Create articles from any YouTube video or use our API to get YouTube transcriptions
Start for freeBitcoin ETF Inflows Hit Nearly $1 Billion
The cryptocurrency market saw significant activity on Monday, with Bitcoin spot ETFs recording a massive net inflow of almost $1 billion. Specifically, around $978 million flowed into Bitcoin ETFs in a single day, providing substantial buying pressure and pushing BTC prices higher.
This surge in ETF inflows comes as Bitcoin continues to trade near all-time highs, running into key resistance levels. The influx of capital through regulated ETF products signals growing mainstream adoption and interest in Bitcoin as an asset class.
Bitcoin Price Analysis
Weekly Timeframe
On the weekly chart, Bitcoin remains in a larger bull market structure, though momentum has slowed recently. The weekly MACD shows declining bullish momentum, similar to the pattern seen one year ago before the next leg up.
Based on historical patterns, we may see Bitcoin consolidate for 1-2 more weeks before potentially starting its next major move higher. The Super Indicator on the 4-day chart remains green, confirming the overall bullish trend.
However, a bearish divergence is still active on the weekly timeframe, suggesting a lack of bullish momentum in the short-term. This aligns with expectations of a brief slowdown or consolidation phase.
Daily Timeframe
On the daily chart, the recent move higher has invalidated a bearish divergence that had been playing out over the past couple weeks. The daily RSI closed above a key resistance level, confirming the invalidation.
With higher highs now forming in both price and RSI, the bearish divergence is no longer active on this timeframe. However, traders should remain aware of the weekly bearish divergence still in play.
12-Hour Timeframe
Zooming in to the 12-hour chart, Bitcoin executed the anticipated short squeeze, pushing prices straight to a key resistance zone around $102,000-$103,000. This move played out almost exactly as forecast in recent analysis.
Key levels to watch:
- Resistance: $102,000-$103,000
- Next major resistance: $106,000-$107,000 (all-time high area)
- Support: $100,000
- Major support: $97,000-$98,000
- Strong support: $92,000-$93,000
The most likely scenario in the short-term is continued choppy price action between support and resistance levels as Bitcoin consolidates after the recent move up. A confirmed break above $103,000 could open the path to retest all-time highs.
Ethereum Price Analysis
Weekly Timeframe
Ethereum is forming a potential inverse head and shoulders pattern on the weekly chart. However, this bullish pattern is not yet confirmed.
To validate the pattern and trigger its bullish implications, ETH needs to see a weekly close above $4,000-$4,100. If confirmed, this pattern projects a price target near $7,000.
Traders should wait for confirmation before taking action based on this pattern, as it's not yet active.
Daily Timeframe
On the daily chart, Ethereum is trading in a range:
- Support: $3,430-$3,560
- Resistance: $3,900-$4,100
The short-term trend structure appears more bullish than bearish, with ETH forming higher lows and higher highs. A recent breakout above a key resistance area adds to the bullish price structure.
Chainlink (LINK) Analysis
On the 8-hour timeframe, Chainlink still shows an active bullish divergence. This suggests the potential for further upside or at least choppy sideways price action in the near-term.
However, LINK is facing significant resistance in the $24.50-$25.50 range. The most likely scenario over the next 1-2 days is price action squeezing up against this resistance zone.
Traders should watch for a potential make-or-break moment in the coming days, with either a strong rejection from resistance or a confirmed breakout above it.
Solana (SOL) Analysis
Solana is currently rejecting from a short-term resistance area between $220-$223. This rejection was anticipated based on previous analysis.
A small bearish divergence has formed on the 8-hour chart, suggesting a potential slowdown or pullback in the short-term. This doesn't necessarily signal the end of the bullish trend, but rather a pause or setback.
Key levels for Solana:
- Current resistance: $220-$223
- Support levels: $212, $200-$205
- Next resistance levels (if $223 breaks): $232, $246, $260
Traders should be prepared for sideways action or a pullback towards support levels over the next 1-2 days as the bearish divergence plays out.
XRP Price Analysis
On the 4-hour chart, XRP has played out a bearish divergence as expected over the past couple of days. However, this short-term bearish signal is becoming less relevant as time passes.
XRP is approaching a potential breakout point above resistance at $2.47-$2.48. A confirmed candle close above $2.48, especially above $2.50, could signal the start of the next leg up.
Potential targets if resistance breaks:
- $2.61
- $2.69-$2.70
- $2.87-$2.88
Traders might consider long positions if a breakout is confirmed, particularly above $2.50. However, wait for confirmation before taking action.
Support levels to watch if rejection occurs:
- $2.35
- $2.21
- $2.14 (significant support)
Trading Opportunities and Risk Management
While several potential trading setups are forming across various cryptocurrencies, it's crucial to wait for confirmation before entering positions. Always use proper risk management techniques and consider using reputable exchanges with advanced trading features.
Some key points for traders:
- Wait for confirmed breakouts or breakdowns before entering trades
- Use appropriate position sizing based on your risk tolerance
- Set stop-losses to protect your capital
- Take profits at predetermined levels
- Be aware of key support and resistance levels
- Monitor higher timeframes for overall trend direction
Conclusion
The cryptocurrency market continues to show strength, with Bitcoin ETF inflows providing significant buying pressure. However, many top assets are approaching key resistance levels, setting up potential breakout scenarios.
Traders should remain vigilant and wait for confirmed signals before taking action. The next 1-2 weeks may see consolidation in many assets before the next major moves occur.
As always, conduct your own research and never invest more than you can afford to lose in the volatile cryptocurrency market.
Article created from: https://www.youtube.com/watch?v=z_9nX5_WoXM
