BITCOIN MARKET REVERSAL (Final Warning)!!!! Bitcoin News Today & Ethereum Price Prediction!
Summary
TLDRIn 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
📉 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.
📈 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.
📉 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.
🚫 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.
Mindmap
Keywords
💡Crypto Channel
💡Bitcoin
💡Support Level
💡Oversold Territories
💡Super Trend Indicator
💡Bear Market
💡Ethereum
💡Liquidation Heat Map
💡RSI (Relative Strength Index)
💡Bearish Price Action
💡Bybit
💡Bitflex
💡Solana
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
video in the description and in the
pinned comment and if you use that link
down below this video to make a buybit
account and deposit on that account then
you can get up to a $30,000 deposit
bonus but only if you use that link down
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happening over on bybit right now where
you could potentially win up to
$100,000 just by Trading crypto using
the link down below this video and so if
you're going to be trading crypto anyway
you might as well check this out once
again first link down below this video
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
crashing check out those links down
below this video to claim those extra
bonuses and if you want to actually know
how to trade crypto no matter if the
price is bullish bearish or chopping
around sideways then make sure to watch
these videos popping up right here on
your screen the video in the top left
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
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