📝 Video Summary
Market Overview by Josh
Josh's overall market assessment leans towards a short-term bearish outlook for Bitcoin, with a potential for a slight dip or sideways price action in the immediate future. He remains in his Bitcoin long positions, emphasizing the importance of protecting downside risk while leaving upside potential open. He highlights the presence of a bearish divergence on the 4-hour chart. He suggests that the funding rates are sitting below neutral and the short-term trend is still bullish. He points out the new liquidity building below the price of Bitcoin.
Bitcoin Analysis
- Weekly Chart: The Supertrend indicator remains green, indicating a larger bull market. However, there is a major bearish divergence still active.
- 3-Day Chart: Close to a potential bullish crossover in the MACD, but not yet confirmed.
- Daily Chart: Bitcoin is experiencing a short-term rejection from the resistance at approximately $117,000.
- 4-Hour Chart: A short-term bearish divergence is playing out, suggesting weakness in the short term. The trend is still bullish.
- Liquidation Heatmap: New liquidity is building below the price at approximately $114.3K. Massive liquidity is building above the price at around $118,000 to $119,000.
- Funding Rates: Most funding rates are below neutral, which is slightly bullish.
- Trading Strategy: Josh is in Bitcoin long positions, taking profits at resistance levels and using stop losses in slight profits to protect against downside risk.
Ethereum Analysis
Ethereum is in a sideways price range between $3.9K and $4.9K, as it has been for about a month. Currently, it is testing resistance around $4.5K, with support around $4,430 to $4,440.
Solana Analysis
Solana is in a longer-term bullish trend but is experiencing a slight cool-off. A bearish divergence on the 12-hour chart suggests a lack of bullish momentum or sideways action in the short term.
XRP Analysis
XRP is still playing out a larger bearish divergence on the weekly time frame. On the daily time frame, XRP is in a sideways price range. Short-term, Josh expects a cool-off, followed by a potential bullish relief.
Chainlink Analysis
Chainlink is experiencing a cool-off within its larger bullish trend. Support is crucial at around $22. Resistance is at $25 and $26.70-$27.
Bitcoin Dominance
Bitcoin dominance is experiencing a slight relief and is looking neutral in the short term.
Alerts
- BTC/USDT;>;117,000;Josh: Breakout opportunity. Next target is 120,000.
- BTC/USDT;>;120,000;Josh: Next major point of resistance.
- BTC/USDT;<;114,500;Josh: Breaking below this level would signal a bearish trend.
- ETH/USDT;>;4,500;Josh: If the price breaks above 4.5K with candle closes, the next immediate point of resistance is 4550.
- SOL/USDT;<;230;Josh: Expecting more support at around $215 to $216.
- SOL/USDT;>;260;Josh: Next significant resistance is in between around 260 to 265.
- XRP/USDT;>;310;Josh: Resistance in between around 310 to $3.15.
- XRP/USDT;>;330;Josh: More resistance up here in between around $330 to 335.
- LINK/USDT;<;22;Josh: Key level to hold. If it breaks below, it would start to form some significant bearish price structure.
- LINK/USDT;>;25;Josh: Resistance at close to $25.
- LINK/USDT;>;26.70;Josh: Resistance at just under $27 around $26.70 to $27.