This video provides an urgent update on Bitcoin and altcoins, including Ethereum, Solana, XRP, and Chainlink, discussing their current price movements, potential future trends, and key support and resistance levels.
Here are the highlights:
A short-term bearish divergence on the 4-hour chart is still active, suggesting a lack of significant bullish momentum despite the recent bounce.
Bitcoin has broken below a key short-term support level and is retesting this area.
The price has wiped out liquidity at approximately $115,000.
A possible bearish divergence is forming on the weekly chart, but it’s not yet confirmed.
The 3-day chart shows a loss of bullish momentum in the shorter term, but the overall trend remains bullish.
A cup and handle pattern remains active as long as the price holds above $110,000.
The price is struggling around the $120,000 to $123,000 area, which is expected to act as strong resistance.
The daily Bitcoin RSI is rolling over after being overbought, suggesting a potential short-term bearish trend or cool-off period, similar to what was seen in late May.
A previous pullback in late May to June saw a 10-12% move to the downside. The current move is about 5-7% down from the all-time high.
A break below $116,000 to $117,000 with candle closes has been confirmed, and this area is now being retested as potential new resistance.
If Bitcoin fails to get back above $117,000, a short-term bearish trend forming lower highs and lower lows is likely, potentially leading to a correction towards $110,000 to $112,000 over the next few days or weeks.
New liquidity is building just below the price at around $114,300 to $114,600, making a move to the downside more likely than to the upside in the short term.
The short-term outlook for Bitcoin is neutral at best, but most likely pointing towards a bearish direction for the next one to two weeks, not a major crash but a cool-off.
Despite short-term pullbacks, Bitcoin is still within a much larger bull market on the weekly timeframe.
Bitcoin Dominance
The Bitcoin dominance chart is showing a short-term pullback, which is good news for altcoins.
A bearish divergence is still active, suggesting a continued pullback in Bitcoin dominance after a recent short-term bounce.
A bearish Bitcoin dominance is favorable for altcoins.
Ethereum is ending its previous short-term bearish divergence.
It is currently trading just under a crucial resistance area between $3,900 and $4,100, which has seen significant rejections since early 2024.
Ethereum is experiencing a short-term bounce from approximately $3,500, which was previously identified as a strong support level.
If Ethereum breaks below $3,500, the next support level to watch is around $3,200 to $3,300.
Despite a pullback in Bitcoin dominance, if Bitcoin continues a short-term bearish trend, Ethereum and other major altcoins will likely also see a cool-off period, though they might hold up better than Bitcoin.
The 2-hour bearish divergence for Ethereum has been invalidated, showing signs of strength in the immediate short term.
The overall outlook for Ethereum is a cool-off or sideways consolidation in the coming days or weeks, remaining within a larger bull market.
Solana (SOL)
Solana is playing out a short-term rejection from the golden pocket resistance area, roughly between $190 and $200.
Current support is around $180, with the next key support at $167 if $180 breaks.
A bearish divergence on the 2-hour chart is still active, suggesting a lack of bullish momentum or choppy sideways price action in the short term.
Despite short-term weakness, Solana remains within a much larger bullish trend, forming higher lows and higher highs.
A significant bearish divergence is forming on the weekly chart but is not yet confirmed.
Significant support is at around $0.30.
Strong resistance is expected around $4.60 to $4.70.
The price has broken below $0.340, a key short-term support level.
It is unlikely for XRP to head towards all-time highs in the next couple of weeks.
XRP is likely to remain in a range between $0.290 to $0.340 for the next couple of weeks, with $0.290 to $0.300 as major support and $0.330 to $0.340 as major resistance.
Overall, the price structure on larger timeframes is still bullish, but the short-term outlook is bearish.
Chainlink (LINK)
Chainlink is starting to bounce from a significant support area between $17.50 and $18.00.
Holding this support is crucial for confirming a larger breakout.
If Chainlink breaks below $17.50, a drop towards $15.50 is likely.
Significant resistance is present between $20.00 and $21.00, where the price recently rejected.
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