BITCOIN WILL FLIP IF THIS BREAKS (Prepare Now)!!!! - Bitcoin News Today, Ethereum & Altcoins

Overall Market Evaluation by Josh

Josh's current market evaluation remains cautiously optimistic for the short term, with a focus on potential bullish continuations. He notes that while the larger, multi-month bearish trends are still technically in play, short-term bullish signals are becoming more prevalent. The S&P 500 is showing strength by returning to all-time highs, which generally supports a positive short-term outlook for cryptocurrencies. Josh emphasizes the importance of distinguishing between these short-term bounces and the overarching long-term bearish sentiment that has not yet been definitively broken.

Key Points and Main Topics Discussed

Bitcoin (BTC) Analysis

• Weekly Time Frame: The super trend indicator remains red, indicating a larger bearish trend. The significant bearish divergence noted in the previous summary is still active and unconfirmed as invalidated.
• 3-Day Time Frame: The previously confirmed bullish divergence is continuing to play out, leading to a "bullish relief" or sideways consolidation. Josh expects this to continue for the next few days to weeks.
• Daily Time Frame: Bitcoin is currently trading within a sideways range, with support at $85,000-$86,000 and resistance at $92,000-$94,000. No significant change has occurred on this timeframe.
• 6-Hour Time Frame: A potential cup and handle pattern is forming. Confirmation of a candle close above approximately $90,000 is needed to validate this pattern and set a new price target. This $90,000 level is significant as it's a psychological level, former support, and recent resistance.
• Price Target for Cup and Handle: If confirmed, the pattern suggests a conservative price target around $94,000-$12,000 (likely a typo in transcript, intended to be ~$94,000). This represents about a 5% move, which could translate to significant profits with leverage.
• Liquidity: Significant liquidity is building just below $91,000, specifically between $90.7K and $91,000. This liquidity acts as a magnet and could assist Bitcoin in breaking above the $90,000 level.
• Trading Opportunity: Josh highlights a potential trading opportunity with a long position if a confirmed breakout above $90,000 occurs. He advises waiting for confirmation and then potentially entering a trade targeting resistance levels and the pattern's price target, with strict risk management (stop-loss below the breakout point).

Ethereum (ETH) Analysis

• Daily Time Frame: ETH is retesting resistance around $3,040-$3.1K. A breakout above $3.1K could lead to a move towards $3,230-$3,250, with further resistance at $3.4K. Support is expected around $2,750-$2.8K. The potential bearish head and shoulders pattern is not confirmed and appears to be fading as price moves away from the neckline (around $2.8K).
• 3-Hour Time Frame: A new bullish divergence has been officially confirmed on the 3-hour chart (lower lows in price, higher lows in RSI, based on candle closes). This suggests a likely "bullish relief" or sideways price action in the immediate short term, especially if Bitcoin and the stock market continue their upward momentum.
• Previous Analysis Comparison: This confirmed bullish divergence on the 3-hour chart is new information compared to the previous summary, which mentioned a shorter-term bullish divergence that had "perfectly played out" leading to sideways action. The current analysis confirms a new divergence, suggesting further short-term upside potential.

XRP Analysis

• Weekly Time Frame: The larger price structure remains bearish, with a massive bearish divergence still active. However, XRP is holding above crucial support at approximately $0.180.
• Daily Time Frame: A smaller bullish divergence, confirmed about a week ago, is still active and unvalidated. Josh expects either sideways consolidation or a slight bullish relief in the coming days or weeks.
• Resistance Levels: Resistance is expected around $0.195, with major resistance between $0.200-$0.250, and further resistance near $0.215-$0.220.
• Consistency: The analysis remains consistent with the previous summary, highlighting the short-term bullish divergence against a larger bearish backdrop.

Solana (SOL) Analysis

• Daily Time Frame: The bullish divergence on the daily chart is still active and has not been invalidated. Josh expects either choppy sideways action or a slight bullish relief over the next few days to weeks.
• Support and Resistance: Support is around $115-$120, with immediate resistance at $124-$126. A breakout above this could lead to resistance around $130, and then significant resistance at $143-$147.
• Larger Trend: The larger trend on the daily timeframe remains technically bearish, with no confirmed reversal yet. However, short-term relief from this bearish trend is expected.
• Consistency: Similar to XRP, the analysis is consistent, emphasizing short-term bullish divergence within a larger bearish trend.

Chainlink (LINK) Analysis

• Daily Time Frame: LINK came close to invalidating a bullish divergence but has not yet confirmed any invalidation signal. Sideways price action or slight bullish relief is expected in the coming days or weeks.
• Support and Resistance: Support is around $12, with resistance at approximately $12.80, then $13.30-$13.50.
• Head and Shoulders Pattern: A possible head and shoulders pattern was forming, but the recent bounce is moving price away from its confirmation, suggesting this bearish pattern is less likely.
• Consistency: The analysis is consistent, reiterating the expectation of sideways movement or slight relief due to an unconfirmed bullish divergence.

Bitcoin Dominance

• Bitcoin dominance is trending slightly bullish, but without significant momentum. This suggests Bitcoin will likely slightly outperform most major altcoins in the short term, though altcoins are expected to follow Bitcoin's price action generally.
• Consistency: This aligns with the previous summary's observation of a slight bullish trend in Bitcoin dominance, implying altcoins would underperform.

Important Insights

• Short-Term Bullish Signals: Confirmed bullish divergences on shorter timeframes (like the 3-day BTC and 3-hour ETH) are leading to expectations of "bullish relief" or sideways consolidation.
• Confirmation is Key: Josh repeatedly stresses the importance of waiting for confirmed candle closes above key resistance levels (e.g., $90,000 for BTC) before entering trades.
• Liquidity as a Driver: Areas of significant liquidity above current price levels are seen as potential magnets for price movement, assisting in breakouts.
• Larger Bearish Trends Persist: Despite short-term positive signals, the overarching bearish trends on higher timeframes (weekly charts for BTC, XRP) have not been definitively broken.
• Risk Management: Josh emphasizes the use of stop-losses and moving them to break-even or into profit as trades develop, which is crucial for managing risk in volatile markets.

New Information and Shifts in Analysis

• New BTC Pattern: The identification of a potential cup and handle pattern on the 6-hour BTC chart is new and provides a specific, actionable short-term bullish target if confirmed.
• New ETH Divergence: The confirmation of a new bullish divergence on the 3-hour ETH chart is a key development, suggesting immediate short-term upside potential for Ethereum.
• Fading ETH Pattern: The potential bearish head and shoulders pattern for ETH is now considered less likely to confirm, shifting the outlook slightly more positively for ETH in the short term.
• Tone: While still cautious about larger trends, Josh's tone is slightly more optimistic regarding immediate short-term trading opportunities due to the newly identified patterns and divergences.

Potential Future Trading Opportunities/Strategies

• Bitcoin Long on Breakout: The primary opportunity identified is a long position on Bitcoin if it confirms a candle close above $90,000, targeting the cup and handle pattern's projected price of approximately $94,000-$95,000. Strict risk management with a stop-loss below the breakout point is essential.
• Ethereum Short-Term Long: With the confirmed 3-hour bullish divergence, a short-term long position on ETH could be considered, targeting resistance levels around $3,230-$3,