BITCOIN WARNING: Bearish Price Targets Exposed!!!! - Bitcoin News Today, Ethereum & Altcoins

📝 Video Summary

Overall Market Evaluation by Josh

Josh's overall evaluation of the market is cautious and neutral in the short term, with a looming bearish sentiment on the weekly charts for Bitcoin. He highlights significant resistance levels that Bitcoin is struggling to overcome, while also noting crucial support levels that are currently holding. The market is characterized by choppy, sideways price action, and a lack of strong bullish momentum. Josh emphasizes the importance of watching liquidation heat maps for potential downside movements. While short-term relief is possible, the larger trend on higher timeframes suggests a potential correction or bearish market.

Key Points and Main Topics Discussed

• Bitcoin (BTC):
  • Currently struggling under massive resistance.
  • Bouncing from a crucial short-term support level.
  • Significant liquidity building below the current price on the liquidation heat map, indicating potential downside targets.
  • Weekly chart shows a strong bearish divergence, suggesting a larger correction or bearish market.
  • 3-day chart shows a shorter-term bullish divergence, which is still active and could lead to slight bullish relief or choppy sideways action in the coming days/weeks.
  • Daily chart shows price action within a sideways range between support at $85,000-$86,000 and resistance at $92,000-$94,000, with strong resistance at $94,000.
  • 6-hour chart indicates choppy, sideways price action as predicted, with minimal bullish momentum.
  • Immediate short-term outlook (next 12-24 hours) suggests continued choppy sideways action, holding above $90,000 support.
  • Within the next few days, a dip towards downside liquidity around $89,000-$89,100 is a possibility.
  • Key support levels: $90,000, $89,000-$89,100, $88,200-$88,300, and $86,000-$87,000.
  • Key resistance levels: $92,000-$94,000, with strong resistance at $94,000.
• Ethereum (ETH):
  • Retesting Fibonacci support between $3,040 and $3,050, with a key support zone around $3,000-$3,100.
  • Currently seeing a slight bounce from this support.
  • A confirmed break below $3,000 could lead to a drop towards $2,800.
  • Resistance is expected around $3,300 in case of a bounce.
  • 3-hour chart shows potential invalidation of a previous short-term bearish divergence, with signs of a bullish divergence forming on the RSI.
  • Short-term outlook suggests slight bullish relief or more choppy sideways action, dependent on Bitcoin holding its support.
• Solana (SOL):
  • Trading within a sideways price range.
  • Support identified at $132-$133 and $125.
  • Resistance is strong in the area between $143-$147.
  • Recently came close to retesting this resistance area.
  • A daily bullish divergence is still active and not yet invalidated, which could lead to more short-term bullish price action or choppy sideways movement.
  • Any bullish price action will likely result in another test of the resistance area.
• XRP:
  • Weekly chart shows a massive bearish divergence that is still active.
  • Daily chart shows rejection from resistance between $0.230 and $0.240 (Fibonacci area).
  • Support is being found around $0.250 (low $0.2 area), which is slowing down bearish price action.
  • Short-term outlook (next one to two days) suggests continued sideways price action, possibly a slight pullback to the support around $0.20-$0.25.
  • Lack of strong bullish momentum is preventing a significant bullish move.
• Chain Link (LINK):
  • Lacking bullish momentum.
  • A daily bullish divergence is still active, suggesting potential for short-term bullish relief or choppy sideways action in the coming days/weeks.
  • Currently testing a resistance level that was previously broken below, between $13.30 and $13.50.
  • If this resistance is broken, expect more resistance at $14.10 and then between $14.70 and $15.
  • Support is expected between $12.60-$12.80 and a significant support at $12.
• Bitcoin Dominance:
  • Currently ranging sideways with a lack of momentum in either direction, appearing neutral.
  • This suggests that altcoins will likely perform similarly to Bitcoin.

Important Insights

• The market is in a critical juncture, with strong resistance levels capping upside potential for Bitcoin and other major cryptocurrencies.
• The build-up of liquidity below Bitcoin's price is a significant factor to watch, as it could fuel a downside move.
• While short-term bullish divergences exist on some charts (e.g., Bitcoin 3-day, Ethereum 3-hour, Solana daily, Chain Link daily), they are not yet strong enough to signal a major trend reversal.
• Choppy, sideways price action is the most likely scenario in the short term for many cryptocurrencies.
• The overall bearish sentiment on Bitcoin's weekly chart suggests that any rallies might be short-lived and could be opportunities for further downside.
• XRP is showing resilience at a key support level despite strong resistance above, indicating a potential for sideways consolidation.

Trading Opportunities and Positions

• Bitcoin (BTC): Josh has previously predicted choppy sideways price action and is now highlighting the potential for a dip towards downside liquidity around $89,000-$89,100 within the next few days. He has not explicitly stated a current trade position but is indicating a potential short-term downside target.
• Ethereum (ETH): Josh mentions that if Bitcoin holds its support, Ethereum could see slight bullish relief. He also notes that a break below $3,000 could lead to a drop towards $2,800, implying a potential short opportunity if that level breaks.
• Solana (SOL): Josh expects continued sideways action or a retest of resistance between $143-$147. The active bullish divergence suggests potential for short-term upside, but he cautions about strong resistance.
• XRP: Josh anticipates continued sideways action with potential for a slight pullback to support around $0.20-$0.25.
• Chain Link (LINK): Josh highlights potential resistance between $13.30-$13.50 and above that at $14.10. The active bullish divergence suggests potential for short-term bullish relief.

Alerts to Be Aware Of:

• BTCUSDT;{{price}} > 94000;Josh: Strong resistance at 94K, watch for rejection.
• BTCUSDT;{{price}} < 89100;Josh: Potential downside target due to liquidity build-up.
• ETHUSDT;{{price}} < 3000;Josh: Break below 3K could lead to a drop towards 2.8K.
• SOLUSDT;{{price}} > 147000;Josh: Resistance at 143-147K, watch for rejection.
• XRPUSDT;{{price}} < 20000;Josh: Support around 0.20-0.25, watch for potential pullback.
• LINKUSDT;{{price}} < 13500;Josh: Resistance at 13.30-13.50, watch for rejection.