📝 Video Summary
Overall Market Evaluation by Josh
Josh's overall assessment of the market is cautious but leaning slightly bullish in the short term. The Federal Reserve's interest rate cut, while expected, has been priced into the market. He anticipates a period of consolidation or a slight pullback for Bitcoin and altcoins due to a confirmed bearish divergence on the 4-hour Bitcoin chart. He is taking profits on some of his Bitcoin positions but remains overall long, as a bearish trend has not yet been confirmed. He highlights key resistance and support levels for Bitcoin, Ethereum, Solana, XRP, and Chainlink.
Bitcoin Analysis
Weekly Chart
- The Supertrend indicator is green, suggesting a larger bull market.
- A bearish divergence is still present and should be watched.
3-Day Chart
- Approaching a potential bullish crossover in the MACD indicator.
- Not seeing significant upward momentum, but showing some short-term strength.
Daily Chart
- Bitcoin is struggling at the resistance level of $117,000.
- Resistance: $117,000 (strong resistance).
- Support: $114,500, $113,000 - $113,200, just above $110,000, and $106,700 - $107,600 (major support).
- A breakout above $117,000, with confirmation, could target $120,000 and then all-time highs.
4-Hour Chart
- Bitcoin is in a short-term bullish trend, with higher lows and higher highs.
- Perfectly rejecting from the resistance level of $116,500 - $117,000.
- A bearish divergence has confirmed.
- Josh expects a "cool-off," potentially choppy sideways action or a slight pullback in the next couple of days.
Trading Strategy
- Josh has reduced the size of his Bitcoin long position on his Bitfinex account, taking profits due to the bearish divergence.
- He is still long on Bitcoin but with a smaller position of $50,000 on Bitfinex.
- He has a $100,000 Bitcoin long position on 2bit.
- He emphasizes risk management, with stop losses set above his entry points.
Ethereum Analysis
3-Day Chart
- ETH is trading within a sideways price range.
- Support: $3,900 - $4,100, $4,240 - $4,250.
- Resistance: $4,800 - $4,900.
4-Hour Chart
- ETH is finding short-term support around $4,470 - $4,500.
- A break below this level could lead to a retest of the lows around $4,250 - $4,280.
General
- Josh advises paying attention to Bitcoin and Bitcoin dominance to assess the likely direction of altcoins.
Solana Analysis
2-Day Chart
- Solana is holding above and retesting a key Fibonacci level at $230.
- It remains in a long-term bullish trend.
- Resistance: $260 - $265, $290 - $300.
- Support: $230. A break below $230 could target $215, and then $190 - $200.
XRP Analysis
Weekly Chart
- A bearish divergence is still active and uninvalidated.
Daily Chart
- Lacking momentum, trading in a sideways range.
- Potentially forming an inverse head and shoulders pattern, but unconfirmed.
- Support: $0.90, $0.85 - $0.90, $0.75.
- Resistance: $3.10, $3.30 - $3.40.
- A bullish breakout from a descending triangle pattern is losing momentum.
- A break below $0.95 would invalidate the pattern.
Chainlink Analysis
Daily Chart
- Chainlink is in a long-term bullish trend.
- A break below the low could confirm a bearish structure.
- Support: Holding above $22, ideally $22.30 - $22.40.
- Resistance: $25.20, $26.70 - $27.
- Josh expects a lack of short-term momentum, potentially a slight pullback or choppy sideways action, influenced by Bitcoin's bearish divergence.
Alerts
- BTC/USDT;>;117,000;Josh: Breakout above $117,000, next target is $120,000
- ETH/USDT;<;4470;Josh: Break below $4470, could retest the lows.
- SOL/USDT;<;230;Josh: Break below $230, could target $215.
- XRP/USDT;>;0.310;Josh: Break above $0.310, next target is $0.330-$0.340
- LINK/USDT;<;22;Josh: Break below $22 could target $20.