 What is going on with Bitcoin? So honestly not much has happened since our last update on Friday as today in the United States It is a holiday. So pretty much the action today the volume today is very similar to a weekend So today's video will be short and sweet as we take a look at a few different Indicators and some on-chain data to give us an idea of what is really going on in the market right now So let's go ahead and jump right into today's video Hey, what's up 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 investors the goal of this channel is to empower you guys the community with the knowledge and Resources to help you take your wealth up to that next level So if you guys are new to the channel consider hitting that subscribe button and turning on those notifications Also, don't forget to smash the like button on the video And if you have any questions regarding anything that we cover here, of course drop it in the comments as you guys can see ever since We had this drop on back in January 5th We've basically been trading within this range You can pretty much draw a straight line through it and you'll kind of see this range We've been trading with and we had the the possible Breakout attempt here and then we got sent right back into the range, right? So what's interesting is that it has been respecting this? Ascending support level here, which is a good thing and then we have the flat top resistance So basically what this looks like is where it will kind of continue doing something like that It will continue to compress volume will continue to go down as you guys can see it's been doing here lately Bollinger bands are going to tighten at that point and eventually we're going to get a Either a breakout right or a break down So a decision has to be made here probably within the next two weeks Bitcoin must Decide on a direction. So we are getting close people. So how do we know which way it's going to break? Well, there's really no way to know what we try to do is look through different indicators and different data to try to get an idea of What's going on and what's happened previously with that data, right? So if we look at the RV I which is the relative Volatility indicator, right? You will see that it is basically at the same lows where it bounced from last time Which was back in June before we began our climb back to the upside Before that we're at these levels back during this time right here, which again It was just low volatility for a long time before moving up and we've really only been below these levels at the end of the bear market back in 2018 going into 2019 and that was of course again before a move up So next we're looking at the Bollinger bands on the 12 hour You can see that we're starting to get really tight here and that usually represents that a move is coming especially if you pair it with the Volume also falling lower and lower and lower volatilities falling lower So all of these things are telling us that a move is basically Getting ready for a move to happen now whether that's a move to the upside or move to the downside That's what we have to kind of figure out So we've basically shown you guys everything that there is on the charts, right? We've shown you guys all the fractals from here and back here We've shown you guys their current Support that we're at same support as here, etc. Etc. We've shown you guys the Possible accumulation schematic that we could possibly be in right now, right? So let's look at some on-chain data. We've even shown you guys some of the advanced indicators that have consistently and accurately called the tops and bottoms of different periods of the Bitcoin Cycle right including the NVT signal which is signaling a buy which every time it's been in the same level You can see the price has gone up It was over here price went up when a signal when a signal day over here at that time from where it was Price went up before continuing down. So another thing that's usually bullish for Bitcoin is the total hash rate So you can see that we're actually at a all-time high as far as hash rate You can see that back in May We had the huge drop-off in hash rate when the whole thing with China was going on and then ever since It's not only picked it back up and caught back up to where it was But we say a new all-time high in hash rate So this is usually a bullish sign for Bitcoin another thing we've been watching here is the well Holders so a well holder is anyone that has over a thousand Bitcoin You can see that it's currently at a all-time high here This is actually the most that whales have Accumulated so wells have slowly continued to accumulate Bitcoin here during this time and that kind of also hints to us that they're not going to let the Prices continue to fall because that's going to affect them right so at these low prices. They've been accumulating I think I saw that one of the largest wells It was like the third largest wallet or something like that has been buying this whole way down Basically any any time it's gone under like 46,000. It's been accumulating there as well. So again guys I know that we're down today about 2% and A lot of the sentiment out there is very bearish There's still a lot of fear as you can see we're at 22 and we're at the lowest levels that we've seen since back in May June July But as long as we stay above these levels guys, we're still on a very strong support There's a lot of confluence there and it's holding for now So as long as we hold above forty thousand dollars as long as the candles continue to close above forty and forty two Thousand we are bullish guys until we lose this level. We are not flipping So if we do lose this level then we can start looking at lower targets, you know, probably way down here That would probably be the first target that we're looking for if we were to close below this But for now, we're still not bearish. This is still a higher low, right? So the macro trend is still intact. So let's see what happens this week But again, we're not really looking to take any leverage trades at this time only looking to just kind of being patient here adding to some of our longer term portfolios and You just got to sit in your hands guys You got to learn to sit in your hands to learn to preserve capital learn to just sit back and let Messes like this play out and then you bounce in once there's a clear direction People are always too focused in trying to catch, you know, the bottom or trying to time the top I'm not interested in any of that guys. I want the middle. I want this part right here I want this part right here, right like we want the middle That's what we're interested in. That's what we're going to make the majority of our money. We are not going to time the market We're not gonna time the bottom. We're not going to time the top So get that out of your head wait for a direction and just make money in the middle I'll leave you guys with that. Thank you guys for tuning in and watching this video If you guys enjoyed it make sure to smash that like button if you guys are new to the channel Don't forget to subscribe turn on notifications and if you have any questions drop it in the comments I'll see you guys on the next one as always peace and love