BITCOIN & ALTCOIN CRASH JUST GOT WORSE!!!!! – Bitcoin News Today, Ethereum, Solana, XRP & Chainlink

Update on the current state of Bitcoin and the broader altcoin market, highlighting bearish trends and potential trading opportunities.

Here’s a summary of the key points:

• Bitcoin ETF Outflows: The video reports significant net outflows from spot Bitcoin ETFs, especially on Friday, totaling over $800 million. This trend worsened throughout the week, indicating selling pressure on Bitcoin.
• Bitcoin’s Bearish Signals
  • Weekly Bearish Divergence: A massive bearish divergence is forming on the weekly Bitcoin price chart, suggesting a loss of bullish momentum. If confirmed, this could lead to a larger slowdown, either a sideways consolidation or a pullback, for a few weeks to a couple of months.
  • 3-Day Bearish Crossover: A new bearish crossover in the 3-day Bitcoin MACD has been confirmed, indicating an increase in bearish momentum in the short term.
  • Cup and Handle Invalidation: The cup and handle pattern on the 3-day Bitcoin price chart is likely to invalidate if Bitcoin closes below $110,000.
  • Rejection from Resistance: Bitcoin is experiencing a major rejection from the resistance area between $120,000 and $123,000.
  • Short-Term Bearish Trend: In the short term, Bitcoin is in a bearish trend, forming lower highs and lower lows, and has broken below a descending parallel channel.
• Altcoin Market Weakness: The Bitcoin dominance is continuing its short-term bounce, which is bad news for the altcoin market. When Bitcoin dominance is bullish, it means Bitcoin is outperforming most altcoins, leading to bearish price action for altcoins, especially when Bitcoin itself is showing weakness.
• Ethereum Analysis:
  • Ethereum rejected from a significant resistance area between $3.9K and $4.1K.
  • It has broken below short-term support at $3.5K and is potentially heading towards $3.2K to $3.3K.
  • A break below $3.2K could lead to a pullback towards $2.7K to $2.8K.
  • A bearish divergence on the daily timeframe suggests the pullback is likely only halfway complete.
• Solana Analysis: Solana is rejecting from resistance between $190 and $200 and has broken below support at $167, potentially heading towards $143 to $146.
• XRP Analysis:
  • XRP is breaking below a crucial level at $3 on the weekly timeframe.
  • A significant bearish divergence on the weekly XRP chart is close to confirming, which could lead to a larger, more volatile pullback over the coming weeks.
  • Potential price targets include $2.45 to $2.50 and possibly even $2.
  • On the daily chart, XRP is losing support at $2.90 to $3, with the next target being $2.55 to $2.62.
• Chainlink Analysis: Chainlink has broken below a critical area and is likely to continue dropping towards $15.50. The next major target below $15 could be $13.50.
• Trading Strategy: The presenter emphasizes looking for short positions rather than long positions in the current market conditions due to the bearish trends. Entry signals for short positions include a break below key support levels or a rejection from resistance levels.