BITCOIN $2 BILLION SHORT SQUEEZE NOW!!!! Bitcoin News Today & Ethereum Price Prediction!

Summary

In this crypto channel video, host Josh discusses Bitcoin's potential breakout above critical resistance, signaling a bullish trend. He highlights a hidden bullish divergence on the 3-day chart and the impact of a bearish DXY on Bitcoin's price. Josh also covers Ethereum's approach to a significant breakout and Solana's upward movement from a bullish pattern. He shares his trading strategy, emphasizing a bullish stance on Bitcoin, with details on his long position and unrealized profits. The video also touches on trading opportunities and strategies for various market conditions, including sideways price action.

Takeaways

• 📈 Bitcoin's price is showing a bullish trend on larger time frames with higher lows and highs, indicating a potential breakout and continued upward movement.
• 🔄 A hidden bullish divergence is present in Bitcoin's 3-day chart, suggesting that the bullish trend is likely to continue with further price increases in the coming months.
• 📊 The DXY (US Dollar Index) is currently in a bearish move, which historically has been bullish for Bitcoin and cryptocurrencies during larger market moves.
• 📊 The daily Bitcoin RSI (Relative Strength Index) is bullish, showing a breakout and forming higher lows and highs, which is often a precursor to a major bullish move.
• 💹 Bitcoin has confirmed a breakout from a bullish falling wedge pattern, setting a price target between $72,000 to $74,000, with immediate resistance around $67,000 to $68,000.
• 📉 Despite potential short-term bearish divergences on the 4-hour chart, the larger bullish trend remains intact and short-term pullbacks are expected within a larger bullish move.
• 🤑 The presenter is long on Bitcoin and has taken profits from a position that has realized significant gains, with a stop loss set to secure profits in case of a downturn.
• 🚫 The presenter warns against being misled by short-term price movements and emphasizes the importance of focusing on larger time frames for trend analysis.
• 💡 Ethereum is showing signs of a potential breakout from a bullish falling wedge pattern on the daily chart, with resistance around $3,200 and a complete technical target at $4,070.
• 🔄 Ethereum's RSI on the 4-hour chart is approaching a breakout, which could invalidate a previous bearish divergence and suggest a continuation of the bullish trend.
• 📊 Solana has retested support levels and is in an active bullish price target from a bullish inverse Head and Shoulders pattern, with resistance levels at $182 to $185 and $200 to $210.

Q & A

What is the current trend of Bitcoin according to the 3-day chart?

The current trend of Bitcoin on the 3-day chart is bullish, with higher lows and higher highs, indicating a bull market on larger time frames.

What does a hidden bullish divergence on the 3-day Bitcoin chart suggest?

A hidden bullish divergence, which shows higher lows in the price of Bitcoin and lower lows in the 3-day Bitcoin RSI, suggests that the bullish trend is likely to continue with another leg to the upside in the coming months.

How does the DXY's current trend affect Bitcoin?

The DXY is currently in a bearish move or pullback, which is typically bullish for Bitcoin, especially when considering larger moves in price.

What is the significance of the daily Bitcoin RSI looking bullish?

The daily Bitcoin RSI looking bullish indicates a strong upward momentum and suggests that the price of Bitcoin is likely to continue its bullish trend over the coming weeks.

What is the technical price target for Bitcoin after confirming the breakout of the bullish falling wedge pattern?

The technical price target for Bitcoin after confirming the breakout of the bullish falling wedge pattern is between $72,000 to $74,000.

What is the potential short-term bearish divergence on the 4-hour Bitcoin chart?

The potential short-term bearish divergence on the 4-hour Bitcoin chart is indicated by the price forming higher highs while the RSI forms lower highs, which could suggest a short-term pullback or sideways price action.

What is the current status of the Bitcoin long position mentioned in the script?

The Bitcoin long position mentioned is currently around $330,000 in unrealized profits, with over $133,000 in realized profits, and a stop loss that is already in profit.

How does taking profits in an inverse perpetual trade affect the trader's Bitcoin holdings?

In an inverse perpetual trade, even if profits are taken or the trade is closed, the profits are paid out in Bitcoin. This means that if the price of Bitcoin increases after taking profits, the trader continues to benefit due to holding more Bitcoin.

What is the current trend of Ethereum on the weekly time frame?

The current trend of Ethereum on the weekly time frame is bullish, with the price forming significant higher lows and higher highs, indicating a bull market.

What is the potential breakout target for Ethereum if it surpasses the resistance of the bullish falling wedge?

If Ethereum surpasses the resistance of the bullish falling wedge, which is around $3.2k, the potential breakout targets are higher levels around $3.7k and the complete technical price target at around $4.07k.

What trading strategy is suggested for choppy sideways price action in the crypto market?

The script suggests that even in choppy sideways price action, there are opportunities to make profits. Specific strategies are not detailed in the script but are mentioned to be discussed in other videos.