Here, you can clearly see that we have potentially a big inverse head and shoulders.
And if we just take a look at the targets,
then you can see,
and this is exclusive for the BitBoy Crypto channel
- because I haven't even shown my audience as I saw this-- - Oh. How about that?
Yeah. Just before I recorded the video,
or before we jumped on here, I saw this.
So this is something that is happening currently.
And the targets technically should be $56,000.
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Back by popular demand, we have Carl from The Moon on YouTube
coming to discuss Bitcoin's recent price action and where he thinks it's headed to.
Hint: six figures.
Alright, guys. Let's go ahead and jump into the interview.
Hey, everybody! I'm joined with Carl from The Moon on YouTube.
You guys know him.
He hadn't been on the channel in a while. I want to bring him back on today,
talk about what's going on with Bitcoin and maybe Ethereum, too, if he's got some analysis on that.
Prices have been absolutely pumping.
The weekend was great.
So I've got to know, you know, Carl, No. 1,
how are you doing? And No. 2, what's going on with Bitcoin?
No. 1, I'm doing fantastic.
I feel like we're right now on the verge of the next big leg in the bull cycle.
I think we had leg No. 1.
I think we're on the verge of getting leg No. 2.
And I think this is going to take us up to above $100,000,
so I'm excited for that.
And-- but in the immediate short term of course, we have to get some ups and downs.
- It's always the case with price action. - Yeah.
Two steps forward, one step back.
- Two steps forward, one step back. - Yeah.
It's not going to go up forever in a continuous motion.
So, yeah, let's maybe head into the charts and take a look at that.
Let's do it.
Alright. So, first of all, I'm taking a look at on the 1-day chart because on the daily chart,
you can see that this red moving average here is the 200 daily moving average.
And it is a very, very important moving average to break.
And you can see that yesterday, we got a small rejection with a small pullback,
but right now it looks like Bitcoin is trying to break through here.
And what we're looking for now is a daily close above the 200 daily.
If we can see that, and even better,
if we can see a daily close above and then also a retest
to confirm support and then get a bounce,
at that point, that means we have decisively broken the 200 daily,
and that could be a very, very bullish sign for us for the coming weeks and months here.
So this is something I'm watching as of right now.
You could also make a case--
let me just delete a couple lines here.
Because, let's see here, if we do this,
we can see that Bitcoin has potentially formed this big inverse head and shoulders here
with the shoulder, head and shoulder.
Let me actually delete the moving averages to make this a little bit more easy to see.
And, yeah.
Here, you can clearly see that we have potentially a big inverse head and shoulders.
And if we just take a look at the targets,
then you can see,
and this is exclusive for the BitBoy Crypto channel
- because I haven't even shown my audience as I saw this-- - Oh. How about that?
Yeah. Just before I recorded the video,
or before we jumped on here, I saw this.
So this is something that is happening currently.
And the targets technically should be $56,000.
So if we just take a look at that,
that could be a 30% trade from the lows,
but from where we are right now,
that will be like a 23% pump for Bitcoin.
So this is very interesting if this plays out.
And this could-- I mean, remember, an inverse head and shoulders is a reversal pattern,
and this would mean that--
or this would indicate that we're getting this reversal that we've been looking for
and potentially then pull us up to the next big cycle,
the next big leg of this bull cycle.
So that's looking quite bullish here for the longer term.
We can still get a pullback here.
We can still go down in the short term on the daily-- like, on the 1-hour timeframe,
but in my opinion,
it does look quite bullish here for Bitcoin, to be honest.
Yeah, that sounds good to me.
You know, I definitely like when Bitcoin is bullish.
I know a lot of people accuse us of sometimes of being permabulls
because, you know, it's hard not to be a permabull when you understand the technology behind Bitcoin,
the ability it has to change the world, you know, decentralization.
It's hard not to be bullish on Bitcoin, especially versus gold for instance.
But what about-- I mean, Bitcoin's pumping right now.
I'll be honest with you, I hadn't actually even open up the charts today
before we got on here to record this video,
and I mean, right now, we are pushing almost $46,000.
Let me ask you this.
This reversal to me that we've had recently has been pretty quick.
Was it something you were kind of expecting?
I think that's--
I think when we were up here,
I think we made a few collaborations,
- and I was telling I think your audience and my audience that - Yeah.
I believe, we do believe, we need a 50% correction here from the top.
- You did say it, for sure. - Yeah.
And we did get a, let's see here,
to the exact point, we've got a 55% correction.
I said 50-60%, and we got 55%.
So, we already saw that.
So, what I was waiting for was just a bullish reversal.
And--
well, I guess, the level I was watching now was the $42,000, $43,000 level,
and we broke that one, and I've been telling my audience that when we break 42, 43,
- at that point, I'm going to be completely bullish on the daily timeframe, - Yeah.
on all timeframes actually because it makes sense.
And in this case, we're in a reversal.
So I think that right now, yes, we are in the reversal.
The scenario where we go back down like this, in my opinion, is not likely at all.
I wouldn't expect that to occur.
So that's why I am long personally. I've shown my audience my positions I'm in right now,
and I am long Bitcoin and I am long Ethereum
because of a few different reasons,
- but right now we're breaking through the key horizontal resistance at $42K, $43K. - Yeah.
And like I said earlier, if we can hold above the 200 daily, that would be incredible.
Yeah, very excited about that. Now, you mentioned Ethereum.
Ethereum right now at $3135 about at the time of this recording,
but the real key number here to watch I believe is the ETH dominance level versus Bitcoin.
- So, what do you have on the chart for that? - Yeah.
Yeah, this is what I have here.
And on my channel, I've been showing people this triangle here for quite some time.
And I've been showing or saying that basically a break up is imminent.
And as always, it can break down, it can break up.
But what I was saying is that if we do break to the upside here,
then obviously that's very bullish for Ethereum.
This could lead to Ethereum breakout on the US dollar chart,
and right now we are seeing a clean breakout here for Ethereum against Bitcoin.
- And the target is all the way up here at 0.09, approximately. - Wow.
So from where we are now,
we could see Ethereum go all the way up 33% against Bitcoin.
So let's just summarize it in this way.
I am bullish on Ethereum right now.
- This is not always the case, as you may know. - Yeah.
I mean, I'm usually very objective.
I try to be neutral.
So basically right now I am definitely bullish on Ethereum against Bitcoin,
so I have positioned myself with exposure towards Ethereum.
But obviously everyone wants to see also the Ethereum against US dollar chart.
And what I can see here quickly is that we saw this rising wedge,
and then we saw another smaller rising wedge,
we broke down and we came down and retested this green support box
and got a very, very beautiful bounce off of this
after a small little bullish divergence even on the 1-hour timeframe here,
a very, very small little bullish divergence right there.
But let's just summarize Ethereum as this.
I mean, as long as Bitcoin is bullish, I am always going to be bullish Ethereum.
This is always going to be the case.
But right now when Ethereum is also breaking out against Bitcoin,
it makes me even more bullish for Ethereum.
So, I mean, if we continue to see Bitcoin do well now,
then I see no reason why Ethereum is not going to continue to go up like this
against the US dollar chart.
I mean, it kind of depends on Bitcoin because we all know that if Bitcoin goes into a bear market,
- then altcoins are also going to completely crash. - Right.
So, that's true, but this looks beautiful.
We're looking very healthy. I mean,
- the trend is your friend, right? - Yup.
And if you just draw a line here,
this is the trend.
And the trend has not changed yet.
So bullish.
Yeah, I'm very excited about that, at that 0.9-- or 0.09 which for Bitcoin versus Ethereum.
Basically that means that the price of one Ethereum would be 9% of one Bitcoin.
And that number has been as high as 0.14 before,
but we don't know if we'll see that return.
I didn't expect to get over 8 in this bull market,
and it looks like we may be shaping up to get more than that,
so those ETH gains are going to be coming.
Well, Carl, thank you so much for joining us today.
It's been a blast.
Look forward to getting our collaborations back on track
and getting used to seeing you every week on the channel.
Anything else you want to leave us with, Carl?
No, I just really missed these collaborations. I think they're amazing.
And I know that my audience loves to have you on my channel, and I love making these videos,
- so let's keep doing it. - Yeah. Let's do it.
Alright, guys. Let me know down below in the comments what you think
the Bitcoin and the Ethereum price are going to be doing.
Tell me where you think they're going to end up at the end of this year.
Alright, guys. That's all I got.
Be blessed.
BitBoy out.