Welcome back to the crypto world channel everyone, my name is josh and yes, you read the title right. I did actually sell some of my bitcoin to buy more ethereum and the reason why i did that is because of this chart right here and because of this chart right here, i'll be getting into exactly what this means for bitcoin and ethereum i'll also be covering The ethereum london hard fork upgrade, which is set to happen in around two days from now i'll, also be revealing exactly how much ethereum i have accumulated right now, and my ethereum strategy and my ethereum price target so make sure you're watching this video all the way To the end, especially for you ethereum and bitcoin holders out there, if that sounds good to you just before we jump into it, make sure to leave a like on the video down below and if you're new to the channel make sure to subscribe to the channel

With notifications turned on for more videos like this, one we. Are, just about to hit, 50 000 subscribers on this channel and i can't believe i'm saying. Those numbers seriously, Thank you so much, but anyway, with that out of the way, let's get straight to what this video is about so right here we're on the ethereum to us dollar chart on the one day chart and, as you can see here right now, a Theorem is actually Forming its 13th consecutive green daily candle. Now on some ethereum charts. We do actually have a red daily candle within this massive streak just here, but on other charts, like this coin, based chart. Once again, we do have this entire streak of green daily candles, and it has not been broken just yet once again, at the final film in this video, we are on the 13th daily candle that is potentially about to be another green one, and, as i mentioned Over here on my twitter, the link to my twitter by the way is in the description down below, but, as i mentioned on my twitter, this has actually never happened in ethereum's entire history.

So right now we are experiencing history. We are experiencing a new record for ethereum daily green candles in a row, so that really just goes to show you how bullish ethereum really has been over the past two weeks just here, and a lot of this pump just here is likely in anticipation of the London, hard fork set to launch on wednesday, the fourth of august in just around two days from now. So what actually is the london hard fork and what does it mean for ethereum? Well, first of all, the london hard fork comes with a series of ethereum improvement proposals, also known as eips and contained within that we have eip1559, which is probably the most important ethereum improvement proposal within this upgrade. Overall, this london, hard fork is going to be a step forward towards ethereum 2.0 towards proof of stake, because going back to that ethereum improvement proposal. Eip1559. What that actually means for ethereum is basically after that upgrade is actually implemented. Most transaction fees on the ethereum network will be burned so how it's working right now on ethereum is basically the ethereum miners receive the block reward and also the transaction fees

But after this upgrade goes ahead. Basically, the ethereum minus will still receive the block reward and also extra tips if you want to speed up your transaction. So if you have a high priority transaction, you will be able to pay extra fees to the miners. If you want your transaction to go through. First, ahead of any other transactions waiting to be approved, but basically the majority of transactions out there when you're actually paying that mining fee. What actually happens to that fee that you're paying is it goes into the ethereum network itself and gets completely destroyed. It gets burned which will actually reduce the inflation rate of ethereum. It will restrict the ethereum supply, which overall is a bullish thing for the price of ethereum and for you ethereum holders out there

What do you actually need to do when it comes time? For this upgrade to actually launch well, you don't really have to do anything unless your exchange or wallet provider tells you otherwise. Basically, you should be fine, just leaving your ethereum as is, and you shouldn't really experience much difference at all and once again, immediately. Fundamentally speaking, this shouldn't have much of an effect on the price, but this is likely to have an effect similar to something like a bitcoin, halving because once again, a bitcoin harvey for the beginners out. There basically just restricts the supply of bitcoin, of course, with the bitcoin halving it does it in the form of restricting the block reward, not restricting the transaction fees, but it's still reducing the inflation rate of bitcoin and when we see a bitcoin halving it doesn't have An immediate effect on the price, so we don't see an immediate pump, but usually in the following months, as in around three months after the harvey, we see the gains in the price begin to kick in after the halving as the supply shock actually hits the market And so that is a likely outcome for this london heartful

That is once again set to launch in just two days from now, so because of all of that, that's probably why we have experienced such bullish price action recently in anticipation of the london hard fork. Now is totally possible that this could just be a sell. The news event. We could see a little bit of bearish price action right after the london hard fork, because a lot of newer investors in the market are probably thinking that this london, hard fork is going to absolutely explode the ethereum price and then, when it doesn't on that day, There'S probably going to be a lot of ethereum investors that just got their hopes up and are probably going to get rid of some ethereum on that day. Now, of course, at this point, this is just speculation, but this is what's happened previously in previous events like this, and also in bitcoin halvings, all of that sort of stuff. We usually see some sort of zelda news event before the real gates begin to kick in a few months after the event now zooming into the four hour chart here for ethereum

As you can see, the ethereum uptrend is still looking pretty strong at the time of filming this video. Of course, if you watched my bitcoin update just before this video on the channel, i did discuss in that video. The bitcoin is actually beginning to break this upwards channel over on the bitcoin chart to the downside. So bitcoin could be a leading indicator for ethereum. Here. Ethereum could potentially experience a little bit more bearish price action and, if that's the case, the important levels to pay attention to well. First of all, this upwards trending support line right here, that's coming in at roughly around two and a half thousand us dollars per ethereum. If we break below 2.5 k immediately, we have the 2.4 k level as a significant level for ethereum to pay attention to, because, of course, this previously provided massive resistance for ethereum back there, and also back here as well and usually when a major level is previous Resistance after we break above that level, that level then flips into new support

Now, as i discussed in yesterday's video, which i recorded right here, i basically said in that video that ethereum is forming this small bearish divergence on this four hour time frame. So what it basically means is in the immediate short term, it's unlikely that we're going to be heading to the upside anymore, and it's simply more likely that we're going to be heading sideways in the short term, if not slightly to the downside. So, once again, that short-term cool-off is already playing out here for ethereum at the time of this video. Now, if we do see a bounce at any of those levels of support, first of all, the important levels of resistance to pay attention to would basically be the top of this channel. Just here roughly around where we already found resistance, which is coming in at around 2 700 us dollars per ethereum and by the way back on the daily ethereum chart just here, bringing out the fibonacci retracement tour right here

As you can see, this was actually a perfect touch point along the 38.2 fibonacci level once again, coming in at roughly around 2 700 us dollars as our immediate resistance level that we are paying attention to anything above that level we do have the 50 fibonacci level Coming in at just above 3, 000 us dollars, which is also coming in pretty close to the technical price target out of this w pattern, which, by the way, is at roughly around 3.1 k. Anything above that i would be targeting towards the golden pocket. Just here, the 61.8 fibonacci level coming in at roughly around 3.3 k up towards 3.4 k, so those are the main levels that i am paying attention to for ethereum versus the us dollar. Just here now getting into an important part of this video. This is ethereum versus bitcoin on the daily time frame and, as you can see right now, we are experiencing a breakout to the upside out of this descending triangle pattern

Now, technically speaking, a descending triangle pattern is a bearish pattern. So technically it is more likely to break to the downside than it is to break to the upside, and if we did break the support level just here i did mention on the channel that that was my price target. But of course, as i mentioned in almost all of my videos, those price targets do not come into play until we actually see a confirm break of the pattern. Just here to the downside, going back in this chart just here on the daily time frame for ethereum versus bitcoin, taking a look at some previous descending triangle patterns, as you can see, pretty much. All of them have broken to the downside on this chance chances here. As you can see, another descending triangle pattern: is there going back further? Another descending triangle pattern there breaking down so roughly around seven times out of ten. This pattern normally breaks to the downside and roughly around three times out of ten. This pattern breaks to the upside. So this is one of those rarer times that we do actually break to the upside out of this specific type of pattern, and once again, as i was just discussing, this is likely in anticipation of the london hard fork set to arrive in just a couple days

Now - and i did actually tell you all yesterday on the channel, if you watched my ethereum update just yesterday i'll - let you guys know that if ethereum does actually break above this yellow line right here, i will move some of my bitcoin into ethereum and, of course, That did play out just there, and i also gave you guys an immediate update as soon as i did this transaction over on my twitter. The link to my twitter is in the description down below once again. I basically just let you guys know that i did move a small amount of bitcoin into ethereum, and this was only using the bitcoin that i actually bought three weeks ago with ethereum so for context here for the new viewers on the channel roughly around three weeks Ago now, just over three weeks ago, i did actually make a couple videos on the channel at this peak right here, where we were getting a rejection along this level, saying that i did actually move some ethereum into bitcoin

I sold ethereum to buy more bitcoin at that stage in the market just there, because i was actually predicting some downside price action in the short term for ethereum versus bitcoin. So once again that played out pretty nicely just there. So for those of you that did actually take that trade and take some profits at these lower levels of support. Of course, congratulations to you, but for those of you that held on all the way in order to save yourself from any sort of loss, if you simply got out at that yellow line, as i was saying yesterday, this entire trade, just here over the past three Weeks approximately would still have been a profitable decision that we made on the channel roughly around three weeks ago

Once again, for those of you wondering exactly how i did this transaction, i did actually do it using my block fight account. This was completely free, no fees. So this right here, as you can see i'll quickly, actually find my face cam. So you can see the full picture just here. This was actually the transaction that i made roughly around three weeks ago. Once again, when i sold a little bit of ethereum and bought some bitcoin using that ethereum and now going to the transaction that i made today once again, i basically just sold that bitcoin that i accumulated around three weeks ago to move back into ethereum as ethereum Versus bitcoin is now looking bullish once again, so as you'll probably know by now on this channel, i am fully transparent

In fact, i tell you guys that i'm about to make these moves before i even make them, and so, if you also want to use spotify to have these fee free transactions, and not only that if you want to actually gain interest every single day. Just for storing your crypto over here on block five, because once again by having your crypto sit on block five, you are actually gathering passive income every single day and already i've actually gained over a thousand dollars with no work required. All i've done to get that is simply just to deposit some of the crypto that i was already holding anyway over here on this block fight interest account. I obviously would not be showing this if i didn't actually use it myself as a part of my strategy, but yeah

If you want to check this out for yourself, i do actually have a link to block fight down below it'll, be the first link in the description, and if you use that link to make an account, you can get yourself between a 15 up to a 250 Dollar bitcoin bonus when you're opening your account using the link down below but yeah. Now that ethereum versus bitcoin is beginning to break out to the upside here. First of all, we do need to see a little bit more confirmation here on the chart, so we have already seen one daily candle close above this resistance level, which is good if we can see another daily candle, close green above these levels, then that would also Be really good that can act as confirmation, but preferably if we can see the volume pick up here a little bit or if we can actually see a retest of these levels

That can also act as extra confirmation of this breakout and for as long as this breakout can continue here with some sort of confirmation. The technical price target to the upside out of this breakout is coming in at roughly around 0.089 bitcoin per ethereum. So from the current prices up to that price target, that's around a 35 to 36 percent gain for ethereum versus bitcoin, so this isn't just a theorem gaining against the us dollar

Once again, this is ethereum outperforming bitcoin. If we can continue up towards that higher price target now in between the current price and the price target, of course, we have these previous levels of resistance that we have already confirmed just here. So, first of all, immediately we have this level coming in at around 0.069 bitcoin per ethereum. The next resistance level is coming in at roughly around 0.078 bitcoin per ethereum, and the high just here is coming in at approximately 0.0826 bitcoin per ethereum. So those are just the previous highs once again on this chart previous levels, where we have already found resistance and taking a look at the fibonacci levels. We do also have the golden pocket coming in at roughly around 0.072 bitcoin per ethereum. So those are now the important levels of resistance that i am paying attention to here. In the short term, importance levels of support are once again the previous levels of resistance here that we have now broken above, which is immediately this yellow line as support once again. Coming in at roughly around 0.064 bitcoin per ethereum now, another reason why i have actually moved some of my bitcoin back into ethereum is also because of this chart right here

This is the bitcoin dominance chart, and this chart by the way, is actually really important for all alt coin holders out there, because for the beginners for the new viewers on the channel, the bitcoin dominance chart basically just shows us. The market share that bitcoin has over the entire crypto market so right now, for example, it's at just below 47, so out of all of the money in crypto altogether, roughly around 47 is in bitcoin. So, of course, when this is heading to the downside, that means bitcoin is losing market share, which means the old coins are outperforming bitcoin, but when the bitcoin dominance is gaining back to the upside here, that means that bitcoin is stealing market share back from the alt Coins and the old coins are underperforming bitcoin if the dominance is moving to the upside here

So i have discussed over the past couple of days here once again. This is on the daily time frame. I'Ve discussed over the past couple days that we have actually seen this small breakout to the upside here, but no confirmation just yet on the chart. So what we were waiting to see if we were confirming the breakout here is a successful retest about of these levels. If we were confirming the breakout just here, but of course this is the reason why we need to see some sort of confirmation here, because if we cannot hold above those levels, this then turns into a fake out, and that is potentially what we are seeing right Now, because the bitcoin dominus is starting to break below these important support levels just here, and so once again, if the bitcoin donors is trending to the downside as we are breaking support, that means that the altcoins, just on average in general, the old coins will be Outperforming bitcoin, of course, there's always going to be exceptions to the rule, considering the fact that there's over 10 000 all coins out there, but this is also a bullish sign for ethereum versus bitcoin as well

The bitcoin dominance going to the downside is bullish for the old coins, but anyway, that's just about everything i have to say for this video. Thank you so much for watching all the way to the end. I appreciate it and if you got something valuable out of this video or if you simply just enjoyed this video, make sure to leave a like on the video down below and if you're new to the channel make sure to subscribe to the channel. With notifications turned on for more videos like this one and also be sure to share these videos around with your friends, because, right now, we are actually in an amazing opportunity in the crypto markets, considering the fact that the entire crypto market has experienced some very bearish Price action over the past few months and right now we are potentially beginning an uptrend in bitcoin, ethereum and other all coins out there as well in their us dollar pairs