When we break $10,000,
it's very likely we're going to go back up to--
- we're going to continue to 20, 30, or even $40,000. - Yup.
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Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs.
My name is Ben.
Everyday on this channel, I show you how to make money in cryptocurrency.
If you like money and crypto, make sure to hit that subscribe button.
Today, guys, I brought on Carl from The Moon
to discuss the short term of what we could see from Ethereum.
Could we see Ethereum hit $4,000 in the next few weeks?
And then for the longer term,
could it go to 20, 30 or even $40,000?
We're going to take a look at that
as well as glance at Bitcoin
and what you can expect from it as well.
Now, guys, don't forget, if you want to take advantage of any of this technical analysis or trading information,
you guys can always go to bitboycrypto.com/deals
and click on the Bybit section there.
You can get access to the biggest deal Bybit has ever had---
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Alright, guys. Let's go and jump into this interview.
Let's see what Carl's got to say about ETH.
Hey, everybody! Today, I'm once again joined by my friend, your friend,
Carl from The Moon on YouTube.
You guys, don't forget, go down and make sure to hit the subscribe button on his channel.
We'll have the link down below.
You get expert technical analysis.
And today, I think TA is kind of fun because we're going to be looking at Bitcoin and Ethereum.
Ethereum, close to all-time highs today.
Maybe at new all-time highs by the time you guys watch this.
But first and foremost, Carl, how are you doing today?
Yeah, I'm doing fantastic. I think this crypto bull market is amazing.
It's treating us all very, very well.
Me included. My audience included. Your audience.
- So I think we're all pretty happy. - Yeah, absolutely. Well,
let's get into Ethereum because the charts, in my opinion, right now are looking
very bullish for Ethereum.
And even when things have been looking bearish,
it's still been going up for some reason.
So, what are you seeing with Ethereum? Let's start there and then a little bit later,
- we'll dig into Bitcoin. - Yup. Sounds great. Let's get into the charts.
Alright. So this is Ethereum on the 1-hour timeframe.
And we saw this diamond pattern form in Ethereum.
And these diamond patterns are interesting because first of all, a diamond pattern,
it has to look like a diamond like this,
and we always have a huge move in the middle of the pattern,
which we saw right here, with a big volume.
That's key. If you don't see this, then it's not a diamond pattern.
And also we need a big sharp uptrend leading into the pattern.
Now, this actually broke to the upside.
And the targets that--
it depends on exactly where you put it, but let say you put it right there.
Then you take this pole or whatever you want to call it.
And this gives us a target of approximately $3,800 for Ethereum.
So this is Ethereum against the US dollar.
And so that's kind of the quick little summary of what I've seen in the past few days.
And I made a video about this actually before we broke out,
but now I think that we can also entertain something else here.
Let me show you another line right there.
Let me make this white so we can differentiate a bit.
And we could also do something like this.
And--
if so, then we could definitely make the case that we could be in this rising wedge
or upwards trending channel.
And, yeah,
I mean, everyone who knows any basic TA should know that this is a bearish pattern actually.
Then again, bearish patterns in crypto--
I mean, it's like, in crypto, both bullish patterns and bearish patterns are bullish patterns.
- It's funny. It's like-- - Yeah.
especially in Bitcoin, whenever you see a rising wedge in a bull market,
it tends to break to the upside or at least it breaks up more often than you would expect based on statistics.
So, yeah. That said, this is a bearish pattern.
And if we were to break the supports,
then the target should be the bottom of the wedge,
- which is down here at $3,100 approximately. - Yeah.
So, if someone would like to take a trade here, then you can make a trade of approximately like 9%.
Obviously, it is always a little bit risky to short in a bull market.
That should be said.
If we break to the upside, then I could see something quite conservatively like this.
This would be the conservative target. I would say $3,900, which lines up--
I mean, it also depends on where we break out, right?
If we break up here, then it will be a little bit higher.
But let's put it there,
and that is actually quite consistent with what we just talked about in this diamond pattern,
- so you can see that these two targets line up pretty nicely. - Yeah.
- So-- - That's pretty interesting that those lined up like that.
Yeah, I think that we could be heading up close to $4,000 here in the short term,
but I would say--
you know, people are asking me like, "Is it a good time to buy Ethereum?"
and then they hear-- well, "Oh, your price prediction for the end of the year is like $27,000, like,
so, obviously, it's well below that, so I should buy it."
And that's where you really get into like looking at the macro versus micro timeframes.
In the micro timeframe here, like, I definitely would be waiting for a dip back down,
probably to the lower $3,000s before getting back in,
but if you don't care if it goes down in the short term,
then, you know, you could certainly go ahead and buy some Ethereum or trade it on Bybit
or whatever you want to do.
But yeah, that's what I'm kind of looking at.
I think at some point, like, this momentum is going to slow down a little bit, am I right?
This, I think you're correct about. I think that nothing goes up forever.
And if we zoom out a bit,
let me zoom out to the daily.
Now, I have a bunch of lines here because I've been making literally like,
I don't know, even 100 trades or something.
- You can see that it's crazy, but - Yeah.
if you kind of cancel out the noise, we broke out out of this big rising wedge.
And based on what we just talked about, this big yellow rising wedge here,
it actually broke to the upside as you can see,
and Ethereum just flew to the upside.
But if I just do this,
just basically take away everything,
you can see that we're looking very parabolic.
It's like a parabolic run-up.
And these tend to end at some point.
Obviously, like, there's going to be a blow-off top.
I think that Ethereum is looking very bullish.
It's looking healthy as Bitcoin and everything.
I mean, you cannot look at this and say that it's time to sell
- because obviously we're in a bull market - Yeah.
and the trend is your friend.
So it depends. Like, in the short term, yes, Ethereum can go down.
It's very possible. Like I said, we have a rising wedge.
If we break down, we could go down to $3,000.
So if you want to buy in the short term,
it all depends on what support and resistance line we break,
but if you want to buy Ethereum for the long term,
let's say for the next five years--
well, let's say next two years.
For the next two years, I think that you are getting still a decent buy-in price.
I think that as soon as Ethereum goes above $10,000,
it's unlikely that we go down below $3,000 again.
Yeah. It's a good point.
Obviously, it's possible.
Obviously, it's very possible based on the fact that in the previous bear market,
Ethereum corrected I think--
now, I don't have the exact number, but I think it was way more than 90%.
- Yeah, it was like 95%, I think. - Yeah, exactly. 95%, which is huge.
It's huge. So if Ethereum goes up to X amount,
you should always calculate the risk of Ethereum coming back down 95%
because it's possible.
- It literally happened before. - Yeah.
But still
when we break $10,000,
it's very likely we're going to go back up to--
- we're going to continue to 20, 30, or even $40,000. - Yeah.
So
what I'm saying basically is that, obviously, it would have been much nicer to buy Ethereum at $500,
like you and me actually,
- and most of our audience here, - Yeah.
but if you're jumping into crypto right now,
I still think that Ethereum is looking quite decent, but as soon as we go up to $10,000 or so,
I would say that you kind of missed the boat a little bit here for this bull cycle
- because-- - Yeah.
yeah, you could, potentially,
you could double your money, triple your money,
but it's a huge risk that it's going to come back down below your entry point.
Risk versus reward.
You know, the risk at that point is higher than the potential of the reward.
Yeah, exactly. So, yeah, that's what I want to say here.
And that's why I think it's very important for everyone to know that
the big money is made in the bear market,
- not in the bull market. - Yeah.
It's like--
this is kind of proof of that because
you and me, I mean, we've been accumulating for the past 2-3 years
and we don't have to buy Ethereum now because Ethereum is--
- I mean, we hold it already, right? - Yeah.
Now, it's the mainstream jumping in and basically pumping up the prices
and making the bear market warriors rich.
So-- and that's how it's going to be in the next bear market as well.
So if you're jumping into crypto right now,
I would say that maybe this is not your big opportunity.
Your opportunity is going to be in the bear market that is coming up very soon.
That's when you can pick up Bitcoin and Ethereum and all these other altcoins for cheap hopefully.
- Yeah. - Yeah, I think that's great.
And one thing I found really interesting as we jump into Bitcoin here in a second
is that you're a total technical analysis guy.
You look at the charts. You dig into the TA.
You're a much better expert on TA than I ever, you know, than I will ever be.
I know that for a fact.
But I'm a fundamental guy. Like, I just look at the news.
I look at what's happening. I look at on-chain stuff.
I look at, you know, different kinds of charts, more informational charts than technical analysis charts.
And the interesting thing is
we both have the same number, you know?
We both say $10,000.
Anything above $10,000, you're getting into more of the risk versus reward.
I think that's pretty interesting that we come from two totally different approaches,
and we kind of have the same number that we're looking at.
Like, after it hits $10K, it's going to be hard for me to tell people to buy Ethereum.
- Yeah, yeah. Makes total sense. - Yeah.
- But what do you say? Should I take a quick at Bitcoin? - Yeah, let's take a quick look at Bitcoin
and just kind of see what we're looking at, you know, on the charts.
Yep. So, actually, I just have a very, very quick thing I want to show you here.
And that is the fact that
I think it's obvious that this huge run-up that we've had here on the weekly timeframe
is-- I mean, the bullish momentum is running out.
We're starting to go kind of sideways here,
which is generally--
I mean, it's more bearish than bullish because obviously the bulls are losing momentum,
which could mean that we--
yeah, the bears are stepping back in here.
Now, one thing I want to show you is this bearish divergence on the weekly timeframe right here.
As you can see here.
And this doesn't mean that we have to see a huge bear market.
It simply means that it's very likely that we're going to go sideways here
and consolidate for quite some time
or go downwards.
To me, it's--
yeah, a bearish divergence is just showing us that the bullish momentum is running out of steam.
And if we were to go back to the previous time
or the other time we saw a huge bearish divergence on the weekly,
it was way back in June 2019.
And let's just take a quick look at that real quick.
And I don't want to scare anyone here,
but back then, we did see a pretty substantial correction and even bear market here
after that bearish divergence on the weekly.
- You can see that we came up to $14,000. - Yeah.
And then from $14,000,
if you calculate the Corona dump, we came down to $4K,
but obviously,
we could also skip Corona and say that a 50% correction here happened
after that bearish divergence.
- I don't think we're going to see another Corona happen, so - Yeah.
maybe it doesn't really make sense to put that into the calculation,
but let's just play with the idea.
I mean, what if we see a 50% correction from this high at $65K approximately?
- That could take Bitcoin back down to like $33,000 or something. - Yeah.
Again, I'm not saying that's going to happen.
I'm just saying that this is something that has happened before.
And we should always be objective, right?
And-- but we're still bullish. We're still very, very bullish on Bitcoin.
It's just that if we do see Bitcoin break down below key support,
- then this would be the bearish case. - Yeah.
I think at this point, once again, bringing up the fundamentals
I think is important too because
a lot of people believe that that large dump that we got after that, you know,
kind of spring/summer run-up in 2019 is actually due to the PlusToken Ponzi scheme,
which is actually the 4th biggest Ponzi scheme in the history of the world,
actually even bigger than Bitconnect.
And it was in China and there were billions of dollars that were basically stolen in this Ponzi scheme,
and then over the next several months,
they were selling off and selling off and selling off, and so
I do think there is a comparison here to look at what's happening now and what's happening then,
where, you know, if you go back and you look at the chart,
I know people are looking at it right now. They're in May and July.
They're through July through probably about August,
it seemed to go sideways and consolidate.
And then we got the selling pressure downwards
from the Ponzi scheme that was selling off all the tokens,
so I do think that we could see an extended period here of consolidation,
which, if you're into altcoins, you've got to love that
because this means altcoins are going to be ripping most likely.
That's a good point. When Bitcoin go sideways, especially after a huge run-up like this,
- alts tend to kill it. So-- - Yeah.
Yeah, another altcoins-- or a prolonged altcoin season could be happening.
- That's for sure. - Yep.
Well, Carl, thank you so much for joining us today.
As always, you did a phenomenal job talking about Ethereum and Bitcoin.
You're the expert we go to for this TA stuff.
And, guys, drop some comments down below.
Let us know what you want us to talk about on the next collaboration.
Carl, you have anything you want to add before we go?
I would just say be cautious out there.
Enjoy the gains.
The gains are not going to last forever, so take profits, especially in altcoins, right?
Obviously, Bitcoin is going to go up I think for the next 10, 20, 30 years.
- So-- - Yeah.
So I'm sitting safely in that boat,
but all my altcoins, I am starting to look towards taking profits here and there
because these gains, like I said, they will not last forever.
That's right. Easy come, easy go.
Well, Carl, thank you so much for joining us.
Everybody else, drop those comments down below.
That's all I got.
Be blessed.
BitBoy out.