BITCOIN HOLDERS: DON'T BE FOOLED (Do This Next)!!! - Bitcoin News Today, Ethereum & Altcoins

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Market Overview and Crypto Analysis

Josh provides a market analysis emphasizing the importance of understanding different timeframes (weekly, daily, 4-hour) to anticipate market movements. He maintains a cautious stance, suggesting a potential pullback in the coming weeks or months, primarily due to bearish divergences on the weekly Bitcoin chart. He is currently using a Bitcoin gridbot trading strategy and advises on potential trading opportunities.

Bitcoin (BTC)

Overall: Josh's analysis suggests a potential pullback in the price of Bitcoin over the next few weeks or so.

Weekly:

• The Supertrend indicator remains green, indicating a larger bull market.
• The bearish divergence is still confirmed, indicating a lack of bullish momentum.

Daily:

• Bitcoin is currently seeing very similar price action on the daily time frame as what was observed near the end of 2024 and early this year, suggesting a continued pullback.
• Bitcoin has broken below a very important level on the price chart and is technically forming lower lows, which is bearish price structure.
• The crucial level on the price chart to watch is approximately $110,000.
• A daily candle close above $110,000 would invalidate the bearish scenario and start flipping much more bullish again.
• If Bitcoin rejects from the $110,000 level, a further pullback in the coming weeks is very likely.

4-Hour:

• The bullish divergence is playing out, as predicted.
• Expect either a slight bullish relief or some choppy sideways price action.
• Potential resistance around $109,000 to $110,000.

Trading Strategy:

• Josh is using an automated gridbot trading strategy on Pionex, which has a grid of buy and sell orders.
• The strategy is designed to profit from both bullish and bearish movements.
• The strategy is making easy profits regardless of Bitcoin's price movement.
• If the price breaks above $110,000, the trading strategy will make money. If the price rejects from that level, the trading strategy will also make money.

Liquidation Heat Map:

• Major levels of liquidity to watch out for at $116,000 and $126,000.
• The $110,000 level could likely act as resistance.

Trading Opportunities:

• If the price confirms a breakout above $110,000, Josh suggests opening a long position.
• If the price rejects from $110,000, Josh suggests opening a short position.

Ethereum (ETH)

3-Day:

• Holding on to the important area of support between $3,900 and $4,100.
• The latest 3-day candle closed right on $3,900, meaning the break below this area has not yet been confirmed.

Daily:

• Still has an active bullish divergence, which has not yet been invalidated.
• Expect either slight bullish relief or choppy sideways price action.

8-Hour:

• The bullish divergence is technically playing out.
• Bouncing from the support area between $3,720 and $3,760.
• The possibility of forming a double bottom or W pattern if there is a breakout above the resistance area of $4,250 to $4,270.
• Resistance at $4,060-$4,100.

Solana (SOL)

2-Day:

• Testing a crucial area on the price chart between $190 and $200.
• Previously was significant resistance and significant support.
• Resistance at $190-$200.
• If the price can break out back above $200 and hold above that area, the next short-term resistance is at approximately $210, and above that, major resistance is around $230.
• Expect a lot of support in between around $170 to $175.

8-Hour:

• We could see a point of resistance here at roughly $209 to $210.
• We also have a possible double bottom or W pattern.
• Confirmed a bullish divergence.
• Expect either a very slight bullish relief or potentially a bit of choppy sideways price action.

XRP

Weekly:

• The massive bearish divergence is still technically playing out.

Daily:

• Confirmed a new bullish divergence with one confirmation signal confirming the higher low in the daily XRP RSI.
• Expect either a slight bullish relief or potentially just a bit of choppy sideways price action.
• Getting close to breaking back out above the $0.230 - $0.240 area.
• If the price confirms a breakout above $0.240 and holds above that level, the next price target is between $0.260 and $0.270.

Chainlink (LINK)

Daily:

• Still within a bearish trend, forming lower highs and lower lows.
• Confirmed a bullish divergence with one confirmation signal.
• Expect either a slight bullish relief or a bit of choppy sideways price action.
• Support between $15.20 and $15.70.
• Resistance around $17.30 to $17.50.
• If it breaks above $17.50, the next major area of resistance will be at $19.50-$20.

Trading Strategies and Opportunities

Josh is actively using a gridbot trading strategy on Bitcoin and provides a link to copy the trade on Pionex. He also advises on potential trading opportunities for manual traders based on key support and resistance levels. He highlights the potential for shorting Bitcoin if the $110,000 support level is broken and suggests opening a long position if the price confirms a breakout above $110,000.

Analysis and Predictions

Josh's overall analysis remains cautious, anticipating a potential pullback in the crypto market. He recommends a wait-and-see approach, emphasizing the importance of confirmations before entering trades. For Bitcoin, the $110,000 level is the critical point, with a break above signaling a potential bullish relief and a rejection reinforcing the bearish outlook. Altcoins, such as Ethereum, Solana, XRP, and Chainlink, are expected to follow Bitcoin's lead, with short-term bullish relief or sideways action likely, especially considering the bullish divergences in some altcoins.

Based on Josh's analysis, the following trading opportunities might be considered:

• Bitcoin:
• If Bitcoin confirms a break above $110,000: open a long position.
• If Bitcoin rejects from $110,000: open a short position.
• Follow the automated gridbot trading strategy.
• Ethereum:
• Watch for a breakout above $4,250-$4,270 to confirm the W pattern.
• Solana:
• Watch for a breakout above $200 and a hold above that area.
• XRP:
• Watch for a break above $0.240 and a hold above that level.
• Chainlink:
• Watch for a break above $17.50.

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