 This morning, Elon Musk tweeted, I still own and won't sell my Bitcoin, Ethereum and Doge. This came after a tweet that he did earlier saying, what are your thoughts about probable inflation rate over the next few years? As soon as Elon Musk tweeted this, you can see the crypto market began to rally back to the upside after dropping to weakened lows when the futures market opened up lower. Earlier this week, Elon tweeted this picture right here, which spells out Satoshi Nakamoto. And of course, it sparked the rumors that Elon is Satoshi Nakamoto, the creator of Bitcoin once again. Even though this is highly unlikely, it is fun to think about. Looking at Bitcoin's chart, you can see that nothing of note really happened over the weekend. It was actually a really slow weekend. Not too much news came out until the futures market opened lower. And then of course, Elon's tweet, which send prices back up higher. Today, we're looking at the chart for some possible scenarios that we could possibly see this week. We will then also be looking at the order books and seeing if we can find anything interesting. And finally, take a look at a few trade setup opportunities that we might be able to take advantage of to try to make some money this week. So let's go ahead and dive 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 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, don't forget to subscribe, turn on notifications. And if you enjoyed the video, smash that like button. Let's go ahead and dive right into the video. So taking a look here on the weekly, you can see that we're still writing this support here, the same support we've been bouncing on since back in that May to July drop. And we're looking very similar here. Now the issue here, if we were to lose this support is that we're probably risking dropping down here to this support. But back here, this sits around currently around $24 to $25,000. So that drop would be in confluence of the head and shoulder that we spoke about previously. Losing that support would basically means that this head and shoulders pattern would probably play out and we'd see this drop most likely beneath 30k at that point. So that's something that we're definitely watching here. And it's definitely a level that we hope that we don't fall below that level currently sits right around the $35,000 area. You can see that we've had wicks down as low as $33,000. It's fine to have wicks down. But as long as we don't close below that support right there, which is around a $35,000 range, then we should be fine. We're still holding there. So we just got to kind of sit back and wait to see what happens there. Now, another thing to remember here is that there will probably be some sort, some form of catalyst, which will probably choose the direction that we end up going from here. Now I expect that catalyst to be in the form of news, you know, whether it has to do with the war with inflation or anything else that's going on, that will probably push the markets in either direction. And the thing is because of that, because it has nothing to do with the technical analysis, we really don't know which way it's going to go. If we zoom in here to the daily chart, you can see that we've been trading in this range basically all year. The bottom of this range sits around that $35 to $36,000 area. The top of this current range sits right around that $45,000 area. You can see this descending resistance that's formed here. And that's definitely going to play a role as we try to break back out in above $40,000, I believe. So again, something else to keep an eye on there as we try to break back above that level. So unless something changes soon here, I'm expecting prices to probably continue down. I don't see any reason for a change in the trend unless something changes soon. So the main thing that we're going to be watching this week that will probably affect the market other than any news driven events from the war will be on Wednesday, March 16th, when the Fed announcement on the fund rates are expected. So we should be seeing that on Wednesday, March 16th, around 2pm Eastern, and then Jerome Powell is going to have a news conference at 2.30pm. I do believe last time we had this, the prices in the market went up. Honestly, who knows what's going to happen this week, but definitely expect volatility on Wednesday in one direction or the other. Now, looking at the order books here, you can see that we're currently right in the range where there's just a lot of stuff going on here. There's a lot of buy and sell orders. You can see that there's currently been more sell orders than buy orders. You can see between 39, 350 and 39, 500. There's a lot of orders looking to sell. So in order to get up to back over 40k, we definitely need some sort of catalyst there. Even at 39,000, there's a lot of sell orders right there. If we come down looking for buy orders, you can see at 37,000, there's a few 36,000, there's a few, but the majority are currently sitting at $35,000. All right guys, next we're going to jump into the trade setups that we are watching this week to hopefully make some money regardless of the way that the price in the market goes. However, before I share with you guys the trade setups that I am going to be watching, make sure to smash that subscribe button guys. That's all I ask from your end. If you guys want to make money with either trading, crypto passive income, NFTs, or just want to stay up to date with the latest crypto trends, then make sure to please smash that subscribe button. I upload a video almost every single day about these topics. So please smash that subscribe button so that you never miss another opportunity to make money in crypto again. In addition to that, I answer every single DM that I get on Instagram and I also answer every single comment that I get on my YouTube channel. So if you guys have any questions about anything that we covered in today's video, drop it in the comments. All right, so let's go ahead and take a look at some possible trade setups for this week regardless of which way the price goes. What we're looking for as always is key levels with a lot of interest and then trying to play those levels as a breakout or breakdowns. As always, make sure that you're using the right risk and position size on each trade with the proper stop losses in place. If you don't know how to calculate your position size, I made a tutorial on this. You can find it in the trading for beginners playlist that I've put together for you guys. So the first setup that we're looking for here is we're looking to play that $38,000 key level. Now you can see that yesterday we went below $38,000. We went as low as $37,466. And then with the swift tweets of Elon Musk, we bounced back up and over $38,000. You see that we also tested $39,000 and felt below it. Now $39,000 is kind of in the middle. I don't really like it. It's not a strong enough level for me to play. You could potentially take shorts using that level. I wouldn't definitely not take long there. So to use $38,000 as a key level, I'm only looking for short positions there right now. So if I see a drop below $38,000, I'm entering a short position and I'm trying to write it down to $37,000, which is basically where this Fibonacci level support is. It's also basically where we've bounced here multiple times over. Now you could also flip it and use that as a entry point if the price were to fall below it and bounce back above it. For example, if you would have done that last night, you would have been able to write that up to above $39,000. Sort of been a nice little profitable trade right there. Now for the other long position that I have in mind that I will be watching is a break above $40,000 in this descending resistance that we are currently watching right here. If we were to get a breakout above that, it will probably be like on Wednesday when they announce the things about the interest rates. If that news ends up being bullish, I imagine prices to soar. And with that, then we could possibly break back above $40,000, maybe retest $41,000, $42,000. Now without that, I imagine we slowly just continue to grind lower here and eventually price has to make a decision at that point. If we look at the dates there, that's going to be towards the end of this week. So price needs to make a decision. Are we bouncing back to the upside or are we going to drop down, lose this Fibonacci level and potentially retest these levels down here and maybe even the bottom of this range down here, which is back down all the way at $30,000 to $28,000. So definitely a lot of things to pay attention to this week. Now with all that being said, if you guys want to know exactly which trades I am taking every single day in real time with my exact trade plans, then you need to join my trading mentorship group. In this group, I share every single trade that I take with my entries, stop loss, take profits, and even the risks that I am taking on each trade. I teach you guys how to trade the right way using leverage with the proper risk and position size. So you guys never have to worry about blowing up your accounts again. In addition to that, I also post crypto passive income opportunities, NFT projects, and much, much more. Now, there are limited spots for this because there's so many people that want to get in, but there's only so many that I can work with. So if you guys are interested, make sure to click on the link in the description below. I'm telling you guys, crypto is a once in a generation opportunity. The way that it's set up right now, the easy money, this won't last forever. So please, if you guys are interested, go to the link in the description below. If not, I strongly recommend that you check out the next two videos that go up on the screen because those are the videos that YouTube thinks that you should watch next. Thank you guys so much for watching. I'll catch you on the next one. As always, peace and love.