that retest I’ll use that as an opportunity

To add to a possible short position in the scenario that we’re breaking to the downside but once again at least as of right now at the time of recording this video the price of Bitcoin has not yet confirmed the break below this line of support so right now we don’t really

Have any confirmation at all but if we do end up confirming the break to the downside below that line of support then that would set up a technical price Target at approximately $38,000 per Bitcoin and so from where we are right now to that price Target

That’s roughly around an 11% move to the downside which could be coming next for Bitcoin if we first confirm a break below this line of support but if we do not end up seeing any confirmation confirming the break to the downside and instead we actually see a quick bounce

Like this back to the upside and break out above this line of resistance which by the way is sitting at around 44.2k then in that scenario if we see a quick bounce and breakout to the upside above resistance then that will set up a bullish price Target sitting at a around

49.6k and so either way it doesn’t matter if we’re heading in the bullish direction or the bearish direction as long as we see some confirmation of the actual direction that we are heading by confirming a break of one of these levels obviously as Traders we can profit in either direction using long

Positions or short positions and if you’re wondering where I personally take these trades for the price of Bitcoin and other crypto assets personally I take these trades over on buybit so I’ll make sure to leave a link to bit in the description down below and in the pinned

Comment and in fact if you use that link down below this video to make a bit account you can get up to a $30,000 deposits 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 buybit

There is also bitflex which is another crypto exchange similar to byit but you don’t need kyc for bitflex and so I’ll also make sure to leave a link to bitflex in the description down below and in the pinned comment and if you use that link to make a bitflex account and

Deposit $100 worth of crypto and make one trade over on bitflex you you can get 10 usdt completely for free and so if you’re trading crypto anyway or if you’re preparing to take this next trade you might as well get set up ready to go on one of those exchanges using those

Links down below this video if you want to claim those extra bonuses but anyway getting back into the Bitcoin charts staying on the 12 hour time frame and right now we still have this ascending line of support which is sitting at around 41.8k to 41.9k approximately and so if we do end

Up confirming that break to the downside for this ascending triangle pattern right here then of course we could end up finding support around this line of support right here which means it’s possible we could potentially bounce around that support and as for other support here in the short term looking

At the 4-Hour time frame we also have this area of support sitting in between around 405,000 going up towards around 41,000 and so obviously it is important to keep in mind where those areas of support is sitting on the chart because if we see that break to the downside

Confirm here in the price of Bitcoin from this ascending triangle pattern setting up that bearish price Target to to the downside obviously we could potentially still bounce at those areas of support and so due to that reason if we confirm this break to the downside and I enter that short position trade

For this breakout trade right here of course I will take some profits off the table around these areas of support and now obviously I won’t close the entire trade at these areas of support because we could potentially just break to the downside further and actually hit the

Full technical price Target if we first confirm the break to the downsides but due to the increased probability that we could bounce at those areas of support before hitting the price Target once again it is worth at least in my strategy to take some profits off the

Table for a short position around those areas of support if I first enter into a short position if we first see a confirmed break to the downside below this ascending line of support which as of right now has not yet happened but remember this is not personal financial

Advice because I don’t know your personal financial situation I’m just letting you know my trading strategy when it comes to these breakout trades right here and if we’re taking a look at the Bitcoin funding rates and the funding rates for a lot of other cryptos across a lot of different exchanges

Right now these funding rates are still extremely above their neutral rate above the neutral rate of 0.01% and so once again what this means is that the long positions out there are paying a massive premium just to Long the price of these crypto assets and right now with these funding rates as

High as they are it’s basically unsustainable to keep these funding rates at these levels for very long periods of time because right now the long positions are paying massive funding rate fees to the short positions which means even if the price goes completely sideways the Longs are losing

A lot of money and the shorts are gaining a lot of money due to these funding rates and so essentially these funding rates are acting as an extra bearish pressure on the market trying to push prices lower because once again when you open a long position or close a

Short position that adds buying pressure to the market but when you close a long position or open a short position that adds selling pressure to the market and once again these very high funding rates mean that the long positions are paying a a lot in fees to the shorts positions

Which means the shorts positions are making a lot of money just due to these funding rates right here and so that basically financially incentivizes longs to close and shorts to open which once again adds selling pressure to the market and so due to this I would not necessarily be expecting significant

Upside here in the short term for the price of Bitcoin or really for most of the crypto markets because ultimately we do need to actually reset these funding rates at some point soon of course it could be today it could be tomorrow but some point Point soon we do need to

Reset these funding rates because right now while the funding rates are this high they basically act as a limitation limiting the price of crypto assets and how high they could go in the short term but remember that’s just talking about the shorter term here not the longer

Term Trend so in terms of the larger Trend here on the daily chart I’m still bullish it’s just right now we’re taking a bit of a pause or a slight setback from that bullish Trend and if we’re taking a look at the Bitcoin dominance chart here on the weekly time frame

Right now the Bitcoin dominance is is actually breaking below this critical line of support which has been acting as support for well over a year now and this line of support is sitting at around 52 to 53% more specifically around 52.7 to 52.8% and as of right now we have

Actually already seen one weekly candle close confirmed below that line of support and already with this next weekly candle of course we’ve continued further to the downside breaking below this line of support and now technically speaking we have not yet fully confirmed a trend reversal into the bearish

Direction because at least for now we have not yet confirmed any lower lows or lower highs and so in order to become more confident in the Bitcoin dominance beginning to play out a bearish trend here on the weekly time frame once again we ideally need to see at least some

Lower lows or some lower highs begin to form but right now with the Bitcoin dominance breaking below this ascending line of support this is an early signal of a possible altcoin season brewing in the market and now obviously in recent weeks and months some altcoin have performed very well but keep in mind

That’s barely within an altcoin season this isn’t really an altcoin season at all because a significant altcoin season would look something like this with the Bitcoin dominance crashing massively to the downsides or even like this where we see a very large move to the downside in the Bitcoin dominance that is an example

Of an altcoin season so just imagine the gains that we’ve seen in some of the altcoins in recent weeks and months and basically times that by 5 or 10 or 20 and that is the type of gains we could expect in an altcoin season Once we see more confirmation of a bearish trend

Reversal here in the Bitcoin dominance but anyway getting into the ethereum part of this video this is on the weekly time frame and right now the price of ether is continuing the massive breakout from the massive ascending triangle pattern on the weekly time frame and over the last couple of weeks we’ve

Actually seen a successful retest retesting this previous resistance which is now acting as new support and so despite what’s happening on smaller time frames in the short term once again we can always see bullish or bearish press action in the short short term but on the much larger time frames here in

Terms of the larger Trend I’m still very much bullish here on the price of eth and in fact the technical price targets for this ascending triangle pattern breakout on the weekly chart is sitting at around $4,300 which from where we are right now to 4.3k is around an 80% move to the

Upside with no leverage and so potentially at some point during 2024 we could end up seeing the price return up towards around $4,300 or potentially even higher depending on what happens with the Bitcoin harving Cycles but at least for now that is an active price Target but

Obviously I would not expect that price Target to be met immediately because remember this is on the weekly time frame so each one of these candles is an entire week so obviously it’s not like we’re going to see the price of eth at $4,000 next week or even next month it’s

Going to take some time to actually get there and we’re likely going to see some pullbacks along the way and if we’re taking a look at the daily time frame right now the price of eth actually invalidated this previous bearish Divergence these previous higher highs

In the price and lower highs in the RSI but is now potentially forming a new bearish Divergence here on the daily time frame because at least as of right now we have confirmed a new higher high in the daily candle closes in the price while the RSI on the daily chart is

Still sitting in lower highs which once again is potentially a new bearish Divergence forming but even though this new bearish Divergence is potentially forming right now it is not yet confirmed so at least right now on the daily time frame we have no bearish Divergence active and confirmed but we

Have a new one potentially forming which is worth paying attention to and if we’re taking a look at the 8 hour eth to us doll chart right now the price of eth is actually retesting the breakout line the neckline for this inverse Head and Shoulders pattern which by the way is

Sitting at around 2330 and that is also the point of invalidation for the breakout to the upside for this pattern which means if we confirm a break back below 2330 with candle closes back below that level then that would invalidate the breakout of The Upside invalidate the price Target

And in validate the pattern and so obviously it is important for the price of eth to hold above that level right there in order to continue the breakout to the upside towards the technical price Target which by the way is sitting at around 2510 to 2520 and obviously right now the price

Of e has gotten as high as around halfway between the breakout and the price Target which means personally if I miss this trade all together of course I would only potentially enter the trade around a possible retest but personally I’d not be betting too much on this trades because once again we already

Made it roughly around halfway to the price Target and so far have reversed from that point but that’s just letting you know what my strategy would be if I missed that trade alt together but once again I did actually take that long position as I said in my last video here

On the channel I opened that long position right around this breakout but due to the fact that the price ran into this resistance just here in the short term I did actually close some of that trade around this area of resistance taking some profits off the table and I

Also moved my stop loss up towards my entry price price which means in the worst case scenario I already am profiting from the trade I’ve already taken some profits off the table and the stop loss would exit me out of the trade at break even and so once again if you

Want to take trades just like this to profit from these moves in the price of crypto then you might as well check out those links down below this video to get set up on one of those exchanges if you want to claim those extra bonuses but as for short-term support and resistance

Here on the 4our chart once again we have this area of resistance based on these previous highs sitting in between around 2380 going up towards around 2410 approximately and as for short-term support we have this price range which was previous resistance and also previous supports back here sitting in

Between around 2310 going up towards around 2330 and so once again we could potentially bounce around that area of support but in a more bearish scenario if we invalidate this breakout to the upside for the inverse head and shoulds pattern and break below this area of support then we would basically be

Re-entering into this massive sideways consolidation range which means we could potentially drop back down towards the low end of the range which is sitting in between around 2130 going up towards around 2160 if you’re looking at this area of support and if you want to know

How you can profit from crypto no matter if the price is bullish bearish or simply chopping around sideways you can profit in either of those scenarios by watching these videos popping up right here on your screen the video in the top left shows you how you can profit from

Bullish or bearish Price action using Longs and shorts and the video in the bottom left shows you how you can easily profit from choppy sideways press action but anyway that’s everything that I have to say for today I really hope you enjoyed and I’ll see you all in the next video