📝 Video Summary
Crypto Market Overview by Josh
Josh is currently bullish on Bitcoin and the overall crypto market in the short term. He attributes the current pump to factors such as a short squeeze, negative funding rates, and historical seasonality. He emphasizes the importance of risk management and the potential for further gains, while also acknowledging the possibility of a short-term cool-off.
Bitcoin Analysis
- Weekly Chart: The super trend indicator is green, indicating a bull market. However, a significant bearish divergence is still active.
- 3-Day Chart: Lacking significant momentum, relatively neutral.
- Daily Chart:
- Higher low formed, breaking above resistance at approximately 113.5K.
- Potential W pattern/double bottom if price breaks above 117,000-118,000, which would be extremely bullish.
- Hidden bullish divergence confirmed on the daily chart, which is bullish but typically weaker than a regular bullish divergence.
- Regular bullish divergence on the 4-hour chart, which has been playing out.
- 4-hour RSI entering overbought territory, suggesting a possible cool-off in the next 1-2 days.
- Higher high created, confirming bullish price structure.
- Possible inverse head and shoulders pattern if rejection happens, which would be bullish.
- Liquidity:
- Liquidity building below the price at approximately 108.1K - 108.5K.
- Relatively small amount of liquidity just above 114,000.
- Relatively small amount of liquidity at 116.6K - 116.8K.
- A lot of liquidity at roughly 118,000 - 119,000.
- Funding Rates: Negative funding rates are fueling a short squeeze, adding "fuel to the bullish flame."
- Seasonality: Historically, October is the most bullish month for Bitcoin.
- Trading Strategy: Still long on Bitcoin. Took profits and placed a stop-loss in profits for risk management. Reduced the position size.
Altcoin Analysis
- Bitcoin Dominance: Playing out a short-term bullish divergence, expecting a bullish relief in the coming days/weeks.
- Ethereum:
- Bouncing from support at 3.9K - 4.1K.
- Resistance at 4.8K - 4.9K.
- 8-hour chart: Breakout above 4060 to 4.1K, now acting as support.
- Next resistance at 4.2K, then 4250 to 4280, and potentially 4.5K if breakout happens.
- Solana:
- Bouncing from support at 190 to 200.
- Resistance at 215 to 216.
- 12-hour chart: Continuing bounce from oversold RSI.
- XRP:
- Weekly chart: Massive bearish divergence is still active.
- Daily chart: Continuing short-term bounce from support at 2.70 to 2.80.
- Resistance at 2.93, then potentially at 3, and then at 3.10 to 3.15 and 3.30 to 3.35.
- Chainlink:
- Daily chart: Short-term bullish move, but still within a larger bearish structure.
- Bouncing from support at 19 to 20.
- Resistance at 22 to 22.30.
- Breakout above 22 would likely lead to a move towards 24-25.
Alerts
- BTC/USDT;>;113,500;Josh: Breakout confirmation, should close daily candle.
- ETH/USDT;>;4,200;Josh: Expecting resistance.
- ETH/USDT;>;4,300;Josh: Breakout above this level could see a move towards 4.5K.
- SOL/USDT;>;215;Josh: Resistance to watch out for.
- SOL/USDT;>;215;Josh: Breakout above this level could see a move towards 230.
- XRP/USDT;>;2.93;Josh: Expecting resistance.
- XRP/USDT;>;3.10;Josh: Next significant area to watch out for.
- XRP/USDT;>;3.30;Josh: Next significant area to watch out for.
- LINK/USDT;>;22;Josh: Resistance to watch out for.
- LINK/USDT;>;22;Josh: Breakout above this level could see a move towards 24-25.