 Today, Bitcoin had its first major pullback in the month of February, back down to levels not seen since last week. A day ago, everybody was asking me about the dip. They were asking me when was the crypto market going to dip so that they can buy. As you guys can see here, everything is red except XRP, which is up 8% today. Now those same people today are saying that it's over and that Bitcoin is going down to zero. You guys are drunk if that's what you think and you should go home. Today we are talking about this dip and prices across the entire market and mostly focusing on Bitcoin and Ethereum today and giving you guys some trade setups for the rest of this week. Let's dive right in. Hey, what's up, it's Jay here and welcome back to Bitcoin Daily bringing you guys the best tips, tutorials and ideas to help you guys become profitable and successful traders. The goal of this channel is to empower you guys with the resources and knowledge to help you get to that next level. So if you guys haven't done so yet, make sure to subscribe, make sure to hit that like button and make sure to turn on that notification bell so that you guys are notified as soon as we post these new videos five times a week. So of course the first thing we're going to talk about is a trade recap from the weekend from the trades that we gave you guys on Friday's video. So the first trade that we gave you guys for Bitcoin was the entry above 55K. So that was basically this entry right here. And if you did not, if you were not able to catch that, you had another opportunity right here, which took you all the way up to the all-time highs of around $58,500. And that would have been a 55K entry up to the all-time high would have been about a 64% profit if you use 10X leverage like us. If you took instead the 56K entry that we also gave you guys because we saw that that price went up, if you took that 56K entry, you could have entered right around here and that would have been wrote it up all the way to the top. That would have been around a 45% profit on that trade if you use 10X like we did. In Ethereum, if you use the 1980 entry that we gave you guys, you would have been able to write it up to about the its new all-time high, which is around 2041, which would have been a 15% profit. And if instead you caught the $2,000 up to its new all-time high trade, you would have done about a 10% profit. Using 5X leverage. So if you missed any of these trades, do not worry because today in this video, we have new trade setups for this week for you guys. So let's jump right in. All right, so first let's go ahead and take a look at what's been going on over the weekend with Bitcoin. So as far as news, Elon Musk, it was being reported that Elon Musk was saying that Bitcoin price was too high. But the thing was that it gets taken out of context. So Peter Schiff, which is a very famously known Bitcoin bear, said, according to Elon Musk, Bitcoin is almost as BS as fiat money. So Musk regards both Bitcoin and fiat as BS. I agree, I just think Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. Gold is not BS, it's real money and better than both. So that's what Peter Schiff tweeted. By the way, Peter's son is huge into Bitcoin. So it's just ridiculous that his son is ahead of his father. But anyways, Elon Musk replied, an email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency and error. The system will evolve to that which minimizes both. Obviously, gold is not going to be that system. It's only a store of value. Bitcoin is also a store of value, but you can also make transactions with it. So it's a lot easier, right? Bitcoin is subject to latency, but it's not subject to error. A lot of stuff that went on in this tweet. And then at the end he said, that said, BTC and ETH do seem high. So he said that they seem high. He didn't say that he thought they were too high or anything like that. But of course, he gets taken out of context as always by Bitcoin bears, because they're super upset that Bitcoin's about to hit 60K, right? Then later on that same day, Elon Musk went ahead and tweeted this video out. Cryptocurrency explained. So, you know, now he's, why didn't the news media put this tweet out, right? They only pick and choose what they want, right? Then he also tweeted, heard a rumor some crypto coin was pegging the dollar and then saying, or did they say pegged to the dollar? Something like that. So he's been having fun all weekend. Of course, Dojo for Doge and a lot of other stuff. You know, he's mostly always trolling guys. A lot of what he says cannot be taken seriously. He's just trolling on Twitter. Then of course today, this morning, we have Janet Yellen, yet again yelling against Bitcoin, saying warning that Bitcoin is extremely inefficient basically for transactions, right? So apparently Janet Yellen has not tried to make wire transfers before, if she is saying that Bitcoin is inefficient when it comes to transactions. So yet another episode of dinosaurs not understanding Bitcoin. I would not be surprised if she doesn't even use email. She probably still uses fax machines. Oh wait, I called the IRS the other day and they asked me to fax over something. Yeah, she definitely uses a fax machine. All right, so now jumping into the Bitcoin chart, we can see here that Bitcoin basically went all the way up to $58,500, which is its new all time high, and then dumped all the way as low as $47,575, right? So of course other crypto bears today are out of the woodworks, even though year to date, Bitcoin's up 80%, in the last three months, Bitcoin's up 129%, in the last month, Bitcoin's up 55%, the last six months, Bitcoin's up 343%, in the last 12 months, Bitcoin's up 447%. So as we look at the chart here, we see that Bitcoin is actually respecting the line that we drew here, the support. Remember on Friday, we drew the support here for you guys, and we mentioned that it had touches, many, many, many touches all over here, and now here is another one. And it looks like the support is yet again holding for Bitcoin there. So basically we're going to continue to try to use the support as an entry here, and let's see if we can close above this and close above $50,000. As long as we close above this support, and if we close above $50,000, then we are good peoples. This is a normal, very normal dip, because prices don't only go straight up. Look at the Bitcoin chart, guys. Where on the Bitcoin chart does the price just go up without ever going down? So one of the things we spoke about on Friday was this overbought territory that we were in with Bitcoin on the RSI, right? So with this dip, it has reset the RSI, and we have gone out of the overbought territory, and this is perfectly normal. This is exactly how our market structures, markets don't just go up. You will always see dips along the way as we go up, right? Remember this whole section right here, when everybody thought that was the end of the world right there? And look at us now. So if we look at every time we've been in overbought territory, we know we've expected some sort of dip or consolidation, right? We're overbought here. We saw a dip there. We were overbought here. We saw a dip there. Overbought, dip, overbought, dip, overbought, dip and consolidation. You guys get the picture. So we've actually had a huge bounce here in this candle, as you guys can see, after we hit that low, and now we're back on top of the support. We closed above the support, and we're currently, this current candle is above the support. So we're looking good, guys. Nothing to worry about here. As long as we stay above the support and stay above 50K, I think we're looking pretty, pretty good to continue up and break that 60K soon. In Ethereum, a lot more of the same as you guys can see here. We were overbought here, and this has basically taken us to pretty much oversold territories, right? Over here, last time we were overbought, we also saw that dip. And if you guys just keep going back, you guys will see more of the same just over and over, right? Look at this overbought here. Look at this dip here. So let's go ahead and move the Fibonacci retracement level up to its new high. And then let's take a look at these levels. So you see currently where we're bouncing at right here in Ethereum is right at that Fib level, which is right around that 1730-1715 level, right? That's currently where we're at. We're seeing if we can get that bounce there. As you guys can see, there was lots of bounces there before, including some resistance there before that. So that's currently what we're watching right here. We need that level to hold. As long as that holds, I expect to see new highs as we've seen going along the way here. Remember that Ethereum always follows Bitcoin for the most part. It's correlated over 90% correlation, I believe. So of course, when Bitcoin moves down, it's going to move down as well. When Bitcoin moves up, it's also going to move up. When Bitcoin consolidates, it could consolidate or it could move up. So it just depends. This is a great opportunity to buy for long-term investments here, guys. 1700 is a great support here. I'm adding to my long-term positions here. I'm also adding to my long-term positions down here at that 1500 level. I love that level. So I'll be adding there if we were. I wasn't able to add there because it just happened too fast for me. But if we do go back to those levels, I'm adding to my long-term positions there, as well as here. We will undoubtedly go back to these all-time highs. Just a matter of time. So this is your opportunity for all of you who are looking for a dip. This is your opportunity to jump back in during this dip in both Ethereum and Bitcoin. So don't miss out on this opportunity. All right, guys. So we've gone ahead and done a recap of what happened over the weekend. We've gone ahead and took a quick look into both Bitcoin and Ethereum and now we're going to give you guys some trade setups that we are watching for this week during this dip because, as you guys know, we will buy the dip. If you guys are enjoying this video so far, go ahead and hit that subscribe button. If you're not subscribed yet, make sure to also put a thumbs up on this video and turn on the notification bell so that you guys are notified as soon as we post brand new videos every single day, five days a week. All right, so in Bitcoin, the first thing that we're going to be looking for here, if we continue down, we are watching, of course, this level right here. As we told you guys, this ascending support level here, there's been a lot of touches here and it's been used as a very strong support. So as long as we're closing above this, I like this entry here. Also, we have the 50-day moving average here as well. So this level here around 52,000 to 50, basically 52K area, right? 52 to 53 area is going to be a nice bounce area to catch a bounce back up as it's currently doing right now. But just in case we do see another dip, if it were to go lower than that, then the next level we're looking at is, of course, 50,000. And if 50,000 was to not hold, then we're looking, of course, at 48K, where we bounced this morning, or 46K, where we have a whole lot of stuff going on there. If we do see a break to the upside, then we're looking, of course, at that $55,000 range. That is our first breakout entry that we're looking for here. And of course, our target is going to be more or less that $58,000 range as our first main target. But our really main one is $60,000 per Bitcoin. In Ethereum, we're looking, we're watching this level that it's currently on right around that $1,700 range. We like that range for an entry. If you can't catch that, then you can look above it around that $1,750 range. A break above that would be nice. And then the final breakout trade that we're looking at would be above $1,800. Of course, our target is going to be 2,000 and these previous all-time highs that we just hit over the weekend. If we were to go lower, then of course we're watching this $1,650 range. $1,600 could be a level as well. It's a weaker support. And then the strongest support is going to be down here at that $1,500 range. Those will be the next supports that we're watching and looking for entries. Of course, we're always looking to buy on the bounce back and not on the drop. So when we say that, what that means is when it drops like this, we're not buying, but when it crosses back over, that's when we hit that buy trigger and enter on those trades. That's pretty much it for today's video, guys. We did a recap on what happened over the weekend and today's dip. Then we did a price analysis on both Bitcoin and Ethereum. And then we finished it off with, of course, some trade setups for this week. So hopefully you guys are buying the dip just like we are this week. If you guys enjoyed this video, go ahead and make sure to hit that subscribe button. Make sure to also leave a thumbs up on this video. If you have any questions about anything that we spoke about on this video, go ahead and drop it in the comments. We'll be more than happy to give you an answer. And that's pretty much it, guys. I know it's a bloody Monday, but days like today is when you're supposed to buy the dip. This is when you buy. When there's fear in a market is when you want to buy. So remember, guys, this is a very small drop compared to what's happened in the past. We've barely dropped. I know a lot of bears are going to come out now, but go ahead and dollar cost average in as we've told you guys all the time. Thank you guys so much. Have a wonderful Monday. I will see you guys tomorrow on the next video. As always, peace and love.