BITCOIN MARKET REVERSAL (Final Warning)!!!! Bitcoin News Today & Ethereum Price Prediction!

Summary

In this crypto market analysis, Josh discusses Bitcoin's critical support levels, noting its proximity to bearish trend reversal as the Super Trend indicator turns red below $56k. He highlights Ethereum's break below key support, signaling a bearish trend, and Solana's entry into oversold territory. Despite the bearish outlook, Josh emphasizes opportunities for profit in a bear market through accumulation and short positions. He also mentions the impact of the DXY's drop due to a rare recession warning indicator, affecting market sentiment.

Takeaways

• 📉 Bitcoin is nearing a critical support level and potential trend reversal with the Super Trend indicator turning red if the price closes below $56,000.
• 🔄 Ethereum has broken below a significant support level between $2,800 and $2,950, indicating a bearish signal for the price.
• 📊 Salana's price has also broken below a previous support area, with the next support level between $120 and $128.
• 📈 Despite the bearish outlook, there are still opportunities in the crypto market, such as accumulating coins at lower prices or shorting positions.
• 📊 The daily Bitcoin RSI is approaching oversold territory but has not yet reached it, suggesting there may be more downside before a potential bounce.
• 📉 The DXY index is dropping, typically bullish for Bitcoin, but the current drop is due to a recession warning indicator, making it bearish.
• 🧭 The 12-hour Bitcoin RSI has entered oversold territory, which could indicate an upcoming bounce but does not confirm a bullish trend reversal.
• 💡 The presenter suggests using platforms like Bybit and Bitflex for trading, with potential bonuses and without the need for KYC in some cases.
• 🗓️ The presenter emphasizes the importance of understanding market trends and using various strategies to profit in different market conditions.
• ⏳ The presenter warns that the short-term trend for Bitcoin, Ethereum, and Salana is bearish and advises caution, with potential for further price declines.

Q & A

What is the current situation of Bitcoin according to the video?

Bitcoin is approaching a critical area of support and is entering oversold territories on the 4-day time frame. The price is close to confirming a reversal on larger time frames, with the Super Trend indicator potentially flipping to red if the 4-day candle closes below around 56,000.

What does the Super Trend indicator signify in the context of the video?

The Super Trend indicator has been green throughout the bull market since the beginning of 2023 and red during the bear market in 2022. It helps in identifying whether the market is in a bull or bear phase on larger time frames.

What is the significance of the 56,000 level for Bitcoin's price?

The 56,000 level is a critical support area for Bitcoin. If the price breaks below this level and closes with a 4-day candle below it, it would confirm a bearish trend reversal according to the Super Trend indicator.

What is the current stance of the speaker on the short-term trend of Bitcoin?

The speaker is bearish on the short-term trend of Bitcoin, expecting further bearish price action and a continuation of the downtrend, especially if the price breaks below the 56,000 support level.

What does the speaker suggest about opportunities in a bear market?

The speaker suggests that even in a bear market, there are opportunities such as accumulating coins at cheaper prices or looking for short positions to profit from the downtrend.

What is the impact of the DXY dump on Bitcoin, as mentioned in the video?

The dump in the DXY is typically considered bullish for Bitcoin, but in this case, it is bearish due to a recession warning indicator flashing, which is a rare and bearish signal for the markets.

What is the current support level for Ethereum according to the video?

Ethereum has broken below a critical support level between 2,800 and 2,950. The next level of support to watch is between 2,200 and 2,500, with a potential move down to the 2,100 to 2,200 range if 2,500 fails to hold.

What is the significance of the clean break below support for Ethereum?

The clean break below the support level indicates an extremely bearish signal, suggesting that the trend for Ethereum has reversed from bullish to bearish on the daily time frame.

What is the current situation of Solana's price according to the video?

Solana has broken below a previous area of support between 140 and 144, and the next area of support to watch is between 120 and 128. If 120 is broken, the price could move down towards 100 to 106.

What does the speaker suggest about trading opportunities in the current market conditions?

The speaker suggests that despite the bearish trend, there are still opportunities to make money in crypto through short positions and by trading on platforms like Bybit and Bitflex, which are mentioned in the video.

What is the speaker's view on the short-term trend of Solana?

The speaker is bearish on the short-term trend of Solana, expecting more bearish price action since the price broke below 170, and advises to watch for potential support levels and RSI oversold signals for any relief or bounce.

Outlines

00:00

📉 Bitcoin's Critical Support Test and Bearish Indicators

Josh begins the crypto analysis by discussing Bitcoin's approach to a crucial support level, potentially leading to lower prices. He highlights the Super Trend indicator, which has remained green since the start of 2023, indicating a bull market but is now at risk of turning red, signaling a bear market if Bitcoin's 4-day candle closes below $56,000. The video also touches on Ethereum breaking below critical support and Solana entering oversold territory. Josh emphasizes that even in a bear market, there are opportunities for accumulation and short positions.

05:00

📈 Potential Bull Flag for Bitcoin Amidst Bearish Signals

The summary of the second paragraph focuses on the possibility of a bullish reversal for Bitcoin if it can hold above $56,000 and bounce back quickly. However, Josh warns that a failure to do so and a close below this level could confirm a bearish trend reversal. He also discusses the DXY's impact on Bitcoin, noting that the current drop in DXY, typically bullish for Bitcoin, is not the case due to a rare recession warning indicator. The daily Bitcoin chart shows a critical support area between $56,000 and $57,000, with a break below this level pointing towards further support between $51,000 and $53,000.

10:02

📉 Analyzing Bitcoin's RSI and Support Levels for Potential Bounce

In the third paragraph, Josh examines the daily Bitcoin RSI, which is nearing oversold territory but has not yet reached it, suggesting there is room for further price decline before a potential bounce. He discusses the normalcy of slight bounces during a downtrend and his bearish stance on Bitcoin's short-term price action. Additionally, he provides trading platform recommendations and details about a lucky draw for viewers, as well as an analysis of the 12-hour Bitcoin chart, which shows the RSI entering oversold territory for the first time in about a month, indicating a possible upcoming bounce.

15:02

🚫 Ethereum and Solana's Bearish Breakdowns and Trading Opportunities

The final paragraph summarizes the bearish trends for Ethereum and Solana. Ethereum has experienced a significant break below a critical support level, with the next support level identified around $2,200. Solana has also broken below previous support, with the next area of interest between $120 and $128. Josh reiterates the potential for trading opportunities even in a bearish market, such as short positions, and encourages viewers to learn how to trade in various market conditions. He concludes by inviting viewers to watch additional educational videos on his channel.

Keywords

💡Crypto Channel

The 'Crypto Channel' refers to the online platform or channel where the speaker, Josh, shares his analysis and insights about cryptocurrencies. It's the main setting for the video's content, serving as a hub for discussions on crypto market trends and analysis.

💡Bitcoin

Bitcoin is a digital currency and the first decentralized cryptocurrency, which is a key focus of the video. The script discusses its price movements, market trends, and its potential impact on the broader crypto market.

💡Support Level

In the context of the video, a 'support level' is a price point where an asset, like Bitcoin, is expected to find buying interest and potentially stabilize or rebound. The video discusses critical support levels for Bitcoin and the implications of breaking below these levels.

💡Oversold Territories

The term 'oversold territories' is used to describe a situation where an asset's price has fallen to a level that may be considered undervalued based on technical analysis indicators. The video mentions Bitcoin and other cryptocurrencies entering these territories, suggesting potential upcoming reversals or bounces in price.

💡Super Trend Indicator

The 'Super Trend Indicator' is a technical analysis tool mentioned in the script, which helps in identifying the overall trend direction of the market. It has been green during the bull market and flipping to red would signal a bearish trend reversal.

💡Bear Market

A 'bear market' is characterized by falling prices and negative sentiment, which is a significant theme in the video. The script discusses the potential for the crypto market, particularly Bitcoin, to enter a bear market based on current trends.

💡Ethereum

Ethereum, often abbreviated as 'ETH', is another major cryptocurrency discussed in the video. The script highlights its price action, particularly its break below a critical support level, indicating a bearish trend.

💡Liquidation Heat Map

The 'Liquidation Heat Map' is a visual representation of the price levels at which open positions in the market are likely to be closed due to margin calls. The video uses this tool to analyze the potential impact on the market and to predict future price movements.

💡RSI (Relative Strength Index)

The 'RSI' is a momentum oscillator that measures the speed and change of price movements. In the video, it is used to assess overbought or oversold conditions in the market. The script mentions the RSI for Bitcoin and Solana, indicating potential short-term reversals.

💡Bearish Price Action

The term 'bearish price action' refers to a decline in the price of an asset, which is a central theme in the video. The script consistently points out bearish signals and patterns for Bitcoin and other cryptocurrencies, suggesting further declines.

💡Bybit

Bybit is a cryptocurrency exchange mentioned in the video where the speaker conducts most of his trades. It is highlighted as a platform offering a deposit bonus and a lucky draw for viewers, indicating a promotional aspect of the video.

💡Bitflex

Bitflex is another cryptocurrency exchange mentioned as an alternative to Bybit, especially for viewers who cannot access or complete KYC on Bybit. It represents a part of the video's content related to trading platforms in the crypto space.

💡Solana

Solana is a high-performance blockchain platform and its native cryptocurrency, also called Solana, is discussed in the video. The script describes its price breaking below a previous support level, indicating a continuation of bearish momentum.

Highlights

Bitcoin is approaching a critical support area, with potential for much lower prices if the support breaks.

The Super Trend indicator, which has been green since the beginning of 2023, may flip to red signaling a bearish trend reversal if Bitcoin's 4-day candle closes below 56,000.

Ethereum has broken below a critical support level, marking a bearish price structure.

Salana is entering oversold territories on the chart, indicating a potential for a price bounce.

Even in a bear market, there are opportunities such as accumulating coins at lower prices or short positions for profit.

The DXY is dumping due to a rare recession warning indicator, which is typically a bearish signal for markets.

Bitcoin's daily chart shows a critical support area between 56,000 to 57,000, with a potential quick move to 51,000 to 53,000 if support breaks.

The daily Bitcoin RSI is nearing oversold territories, suggesting a potential bounce may be imminent.

The 12-hour Bitcoin RSI has entered oversold territories, indicating a possible upcoming bounce.

Ethereum's daily chart shows a significant break below a previously strong support area, suggesting further bearish momentum.

The 50% Fibonacci retracement level for Ethereum is around 22,000, which could act as the next support.

Salana's price has broken below previous support, with the next area of interest between 120 to 128.

The 12-hour RSI for Salana is entering oversold territories, hinting at a potential short-term bullish relief.

A bearish divergence in Salana's RSI has played out, pushing the price down significantly.

Trading strategies for making profits in various market conditions, including bearish and sideways movements, are discussed.

Links to trading platforms and educational resources for trading crypto are provided for viewers interested in trading opportunities.

Transcripts

welcome back to the crypto Channel if

you're on my name is Josh and right now

Bitcoin is running into this final

critical area of support before

potentially much lower prices as the

price of Bitcoin is now entering into

oversold territories on this time frame

while ethereum is now already breaking

to the downside below this critical

support while salana is also entering

into oversaw territories on this chart

so I'll be talking about all of that and

more later in the video so definitely

watch to the end

first of all starting off on the 4-day

Bitcoin chart and right now the price of

Bitcoin is getting extremely close to

confirming the reversal on the larger

time frames because in case you're new

to this channel this indicator right

here is the super Trend indicator and it

stayed green this entire time the entire

bull market since the beginning of 2023

and of course it was read during 2022

during the bare market and so overall

the super trendy indicator has done a

pretty good job at telling us whether or

not we're in a bare Market or a bull

market on the larger time frames not the

short-term moves here the short-term

dumps or bearish Trends in the shorter

term but the larger bullish and bearish

moves and this indicator right here will

flip back into the red it will confirm a

bearish trend reversal on the larger

time frames pointing towards a bare

Market if we see a 4-day candle close

below around 56,000 n and so obviously

as I've recorded in this video the price

of Bitcoin is getting very close to that

56k level and if we start breaking below

56k and more importantly see candle

closes below that level then in that

case that would confirm a trend reversal

signal in this indicator on this time

frame and we also have to consider the

fact that we've just put in another

lower high on the larger time frames

obviously we had this previous lower

high right here but just recently we put

in yet another lower high in the price

of Bitcoin which is bearish price

structure this is not bullish price

structure and so the only hope at this

stage for the bull market to really

continue is for the price to simply just

hold above 56,000 and bounce very soon

from this level and potentially this

could turn out to be a giant bull flag

if that actually happens if we see a

bounce very very soon and a recovery in

the next few weeks but if this pullback

right here continues even just for the

next few days or so below 56,000 and in

3 days from now we have that next 4day

candle close if that's below 56,000 then

once again that would Point towards the

end of the bull market and now there's

some people out there that think the

bare Market is just a place where

everyone loses money but that is not

true at all because even during a bare

Market there's still plenty of

opportunities for example you could

accumulate coins at cheaper prices or

you could look for short positions to

actually profit on on the way down and

so just because the trend might be

looking more bearish even on the larger

time frames if we start entering into a

bit more of a bearish market there's

still plenty of opportunities basically

at all time in crypto no matter where

you look you just have to know what

you're doing and so that's the situation

right now on this 4-day Bitcoin chart

but if we're taking a look at this daily

Bitcoin chart as of right now the dxy is

still dumping and like I said a couple

of days ago here on the channel really

the main reason why we've seen a dump

just recently here in the dxy is because

of that recession warning indicator that

I talked about a couple of days ago here

on the channel and so typically usually

under normal circumstances a dump in the

dxy is considered bullish for Bitcoin

and crypto as we've seen time and time

again throughout bitcoin's history but

this time around this is not a typical

example of this happening because like I

said a couple of days ago here on the

channel this is caused by a recession

warning indicator that's flashing right

now a very rare signal that's flashing

that usually only happens roughly once

in a decade and so due to that extremely

rare bearish signal that's flashing

right now and was flashing a couple of

days ago as I said here on the channel a

few days ago this is not a typical dump

in the dxy it's caused by another Factor

that's very bearish which is why we're

seeing a lot of markets at the moment

basically dump and if you missed my last

few videos here on the channel

definitely watch those videos especially

the video that I posted a couple of days

ago talking about the recession warning

check that video out if you want to know

what I'm talking about when it comes to

the recession warning and why it's so

bearish for markets but with that being

said taking a look at this daily Bitcoin

chart and right now as I've recorded in

this video the price of Bitcoin is

running into this critical area of

support based on previous support in the

price of Bitcoin sitting in between

around 56 to

57,000 and obviously over the last one

day we broke below that 60,00 000

support level 60 to 61,000 and like I

said in my last video I said yesterday

expect a very quick move from 60,000 to

57,000 if we break below 60,000 I said

that's going to be a quick move to the

downside to the next support and that's

exactly what we have seen as expected

and so right now once again the support

to pay attention to at the moment is 56

to 57,000 but if we break below 56,000

with confirmation so especially if we

see a candle CL on The Daily time frame

below 56k then in that case expect a

quick move down towards this area of

support in between 51,000 to 53,000 that

is coming next if we see a break below

56,000 first and also if we're looking

at the daily Bitcoin RSI this is getting

extremely close to oversaw territories

but it's not there just yet which means

we still technically have some more room

to the downside here in the short term

so we could go lower before potentially

seeing the next sort of Bounce at some

point we'll see some sort of Bounce

whether it's here or at a lower price

and once again we do have a little bit

more room to the downside based on the

RSI but we're getting very close to

oversold territories and like I've been

saying since the price broke below this

area of support at around 63 to 64,000

as of right now since then I'm still

bearish on the price of Bitcoin here in

the short term for the trend and

momentum so nothing's really changed

over the last few days I am still

bearish and obviously we continue to

play out the bearish price action as

expected so once again expect bearish

price action but along the way down it

is normal to see perhaps some slight

bounces here and there around support so

just keep that in mind as well usually

the price does not often move just in a

straight line we usually see some

bounces and pullbacks and things like

that along the way and just before

taking a look at some other important

charts today first if you actually want

to trade any of these moves in the price

of Bitcoin or any other crypto

personally I take just about all of my

trades over on bybit so I'll make sure

to leave a link to bybit down below this

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but for whatever reason if you cannot

access bybit or if you cannot kyc on

bybit there is also bitflex which is

another crypto exchange similar to

buybit but you don't need kyc for

bitflex and so I'll will also make sure

to leave a link to bitflex down below

this video as an alternative crypto

exchange and with that being said taking

a look at the 12-hour Bitcoin chart and

right now the 12-hour Bitcoin RSI is

actually entering into oversold

territories right now for the first time

since roughly around 1 month ago and so

just keep this in mind we're getting

very close to some sort of Bounce

sometime soon because the RSI at the

moment on the 12-hour time frame is

entering into oversold territories but

it is important to understand we're not

yet oversold on The Daily time frame and

it's also important to understand even

with this signal this does not mean

we're going to see a massive bullish

reversal right now because for example

it is possible to see an oversold signal

like what we saw right here in around

mid to late June here on the daily time

frame we saw that oversold signal and

then it is possible to see a bit of a

bullish relief to reset the RSI back to

the upside which gives us more room to

the downside later on and so this

oversold signal on the 12-hour time

frame right now is not enough at all to

confirm any bullish Trend reversal here

in the short term so basically once

again sometime soon possibly in the next

few days days in a few days from now we

could see finally a bit of a break from

all of this bearish price action whether

it's at this support or at the next

support and then potentially after

seeing a bit of a break from the bearish

price action once again we could

potentially continue the bearish trend

lower later on once the RSI has reset a

little bit in the short term and if

we're taking a quick look at the Bitcoin

liquidation heat map as of right now

we've simply wiped out more long

positions over the last one day like I

said yesterday we still have a decent

amount of liquidity at around 59,000

which we have just taken out and we

still have more liquidity to the

downside here first of all we have a

decent amount of liquidity at around

56.3k so that is a short-term price

Target to pay attention to and Below

56.3k we have more liquidity at roughly

around

54,000 and we still technically have

that liquidity just above

$70,000 but like I've already said over

and over again here on the channel even

though we have liquidity at just just

above 70,000 that's not necessarily

enough of a reason to expect a move up

towards $70,000 just based on that alone

because obviously at least as of right

now we have many other signals and

charts and patterns and indicators all

pointing in the bearish direction right

now for the price of Bitcoin at least in

the short term as I've already been

warning about for days and days now on

the channel once again the short term is

bearish as I've been saying for a while

and with that being said taking a look

at ethereum on The Daily time frame and

we can see over the last one day the

price of eth has had a clean break to

the downside a massive break below

critical support which was sitting in

between around 2.8k to around

2950 and obviously as we can see here

over the last few months this has

previously held as massive support for

the price of eth time and time again so

considering the fact that we've just

broken below that important area on the

price chart this is an extremely bearish

signal and so if we're zooming out to

the 3day time frame our next level of

support to pay attention to on this

chart based on the Fibonacci retracement

tour from swing low at around 1 12,000

up to swing high on the logarithmic

settings this places the 50% retracement

level acting as support at roughly

around 22,000 and so right at around

2.5k we could find our next short-term

support but if we break below 25,000

then expect a move down towards this

golden pocket sitting in between around

2.1k to

2.2k and so basically if 22,000 fails to

hold the price of eth expect to move

down towards the lower 2K price range

and right around that golden pocket that

should act as major support if we

actually get down there because

previously that was Major support in the

price and also the genen pocket is the

most important Fibonacci area on the

chart and also here on the 3-day time

frame it is quite clear that as of right

now the trend has reversed we've gone

from a major bullish trend on the 3D

chart to now clearly a bearish trend

because we have multiple lower highs

confirmed in the price chart and now a

fresh new lower low breaking below key

support which is Major bearish price

structure but once again even when the

market is crashing or trending in the

bearish direction we can still make

money in crypto using things like shorts

positions for example so just because

the market has reversed that does not

mean there's no opportunities and with

that being said taking a look at the

price of salana on The Daily time frame

and we've just broken below this

previous area of support which should

now act as new resistance sitting in

between around 140 to 144 and so right

now the price is on its way down towards

the next area of support in between 120

to 128 and so that's simply the next

important area of support to pay

attention to and if we were to see a

break below 120 then expect to move down

towards around 100 to 106 and obviously

when it comes to the trend and momentum

in the short term for the price of

salana like I've already been saying

basically every day since the price

broke below 170 I am still bearish on

the price in the short term expect more

bearish price action like I've been

saying since all the way back up here

and if we're zooming into the 12-hour

time frame right now the price of salana

and the 12-hour RSI here entering into

oversold territories and the last time

this happened was back in around mid to

late June and following that previous

oversold signal here in the 12-hour

salana RSI was a little bit of a bullish

relief in the next few days over the

next week give or take so that could be

coming sometime soon potentially in a

couple of days from now especially if

the price starts running into this major

area of support right here but once

again just based on this signal by

itself this is not enough of a reason to

flip a lot more bullish again for the

trend and momentum and so for example

it's possible that sometime in the next

couple of days we could see a bit of a

break a bit of a relief of some sort

from all of the bearish price action but

it is possible to continue that bearish

Trend lower later on once we reset the

RSI a little bit giving us more room to

the downside later on and obviously this

previous bearish Divergence right back

here which I was already warning about

on the Channel all the way back up here

has clearly played out very well over

the last one week give or take basically

pushing this RSI all the way down into

oversold a territories and once again if

you want to trade these moves in order

to make money even when the price is

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how to trade crypto no matter if the

price is bullish bearish or chopping

around sideways then make sure to watch

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shows you how you can profit from

bullish or bearish Price action using

long positions or short positions and

the video in the bottom left shows you

how you can easily profit from choppy

sideways price action but anyway that is

everything that I have to say for today

I really hope you enjoyed and I'll see

you all in the next video