📝 Video Summary
Market Overview and Crypto Analysis by Josh
Josh provides a market analysis focusing primarily on crypto assets. He maintains a bullish outlook on Bitcoin in the short term, highlighting key resistance and support levels. He also discusses the importance of Bitcoin dominance and its impact on altcoins, along with analyses of Ethereum, Solana, XRP, and Chainlink.
Bitcoin (BTC) Analysis
Josh is currently long on Bitcoin, with his trading strategy and positions detailed in the video. He is watching the price action closely, focusing on key resistance and support levels.
- Weekly Chart: Supertrend indicator is green, indicating a larger bull market. There's a bearish divergence to watch out for.
- 3-Day Chart: Moving towards a bullish crossover in the MACD, suggesting regaining bullish momentum.
- Daily Chart: Approaching major resistance at $117,000. Breaking above this level with confirmation targets $120,000, and then the all-time high (around $124,000). Support is at $113,000 - $113,500.
- 4-Hour Chart: Bullish trend is confirmed by higher lows and higher highs. Short-term trend is bullish.
- Liquidity: A lot of liquidity building just above the price of Bitcoin at around $116,700 to $117,000.
- Trading Strategy: Currently long on Bitcoin on BTEX and 2bit. Reduced his BTEX long position from $250,000 to $100,000. Unrealized profits on BTEX are around $2,500, and realized profits are around $4,500. Unrealized profits on 2bit are around $1,500. Stop losses are in slight profits on both accounts. May take more profits if the price struggles at resistance.
Ethereum (ETH) Analysis
Ethereum is currently in a sideways price range.
- 3-Day Chart: The price is bouncing around in a sideways price range. Support is between $3,900 and $4,100, and resistance is between $4,800 and $4,900.
- A breakout above $117,000 for Bitcoin, along with the Bitcoin dominance continuing the pullback, could lead to an all-time high breakout for Ethereum.
Solana (SOL) Analysis
Solana has confirmed a breakout above a key Fibonacci level.
- 2-Day Chart: Officially confirmed a 2-day candle close above the $230 Fibonacci level. Support at $230 if there's a pullback, and further support at approximately $215 if it breaks below $230. Resistance is between $260-$265. Target is $290-$300.
- 12-Hour Chart: Since breaking above $217-$218, Solana is very bullish.
XRP Analysis
XRP is retesting a key area.
- Weekly Chart: Massive bearish divergence still active.
- Daily Chart: Retesting the $0.38-$0.310 area. If the daily candle closes back below $0.38, it's not good for the short term and could lead to a sideways price range. Support at $0.285 - $0.290.
- Triangle Pattern: Bullish breakout is still active, holding above $0.295-$0.30. If price breaks below $0.290, the breakout is invalidated. Resistance at $0.310, and major resistance is $0.330 - $0.340.
Chainlink (LINK) Analysis
Chainlink is in a bullish trend, but may be experiencing a short-term pullback.
- Daily Chart: Within a long-term bullish trend with a larger bullish price structure. Short-term pullback may be happening.
- Resistance: $25.20 (rejection based on candle closes) and $26.70 - $27.00.
- Support: $23.80, and major support around $22.00 - $22.40.
- Pattern: Possible inverse head and shoulders pattern forming.
Bitcoin Dominance
The Bitcoin dominance chart is still in a larger pullback, which is good for altcoins.
- 3-Day Chart: Pullback continues.
Alerts
- BTC/USDT;>;117,000;Josh: Breakout confirmation. Next target is $120,000.
- SOL/USDT;>;230;Josh: Support at 230, if the price breaks above $230.
- SOL/USDT;<;230;Josh: Support at 230, if the price breaks below $230, then expect $215.
- SOL/USDT;>;260;Josh: Next major target is 260, then 290-300.
- XRP/USDT;<;0.38;Josh: If the price breaks below $0.38, the short term view is not that good.
- XRP/USDT;<;0.29;Josh: If the price breaks below $0.29, the bullish breakout is invalidated.
- LINK/USDT;>;25.20;Josh: If the price breaks above $25.20, expect resistance at $26.70 - $27.00.