My name is josh and we could be about to see a 20 to 30 move in the bitcoin price and to the ethereum price if bitcoin simply breaks above this price level and if ethereum breaks above this price level and ill be talking more about that later. In the video so definitely stick around first, just giving you a quick update on the us stock market today. This right here is the nasdaq 100 index on the daily time frame and today, as you can see, we are in the green, which has actually helped out crypto prices in the shorter term and, if youre, taking a look at the bitcoin to us dollar chart on The weekly time frame, technically speaking, right now, the price of bitcoin is still trading in this area of maximum opportunity, according to bitcoins entire price history, in fact, throughout bitcoins entire price history. Looking at the 200 week, moving average, which is the red line, weve only ever seen, the bitcoin price touched up moving average just three other times throughout bitcoins entire price history, and apart from right now, weve only ever seen the weekly bitcoin rsi in oversold territories. Just two other times in bitcoins entire price history, and we have only ever seen the price of bitcoin contact the 300 week moving average, which is the blue line just one other time in bitcoins entire price history, which was march 2020.. So when youre talking about well over a decade of history, obviously this means right now, technically speaking, is a very rare opportunity.

According to the last decade of history, once again, but obviously keep in mind, this is on the weekly time frame. Each one of these candles is an entire week, so these moves in the bitcoin price take a long time to play out and in fact, in some cases like 2015 and the end of the 2018 bear market, we can even stay within these moving averages for multiple Months, so just keep that in mind. This is not a short term indicator, but if you do zoom into the shorter term, this is what we see right here on the 12 hour bitcoin chart. Once again, we still have these active bullish divergence in play and that bullish cross. We saw a few days ago in the 12 hour, bitcoin macd and, as ive been saying pretty much every single day over the past four to five days. This just means were due to see reduced bearish momentum for bitcoin, so basically short term relief in this larger downtrend that were currently in and obviously we saw very similar patterns. Talking about this bullish, divergence and the bullets cross in the macd around a month ago, and the outcome from that was simply more sideways consolidation and now its worth giving you an update on that head and shoulders pattern that i covered in yesterdays video. On the one hour, bitcoin charts and obviously, as you can see right here, we never confirmed a break below the neckline, which was sitting at around 19.

8 k, as i mentioned in my last video and in case theres, any beginners watching this video a head and shoulders Pattern is typically a bearish pattern if we confirm a break below the neckline, which obviously we did not see just here and the opposite to a head and shoulders. Pattern is, of course, an inverse head and shoulders pattern, which is typically a bullish pattern. But once again we need to confirm a break above the neckline in order to confirm an upside price target, and if you zoom out to the four hour bitcoin charts, we do actually have an inverse heterotrollers pattern forming right now, but once again keep in mind. This is in its formation phase at the time of recording this video and we still need to see a confirmed break above the neckline, which is sitting at around 21.1 k to 21.2 k. But ideally, if we could see the price of bitcoin at break above this. Previous high and actually set up higher highs, then that would be even better for the short term trend for bitcoin and this previous high is coming into play at around 21.7 k. So those are the levels of resistance that i am paying attention to in the shorter term, for bitcoin to potentially help confirm a further breakout to the upside, but to keep in mind, this is only on the four hour chart. Not the weekly chart, for example, so were only talking about somewhat smaller moves, but if we do end up seeing a confirmed breakout above the neckline that i just mentioned, then the technical price target would be sitting at around 26 000.

Approximately. So from the point of the breakout to that technical price target, that is a potential 24 move in the price of bitcoin, which is obviously something we could make profits off if it does play out. But once again, i want to make it clear that this is the technical price target if we confirm a break above the neckline. If we do not see a breakup off this neckline, then this price target at around 26 000 never comes into play and, as for confirmation, ill be looking for at least a four hour. Candle close, but ideally a couple for our candle closes above the neckline and to see even more confirmation. We could wait for a re test, but keep in mind a re test. Doesnt happen with every breakouts, but if the price of bitcoin does end up initiating a breakout above the neckline and then pulling back down towards the neckline, it is important for the price to hold above that neckline and basically bounce from that level confirming a retest because Otherwise, if we see a slight breakout and then come back down below the neckline, then that would invalidate the price target, and now this is not financial advice. But personally, when im talking about my own strategy, how i usually trade, an inverse header shortest pattern, is by simply setting up an entry into a long position above the neckline. So once again, we need to confirm a breakout above the neckline and personally i always set up a stop loss below the neckline.

In case we see a slight breakout and then actually invalidate the breakouts, and so in the worst case scenario, where we could see a slight breakout and then come back down ill, simply take a slight loss on that trade, but avoid liquidation. Because, once again, i get stopped out of the trade, but if things go to plan and we see a successful breakout to the upside, what i personally always aim to do with my own trades is once the trade enters a decent amount of profits. I always aim to move my stop loss towards my entry price or ideally into profits, so that if we see a reversal before the price target id get stopped out at a break even or when the trade is in profits. If, of course, ive placed the stop loss in profits, so thats just some insight into my personal trading strategy when it comes to inverse head and shoulders patterns, but once again i want to make it clear that that is not financial advice for you. Of course, you can decide whatever you want to do with your own money and now getting into the ethereum part of this video right here on the weekly ethereum charts. We still have this 38.2 fibonacci level coming into play at around a thousand dollars more specifically at around 1050. So that is, of course, one of the main levels of support that i am still paying attention to for ethereum and just zooming into the 12 hour.

Ethereum chart and obviously nothing much has happened over the past few days, obviously were still playing out more choppy sideways price action, as expected, based on this bullish divergence and the bullish cross in the 12 hour, ethereum macd, similar to what we saw around a month ago. So, of course, this is also very similar to the bitcoin 12 hour chart as well, and another similarity between ethereum and bitcoin is on the four hour ethereum to your solar chart because were seeing the same inverse header shortest pattern. As what were seeing on the four hour bitcoin charts, but of course, with the ethereum chart, we have slightly different prices and price targets to pay attention to so, for example, looking at the neckline for this head and shoulders pattern that we must break above. In order to actually validate this pattern, that is coming in at around 1160, but ideally, i would like to see a break above this previous height, so that we actually set in a new higher high for the short term trend and that previous high is coming into Play at around 1.2 k approximately and once again ill be looking for other confirmations, such as four hour candle closes and a possible retest if we do start turning around after a breakout and if we do end up seeing a confirmed break above that neckline that i Just mentioned, then, the technical price target for this inverse head and shoulders pattern for ethereum is currently coming into play at around one and a half thousand.

In fact, in between 1.5 k and 1.6 k. So from the point of the breakout to that technical price target, that would be around a 30 move for ethereum. If we see a confirmed breakout above that neckline and obviously when it comes to my personal trading strategy for ethereum ill use the same strategy as what i just mentioned for bitcoin when it comes to this inverse head and shoulders pattern. But once again, thats just letting you know what i do with my own money, not telling you what you should do with your own money, because i cannot do that because im, not a financial advisor and speaking of trading bitcoin and ethereum, the biggest trading competition in The entire world is happening in just three and a half days from now, and the total price pool is up to eight million us dollars. So if you want to be a part of this, which, by the way only happens just one time per year, then feel free to check it out in the first link down below in the description and in the pinned comments which would take you to this page. Right here, where you can actually join my crypto world team, if you want to – and just by joining my team and being a member on my team, you can potentially earn yourself a share of that 8 million prize pool because, as you can see, right here, eligible Squad members get 50 of the prize pool if, of course, our team places in the prize money, but i want to make it clear that this is not for complete beginners out there.

This is for those of you who have a little bit more experience in crypto. Know how prices move and, most importantly, no risk management when it comes to trading, because of course, that is very important and once again, theres only three days left to go. First link in the description and in the pinned comments, and if you found this video useful, you should definitely check out this video popping up right here on your screen to find out how you can keep making money in crypto. Even if prices are going down. But anyway, that is everything that i have to say for today.