📝 Video Summary
Market Overview and Crypto Analysis
Josh provides an analysis of the cryptocurrency market, focusing on Bitcoin, Ethereum, Solana, XRP, and Chainlink. His overall sentiment is cautious, leaning towards a potential pullback in the next few weeks or months, especially for Bitcoin and Ethereum. However, he acknowledges the possibility of short-term bullish relief or sideways price action due to existing bullish divergences.
Bitcoin (BTC)
Weekly:
- The Supertrend indicator remains green, indicating a larger bull market.
- A massive bearish divergence is confirmed, with a higher high in price and a lower high in the weekly RSI, suggesting weakening bullish momentum. Expects a consolidation or pullback in the next 1-2 months.
Daily:
- Bitcoin is potentially repeating history, similar to early this year.
- Expects more bearish than bullish price action in the next few weeks or month.
- Has confirmed a break below an important ascending line of support (around $109,000-$110,000) and previous lows.
- The only hope for bulls to avoid a larger pullback is to quickly get back above $110,000.
- Currently playing out a short-term bullish divergence, which could lead to a slight bullish relief for a few days.
Trading Strategy:
- Josh is actively using a Bitcoin futures gridbot trading strategy within a range of $70,000 to $130,000.
- His liquidation price is around $43,000.
- The strategy is designed to profit from both buy and sell orders within the specified range.
Bitcoin Dominance:
- Bitcoin dominance is currently playing out a bullish divergence.
- Altcoins are expected to underperform Bitcoin in the short term.
Ethereum (ETH)
3-Day:
- Ethereum is trading slightly below an important support area between $3,900 and $4,100.
- If the 3-day candle closes below $3,900, it's a bearish signal and could lead to a larger pullback to around $3,500 or lower in the next 1-2 months.
- Needs to reclaim the $3,900-$4,100 area quickly to avoid further decline.
Daily:
- An active bullish divergence is present.
- Expects a little more relief from the bearish price action in the next few days.
8-Hour:
- Bounced from the support area of $3,720 to $3,760
- A possible double bottom or W pattern is forming, which would set a bullish target if it breaks above the resistance area of $4,250 to $4,280.
Solana (SOL)
2-Day:
- Confirmed a 2-day candle close below the $190-$200 area.
- Expects resistance at $190-$200 if the price tests that area again.
- Support area around $170 - $175.
- If breaks below $170, the next support is at $158 and between $143-$146.
8-Hour:
- Confirmed a new bullish divergence.
- Expects choppy sideways price action in the short term.
XRP
Weekly:
- A massive bearish divergence is still playing out.
Daily:
- Confirmed a daily candle close below the support area of $0.233-$0.240.
- Finding resistance at $0.230-$0.240.
- A possible bullish divergence is forming if a daily candle closes above $0.240.
- If the price fails to get back above $0.240, the next major target is around $0.205.
Chainlink (LINK)
Daily:
- In a bearish trend, forming lower highs and lower lows.
- Currently forming a possible bullish divergence.
- Support area between $15.20 and $15.70.
- If the price breaks below $15.70, the next target is $13.30-$13.40.
- Expect resistance at $17.20-$17.50 and major resistance at $19.50-$20.00.
Alerts
- BTCUSDT;{{price}} > 110000;Josh: Breakout opportunity.
- ETHUSDT;{{price}} < 3900;Josh: Bearish Signal. Next target 3500.
- XRPUSDT;{{price}} > 0.240;Josh: Bullish Divergence Confirmed
- LINKUSDT;{{price}} < 15.70;Josh: Next target 13.30-13.40.
📈 Progressive Summary
Crypto Market Analysis Summary
Market Overview and Crypto Analysis by Josh
Josh provides a market analysis focusing on Bitcoin and several altcoins, emphasizing a potentially bearish outlook in the mid to longer term (weeks to months). He highlights the importance of understanding the different time frames (weekly, daily, 8-hour) to anticipate market movements. The overall short-term assessment suggests a possible slight bullish relief, especially for Bitcoin, but it is not expected to last long. The analysis also covers the Bitcoin dominance and its impact on altcoins.
Bitcoin Analysis
Weekly Chart:
- Still showing a massive bearish divergence (higher high in price, lower high in RSI), which is already confirmed, reconfirmed with a new higher high in the price and a lower high in the weekly Bitcoin RSI, which basically means we're losing bullish momentum.
- Expects a larger consolidation or pullback within the next 1-2 months.
Daily Chart:
- Bitcoin is potentially repeating history, showing similar price action to early this year.
- Two daily candle closes below the ascending line of support, which was sitting at roughly $109,000 to $110,000.
- The latest daily candle closed at just above $106,000.
- Confirmed a break below not just this ascending line of support, but also the horizontal support.
- If the price sees a continued pullback within the next few weeks, do not be surprised.
- The only hope for avoiding a larger pullback is for Bitcoin to get back above $110,000 within the next couple of days.
- In the mid-to-longer term (weeks or months), Josh remains more bearish than bullish for the price of Bitcoin.
- Short-term (next day or so), a slight bullish relief is possible.
4-Hour Chart:
- The bullish divergence is still actively playing out.
- The most likely scenario is a slight bullish relief or choppy sideways price action for a period of days.
Trading Strategy:
- Josh is still in his Bitcoin futures Gridbot trading strategy, with a range between $70,000 to $130,000.
- The liquidation price is around $43,000, making it a relatively safe trade.
- The strategy is securing small profits with the slight bullish relief.
- You can copy the trading strategy with a single click using the link provided in the description.
Bitcoin Liquidation Heat Map:
- The next major level of liquidity to watch out for is at approximately $116,000 and slightly above.
- Expect a lot of resistance between $108,000 to $110,000 if the short-term bounce continues.
Bitcoin Dominance:
- The bullish divergence is still playing out.
- Expect a bit more bullish relief in the coming days or possibly weeks for the Bitcoin dominance.
- Altcoins are likely to underperform Bitcoin during this time.
- If Bitcoin dominance reaches the resistance area of 60.5% to 61%, a short-term relief in the altcoin market is possible where some altcoins might temporarily outperform Bitcoin again.
Altcoin Analysis
Ethereum:
- 3-Day Chart: The price is trading slightly below the important support area of $3,900 to $4,100. If the 3-day candle closes below $3,900, it is not good news for Ethereum. If the price fails to get back above $3,900 and especially if it flips into new resistance, a larger pullback is expected.
- Daily Chart: Still has an active bullish divergence, so expect a little bit more of a relief in the short term, either choppy sideways price action or a slight bullish relief.
- 8-Hour Chart: Bounced from the support area of $3,720 to $3,760. A possible double bottom or W pattern is forming, which would confirm a bullish price target if the price breaks above the resistance area of $4,250 to $4,280. Before reaching that level, resistance is expected at $4,060 to $4,100.
- Expects similar price action for Ethereum as to what Bitcoin is doing, which suggests choppy sideways price action in the short term.
Solana (SOL):
- 2-Day Chart: Officially confirmed a 2-day candle close below the important area of $190 to $200. The larger price structure is not looking good, with lower highs and lower lows.
- Resistance is expected between $190 to $200.
- Support is expected between $170 to $175. If it breaks below $170, the next support is around $158 and between $143 to $146.
- Resistance levels to watch: $29 and $218 to $219.
- 8-Hour Chart: Confirmed a new bullish divergence, which is a much weaker form. This suggests a bit of choppy sideways price action in the short term.
XRP:
- Weekly Chart: The massive bearish divergence is still playing out.
- Daily Chart: Officially confirmed a daily candle close below the support area of $0.233 to $0.240, and the latest daily candle closed at around $0.229.
- Currently, the price is retesting the area of $0.230 to $0.240, failing to break out.
- If the price confirms a daily candle close back above $0.240, a possible bullish divergence will form, which could lead to a bullish relief back towards $0.260.
- If the price fails to get back above $0.240, the next major target towards the downside is just above $0.2, around $0.25.
Chainlink (LINK):
- Daily Chart: The situation is very similar to XRP. It is still in a bearish trend, forming lower highs and lower lows. A possible bullish divergence is forming.
- Support is around $15.20 to $15.70.
- Resistance is expected at $17.20 to $17.50, and major resistance between $19.50 to $20.
Trading Strategies and Opportunities
Josh continues with his Bitcoin futures Gridbot trading strategy, with a range between $70,000 to $130,000. He suggests using links to Pinex and 2bit to get bonuses.
Potential Next Steps and Trading Opportunities
Based on the analysis, the following trading opportunities might be considered:
- Bitcoin: While Josh is bearish in the mid-to-longer term, the short-term bullish divergence suggests potential for a slight relief rally. The Gridbot strategy is designed to profit from this. Consider to follow his trading strategy.
- Ethereum: Due to Bitcoin's price action and the Bitcoin dominance, Ethereum is likely to experience similar choppy sideways price action in the short term. If the price manages to break above the $4,250 - $4,280 resistance on the 8-hour chart, it could present a buying opportunity.
- Solana: The confirmation of a 2-day candle close below $190-$200 suggests caution. The potential for choppy sideways price action in the short term.
- XRP: If XRP confirms a daily candle close above $0.240, it might offer a buying opportunity with a target around $0.260.
- Chainlink: Similar to XRP, the potential for a bullish divergence forming on the daily chart could offer a buying opportunity if confirmed.