BITCOIN BEARISH TARGETS HIT (this is coming next)!!! - Bitcoin News Today, Ethereum & Altcoins

📝 Video Summary

Overall Market Evaluation by Josh

Josh's overall evaluation of the market is predominantly bearish in the short term. He highlights that Bitcoin has officially broken below a crucial price level, and the US stock market is experiencing a significant dump, which is directly influencing the crypto market due to their correlation. He emphasizes that new liquidity is building to the downside, indicating further potential price targets in that direction. While acknowledging some short-term support levels, Josh stresses that overall market strength is lacking, and significant bullish trend reversals are not expected in the immediate future. He also points out bearish divergences playing out across various cryptocurrencies like Ethereum and Solana, further supporting his bearish short-term outlook.

Key Points and Main Topics Discussed

Bitcoin Breakdown: Bitcoin has officially broken below a crucial resistance level (previously between 92,000 to 94,000), invalidating an earlier bullish breakout. This is considered a short-term bearish signal.
Stock Market Influence: The US stock market is experiencing a significant dump, attributed to new tariff announcements. This weakness in stocks is directly impacting the crypto market due to their high correlation.
Liquidity and Downside Targets: Josh warns of new liquidity building below the current Bitcoin price, particularly around 89,12,000 and 89,000. He states that prices are likely to move towards these levels to "wipe out" this liquidity, suggesting further downside potential.
Ethereum's Struggles: Ethereum is showing a bearish divergence and is breaking below key Fibonacci support levels, specifically around 3,040 to 3,050, and potentially below $3,000. A confirmed break below $3,000 is seen as a short-term bearish signal, with the next major support at approximately $2,800.
Solana's Rejection: Solana has experienced a major rejection from a significant resistance area between 143 to 147. Previous support at 134 is now expected to act as resistance. The next support level to watch is around 124 to 125.
XRP's Critical Juncture: XRP is testing a crucial support level around $1.80. A weekly candle close below this level would be extremely bad news, with potential targets of $160, and more likely $130 to $140. Josh highlights this as a potential trading opportunity if the level breaks.
Chainlink's Downtrend: Chainlink is following the broader market trend, expecting continued dumps and weakness. Resistance is expected around $12.80-$12.90 and $13.30-$13.50. Support is seen around $12, with a break below $11.90-$12 potentially leading to a move towards $10.90.
Bitcoin Dominance: Bitcoin dominance is showing a slight short-term bullish movement but remains neutral in the larger trend. A breakout above resistance (60.5% to 61%) would be very bad news for altcoins.
Trading Opportunities: Josh mentions that traders can profit from bearish price action using short positions. He also alludes to potential long positions if bounces occur from support levels.

Important Insights

The correlation between the US stock market and the crypto market is a significant driver of short-term price action.
Liquidity levels are crucial indicators for potential price targets, especially on lower timeframes.
Short-term bearish divergences are playing out across multiple major cryptocurrencies, signaling a period of weakness.
Key support and resistance levels are critical for determining future price movements. Breaking these levels often leads to further price discovery in that direction.
Even in a bearish market, trading opportunities exist through short positions.
The next few days are crucial for Bitcoin's price to determine the direction for the coming weeks and months.
While oversold conditions are being met on some timeframes, this does not immediately signal a bullish reversal, but rather a potential for a short-term relief or consolidation.

Trading Opportunities and Positions Mentioned

Shorting XRP: If XRP confirms a break below $1.80, it presents a potential trading opportunity to short the asset with targets of $160, and more likely $130 to $140.
Shorting Altcoins (Conditional): If Bitcoin dominance breaks out above its resistance level, it would be very bad news for altcoins, creating opportunities to short them.
Short Positions in General: Josh reiterates that traders can profit from bearish price action by using short positions on various cryptocurrencies.

Alerts to Be Aware Of

BTCUSDT;{{price}} < 94000;Josh: Break below 94,000 is a short-term bearish signal, expect more downside.
BTCUSDT;{{price}} < 89900;Josh: Break below immediate support at 89,900 could lead to further downside.
BTCUSDT;{{price}} < 86700;Josh: Break below 86,700-86,800 support could lead to a test of 85,000-86,000.
BTCUSDT;{{price}} < 89000;Josh: Liquidity building around 89,000, expect price to move towards this level.
ETHUSDT;{{price}} < 3000;Josh: Break below 3,000 confirmed is a short-term bearish signal, expect more downside.
ETHUSDT;{{price}} < 2800;Josh: Next major support for Ethereum at approximately 2,800.
SOLUSDT;{{price}} > 147;Josh: Rejection from 143-147 resistance is expected to continue.
SOLUSDT;{{price}} < 134;Josh: Break below 134 support means it could flip to resistance.
SOLUSDT;{{price}} < 125;Josh: Next support for Solana around 124-125.
XRPUSDT;{{price}} < 1.80;Josh: Critical support at 1.80. A break below with a weekly close would be extremely bad news.
XRPUSDT;{{price}} < 130;Josh: If 1.80 breaks, targets could be 160, most likely 130-140.
LINKUSDT;{{price}} < 12;Josh: Break below 11.90-12 support could lead to a move towards 10.90.
TOTALUSDT;{{price}} < 1.5T;Josh: Overall market weakness, expect further downside. (Assuming a TOTAL market cap reference)

📈 Progressive Summary

Overall Market Evaluation by Josh

Josh's current market evaluation remains predominantly bearish in the short term. This sentiment is reinforced by Bitcoin's failure to hold key breakout levels and the ongoing weakness observed in the US stock market, which is a significant driver for crypto prices due to their correlation. The introduction of new tariffs is cited as a primary catalyst for this bearish sentiment. While some longer-term bullish divergences still exist, the immediate outlook points towards further downside pressure and potential price discovery towards new liquidity levels.

Key Points and Main Topics Discussed

US Stock Market Weakness: The US stock market opened significantly lower after a three-day weekend, continuing the weakness seen at the end of the previous week. This downturn is attributed to new tariff announcements, which generally negatively impact risk assets like stocks and cryptocurrencies. Josh predicted this dump in his previous video.
Bitcoin's Breakdown and Invalidated Breakout: Bitcoin has officially broken back below the crucial 92,000 to 94,000 resistance level, which previously served as a significant barrier and then a breakout point. This failure to hold the breakout invalidates the bullish pattern and signals a short-term bearish move. The price is now expected to trade within a previous sideways range, with 92,000-94,000 acting as new resistance and 85,000-86,000 as a significant support area.
Technical Analysis of Bitcoin:
- Weekly Chart: The super trend indicator remains red, and the massive bearish divergence is still active, indicating sustained bearish pressure.
- 3-Day Chart: A previously active bullish divergence is now nearing invalidation. A further pullback in the RSI below its ascending support line would confirm this invalidation. The next few days are critical for determining the short-to-medium term outlook.
- Daily Chart: The daily candle close below 94,000 has confirmed the failure of the bullish breakout. Bitcoin is back within its prior sideways range.
- 6-Hour Chart: The short-term bearish divergence is playing out as expected, contributing to the current pullback. The chart is entering oversold territory, suggesting a potential relief bounce or sideways consolidation within the next 1-2 days, but not a significant bullish trend reversal.
Bitcoin Liquidity and Price Targets: New liquidity is building below Bitcoin's current price, with significant levels identified around 89,000 to 89,120. These levels are considered potential price targets due to the high probability of price moving towards them to wipe out liquidity.
Josh's Trading Positions: Josh has closed his Bitcoin long position. He took profits at 97,500 and exited the remainder at break-even due to the invalidated pattern and downside liquidity. He is not currently in any active long positions.
Ethereum (ETH): ETH is following Bitcoin and the stock market's bearish trend, breaking below the Fibonacci support around 3,040-3,050 and currently testing the 3,000 to 3,100 support area. A confirmed daily close below 3,000 would be a short-term bearish signal, with the next major support at approximately 2,800. A strong bearish divergence is visible on the 8-hour chart (and other shorter timeframes), indicating weakness. Similar to Bitcoin, ETH is entering oversold conditions on the 8-hour chart, suggesting a potential relief bounce within the next 1-2 days, but overall weakness is expected to persist.
Solana (SOL): SOL is experiencing a strong rejection from its resistance area between 143 and 147, as anticipated. It has broken below previous support at 134, which may now act as resistance. The next significant support level is around 124-125, with further support at local lows around 116-118 if 124-125 breaks. The bullish divergence on SOL is close to invalidation, and with overall market weakness, similar downside action is expected.
XRP: XRP shows a persistent bearish divergence on the weekly chart, which has been active for months. On the daily chart, it has broken below the short-term support at 2.05 and retested it as resistance. The immediate support is around 1.88, but the crucial level is 1.80. A weekly candle close below 1.80 would be extremely bearish, potentially leading to targets of 1.60, and more likely 1.30-1.40. While holding 1.80 could lead to another bounce, a break below it is a significant risk.
Chainlink (LINK): LINK is also experiencing a short-term dump, mirroring Bitcoin and the stock market. Previous support around 12.80-12.90 is now expected to act as resistance. The next support is around 11.90-12.00. A break below this level could lead to a significant drop towards 10.90. Weakness and a lack of bullish momentum are expected in the short term.
Bitcoin Dominance: Bitcoin dominance is showing a short-term bullish move but remains neutral in the larger trend. This indicates that major altcoins are likely to follow Bitcoin's price action. If Bitcoin dominance breaks above its resistance at 60.5%-61%, it would be a strong bullish signal for BTC dominance and very bearish for altcoins, potentially creating shorting opportunities in the altcoin market.

Important Insights

The current market downturn is driven by macroeconomic factors (tariffs) and technical weakness, particularly Bitcoin's failure to sustain its breakout.
Despite short-term bearishness, the 3-day chart's bullish divergence on Bitcoin, though nearing invalidation, offers a slight hope for a potential relief rally or consolidation.
Liquidity levels are a critical focus, with significant downside liquidity acting as a magnet for price.
Josh reiterates his caution and absence from new long positions, emphasizing transparency about any future trades.
The correlation between stocks and crypto is highlighted, making the stock market's performance a key indicator for crypto.

Trading Opportunities and Positions

Josh's Bitcoin Position: Closed. Josh has exited his Bitcoin long position, taking profits at 97,500 and then closing the remainder at break-even due to invalidated patterns and downside liquidity. He is currently not in any long positions.
Potential Shorting Opportunities: While not explicitly stated as current trades, Josh implies that shorting opportunities exist during bearish moves, such as a potential breakdown in XRP below 1.80, or if Bitcoin dominance breaks out upwards, creating opportunities to short altcoins.

Alerts to Be Aware Of

BTCUSDT;{{price}} < 89,900;Josh: Immediate short-term support at 89,900. Break below could lead to testing 86,700-86,800.
BTCUSDT;{{price}} < 89,000;Josh: Watch for liquidity build-up around 89,000, a potential price target.
ETHUSDT;{{price}} < 3,000;Josh: Confirmed break below 3,000 on ETH is a short-term bearish signal, with next support at 2,800.
SOLUSDT;{{price}} < 134;Josh: Break below 134 on SOL may lead to testing 124-125 support.
XRPUSDT;{{price}} < 1.80;Josh: Critical support at 1.80. A weekly close below this level would be extremely bearish, targeting 1.30-1.40.
LINKUSDT;{{price}} < 11.90;Josh: Break below 11.90-12.00 on LINK could lead to a drop towards 10.90.

Future Trading Opportunities/Strategies

Based on Josh's analysis, the following trading opportunities and strategies could emerge:

Shorting Altcoins if BTC Dominance Rises: If Bitcoin dominance breaks its resistance (60.5%-61%) and continues to trend upwards, this would signal significant weakness in altcoins. This presents a clear opportunity to short selected altcoins, anticipating a sharp decline in their prices. Specific price levels for altcoin shorts would depend on their individual chart patterns and liquidity levels.
Shorting XRP on Breakdown: If XRP confirms a break below the critical 1.80 support level, particularly with a weekly candle close below it, this would create a strong shorting opportunity. Potential targets for this short position would be 1.60, and more likely the 1.30-1.40 range.
Longing on Relief Rallies