BITCOIN WARNING SIGNAL FLASHING (My Strategy)!!! Bitcoin News Today & Ethereum Price Prediction!

Summary

In this crypto market analysis, host Josh discusses Bitcoin's current resistance struggles and potential short-term trading opportunities, highlighting a bearish divergence on the 4-hour chart. He remains bullish on larger time frames, suggesting a possible move to new highs if resistance at 68,000 is broken. Ethereum's analysis includes a bearish divergence warning and the importance of breaking above 3350 for a bullish reversal. Josh also covers trading strategies, including adding to long positions on pullbacks, and promotes an exchange with deposit bonuses for crypto trading.

Takeaways

• 📈 **Bitcoin Bullish Trend**: Bitcoin is still in a larger bullish trend on the 3-day and weekly charts, with a hidden bullish divergence suggesting continuation of the trend in the coming months.
• 🔍 **Short-Term Warning Signals**: Both Bitcoin and Ethereum are showing new warning signals in the short term, indicating potential trading opportunities.
• 🚧 **Resistance Levels**: Bitcoin has encountered significant resistance between 67,000 and 68,000, which may lead to a short-term pullback or consolidation.
• 📉 **Bearish Divergence**: A bearish divergence on the 4-hour chart for Bitcoin suggests potential choppy price action or a short-term pullback in the coming days.
• 🤑 **Trading Opportunities**: The speaker has entered a long position around local lows near 59,000 to 60,000 and may consider adding to the position if certain conditions are met, such as a bounce around support levels or oversold RSI signals.
• ⏳ **Time Frame Differences**: It's important to understand that bullish trends on larger time frames can coexist with short-term bearish price actions.
• 🔗 **ETH Support Level**: Ethereum is holding above a critical Fibonacci support level of approximately 2870, which is part of a larger bullish trend on the weekly time frame.
• 🔄 **Sideways Trading**: The speaker discusses making profits in choppy sideways price action, suggesting strategies for trading in such conditions.
• 📌 **Key Resistance for ETH**: For Ethereum to flip to a bullish direction on the daily chart, a confirmed breakout above 3350 is necessary.
• 💡 **RSI Indicators**: The daily Bitcoin RSI has started a bullish reversal, breaking above critical resistance, which has historically marked the beginning of major moves to the upside.
• 🔄 **Solanana Retest**: Solana has broken out and is retesting resistance at 167 to 172, with a failure to hold above this level potentially leading to a drop to 160.

Q & A

What is the current trend of Bitcoin on the larger time frames according to the video?

The video states that Bitcoin is still technically in a larger bullish trend, also known as a bull market, on larger time frames such as the 3-day chart or the weekly chart, as it has not yet invalidated the higher low higher high price structure.

What does the hidden bullish divergence indicate for Bitcoin's future trend?

The hidden bullish divergence is a trend continuation pattern that suggests the larger bullish trend is likely to continue over the coming months.

What is the significance of the DXY and its relation to Bitcoin's short-term trends?

The DXY has been pulling back over the last couple of weeks, which has been a bullish reversal signal for Bitcoin in terms of shorter term trends. The video suggests that changes in the DXY can influence Bitcoin's price movements.

What does the daily Bitcoin RSI suggest about the immediate future of Bitcoin's price?

The daily Bitcoin RSI has started a bullish reversal, breaking out above critical resistance and forming higher lows and higher highs, which has historically indicated the beginning stages of the next major move to the upside in Bitcoin's price.

What is the current resistance area for Bitcoin that the video discusses?

The video discusses a significant area of resistance for Bitcoin sitting between $67,000 to $68,000, where the price is expected to struggle and possibly experience sideways consolidation or a short-term pullback.

What is the condition for validating the breakout to the upside from the falling wedge pattern for Bitcoin?

To validate the breakout to the upside from the falling wedge pattern, the price of Bitcoin would have to break back below the breakout point, which is around $62,000 to $63,000.

What is the potential next major area of resistance for Bitcoin if it confirms a breakout above $68,000?

If Bitcoin confirms a breakout above $68,000, the next major area of resistance to the upside could be between $72,000 to $74,000.

What is the bearish divergence on the 4-Hour time frame indicating for Bitcoin's short-term price action?

The bearish divergence on the 4-Hour time frame suggests that there might be choppy sideways price action or a short-term pullback in the price of Bitcoin in the next couple of days.

What trading opportunity does the speaker see for Bitcoin's short-term pullback?

The speaker sees a potential trading opportunity to add to a long position if there is a continued pullback, with possible entry points around previous lows or if the 4-Hour Bitcoin RSI enters oversold territories.

What is the speaker's strategy for the long position in Bitcoin?

The speaker's strategy for the long position in Bitcoin is to use it as a swing trade, aiming to capture the larger move to the upside. They may take some profits at resistance levels and add to the position during short-term pullbacks, as they remain bullish on the larger trend.

What is the current situation of Ethereum's price trend on the weekly time frame?

On the weekly time frame, Ethereum's price is holding above a critical Fibonacci level of support around $2870 and is within a shorter term bearish trend within a larger bullish trend.

What conditions need to be met for Ethereum to flip into a bullish direction on the daily chart?

For Ethereum to flip into a bullish direction on the daily chart, a confirmed breakout above the previous high and resistance level is needed, which is currently sitting around $3350.

What is the potential trading opportunity in choppy sideways price action according to the video?

The video suggests that even in choppy sideways price action, there are opportunities to make profits, and viewers are encouraged to watch until the end of the video to find out more about how to capitalize on such market conditions.

What does the bearish divergence on the 4-Hour time frame for Ethereum indicate?

The bearish divergence on the 4-Hour time frame for Ethereum indicates reduced bullish momentum in the short term, which could result in choppy sideways price action or a pullback.

What is the significance of the breakout and retest of resistance for Solana's price?

The breakout and retest of resistance for Solana's price is significant because if the price holds above the area of resistance turned support (between $167 to $172), it confirms the breakout. However, if the price closes below $167 on the 12-hour chart, it could signal a bearish trend and a potential drop to around $160.

What is the potential upside target for Solana if the breakout from the inverse Head and Shoulders pattern holds?

If the breakout from the inverse Head and Shoulders pattern holds, the active price target to the upside for Solana is around $29, which represents a potential move of around 23% from the time the video was recorded.

What are the additional resistance levels for Solana's price above the current price?

The additional resistance levels for Solana's price above the current price are around $183 and just above $200.

Why are short-term pullbacks considered healthy for the bullish trend in the context of the video?

Short-term pullbacks are considered healthy for the bullish trend because they help to reset price oscillators like the RSI, providing more room for the price to move upwards later on.