Bitcoin Confirms Crucial Breakout with All-Time Highs in Sight, Alongside Key Altcoin Resistance Levels

Bitcoin has officially confirmed a breakout above a crucial resistance level, but is now hitting extremely overbought levels in the short term after wiping out much liquidity. A major change to the Bitcoin long position aims to generate quick profits from the upcoming move, while Ethereum and XRP face crucial resistance areas.

Key Points Summary

• Bitcoin Weekly Price Chart

  The super trend indicator remains green, signaling a larger bull market, but a massive bearish divergence persists on the weekly chart, which typically takes longer to play out and can include short-term bullish price action. A potential slight higher high in price could extend this bearish divergence if the RSI forms a lower high, requiring continued monitoring.

• Bitcoin 3-Day Price Chart

  The 3-day Bitcoin MACD is nearing a bullish crossover, yet market momentum in either direction currently appears relatively neutral on these slightly larger time frames, not exhibiting massive high-momentum movements.

• Bitcoin Daily Price Chart & Breakout

  A breakout above the crucial resistance level of $117,000 to $118,000 has been officially confirmed with daily candle closes, making an all-time high breakout very likely, with the next major price target at $124,000. Current struggles are observed around $120,000, and a hidden bullish divergence (higher lows in price, lower lows in RSI) further supports a bullish outlook towards all-time highs.

• Bitcoin Short-Term Overbought Conditions

  The 4-hour Bitcoin RSI is experiencing extreme overbought conditions, leading to an expected slight short-term cool-off or pullback to reset the RSI, which is a normal occurrence and not indicative of the end of the bullish movement. As long as the price holds above $117,000 to $118,000, the bullish outlook remains strong; a confirmed break back below $117,000 would lead to questioning the bullish move and potentially trigger lower targets.

• Bitcoin Liquidation Heat Map

  Recent price action has wiped out all targeted liquidity between $118,000 and $120,000, causing a major short squeeze where short positions were heavily liquidated over the last few days.

• Bitcoin Trading Strategy (Personal Position)

  A long Bitcoin position, initiated at $110,000, has recently seen two small changes: the trade size was slightly reduced to take profits given the overbought conditions and approach to $120,000, and the stop loss was increased further into profits, securing approximately $6,000 USD in realized profits and $55,000 USD in unrealized profits from a $60,000 position.

• Potential Bitcoin Entry Points

  For those who missed the initial entry at lower prices, a breakout above the previous high (around $116K-$117K) was identified as another potential entry point to add to or open a long position, as the price is now very likely heading towards all-time highs in the next few days or weeks.

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• Bitcoin Seasonality

  Historically, October is the most bullish month for Bitcoin on record, which, combined with the current breakout and minimal resistance to all-time highs, reinforces a very bullish outlook for the coming days and weeks, despite occasional short-term cool-offs.

• Bitcoin Dominance

  A short-term bullish divergence in Bitcoin dominance is currently active, suggesting a slight bullish relief for Bitcoin dominance, which implies many altcoins may slightly underperform Bitcoin while still performing similarly overall.

• Ethereum Price Analysis

  Ethereum has continued a major bounce from a significant support area between $3,900 and $4,100, but is currently encountering crucial resistance between $4,470 and $4,500. A confirmed daily candle close above $4,500, especially if Bitcoin continues to pump, would lead to targets of $4,600 and $4,700, with current important support levels identified between $4,250-$4,280 and $4,060-$4,100. Ethereum's price action is expected to follow Bitcoin's trend.

• Solana Price Analysis

  Solana has continued a perfect bounce from support at $190-$200 and is now testing previous resistance at $230. A breakout above $230, especially if other cryptos like Bitcoin and Ethereum continue bullish breakouts, targets $250-$260. The 12-hour RSI indicates a clear bullish trend, signifying a regaining of strength and a likely reversal out of the entire bearish move, heading towards testing highs at roughly $250 within a larger bullish trend.

• XRP Price Analysis

  A massive bearish divergence on the weekly time frame, noted since July, still influences XRP on larger time frames, but is not a short-term signal. In the shorter term, XRP has continued a perfect bounce from strong support at $270-$280 and is now testing resistance at $310-$315. A confirmed daily close above $315 would open targets of $330-$335 and indicate a potential double bottom or W pattern, similar to Bitcoin's recent breakout above $117K-$118K.

• Chainlink Price Analysis

  Chainlink is continuing to bounce from support at $19-$20 and has officially confirmed a daily candle close back above $22, which is now being retested as potential short-term support in the $22-$22.30 range. Sustained holding above this level would be extremely bullish, likely leading to a continued move towards $24.50 and above $25 as the next major price targets. Chainlink's price action will be heavily influenced by Bitcoin's continued bullish moves, though it might slightly underperform Bitcoin if dominance rises.

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