BITCOIN LIQUIDATION TRAP: Don't Be Fooled!!! - Bitcoin News Today, Ethereum & Altcoins

[00:00:00]Welcome back to the good channel everyone. My name is Josh and right now Bitcoin is still trying to play out this bullish divergence but is also still showing some weakness in the shorter term lacking bullish momentum despite the slight bounce that we've just seen over the last 1 day. This is potentially due to the fact that even though yes, this bullish divergence is still active, we have liquidity in the Bitcoin liquidation heat map that is building not just below but also above the price of Bitcoin. So yes, liquidity above and below the price of Bitcoin kind of pulling the price in both directions at the moment which I will be talking about in just a moment alongside of course Ethereum which has just seen a perfect retest and a bounce from this crucial level on the price chart which I will talk about in just a moment alongside my exact Ethereum trading strategy which yes I am still currently in this Ethereum long position. And I will give you an update on this trade right here in just a moment alongside of course Salada which is just hanging on by a thread only just hanging on to this crucial area of support here. So I'll be talking about all of that and more later in the video. So definitely watch to the end.

[00:01:06]First of all starting off on the weekly Bitcoin price chart. And currently the super China indicator is still sitting in the red, but we still have this massive bullish divergence which has already started to confirm over the last couple of weeks with two weekly candle closes in a row in the green. Of course, the previous weekly candle close was only slightly in the green. But the one before that was a decent weekly candle close well and truly in the green, starting to confirm this long-term bullish signal for the price of Bitcoin.

[00:01:34]So keep that in mind for potentially what to expect in the coming months or over the next year or so, especially later in this year. Potentially more of a recovery out of this larger bearish trend or bare market for the price of Bitcoin. So keep that in mind. Once again, long-term signal for the price of Bitcoin, not a short-term signal. But if we're taking a look at the 3-day Bitcoin price chart right now, of course, we're still holding above and still really bouncing from this major support here at around $60,000. And of course, between the current price and 60,000, we also have some other shorterterm support levels to keep in mind. And as for resistance, at least here on the 3-day time frame, we clearly have a strong level of resistance here at approximately 65 12,000 give or take based on previous support flipping into new resistance. Once again, around 65,000 as strong resistance. And if we're taking a look at the daily Bitcoin price chart once again, right now the price of Bitcoin is still technically playing out this bullish divergence on the daily time frame as has been the case for the last couple of weeks now.

[00:02:37]But even though as the name suggests, a bullish divergence does suggest potentially bullish price action. Of course, it's not going to be a straight line towards the upside. As I always say, the most common outcomes or most likely outcomes from a bullish divergence is either a slight bullish relief or potentially a bit of choppy sideways price action here and there.

[00:02:57]And of course, if we're kind of just chopping around sideways, that consists of both short-term bearish price action and short-term bullish price action kind of just bouncing around somewhat sideways. And that has been the case especially over the last 1 to one and a half weeks approximately. The price of Bitcoin, as we could see, has kind of just been slowly drifting in the bullish direction, but mostly playing out a lot of choppy sideways price action, which once again is what I've been talking about here on the channel is one of the most common outcomes from a bullish divergence and also very similar to what we saw back here, where we're currently playing out a similar signal at the moment, and a bullish trend in the daily Bitcoin RSI. Basically, very similar to what we saw back near the end of February, entering into March and even April this year. And so honestly that is my continued expectation for the price of Bitcoin in terms of what to expect potentially in the coming weeks as a very likely scenario. Price action somewhat similar to this. Of course, not the exact same, but somewhat similar. So basically continuing a bit more of a relief kind of drifting towards the upside with yes, the occasional little pullback and weakness along the way. Not necessarily a massive move straight towards the upside like this, but kind of just playing out a bit more of a relief, a break from all of the extreme bearish price action, at least for the coming days or weeks is a very likely scenario here as this bullish divergence remains active at least for now. And as for shorterterm support and resistance levels above that 60k support level here, we also have a bit of support at give or take 62,000, especially around 61 12,000 to 62,000 as a key area of support to watch out for. And once again, we have strong resistance at give or take 65,000 to 66,000. So, especially closer towards 66,000 as well, we have strong resistance around there based on previous support flipping into resistance as we could see. And if we're taking a quick look at the Bitcoin liquidation heat map, looking at the last 2 weeks worth of price action, we can see liquidity building in the heat map both below the price and above the price of Bitcoin. So, first of all, of course, the current price of Bitcoin is roughly around here, roughly around 64 half,000 as of recording this video. And we have downside liquidity building just above 61,000 especially in between 61.1K to 61.4K.

[00:05:17]So once again closer towards 61 a half th000 really just above 61,000 we have a lot of liquidity around there. But we also have a decent level of liquidity continuing to build at around 65.7K.

[00:05:31]to just above this previous local high in the price of Bitcoin. And usually the price of Bitcoin kind of gets drawn towards or pushed towards where we have a lot of liquidity. You can think of these levels if you're a beginner to all of this, you can think of these levels as kind of like a magnet attracting the price towards where we have a lot of liquidity. Very often, obviously no guarantees, but very often the price of Bitcoin moves towards these major levels of liquidity to ultimately hit these levels. This is a very likely or high probability outcome. And so considering we have liquidity above the price and below the price, this could potentially help to cause a bit more choppy sideways price action as the price tries to both go towards the upside and to the downside, but ultimately kind of just remaining rangebound for the time being.

[00:06:18]Basically being indecisive in the shorter term is quite likely moving forward. overall still trying to play out this bullish divergence, which means potentially continuing slightly in the bullish direction. So, a bit more of a relief still quite likely from all of the extreme bearish price action. I don't really expect a massive move straight down like this really anytime super soon. Of course, maybe at sometime in the future again, but not right now.

[00:06:42]That would be an unlikely scenario. much more likely would be price action basically somewhat similar to what we've seen over the last 1 to almost 2 weeks now continuing for a little longer here.

[00:06:53]And so those are my current expectations for the price of Bitcoin and the key targets and levels to watch out for and signals to watch out for moving forward.

[00:07:01]And of course, if you want to trade any of these moves in the price of Bitcoin or any crypto, you need to be set up ready to go on a crypto exchange. And if you use the first link below the video in the description and in the pinned comment, that first link below this video will take you to this page right here over on the LBank crypto exchange, which by the way is a no KYC exchange, which means you can access this platform from basically any country in the world without needing any KYC. And just by simply using that first link below the video to actually make your ElBank account, you can claim and take advantage of up to a 4,000 USDT bonus onto your account simply just by making an account using that first link below the video. And because you don't need KYC, that's not a requirement. It takes about 30 seconds to actually make an account. Just email password or phone number, password, you're ready to go.

[00:07:45]And then you simply just make a deposit, hold that deposit for a few days on the exchange, and then basically ElBank the exchange will give you up to a $4,000 bonus depending on the size of your deposit, of course. And that $4,000 bonus, of course, you could use to actually trade to take your next trade if you want to. As always, it's not financial advice, but in that situation, you'll be basically risking the exchanges money rather than risking your own money. So, if you're going to be trading crypto anyway or preparing to take the next trading opportunity, you might as well get set up ready to go using that first link below the video on the LBank exchange. Once again, also a no KYC exchange. But with that being said, taking a quick look at the Bitcoin dominance chart on the 3-day time frame.

[00:08:26]Right now, we're starting to see a little more of a bounce continue here in the Bitcoin dominance, which means we might start to see a slight outperformance for Bitcoin compared to some of the major altcoins, but only likely a very slight outperformance. Not necessarily massive difference between the performance. So, a lot of altcoins still likely going to perform somewhat similar to whatever Bitcoin does here, but perhaps Bitcoin holds up a little bit better than some major altcoins.

[00:08:56]Potentially, some altcoins, which I'll talk about in just a moment, might slightly lag behind Bitcoin or underperform Bitcoin, but not necessarily to an extreme degree, of course, depending on the altcoin. And if we're taking a look at Ethereum on the 3-day time frame, technically speaking, we're still pulling out this major bounce here. Still holding above this significant area of support in between 1.5K to 1.6K. We're also still playing out this W or double bottom pattern, moving away from oversold. So, all of this is still looking pretty good here on the 3-day Ethereum prior chart.

[00:09:28]Ultimately, we're still in this massive range in between this support and this resistance, which in case you're wondering, the next significant area of resistance on the 3-day time frame is sitting in between around 2.2K to 2.4K.

[00:09:41]But of course, we'll likely find other short-term resistance along the way, which is what we just saw a few days ago, a couple of days ago. Of course, we ran into resistance close to 1950, a level that I warned about here on the channel before we hit that level and started to struggle at close to 1950.

[00:09:59]And so, continue to expect at least some resistance around that area if the price ultimately bounces back up and sees another test close to 1950 give or take, especially really in between 1940 to 1960. So, give or take 1950. Expect some resistance around there. of course continue to struggle around there. But if eventually we can break past that point in that situation, technically speaking, as of recording this video, this bullish price target for this W or double bottom pattern is still technically in play. It is still active, which is sitting at around 2070 to 2080.

[00:10:34]So just below 2.1K.

[00:10:37]But remember, we also have resistance between the current price and this price target. And also keep in mind it's the point of invalidation which would be a break back below 1,800 1.8K. So if for example we see a daily candle close back below around 1.8K and especially if we fail to get back above that level in that situation that will just invalidate this breakout therefore invalidating the price pattern and this price target. But we can see that just yesterday the price of ETH actually came all the way down to almost exactly 1.8K just a few dollars above 1.8K 8K and saw a pretty much perfect bounce from this exact level on the price chart. And so, taking a look at my Ethereum long position, my trade, my trading strategy that I've been talking about for well over a week now on the channel. Right now, really over the last day, I've made no new changes to this trade. So, right now, still currently a $150,000 Ethereum long position. Roughly 14 to 15K margin on about 10x leverage, as we could see.

[00:11:36]Looking at my transaction history once again, no new transactions or ads or take profits to this trade over the last one day. So, my latest transactions were those previous take profits at pretty much the exact high right here at around 1930. You can see here for yourself in my transaction history over here on my Elbank exchange. Once again, I am using Elbank first link below the video. But as you can see here and as I've already said over the last couple of days, once again, I already secured well over 4,000 USDT in profits. already realized, secured out of that trade. And I still, as of recording this video, have roughly another 5,000 USDT in unrealized profits that's just sitting there at the moment in the trade. Of course, if the price keeps bouncing, then those unrealized profits ideally will continue to grow.

[00:12:20]If the price continues to bounce after this retest here, but it also somewhat depends on what Bitcoin does. For example, if Bitcoin ultimately continues a bit more of a relief like this, that can help kind of push up Ethereum potentially and some other altcoins helping out here in the shorter term if Bitcoin continues a bit more of a relief like this. And as for stop-loss and take profits, etc., of course, my stop loss not changed over the last 1 day. Still sitting right above my entry, which was basically within a dollar from being hit at this latest local low here just before we bounced. As we can see here, I've not moved that stop loss. actually place that stop loss before we saw that candle wick down within about a dollar from hitting that level which is kind of crazy. And if the price of ETH comes back up towards this high towards roughly 1940 1950 1960 and especially if we start breaking out past that point on the price chart in that situation I'll start to move the stop loss a little further into profits. So that would basically secure more profits in the worst case scenario if the price just crashed back down again. That would close the rest of the trade at wherever the stop loss is sitting at. Of course, right now it is sitting in some slight profits above the entry. And as for other take-profit levels, other price targets, of course, once again, my trading strategy not changed over the last 1 day. So, the next major take profit will be just before this price target. If the price of course actually gets there, then I would be taking a little more profits. Basically reducing the size of the trade, not closing the entire trade, but perhaps reducing it to around 100k trade, maybe even slightly below 100K total size. basically just before this price target here. So the price target once again is at around 2070 2080. So potentially around 2040 2050 2060 somewhere around there. I will look to take a little more profits reducing the size of this trade if the price once again actually gets there.

[00:14:09]And so that's just a quick update on my current Ethereum trading strategy. Still obviously making easy profits here. And even now in the worst case scenario if the price just crashes and hits the stop loss I still ultimately come away with roughly $5,000 of profits. Even now, in the worst case scenario, those profits are basically locked in at this stage.

[00:14:27]And remember, if you want to take trades like this for yourself, I am taking this trade right here over on the ElBank crypto exchange and no KYC exchange.

[00:14:35]First link below the video to this exchange if you want to claim these massive bonuses only available using that first link below the video. But with that being said, taking a look at XRP on the weekly time frame. Not much has changed on the weekly time frame over the last 1 day. So, we're still technically within the longerterm bearish trend or bare market. But if we're taking a look at the daily XRP price chart for now, we're kind of just bouncing around sideways as we can see, playing out choppy sideways price action as this bullish divergence is technically still active. We've not yet fully invalidated this bullish divergence, which means overall expect very likely more choppy sideways price action. I don't really expect a significant amount of bullish momentum considering XRP is one of those old coins at the moment that is kind of underperforming Bitcoin as we can clearly see lately. Of course, if we're looking at Bitcoin, it is kind of drifting towards the upside, at least creating some slight higher highs in the shorter term, whereas XRP is of course not really doing that. We're actually creating lower highs as we could see, but in the immediate short term, at least over the coming days. I do expect somewhat neutral price action bouncing around somewhat sideways on the price chart as a very likely scenario here for XRP just in the short term. And if we're taking a look at the price of Salana on the 3-day time frame, technically speaking, this massive bullish divergence on the 3-day Salana price chart is still currently active. So, even if we see a further break below 75 and actually confirm that break here on the 3-day time frame, in that situation, of course, the bullish divergence can still remain active on the 3-day Salana price chart, which could cause either a further sideways consolidation, choppy sideways price action, or eventually potentially a little more of a bullish relief at some stage later on here, continuing to play out this larger bullish divergence. And so, keep that in mind. that is still influencing the price to some degree in terms of the somewhat midterm. Of course, not necessarily in the immediate short term at the moment, we're still seeing some weakness. But if we're talking about a period of weeks, maybe even over the next month or so, this could likely still have an influence on the price of Salana. And if we're taking a look at the shorter term, looking at the 12hour Salana price chart, right now the price of Salana, as we can see, is only just hanging on to this support at roughly around $75. as we can see. And so technically speaking, just recently we did confirm one to two candle closes here on the 12-hour time frame. Just a few cents below $75. Not even a dollar below, just a matter of cents below $75, but we're still kind of holding slightly above 75 as of recording this video. So, so far we've not really confirmed a decisive break below 75. We're still kind of just holding on to this support as we could see. And so simply following my Bitcoin analysis and my analysis for some of the other altcoins here, it's likely that Salana could potentially continue to hold this support for a little longer and play out maybe somewhat neutral price action. So still lacking bullish momentum. Not necessarily seeing a significant amount of strength at the moment, but just for now playing out somewhat neutral price action, holding this line of support on the price chart. very very likely in the immediate short term perhaps for the rest of the weekend here over the next maybe 1 or 2 days or so. But if eventually we break below 75 with more confirmation and especially if we fail to get back above that level in that situation, of course, that would be another short-term bearish signal pointing towards quite possibly a drop back into the $60 range down towards around 67 to $68 as the next major area of support here in the shorter term. But once again, just for now, in the immediate short term for the next 1 or two days, I expect somewhat neutral price action. Maybe a very, very slight little bounce, still showing weakness, lacking bullish momentum, but just holding on to this support for the time being. And if we're taking a quick look at the price of Chain Link on the 3-day time frame, technically speaking, this massive bullish divergence is still currently confirmed and in play for the price of Chain Link on the 3-day time frame. So, this means expect either a little more of a bullish relief or potentially just a more choppy sideways price action moving forward, especially as the price has not yet fully confirmed a breakout above that $8.50 level, the high end of this area of resistance, which is in between roughly $8 to $8.50.

[00:18:52]But eventually if the price of chain can actually confirm a breakout beyond 850 with candle closes above that level and holding above that level in that situation the next major target or area of resistance to watch out for to the upside will be sitting in between around $950 to $10. But once again just for now we've not yet fully confirmed a breakout above 850 which means it's possible we could continue to struggle a little longer around that level. So keep that in mind moving forward. But overall, I still do not necessarily expect a significant bearish move like this, at least not anytime soon, considering this massive bullish divergence, at least for now, is still currently active and in play. So overall, expect either slight bullish price action or potentially a bit of neutral price action in the very shorter term potentially over the next couple of days as honestly the most likely scenario for most of these major cryptos, especially Bitcoin at the moment, playing at a slight relief, but not really a significant amount of bullish momentum. That's basically the moral of the story at the moment. And of course, if you want to trade any of these moves in the price of any crypto like what I'm doing right now for Ethereum, check out that first link below the video to the Elbank Exchange.

[00:19:58]If you want to take advantage of those massive bonuses that are only available using that first link below the video.

[00:20:03]And if you want to actually know how you can take these sort of trades for yourself and actually profit no matter what direction the price goes, then make sure to watch this video popping up right here on your screen because this video right here shows you how you can profit from bullish price action using long positions, from bearish price action using shorts positions, and from choppy sideways price action using grid trading strategies. All in that video right there. So definitely check it out.

[00:20:24]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