📝 Video Summary
Overall Market Evaluation
Josh is currently long on Bitcoin, having taken some profits off the table due to resistance. He anticipates a continued bullish trend in the short term, with potential for further gains if key resistance levels are broken. He is also bullish on altcoins, expecting continued altcoin season due to the bearish Bitcoin dominance.
Key Points and Analysis
Bitcoin (BTC)
- Weekly Chart: The super trend indicator is green, indicating a larger bull market. A massive bearish divergence is present but not yet invalidated.
- 3-Day Chart: Showing more bullish momentum, nearing a bullish crossover in the MACD, which has historically led to further bullish price action.
- Daily Chart: Bitcoin is bouncing from a support area between $106,700 and $107,600. Expect support in the $113,000 to $113,500 range if a pullback occurs.
- 4-Hour Chart: Bitcoin is struggling at resistance levels he has been targeting. Specifically the $116,500 and $117,000 areas. The short-term trend is still bullish.
- Potential Breakout: If Bitcoin breaks above $117,000, the next target is $120,000, followed by the all-time high near $124,000.
- Liquidation Heatmap: Liquidity building above the price near $116,900.
- Trading Strategy: Josh is still long on Bitcoin, having taken profits. He has a $100,000 Bitcoin long position on his BTEX account with $2,500 in unrealized profits and $4,500 in realized profits. His 2Bit account is also in profit. Stop losses are set in slight profits.
Bitcoin Dominance
- 3-Day Chart: The Bitcoin dominance chart is in a larger bearish trend (pullback). This is seen as positive for altcoins.
Ethereum (ETH)
- 3-Day Chart: Trading sideways between support at $3,900-$4,100 and resistance at $4,800-$4,900.
- Potential: If Bitcoin holds up and breaks out while Bitcoin dominance pulls back, Ethereum could break into new all-time highs.
- Daily Chart: Expecting a retest of the $4,800 - $4,900 resistance, but still expecting some struggle in that area. The bearish divergence is no longer being relied upon.
Solana (SOL)
- Long-Term Trend: Very bullish, forming higher lows and higher highs.
- Breakout: Broke above a key Fibonacci level at $230.
- Targets: Next major target is $260 - $265, then $290 - $300.
- Support: $230, with major support at $215-$216.
- Rising Wedge Breakout: Broke out of a rising wedge pattern, which is a bullish signal.
XRP
- Weekly Chart: Bearish divergence is present, higher prices with lower RSI.
- Daily Chart: Broke above $2.90, indicating a short-term reversal signal.
- Targets: Next target is $3.80 - $3.10, followed by $3.30 - $3.40.
- Support: Expect support at $3.08 - $3.10. Additional support at $2.85 - $2.90 and $2.75.
- Descending Triangle: Confirmed a bullish breakout from a descending triangle pattern.
- Invalidation: The bullish breakout is invalidated if the price goes back below $2.90 or $2.95.
Chainlink (LINK)
- Daily Chart: Bouncing from the 23.6% Fibonacci level at around $22.20 - $22.40.
- Resistance: $25.20.
- Inverse Head and Shoulders: A potential inverse head and shoulders pattern is forming. If it breaks out above $25.20, the next target is $26.70 - $26.80 or around $27.
- Trend: The larger trend is very bullish.
- Altcoin Season: Expect more bullish price action if Bitcoin breaks out while Bitcoin dominance pulls back.
Trading Strategy and Recommendations
Josh is sharing his Bitcoin trading strategy, remaining long and taking profits. He is providing key levels to watch and encouraging viewers to consider taking trades. He recommends using specific exchanges (BTEX and Tubbit) for trading, with associated bonuses.
Alerts
- BTC/USDT;>;117,000;Josh: Target is $120,000 if it breaks $117,000.
- BTC/USDT;>;120,000;Josh: Next target is $124,000 if it breaks $120,000.
- SOL/USDT;>;260;Josh: Next major target is $260 - $265 if it breaks out above $230.
- SOL/USDT;>;290;Josh: Next major target is $290 - $300 if it breaks out above $260 - $265.
- XRP/USDT;>;3.30;Josh: Next major resistance is $3.30 - $3.40.
- LINK/USDT;>;25.20;Josh: If it breaks above $25.20, the next major target is $26.70 - $26.80 or around $27.
- LINK/USDT;<;23.50;Josh: Possible slight pullback before head and shoulders pattern.