 a quiet weekend with price movement to the upside the perfect bitcoin weekend am i right after a 8.89 drop on friday saturday and sunday we saw a very nice recovery on saturday when the candle first opened we did see some continuation to the downside and went as low as 30 120 in the early morning but very quickly we saw the snapback rally where it jumped all the way back up we saw a movement on saturday of about two and a quarter percent and on sunday we saw about seven and a half percent move up which basically brought us all the way back up to the top of this trading range that we have been watching so we are now back here at the 35 000 resistance level that we have spoken about over and over again will we get over it this week that's the question let's dive into it hey what's up j here and welcome to bitcoin daily bring 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 the community with the knowledge and resources to get you up to that next level so if you guys enjoy this video and enjoy this channel make sure to smash that like button it helps us out a ton and if you're new here don't forget to subscribe and turn on that notification bell all righty guys so after a wild week we got some stability in the price and we saw a movement back to the upside as you can see the overall market today is up 6.97 percent in the last 24 hours and bitcoin is up about four and a half percent in the last 24 hours you see that ethereum has finally shown some life and it's up about almost 15 percent in the last 24 hours so that is a rather exciting uh surprise as it's been pretty stale even with bitcoin moving up and down ethereum hasn't really been going up it's only been going down really a look at the fear and greed index you see we're currently at a 25 here and as we take a look at the overall heat map here of the majority of the coins here everything is pretty much green on this beautiful monday afternoon so definitely a good start to the week and as we can see here we are at the top of this range yet again so we're back at that 35 thousand dollar level where we have been rejected multiple times here so you can see here we're looking at the daily chart we've been rejected one two three and then yesterday we got to it so far today we've been rejected against us that would be four there right last time we were at these levels that we got rejected it basically shot us all the way back down to 30 thousand dollars and you'll see here um when we did break down below this for the first time we shot down to 30 thousand again so we need to break above this level here if we want to continue and have some upside right so we need if we want continuation to the upside we need to get into this zone up here if we do not break above 35 then we're still stuck in this trading zone as long as we're stuck between this trading zone the highs here is 35 thousand and the low is going to be around that 28 thousand dollar range if we can break back above here and start trading in this range then we're giving ourselves a chance at 40 and 42 thousand dollars again and potentially be able to break out of there like we've been talking about the last what we've been talking about this level since may right we need to get above 42 thousand dollars if we want a shot um basically of getting over all this bearish sentiment in bearish case scenarios a break above 42 I still believe will trigger a big move up potentially to around 45 to 48 thousand and possibly even test the top of this range which would be around that 50 thousand dollar range now we have not seen those prices since before mid-May right so in order to get up there we need to break above this current range then we need to break above the next current range so that we can get up there again a shot above 42 I believe will have a lot of short traders closing their positions and getting liquidated which would take us up to that 48 to 50 thousand dollar range now if we cannot get above this 35 thousand dollar zone then we're gonna be stuck in this range here and this is the range guys it's between 28 to 35 that's why it's so important to flip this from resistance into support so that then we can have this range right here this gives us the opportunity to break out above 42 which basically for me in my perspective it takes out all the bearish case scenarios of possibly going below 28 thousand into testing you know 24 20 and possibly 18 thousand dollars that would also put us back on track in the bull market I believe and back to possibly hitting some new all-time highs before the end of year as you know many people target for Bitcoin for end of year is around 100k so we need to get above 42 in order to be have a chance at even reaching that number all right so I've been getting questions about the Wycoff accumulation update people wanted to know more about it so I did a small update here on my Wycoff accumulation pattern so that we can see try to get an idea of where we would be if we tried to play it out on the daily time frame here so if we go ahead and look at the Wycoff accumulation schematic as you guys can see I drew it on the chart you can see that it it kind of fits the current pattern that we've been in right you see we had the drop which was a selling climax then we had the automatic rally then we had a secondary test here of the bottom and then we kind of bounce back up tested that rain that top of the range again that resistance got rejected and then came all the way back down and had a secondary test right if you look at the accumulation schematic here so far so good right it's exactly the same we have the sun climax automatic rally secondary test then we go into phase B phase B where we test the top of the range we test the top of the range and then we test the bottom of that support here we had the secondary test in phase B then it shows that we go back up and test the top of this range again so that's exactly what the price did tested the top of the range again and then dropped down to what's considered the spring here right if you look here kind of the same thing we had a drop down to the spring so that you'll notice that the spring is lower than the selling climax and if we look at the chart the spring here is lower than the selling climax right so that would put us right now in phase C of the accumulation schematic that would mean that we could possibly test lower one more time as you guys can see it kind of starts going higher highs higher lows here as it goes into phase D so it looks like right now we had that spring last week and then we had a higher high higher low and now we're pushing back up so we could potentially be seeing a higher high here and then after the higher high possibly going back down and setting up that higher low to as we go into phase D of the schematic right so that's kind of what this will look like right here a higher high higher low and then that next higher low would be the last point of support there which basically could be if we set a higher high and then a higher low that higher low would have to be $35,000 as you guys know we have to flip that into support so that higher low would be $35,000 that would be the last point of support then we can move back up right test this 40,000 to 42,000 range that's basically exactly what the schematic would show here this would be that 40 to 42,000 range kind of form bull flag up here and then take off and that would be the the sign of strength up here so when we would test that we'd have a last point of support before take off and take off would go into phase E as you guys can see here so again this is just an idea remember we had we had the we had the same accumulation pattern on the four hour but the four hour it did not play out so we've moved it to the daily now and it does seem to somewhat be following the schematic here so we just have to see if it plays out because again the the distribution one formed over months right or like months and weeks you know this is just really about a month in a week right so just an idea something that will keep updating and we'll we'll continue to watch here and see if anything changes so since we went over the accumulation schematic we wanted to look at a update on the distribution schematic so you guys can see that this one took from February all the way till basically now so uh basically six months or so five months or so of uh price action and then the one that we're currently looking at in the accumulation phase would be you know over a one month period so it's it's a big difference in time right but you can see here what would be phase e which would be just kind of a drop off back down to like that 24 to 20 000 area possibly more or less right which we haven't had we've had to drop off to a new low which was around that 28 000 area but we haven't had a huge drop off here so so that's the update on the distribution schematic here this is a distribution schematic and then and then this here would be the accumulation schematic so we're watching both of those kind of comparing them and trying to see if we can if it can give us any type of hint here on the next possible move and uh it's development right so we have we're going to keep watching this to see if it continues to uh if we can get a higher high here and then a higher low and then possibly a retest a retest here of 40 to 42 and then possibly a break which would put us into phase e and that would be the point where we go back to that 48 to 50 000 all right guys that is pretty much it we went over the charts kind of what we're watching right now the levels and the ranges that we're currently trading in and we did we went over the white cough schematic both the accumulation and distribution so we're going to be watching this level these levels that we showed you guys here and the main level remember the main level that we're going to be watching is that 35 000 range we need to break above that so I hope you guys have enjoyed this video if you have make sure to smash that like button guys if you have any questions about anything on the video don't forget to drop it in the comments and if you guys are new to the channel don't forget to subscribe guys we're at 9.97k subscribers we're 30 subscribers away from 10 000 subs major milestone for the channel in the 10 months that we've been running it again thank you guys so much I will see you tomorrow as always peace and love